Late fees Decided in 23rd GST meeting Council
From the month of Oct,2017 Onward, the amount of late fee payable has been reduced from Rs. 200 per day (Rs 100 per day each under CGST & SGST Acts) to the following amounts 1 - Taxpayers whose tax liability for the concerned month was NIL Rs 20/- per day (10/- per day each under CGST & SGST Acts) 2. For all other taxpayers (other than mentioned in (a) )Rs.50/- per day (Rs.25/- Per day each under CGST &SGST Acts) Late fee have been waived for the month of July, August & September,2017 where such late fee was paid, it will be re-credited to their Electronic cash Ledger under “Tax” head.      
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Exports of services to Nepal and Bhutan will also be eligible for claiming ITC
Exports of services to Nepal and Bhutan have already been exempted from GST. It has now been decided that such exporters will also be eligible for claiming Input Tax Credit in respect of goods or services used for effecting such exempt supply of services to Nepal and Bhutan      
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Gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
Under GST regime, gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. It may be noted that this limit of Rs. 50,000/- is per employee per year and not for all employees taken together. It is also important to note that input tax credit shall not be available in respect of such gifts.      
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Gst rates on traders dealing in used vehicles, goods and consumer durables etc.
Under the GST regime, retailers and traders dealing in used vehicles, goods and consumer durables etc. will come under taxation and as such sellers will have to pay GST at the same rate as in ordinary course.      
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OPEN MARKET VALUE
The full value in money, excluding the IGST, CGST, SGST, UTGST and Cess to obtain supply at the same time when the supply being valued is made. e.g. Where a new phone is supplied for Rs.20000 along with the exchange of an old phone and if the price of the new phone without exchange is Rs.24000, the open market value of the new phone is Rs 24000.      
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CREDIT GUARANTEE SCHEME FOR SUBORDINATE DEBT(CGSSD) SALIENT FEATURES
1.Ministry of MSME has framed a scheme for the purpose of providing guarantees in respect of credit facilities extended by scheduled commercial banks. 2.The main purpose of this scheme is to provide guarantee cover to the promoters of MSME who can take debt from the banks to further invest in their stressed MSME units as equity. 3.Ninety percent guarantee coverage for this sub-debt will be given under this scheme whereas the remaining ten percent would come from the promoters concerned. 4.The scheme provides support to the promoters of the MSMEs that are stressed and have become NPA as on 30th April,2020.The Scheme is applicable for those MSMEs accounts whose accounts have been standard as on 31-03-2018 and have been in regular operations either as standard accounts or as NPA during the FY 2018-19 and 2019-20. 5.Fraud/Willful defaulter accounts will not be considered under the proposed scheme. 6.Promoters of the MSMEs unit will be given credit equal to 15% of his/her stake (equity plus debt) or Rs. 75 lakhs, whichever is lower. 7.In case a borrower has existing limits with more than one lender, the CGSSD can be availed by the borrower through one lender only. 8.The tenor of sub-debt facility shall be as per repayment schedule defined by the lender, subject to maximum of 10 years from the guarantee availment date or March 31,2021 whichever is earlier. 9.There will be moratorium period of 7 years (maximum) on the payment of principal. Till the 7th year,only interest will be paid. 10.Interest rate will be applicable as per RBI guidelines. 11.1.5% p.a. on the guaranteed amount on outstanding basis shall be paid by the lending institution or the borrower as per the agreement to the Trust.      
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