GJ Town India

GST on reform spree! Further reforms of GST in current fiscal (2019-20) has an edge & some focussed advantages, 1: Simplified Tax Structure:   Reduction in cascading effect of taxes, transparent and has harmonisation of laws and procedures.  2: Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes.   3: Promoting Trade and Industry:   Seamless flow of tax credit. 4: Spurring Economic Growth: Creation of unified common national market. Some developments during the GST journey since 2017:   1: Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre – GST, Trade & Industry had to undergo compliances under Central Excise, Service Tax & VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities, all that has been unified int...

Total GST revenue collected in April, reaches Rs 1,13,865 crore! GST Revenue collection for April, 2019 recorded highest collection since GST implementation! 1: The total gross GST revenue collected in the month of April, 2019 is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore (including   Rs 23,289 crore collected on imports) and Cess is Rs 9,168 crore (including Rs 1,053 crore collected on imports). The total number of GSTR 3B Returns filed for the month of March up to 30th April, 2019 is 72.13 lakh. 2: The government has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement. Further, Rs 12,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States. The total revenue earned by Central Government and the State Governments after regular and provisional settlement in the month of April, ...

GST Turnover Limit extended Effective from 1st of April, 2019 The GST Council in its 32nd Meeting held under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others: 1: Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States. 1.1: Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration). 2: Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from Regist...