GST Council cuts rates on 80 items

The Budget, Goods, and Service Tax (GST) council reduced the number of workforce and services to 83 jobs on Thursday.

It will be $ 10-12 billion annually. The council is moving towards a return form, however, the final decision has not been taken. The government has the ability to register one single service in services, the main demand for many players in the banking sector. This can be later used for specific services.

54 schemes and 29 products were being rationalized.

Private companies, domestic consumers, LPG, homeowners’ information, oil exploration, 20-liter packaged drinking water, metro and monorail project, diamonds and expensive stones.
Vanaja N ‘Chairperson Chairperson of the Central Board of Excise and Customs (CBEC) has been appointed to the fittings of the jurisdiction of artisans.

The recommendations of the SAR committee headed by Sarna are also included. This will have a “small” impact on revenue. The job opportunities will be increased.

Effect from Jan 25

This will come into effect from Jan 25. That is, on the remaining days of this financial year only up to 2 billion.

GST The collection dipped to $ 800 billion in November. The government needs further assistance for tax breaks. Direct tax collections increased by 18.7 percent till January 15. In the year 2016-17, the budget target was 15.7 percent. This will be reflected in the budget estimates for 2017-18.

To facilitate funding for central and state governments, the council has an integrated allocation of Rs 350,000 crore integrated GSTT. (IGST) units were distributed equally. Indirect tax collection target and financial year.

Following complaining about the return filing system, Bihar Deputy Chief Minister Sushil Kumar Modi had listened to heads of state ministers to solve problems in GSS portals. GST Network CEO Prakash Kumar and Infosys chairman Nandan Nilekani delivered speeches.
The council has decided to submit a return on a form but it will not be accepted and the conclusion of the presentations will be put in front of the council’s next meeting. This will take place before the budget is presented in February. 1.

However, existing sales systems – GSTR1 and summary input-output return – GSTR3B – will continue.

GST is in the limits of the current system because there is no disagreement in the GST. Composition projects have gone up to 3 billion rupees in the first quarter from 1.7 million donors. Annual turnover is estimated at 500,000.

There are indications that reverse charge Levi compression buyers from the unregistered businesses can go back to dealers.

For a potentially damaging question for a difficult returning filing process, 10.5 million small retail networks have been disbursed in the first three months of the GSLS to distribute GST1. Though less than 50 invoices per month, two invoices are less than a day. “It’s not a big burden and there’s a lot of dishonesty (due to the return of money),” he said.

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E-way bill from February one

Coming February onwards transporters won’t need separate passes for moving product from one state to a different as a result of the e-way bill issued to them are valid throughout India.

Under the goods and Services Tax unrolled from July last year, inter-state movement of products beyond ten kilometers, with a worth of Rs 50,000 and higher than, can obligatorily need an e-way bill from February one.

E-way Bill can be generated electronically

Taxpayers and transporters needn’t visit any tax office or check post because the e-way Bill may be generated electronically in a very self-service model.

The e-way bill system has already been enrolled in 10 states and joined e-way bill platform — Karnataka, Rajasthan, Uttarakhand, Kerala, Haryana, Bihar, Maharashtra, Gujarat, Sikkim, and Jharkhand.

The new feature by Gov of India permits generation of the e-Way bill on the portal, through mobile App, through SMS, and for large users.

ALL you would like to understand regarding E-WAY BILL

What is an e-way bill?

E-way bill is an electronic document generated on the GST portal evidencing movement of products.

Each registered one who causes movement of products (which might not essentially be on account of supply) of consignment price over Rs 50000 is needed to furnish the small print of GSTIN of receiver, delivery place, invoice or challan number and date, price of products, HSN code, transport document number (Goods Receipt number or Railway Receipt number or Airway Bill number or Bill of loading Number) and reasons for transportation and transporter details (Vehicle number).

Who should generate it and why?

E-way bill is generated by the product seller or receiver himself if the transportation is being done in own/hired conveyance or by railways by air or by road.

If the products are handed over to a transporter for transportation by road, the bill is generated by the transporter. where neither the consignor nor receiver generates the e-way bill and the price of products is more than Rs.50,000 it shall be the responsibility of the transporter to come up with it.

Purpose of e-way bill

E-way bill may be a new feature to make sure that product being transported comply with the GST Law and is an efficient tool to trace the movement of products and check evasion.

Validity of e-way bill
The validity of e-way bill depends on the distance to be traveled by the products. For a distance of less than 100 km, the e-way bill is valid for a day from the relevant date. for each 100 km thenceforth, the validity is extra one day from the relevant date.

The “relevant date” shall mean the date on that the e-way bill has been generated and therefore the period of validity shall be counted from the time at that the e-way bill has been generated and every day shall be counted as a day.

What if the product can’t be transported within the period?

In general, the validity of the e-way bill can’t be extended even a day without official intimation. However, Commissioner could extend the validity period only by way of issue of notification for sure categories of products.

Cases where e-way bill isn’t required

According to CBEC, there are some exceptions to e-way bill demand. It said: “No e-way bill is needed to be generated within the cases where product being transported by a non-motorised conveyance; product being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; and once Consignment price is a smaller amount than Rs fifty,000 among others.”