Finance Ministry extends deadline for filing GST annual returns till March 31

Finance Ministry extends deadline for filing GST annual returns till March 31

The Finance Ministry has extended the last date for filing annual GST return forms by three months until March 31, 2019. The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September. The last date for filing was set at December 31, 2018. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said, “the competent authority has decided to extend the due date…

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Fewer GST slabs, once revenue neutral-plus level is reached: Jaitley

Fewer GST slabs, once revenue neutral-plus level is reached: Jaitley

Finance minister Arun Jaitley said on Sunday that Goods and Services Tax (GST) slabs may be reduced in the future, if a “revenue neutral plus” tax level is reached. Jaitley made the remark at the foundation day event of the National Academy of Customs, Indirect Taxes and Narcotics (NACIN). He said reduction in tax slabs under the current GST regime can happen, but only after the GST regime reaches a “revenue neutral plus” level. Since July 1, GST has replaced around a dozen central and state taxes into a single…

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Sales accounted under GST could distort September quarter picture

Sales accounted under GST could distort September quarter picture

Investors are in for a surprise when the September quarter results are declared. This will be the first earnings season post-goods and services tax (GST) and differences in how sales will be recorded now are likely to distort reported growth figures. Companies have cautioned about this in their analyst meets and conference calls. Some may provide some comparison to help investors figure out underlying growth but others may not. In the absence of a mandatory requirement to disclose, investors may be left holding numbers that are not comparable. Nestlé India…

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