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New GST Input-Output Set off Rules w.e.f. 01.02.2019

    

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT)

    

Delhi High Court stays demand in the case of Hindustan Unilever (HUL) for Profiteering imposed by NAA

    

Major decisions taken in 32nd GST Council Meeting

    

Bank account details are not required for GST Registration now

    

Standard Operating Procedure on TDS updated as on 27.12.2018 issued by CBIC

    

Guidelines and procedure of applications for financial assistance under the Central Scheme named Seva Bhoj Yojna for reimbursement of central tax and Central Government share of integrated tax paid on the purchase of raw food items.

    

31st GST Council Meeting held on 22 December 2018 - Rate changes and clarification in Goods

    

31st GST Council Meeting held on 22 December 2018 - GST rate on services

    

31st GST Council Meeting held on 22 December 2018 - Certain important issues referred by GST Council to various Committees / GoM

    

31st GST Council Meeting held on 22 December 2018 - In-Principle approval given for Law Amendments

    

31st GST Council Meeting held on 22 December 2018 - Formation of Group of Minister as Recommended by the GST Council

    

31st GST Council Meeting held on 22 December 2018 - Recommendations in Return Filing and Procedural Changes

    

31st GST Council Meeting held on 22 December 2018 - Recommendations in GST Rate Changes

    

Directorate General of GST Intelligence arrested the promoters of two Mumbai-based textile firms

    

Prime Minister promises relief in GST on many products from 28% to 18%

    

Development of new return filing system and sharing of data by GSTN with tax authorities

    

FAQ on GSTR-9C released by ICAI Indirect Tax Committee

    

Goods and Services Tax (GST) evasion

    

Gujrat High Court admits appeal on last date to avail ITC for July 2017 to March 2018

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GST Council is likely to launch one-time amnesty scheme to facilitate exit for ‘Nil’ filers and Non-filers.

According to media reports, approximately 25 lakh assessee files ‘Nil Returns’ whereas approximately 10% of assessees have never filed their GST returns yet. These assessees do not contribute anything to the economy but add to the work of the tax system. A scheme for exit will bring relief to the taxpayers as it will bring down their compliance cost and at the same time there will be less pressure on the GST Networkd. An amnesty scheme is a mechanism adopted by the Government to encourage compliance under taxation laws. According to the GST law, every person registered under GST is required to file returns either monthly or quarterly basis. Even Nil returns are also required to be filed.

Any registered person filing late return is also required to pay penalty. For late filing of GSTR 3B, the penalty amount is Rs.50 per day whereas for 'Nil' filers penalty is Rs.20 per day subject to a maximum of Rs.5,000. Amnesty scheme is likely to give relief from such fees.

 



ID: 456 | Date 05-12-2018 | Posted By:

CA Mohit Jain


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