Key points for first ever filing of GST Annual returns

The government has introduced different types of annual return keeping in mind the various categories of taxpayers

The Central Board of Indirect tax and Customs (CBIC) has issued the format of annual returns under the Goods and Service Tax (GST). The Taxpayers have to file their first GST annual returns pertaining to the Financial Year 2017-18 by December 31, 2018. 

The government has introduced different types of annual return keeping in mind the various categories of taxpayers. For instance, GSTR-9 for regular taxpayers and GSTR-9A for composition scheme taxpayers have been issued.

No ITC on buses/cars hired for transportation of employees from various locations to factories: AAR

GST : Services of contractor for hiring of buses/cars for transportation of employees qualifies as 'rent-a-cab' as any commercial vehicle hired for passenger transportation is covered by such phrase. Hence, in view of restriction contained under section 17(5)(b)(iii) of CGST Act, 2017 applicant factory owner is not eligible to take ITC on GST charged by Contractor for hiring of buses/cars for transportation of its employees

Haryana AAR holds that applicant is not eligible to take ITC on GST charged by the Contractor for hiring of buses/cars for transportation of employees in view of restriction contained u/s 17(5)(b)(iii) of CGST Act, 2017; Rejects applicant’s contention that buses which can carry large number of passengers would not qualify under “rent-a-cab” observing that any commercial vehicle hired for passenger transportation is covered by such phrase;...

Hightlights of GST Council Meeting held on 10th January 2019

10th January 2019:  32nd GST Council meeting was held at New Delhi and chaired by Shri Arun Jaitley. Announcements made was a big relief to MSMEs and small traders. The key takeaways of the 32nd GST Council meeting are as follows:

३२वीं  जीएसटी कौंसिल की बैठक की मुख्य बातें कुछ इस प्रकार हैं:

दिन १० जनवरी २०१९ को जीएसटी कौंसिल की बैठक हुई जिसकी अध्यक्षता माननीय वित्य मंत्री श्री अरुण जेटली जी ने की, इस बैठक में MSMe एवं छोटे करदाता को मुख्य रूप से छूट दी गई,

• Increase in GST registration limit from Rs 20 lakhs up to Rs 40 lakhs for suppliers of goods.
• Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.
• New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6%.
• No rate cuts were announced this time. GoMs were formed to study taxation of under-construction properties & lotteries.
• Calamity cess up to 1% for up to 2 years will be charged for supplies made within the State of Kerala.