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

10.04.2019

Three businessmen held for CGST fraud worth Rs 100 crore.

Accused floated seven firms, including 3 shell companies, to generate bogus invoices and avail income tax credit

Three businessmen were arrested by the prevention wing of the Thane Commissionerate’s Central Goods and Services Tax (CGST) for allegedly defrauding the tax body of over Rs 100 crore by illegally availing tax credit with the help of bogus invoices.

The accused allegedly filed fake invoices worth Rs 1,100 crore through shell companies to avail input tax credit (ITC).

Input credit is the tax benefit that manufacturers get for the GST they pay on the purchase of goods. Unscrupulous traders are often known to buy fake bills to claim increased ITC, which automatically leads to an inflated turnover on the basis of which they can then apply for hefty bank loans.

The accused have been identified as Rakesh read more »

02.04.2019

GST collection hits record high in March - Crosses Rs. 1L-Cr Mark On Better Compliance.

New Delhi: GST collection in March crossed the Rs 1-lakhcrore mark, the highest since the tax reform measure was rolled out in July 2017, bringing relief for the government battling sluggish receipts.

Total gross GST collected in March was Rs 1,06,577 crore, of which CGST was Rs 20,353 crore, SGST Rs 27,520 crore, IGST Rs. 50,418 crore (including Rs 23,521 crore collected on imports) and cess was Rs 8,286 crore (including Rs 891crore collected on imports), according to finance ministry data.

The rebound in GST revenues comes against the backdrop of robust receipts on the direct tax front, with tax officials expressing confidence about meeting the 2018-19 target. They said receipts will keep flowing in till middle of the month and a final picture would be available by then.

In an interview to TOI, finance minister Arun Jaitley read more »

19.03.2019

Lower GST for realty from April.

New Delhi: The GST Council on Tuesday decided to allow all projects where construction begins from April to move to a lower levy, but postponed a decision on the Maharashtra government’s demand for classifying apartments that cost under Rs 70 lakh in Mumbai as “affordable housing”.

The decision follows the council’s move to lower GST rates to 1% for under-construction affordable housing projects and 5% for others but withdraw the benefit of credit for taxes paid on inputs such as steel, cement and paints as builders were seen to be pocketing the gains. Currently, builders pay 8% GST on under-construction affordable housing and 12% on other projects. The council decided to give builders of under-construction residential projects the option to choose between the old tax rate and the new rate as part of a transition plan.

‘New regime won’t push read more »

16.03.2019

A TAXABLE SERVICE - Charitable trusts holding marathons to face GST.

New Delhi: In a setback to several charitable institutions, the Tamil Nadu Authority of Advance Ruling (AAR) has held that conducting marathons by a charitable trust registered under the Income Tax Act does not exempt them from GST liability as only activities covered under definition of “charitable activities” under a 2017 notification are exempt.

In response to a reference by Dream Runners Foundation, the AAR found that the entity needed to be registered under the central and state GST laws as it was making taxable supply of services such as organising marathon, while noting that its aggregate turnover in a financial year exceeded the prescribed Rs 20 lakh. The authority said that the money collected from participants was a consideration towards the supply of service of organising and conducting the marathon and was liable to incur GST.

It noted the petitioner’s read more »

12.03.2019

COUNCIL MEET ON MARCH 19 - GST cut: Govt expects realtors to pare prices.

New Delhi: The GST Council, which is scheduled to meet on March 19, may restrict the use of tax credits accumulated by builders and allow a concessional rate for up to 10% of commercial property, such as shops, in residential complexes, expecting developers to pare prices.

At the last meeting, the council — comprising state and Union finance ministers — had agreed to reduce the levy on under-construction residential projects to 5% without input tax credit (ITC) from the current 12%, with credit for taxes paid on inputs such as paints, steel, cement and sanitary ware. For affordable housing projects, the rate will be slashed to 1% without ITC from 8% with tax credit. But the modalities for the rate reduction, which will be effective, are yet to be worked out.

