leasing or rental service of Goods (with or without operator) Notification /Circulars will be issued w.e.f 25th January, 2018. To clarify that leasing or rental service, with or without operator, of goods, attracts same GST as supply of like goods involving transfer of title in the said goods. Therefore, the GST rate for the rental services of self-Propelled… Read More »
GST Rates on Elephant/ camel joy rides Notification /Circulars will be issued w.e.f 25th January, 2018. To clarify that elephant/ camel joy rides are not classified as transportation services and attract GST @ 18% with threshold exemption to small services providers. [25TH GST Council Meeting Decisions and GST Rate changes on services by 25th GST Council Meeting… Read More »
Exempt Supply for Input Tax Credit under GST Input Tax Credit Notification will be issued w.e.f 25th January, 2018. To provide in CGST rules that value of exempt supply under sub-section (2) of section 17, shall not include the value of deposits, loans or advances on which interest or discount is earned (This will not apply to… Read More »
GST Registration Cancellation : voluntary registration and migrated taxpayer : Changes GST Registration Cancellation Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration. For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation… Read More »
GST Returns late Fees reduced The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to Rs 50 per day and shall be Rs 20 rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall… Read More »