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The collection of Goods and Services Tax (GST) slipped marginally to Rs 863.18 billion in January, from Rs 867.03 billion in December. "The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 863.18 billion" the finance ministry said in a statement. Total collections under the GST had registered an increase in December 2017 after decl ining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items. The ministry said that 10.3 million taxpayers have been registered under GST till February 25, of which 1.76 million are composition dealers who are required to file returns every quarter. Of the total, 123,000 composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 1.64 million composition dealers which are required to file returns every quar...

Under the GST law, the filing of return without payment of taxes shall not be considered as a valid return. Section 2(117) defines a valid return. It means, a return furnished under sub-section (1) of Section 39 on which self-assessed tax has been paid in full. It is only the valid return that would be used for allowing input tax credit (ITC) to the recipient. In other words, unless the supplier has paid the entire self-assessed tax and filed his return and the recipient has filed his return, the ITC of the recipient would not be confirmed.

Coming April 1, all eyes will be on the roll out of electronic-way bill for inter-state movement of goods worth Rs 50,000 or more, especially so because the first introduction of the system on February 1 had failed as the technology backbone crumbled under heavy load. Some 480,000 bills had been generated on Day-1, causing the system to crash. Now, after two rounds of testing, the group of ministers t o fix the issues with the GST portal, under Bihar Deputy Chief Minister Sushil Modi, is hopeful that the system is ready to take a load of up to 7.5 million e-way bills in a day. The GoM expects that initially 2.6 million bills will be generated and this number will subsequently increase to 5 million. Of the 9.6 million assesses, 950,000 have moved to the pilot e-way bill. Around 8,500 transporters are generating these bills and 650,000 bills are being generated daily. So, the GoM is sure that the system will not crash this time. It should be noted that rollout of e-way bill is ...

As many as 5.5 million goods and services tax (GST) returns have been filed for January so far, Goods and Services Tax Network Chairman Ajay Bhushan Pandey said on Wednesday. The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month. Hence, the sales returns for January had to be filed by February 20. However, businesses can continue to file returns with a late fee.“The total number of 3B GST returns filed in January till date is 55 lakh (5.5 million),” Pandey told reporters here. The number is expected to go up when the government releases the GST collection figure later in the month as more businesses continue to file returns.

More than four months after its announcement, the proposed e-wallet mechanism to help exporters pay Goods and Service Tax has seen little progress and may miss its April 1 deadline, senior government and industry sources said. Exporters has mooted the mechanism to the Finance Ministry, as a way to offer relief to the export sector, which continues to reel under a crippling liquidity crunch more than seven  months after the GST was rolled out. The mechanism was even adopted by the government at the 22nd GST Council meet on October 6.

Tax payers whose aggregate turnover of goods(supply of service not considered) in the previous financial year does not exceed Rs.75 lakhs (aggregate turnover computed on all India basis), shall have the option to pay tax on composition, which shall not be less than one percent till his turnover in the financial year exceeds Rs.75 lakhs. Persons effecting inter state trade or persons availing input tax credit facility are not eligible. Registered persons availing the composition scheme is not entitled to collect tax from customers. Service providers except those providing Restaurant service are not eligible for the levy.