GOODS AND SERVICES TAX (GST)

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GST Revenue Collections

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GST Revenue Collections

I. GST Laws and Rules

1. THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) ACT, 2016
2. GST Acts
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (CGST Act, 2017)
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 (IGST Act, 2017)
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 (UTGST Act, 2017)
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017 (GST (CS) Act, 2017)
3. GST Rules Advance Ruling Rules and Formats
Anti Profiteering Rules
Appeals and Revision Rules and Formats
Assessment and Audit Rules , Assessment Formats and Audit Formats
E-Way Bill Rules
Composition Rules and Formats
Valuation Rules
Input Tax Credit Rules and Formats
Tax Invoice, Debit & Credit Notes Rules
Payment of Tax Rules and Formats
Refund Rules and Formats
Registration Rules and Formats
Return Rules and Goods and Services Tax Practitioner Formats, Mismatch Formats, Return Formats
Transition Rules and Formats
Credit Transfer Document
Accounts and Records Rules and Formats
4. GST Rates GST Rates on Goods Chapter wise GST Rate Schedule for Goods decided in the GST Council Meeting held on 18.05.2017
Chapter wise GST Rate Schedule for Goods Decided in the GST Council Meeting Held on 03.06.2017
GST Compensation Cess Rates Decided in the GST Council Meeting Held on 18.05.2017
Addendum to the GST Rate Schedule for Goods - 18.05.2017
Addendum to the GST Rate Schedule for Goods - 03.06.2017
IGST Exemption, Concession List - 03.06.2017
GST Rates Approved by the GST Council Meeting Held on 11.06.2017
IGST Exemptions Approved by the GST Council Meeting Held on 11.06.2017
Revised Threshold for Composition Scheme Approved by the GST Council Meeting Held on 11.06.2017
Composition Levy & GST Rate on Certain Goods Decided in 17th GST Council Meeting Held on 18.06.2017
GST Rates on Services GST Rate Schedule for Services
List of Services under Reverse Charge
Classification Scheme for Services under GST
Decisions Taken by the GST Council in the 16th Meeting Held on 11.06.2017
Decisions taken by the GST Council in the 17th Meeting Held on 18.06.2017

II. GST Related News Headlines

18.10.2019

Man flies into Mum with Rs.2.7cr watch, lands in jail.

Mumbai: The air intelligence unit (AIU) of customs has arrested a Vile Parle resident for smuggling in a watch costing crores.

The AIU on Wednesday intercepted Kavinkumar Mehta (24) after he landed in Mumbai from Bangkok. On suspicion, detectives searched his baggage and found the timepiece, Astronomia Solar Zodiac, which is from a limited edition line by American luxury brand Jacob & Co.

After a preliminary estimate of its value at Rs 1.8 crore, Mehta was arrested for smuggling, produced before a local court and remanded in judicial custody. Officials said items like the seized watch attract a 38% customs duty, and Mehta tried to evade this tax by concealing the watch, which amounts to smuggling.

“It is obvious that this expensive watch has been brought for somebody. We sent it to dealers Rose The Watch Bar later read more »

17.10.2019

Horse owner must pay 18% GST on racing prize.

Mumbai: Vijay Baburao Shirke, owner of several winning racehorses, is often spotted at derby matches and in the sports sections of newspapers. This time, he is in the limelight due to an advance goods and services tax (GST) ruling sought by him.

Advance ruling authorities recently agreed with his view that horse owners must pay 18% GST against the prize money earned by them.

Shirke’s horses have emerged winners in races held by several clubs, including the Royal Western India Turf Club (Pune, Mumbai), Mysore Race Club and Bangalore Race Club, to name a few. As owner of the winning horses, he is awarded prize money by race organisers.

In 2012, when service tax was introduced, Royal Western Turf Club had informed horse owners that their prize money would be subject to it. When GST was introduced on read more »

13.10.2019

Slowdown in 3 sectors, dip in imports hit GST collection - Auto, Cement, Iron & Steel See Lower Mop-Up Of Rs.6,200Cr.

New Delhi: The slowdown in three sectors — automobiles, cement and iron & steel — along with falling imports have taken a toll on GST collections, even as the services sector has managed to hold firm.

Collections in September fell 2.7% to a little under Rs 92,000 crore, the lowest since March 2018, and was way below the psychological comfort level of Rs 1 lakh crore. The three key sectors saw lower collections of Rs 6,200 crore, while several sectors such as electronics, consumer goods and tobacco have seen a healthy rise in GST payouts, officials told TOI. While goods contribute around 70% of the GST revenue, services account for the rest.

Auto sector, which has seen sales decline for 11 straight months, led the decline with Rs 3,500 crore, followed by cement (around Rs 1,500 crore) and steel (around (Rs read more »

12.10.2019

TO MISS FISC DEFICIT TARGET - GST a major cause of slowdown, says PMEAC chairman.

