GST Day – 1st July 2018 to be celebrated as “GST day” – #GST “ONE NATION, ONE TAX, ONE MARKET”

1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation

Government of India is celebrating the 1st Anniversary of the Goods and Services Tax (GST) coming into force, here tomorrow. GST was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that its implementation has thrown up and for the willingness and ability of policy makers and tax administrators to rise up to these challenges and respond befittingly.

But more importantly, the first year of GST has been an example to the world of the readiness of the Indian taxpayer to be

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Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018

GST Revenue Collections for the Financial Year 2017-18

Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 . During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, Rs. 3.66 lakh crore of IGST (including Rs. 1.73 lakh crore on imports) and Rs. 62,021 crore of cess (including Rs. 5702 crore on imports). For this eight months, the average monthly collection has been Rs. 89,885 crore.

While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, IGST and cess on

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E-Way Bill System for Inter State movement of goods across the country introduced from today 1st April 2018

E-way bill operations are available for inter-state movement of goods. Presently, e-way bill operations are not available for intra-state (within the state) movement of goods, except for Karnataka State. E-way bill operations for intra-state (within the state) will be made available in a phased manner, as and when instructed by GST Council.

The e-way Bill System for Inter-State movement of goods across the country is being introduced from 01st April 2018. Department has issued few clarifications regarding the new e-way bill system are as follows:

  1. Situation: -Consider a situation where a consignor is required to move goods from City X to City Z. He appoints Transporter A for movement of his goods. Transporter A moves the goods from City X to

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GST Fraud in Mumbai – Two Businessman arrested for creating fake Invoices

Enforcement Action for Fraud in GST Mumbai – Two Businessmen arrested by Officers of CGST, Mumbai for creating fictitious invoices and availing ineligible credit.

Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The persons have been arrested for availing input tax credit on the basis of fraudulent invoices against which no actual goods were bought or sold.

The power to arrest is provided under Section 69 of the CGST Act, 2017 and is to be exercised by the Commissioner in cases of outright fraud where the amount of  tax evaded or the amount of input tax credit wrongly availed exceeds Rs. 2 crore.

The Government wants to assure taxpayers that compliant taxpayers do not run the risk of facing such punitive action in carrying-out their day

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GST Revenue Collection of January 2018 is Rs.86,318 Crores from 1.03 Crore Dealers

GST Statistics of Jan 2018 – GST Revenue Collections stand at Rs.86,318 crores for the month of January 2018 (received in January/February upto 25th February 2018).
More than 10 Million Dealers registered till 25th February 2018As per data provided by PIB, 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as composition dealers.

Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of January 201​8​ was 20thFebruary 2018. The total Revenue received under GST for the month of January 2018 ​(received in January/February up to 25thFebruary,2018) has been Rs. 86,318 crores. 1.03 crore taxpayers have been registered under GST so far till

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Tax Treaty with Iran to prevent Double Taxation and Fiscal Evasion

India and Iran signed in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect to taxes on income.

India and Iran signed here in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention
of Fiscal Evasion with respect to taxes on income.

The Agreement is on similar lines as entered into by India with other countries.The Agreement will stimulate flow of investment, technology and personnel from India to Iran& vice versa, and will prevent double taxation. The Agreement will provide for exchange of information between the two Contracting Parties as per latest International Standards. It will improve transparency in tax matters and will help curb

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GST Council recommends relief in GST on Circus, Dance and Theatrical Performances

Threshold Exemption under GST for admission to such cultural and sports events in the country increased from Rs. 250 to Rs. 500 per person

In its Meeting held on 18th January, 2018, the GST Council has recommended that for the purpose of GST exemption, the threshold price limit of Admission Ticket for circus, dance,theatrical performances including drama or dance, award functions, pageants, concerts, musical performances, and recognized sporting events may be increased from Rs250 per person to Rs.500 per personThe Council has further recommended that admission to planetarium may also been given the benefit of this threshold exemption up to Rs.500 per person.

The Notifications giving

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Resident Welfare Associations (RWA) are liable to pay GST if monthly subscription from its members is more than Rs.7500 Per Month

GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWAs) to their Members. Threshold Exemption Limit under GST for monthly contributions made by members for services provided by RWAs raised from Rs. 5,000 to Rs. 7,500 per month per person.

n its 25th Meeting held on 18th January, 2018, the GST Council had recommended several measures granting relief from GST on a number of goods and services. One of the important reliefs granted by the Council is to enhance the limit of contribution made by members of a Resident Welfare Association (RWA) for the purpose of exemption from GSTThe Council had recommended that the limit may be enhanced from Rs.5,000 to Rs 7,500 per month per

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Planning to Invest in Bitcoin? – Finance Ministry & RBI cautioned people of India to do at their own risk – Bitcoin is not a Legal Tender

There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets.Government Cautions People Against Risks in Investing in Virtual ‘Currencies’ –  Says VCs are like “Ponzi Schemes”.
“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other

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Impact of GST on the Prices of Goods and Services

Since GST bill has been introduced in the Parliament, economists across the country have started analyzing its impact on the economy. Recommended as the biggest reform of Indian economy, GST has a distinctive impact on every touch point from manufacturer and trader to buyer. Since it is about to proceed in the next couple of months, it is the time to analyze the impact of GST on a common man.

GST has been drafted to create a single window for indirect taxation which was incurred under various names until now. It is estimated to boost GDP by 2% in the short-term and will be a mix bag for the people. Many services may become expensive while goods may witness a fall in their prices due to GST. Though there is a

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