RSM India

GST

Highlights of 37th GST Council meeting

15 December 2019
The  37th GST Council meeting was held on 20th September 2019 to address some crucial issues and provide their recommendations. Following are key highlights of the GST Council Meeting:

GST-Introduction to new return

15 December 2019
GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers from October 2019 onwards. The GST Council has issued a Press Release on 11 June 2019 regarding  the same. We have attached the press release for your reference. The gist of Press release is as follows:-

Outcome of 35th GST Council's Meeting

15 December 2019
The  35th GST Council meeting was held on 21 June 2019 at New Delhi to address some crucial issues and provide their recommendations. Following are key highlights of the GST Council Meeting :

36th GST Council meeting's outcome

15 December 2019
The  36th GST Council meeting was held on 27 July 2019 to decide GST rate on certain goods/services and also changes in certain due dates. Following are some key recommendation made by Council-

Clarification on doubts related to supply of Information Technology enabled services

15 December 2019
Clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) regarding to doubts related to supply of Information Technology enabled services.

Maharashtra Amnesty Scheme - 2019

15 December 2019
Government of Maharashtra has passed an Ordinance to provide for settlement of arrears under various Acts which were in existence during pre- GST regime.  Salient features of the same are mentioned below:

Clarification in respect of goods sent outside India for Exhibition

15 December 2019
Newsflash in respect of clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) wherein procedure to be followed in respect of goods sent/ taken out of India for exhibition or on consignment basis for export promotion has been clarified. The major points covered in the clarification issued are as follows:

Key Highlights of Rajasthan State Budget 2019-20

15 December 2019
Highlights of Additional Budget of Rajasthan State presented by Finance Minister, Shri. Ashok Gehlot on 10 July 2019. Some of the main highlights are as under :- Commercial Taxes: To give relief to dealers in pending demands, following new provisions are added through amendments in Rajasthan GST Act:

Clarification on Annual Returns (GSTR 9) and Reconciliation Statement (GSTR 9C)

15 December 2019
Newsflash on the press release issued by the Central Board of Indirect Taxes and Customs, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019

15 December 2019
As a move towards expeditious disposal of cases under erstwhile indirect tax laws, a dispute resolution cum amnesty scheme called “Sabka Vishwas Legacy Dispute Resolution Scheme, 2019” has been introduced. The proposed Scheme shall cover past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses etc.

Key Recommendations of 31st GST Council Meeting

14 December 2019
The Central Board of Indirect Taxes and Customs issued a press release, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

White Paper - Analysis of GST on Construction of Roads and Highways

5 September 2018
We are pleased to release for your kind reference the White Paper developed by our indirect taxes practise on “Analysis of GST on Construction of Roads and Highways.”

Goods and Services Tax advisory and compliance

13 August 2018
In July 2017 Goods and Services Tax (GST) replaced a plethora of indirect taxes such as excise duty, VAT, service tax, central sales tax, countervailing duty (CVD) and octroi duty. GST has far-reaching impacts for virtually every business in terms of tax rates, overall tax incidence, input credits, distribution system, prices and costs.

White Paper - GST Impact on Non-banking Finance Companies

16 July 2018
Non-Banking Finance Companies (NBFCs) are companies which are, as per RBI guidelines, allowed to lend money but cannot accept deposits from the public. NBFCs are subject to several guidelines issued by the Reserve Bank of India and are a highly regulated industry.

Newsflash: GST - Anti-profiteering measure by Government of India

13 December 2017
Government of India has introduced certain measures to toughen its stance on the anti-profiteering provisions by introducing certain measures. We are pleased to release newsflash on the captioned subject. The key highlights are

Newsflash - GST: Extension of due date for filing GST Returns for July and August 2017

7 September 2017
The Government of India has further extended the due date of furnishing GST return for the month of July and August 2017. In said regards please find attached our newsflash. We trust you will find the same useful.

Newsflash – Amendment in GST Rates

31 August 2017
The following are the key highlights of amendments:

Clarification regarding availability of Transitional credit in relation to GST - RSM India Newsflash

22 August 2017
The Government of India has issued clarification regarding availability of Transitional credit in relation to GST. We are pleased to release our newsflash on the captioned subject and trust you will find the same useful.

GST - THE JOURNEY BEGINS - Updated 7 July 2017

10 August 2017
We are delighted to enclose our latest GST publication viz. ‘GST – The Journey Begins (Updated 7 July 2017)’. This publication comprises of all the enacted & updated GST regulations up to 7 July 2017 and analysis of significant regulations.

Tally Solutions partners with RSM India for GST Ready ERP Software

10 July 2017
Nation's biggest accounting software partners with one of India's top accounting firms for GST Ready ERP Solutions  (news article)

The Dawn of GST Era – Updated 3 June 2017

29 June 2017
On 3 June 2017, the GST Council fixed the GST rates of certain items, including the Rates for Rough Diamonds, Gold, Gems and Jewellery. Also the GST Rules in respect of the following were announced: