GJ Town India

  The satellite launches services exempted in GST!   The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.   The GST Council has made the following recommendations, 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap; further details to be worked out. 2. Centre is releasing compensation of ` 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ` 25,000 crore towards IGST of 2017-18 by next week. 3. Enhancement in features of return filing: In its 39th Meeting held in March 2020, the Council had recomm...

No 3% IGST on supply of Gold by Nominated Agencies Exemption Effective from January 1, 2019 In a major relief, the Union Government has accepted apex body - The Gem & Jewellery Export Promotion Council’s (GJEPC’s) demand to grant IGST-related exemption on supply of gold by Nominated Agencies to exporters of articles of gold. The GST Council recently announced that gem & jewellery exporters will no longer have to pay 3% IGST to nominated agencies (banks) from 1st January 2019.   Mr. Pramod Kumar Agrawal, Chairman, GJEPC, said, “We commend this step undertaken by the Government. On recommendations of the Council, the GST Council ruled that it was satisfied and it is necessary in public interest to exempt the intra-State supply of gold falling in heading 7108 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when supplied by Nominated Agency under the scheme for "Export Against Supply by Nominated Agency.” We are also expecting a similar rel...

New GST return filing system from April 01 System shall be mandatory basis from July 01, 2019 The GST Council in its 31st meeting held at New Delhi made the related policy recommendations. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.   A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis.  The modalities for the same shall be finalized shortly. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019. The following clarificatory changes, inter-alia, shall be carri...