New Delhi: The Centre will miss the fiscal deficit target of 3.3% of gross domestic product set in the Budget for the current financial year, a top policy adviser said on Thursday, adding that he believes the government will cut personal income tax rates.

Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council (PMEAC), told a website in an interview that he expects fiscal deficit to rise since the growth rate envisaged in the Budget may not be realised.

Debroy said there could be a substantial reduction in income tax rates. While he did not say when the cut was expected, he said logic of the corporate tax cut, announced last month, suggested that it could.

The economist said he believed the way in which GST has been implemented was a major factor behind slowing down of read more »

12.10.2019

Govt orders biggest review of GST since its launch - Rates & Slabs Likely To Be Tweaked.

New Delhi: Two years after its launch, the Union government has begun the biggest review of GST—including a possible resetting of rates along with a scrutiny of the slabs—to tone up collections and plug leakages.

The task has been assigned to a 12-member committee of state and central government officials to “augment GST collection and administration”. The panel was set up a day before the PMO leads consultations with state chief secretaries on Friday, where states would be urged to push for improved collections.

The terms of reference indicate the panel should suggest systemic changes to prevent misuse, improve voluntary compliance, boost overall compliance monitoring and suggest anti-evasion measures. With inverted duty structure proving to be a source of leakage in sectors like restaurants, sources told TOI the rates may be reviewed.

The GST review committee can co-opt read more »

03.10.2019

GST Sahaj, Sugam forms not simple for claiming tax credit.

Mumbai: Small GST payers are discovering that the proposed GST forms — Sahaj and Sugam — may create a new pain point in obtaining input tax credit (credit for taxes paid on inputs used). As of now, GST payers are grappling with the inability to rectify GSTR-1. It remains to be seen whether this problem will continue in the proposed forms (see graphic).

The annual GST return (GSTR-9), in current avatar, is seen as complex for small GST payers. There is some temporary respite available. As reported earlier by TOI, the GST Council in its 37th meeting held on September 20 made it optional for taxpayers having an aggregate turnover of Rs 2 crore or less to file the annual returns for the financial year 2017-18 and 2018-19.

For the current financial year, no such option is available. However, a committee read more »

02.10.2019

23% GST payers can file returns via SMS - No Monthly, Quarterly Submission From April.

New Delhi: One in five GST payers will get away without having to file monthly or quarterly returns from April. Instead of filling up the form online, all that those with ‘Nil’ returns will have to do is to send an SMS to a specified number and confirm it using a one-time password.

The move is part of the overall exercise to simplify compliance as many of the ‘Nil’ return filers, who account for almost 23% of the 1.2 crore GST base, had registered to be eligible for contracts from government and other agencies but do not undertake any business.

Once the new returns kick in from April, over 70% of those registered for GST can make do with quarterly filing of returns as their turnover is less than the specified level of Rs 5 crore. “Only 7% of the taxpayers read more »

02.10.2019

Floods, auto slowdown: GST mop-up dips 3% - At Rs. 91,916Cr, Sept Monthly Collection Lowest In 19 Mths.

New Delhi: Goods and services tax (GST) collections in September fell 2.7% to Rs 91,916 crore, the lowest monthly mopup in 19 months, as floods and the auto slowdown took a toll on government revenue.

Latest data released by the finance ministry showed that tax collections in September were the lowest since February 2018 when the kitty was a shade short of Rs 86,000 crore. This is the first time since August 2018 when there has been a decline on a year-on-year basis, with tax experts putting the blame on the overall economic slowdown.

Latest numbers also make the task of the government to achieve the revenue target more challenging as growth during first half of current fiscal year was estimated at 4.9% compared to the annual target of 13%. “Challenging times ahead for the government,” said Harpreet Singh, a partner read more »

28.09.2019

Booked hotel rooms? Slashed GST from Oct 1 entitles you to a refund.

Mumbai: Guests of luxury hotels are likely to gain from the recent government decision to slash goods and services tax (GST) on rooms priced at over Rs 7,500 to 18% from 28% now, and below that tariff to 12% from 18%. The new rates will be effective from October 1.

So, if a person books a stay in a luxury hotel with an average room rate of Rs 10,505, he will save Rs 1,050, or around 8%, under the new GST rate as he has to shell out a total of Rs 12,395 against Rs 13,446 under the existing tax regime.

The new rates will also be applicable to those who have already paid for bookings after October 1.

Typically, holiday makers book hotel rooms in advance as tariffs are known to rocket during peak season in India, read more »

23.09.2019

MAY HIT STATE COMPENSATIONS - Govt expects Rs. 40k-cr GST shortfall.