Sources indicated that the officials were in favour of accepting read more »

09.03.2019

GST relief for pharma samples, discount offers - Experts: Businesses Will Face Challenges On Types Of Sale.

New Delhi: Many businesses have been grappling with basic questions on discounts and freebies. Does a free toothbrush with a tube of toothpaste attract GST? Or, how much GST will be levied on a charger that is part of a pack of mobile phone purchased by customers?

Close to two years after GST was launched, the finance ministry sought to provide some answers. So, from now on companies know that the toothpaste pack with the free toothbrush will face a levy on the combined value. And, in case two products face different rates of GST, the product with the higher levy will determine the tax rate on the packet.

The confusion had forced some restaurants serving Gujarati thali to make sweets optional as food products faced a 5% levy and sweets 12%. So, if sweets were included, GST on the thali read more »

09.03.2019

Rs. 246cr export and refund scam busted.

Mumbai: The rummaging & intelligence unit of customs busted a fake export racket of sending inferior goods overseas and declaring them ‘handicraft’. Claiming IGST refund and drawback, operators of the racket caused the government a loss of Rs 246 crore. The Nhava Sheva preventive unit of customs arrested an exporter-cum-customs-clearing-agent, Vishweshwar Tukaram Gaonkar.

Sources in the customs said Gaonkar’s activity is just the tip of the iceberg as many other exporters and custom house agents who worked as syndicate, claiming large IGST refund and causing loss to the exchequer are wanted.

Officials named some export firms, Dunox Trading & Exports, Bijoux Exports, Elantra Exports and Ronera Overseas. They said the syndicate misdeclared glass bangles as glass circlets that are tagged ‘handicrafts’, to claim IGST refund, drawback and its reward.

In containers at Nhava Sheva, cheap glass bangles were read more »

25.02.2019

GST move will make housing affordable: FM

New Delhi: The slashing of GST rates on under construction flats and affordable housing has come as a relief to home buyers, said finance minister Arun Jaitley on Sunday. “The GST Council has accorded big relief to the real estate sector... This will give boost to housing for all and fulfil aspirations of neo-middle class and the middle class,” Jaitley said after the decisions were cleared by the council.

Come April 1, a house with a carpet area of 60 square metres in a metro city and 90 square metres in non-metros will be put in the affordable category if it costs up to Rs 45 lakh.

Houses which receive construction certificate do not face GST and home buyers only need to pay the stamp duty for registration. The GST Council’s decision will benefit buyers who are currently on construction-linked payment read more »

25.02.2019

‘GST cut will benefit only home buyers, not builders’.

Mumbai: While industry has reacted with caution to the GST rate cut on under-construction projects, real estate experts said the biggest beneficiary will be stakeholders in the affordable homes segment because any property priced at Rs 45 lakh or below will now attract just 1% GST instead of 8% earlier.

Builder and president of National Real Estate Development Council (Naredco), Niranjan Hiranandani, said the GST rate cut will bring a “big relief ” to home buyers and help narrow down the demand mismatch gap. “This announcement gives an impetus to affordable housing and will enthuse homebuyers to close sale deals. But GST rate on cement has not been reduced as was expected; at 28%, it remains among the highest taxed inputs for construction —and there will be no input tax credit; so, developers will face a challenging time,” he said.

Mumbai-based read more »

25.02.2019

GST slashed from 12% to 5% on houses under construction.

New Delhi: The Goods and Services Tax Council on Sunday decided to slash the levy on under-construction houses to 5% with a special rate of 1% introduced for affordable homes, but opted to withdraw the benefit of tax credit on inputs such as steel, cement and paint, arguing that builders were pocketing the gains.

Currently, affordable housing faces an 8% effective rate with other under-construction apartments attracting 12% levy. The new rates will be effective from April 1 as the Centre and states will work out detailed rules and are expected to stipulate that a vast majority of inputs and capital goods be purchased from vendors who are registered to pay GST. The move is seen to be crucial to keep tabs on a sector ridden with cash transactions and black money.

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