New Delhi: The government is expecting a shortfall of around Rs 40,000 crore in the GST collections over what has been budgeted for 2019-20. This could put pressure on the compensation that states are eligible for in case tax growth falls below 14% during the year.

A state finance minister said the Centre had informed the GST Council, which met in Goa on Friday, about the expected shortfall at a time when economic growth has slowed down. Most states were, however, optimistic that the government will find a way to meet the compensation requirements, otherwise they may be forced to borrow from the market.

Economic growth has slowed in the country due to a string of factors and latest data showed that GDP growth slumped to a six-year low of 5% in the April-June quarter, hurting prospects for higher revenues.

read more »

III. E-Version of Goods and Services Tax (GST) Fliers

1. E-Version of Goods and Services Tax (GST) Fliers - Accounts and Records
2. E-Version of Goods and Services Tax (GST) Fliers - Advance Ruling Mechanism
3. E-Version of Goods and Services Tax (GST) Fliers - Aggregate Turnover
4. E-Version of Goods and Services Tax (GST) Fliers - Anti-profiteering
5. E-Version of Goods and Services Tax (GST) Fliers - Appeals Meachanism
6. E-Version of Goods and Services Tax (GST) Fliers - Audit Note
7. E-Version of Goods and Services Tax (GST) Fliers - Benefits of GST
8. E-Version of Goods and Services Tax (GST) Fliers - Casual Taxpayers
9. E-Version of Goods and Services Tax (GST) Fliers - Charitable and Religious Trusts
10. E-Version of Goods and Services Tax (GST) Fliers - Composite Mixed Supply
11. E-Version of Goods and Services Tax (GST) Fliers - Credit Notes
12. E-Version of Goods and Services Tax (GST) Fliers - Debit Note
13. E-Version of Goods and Services Tax (GST) Fliers - Goods Transport Service
14. E-Version of Goods and Services Tax (GST) Fliers - GST Practitioners
15. E-Version of Goods and Services Tax (GST) Fliers - IGST
16. E-Version of Goods and Services Tax (GST) Fliers - Imports
17. E-Version of Goods and Services Tax (GST) Fliers - Input Service Distributor
18. E-Version of Goods and Services Tax (GST) Fliers - Input Tax Credit (ITC) Mechanism
19. E-Version of Goods and Services Tax (GST) Fliers - Inspection Search Seizure and Arrest
20. E-Version of Goods and Services Tax (GST) Fliers - Jobwork
21. E-Version of Goods and Services Tax (GST) Fliers - Margin Scheme
22. E-Version of Goods and Services Tax (GST) Fliers - Meaning and Scope of supply
23. E-Version of Goods and Services Tax (GST) Fliers - Non-resident Taxable Person
24. E-Version of Goods and Services Tax (GST) Fliers - Non-resident Taxpayer
25. E-Version of Goods and Services Tax (GST) Fliers - OIDAR
26. E-Version of Goods and Services Tax (GST) Fliers - Provisional Assessment
27. E-Version of Goods and Services Tax (GST) Fliers - Pure Agent
28. E-Version of Goods and Services Tax (GST) Fliers - Recovery of Tax
29. E-Version of Goods and Services Tax (GST) Fliers - Refunds
30. E-Version of Goods and Services Tax (GST) Fliers - Registration of GST
31. E-Version of Goods and Services Tax (GST) Fliers - Returns of GST
32. E-Version of Goods and Services Tax (GST) Fliers - Reverse Charge Mechanism (RCM)
33. E-Version of Goods and Services Tax (GST) Fliers - Tax Invoice
34. E-Version of Goods and Services Tax (GST) Fliers - TCS Mechanism
35. E-Version of Goods and Services Tax (GST) Fliers - TDS Mechanism
36. E-Version of Goods and Services Tax (GST) Fliers - Transitional Provisions
37. E-Version of Goods and Services Tax (GST) Fliers - Valuation

IV. FAQ - Frequently Asked Questions on Goods and Services Tax (GST)

1. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Questions/ Clarifications sought
2. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Composition Levy
3. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Cooperative Society
4. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Drugs and Pharmaceuticals
5. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - E-commerce
6. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Emails
7. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Emails
8. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Exports
9. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Food Processing
10. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Gems and Jewellery
11. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Government Services
12. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Handicrafts
13. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - IT and ITES
14. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Mining
15. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - MSME
16. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Rates
17. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Textiles
18. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Traders
19. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
20. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
21. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
22. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Second Edition
23. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Hindi
24. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - First Edition

V. Goods and Services Tax in India - Overview

VI. Goods and Services Tax in India - Migration

VII. Dr. Hasmukh Adhia, Revenue Secretary, GOI on GST

VIII. Goods and Services Tax in India - Background