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Friday, November 10, 2017

GST Council cuts taxes on about 175 items from 28%

The Goods and Services Tax (GST) Council on Friday decided to slash rates on more than 175 items, reducing taxes on these from the existing 28 percent in one of the biggest tax reductions since the new system kicked-in from July 1.

The council, which is currently meeting in Guwahati, has decided to cut keep only 50 luxury and `sin' goods like tobacco in the highest slab, paving the way for price cuts in a raft of commonly used goods from furniture to sanitary ware.

Daily use products such as shampoo, chocolates, beauty products and construction items such as marble and granite will cease to exit in the 28 percent slab, Bihar Deputy Chief Minister Sushil Modi said today at the sidelines of the 23rd GST Council meeting in Guwahati.

The tax cuts will have a revenue implication of about Rs 20,000 crore.

The council is set to approve sweeping changes including simpler procedures, a single return filing form for small firms and several changes to make composition scheme more attractive.

The GST Council—the apex body for decision making headed by finance minister Arun Jaitley— today in its 23rd meeting in Guwahati will also discuss the proposal to do away with the distinction between air-conditioned (AC) and non-air conditioned restaurants (not under composition scheme) and tax them at 12 percent.

The reduction in rates will be a significant step towards simplification of the GST to support the trader community ahead of the election in Gujarat that will be held in two phases—December 4 and 11. Small and Medium-Sized Enterprises (MSMEs) have been hit by the implementation of the new indirect tax system and crucial steps will be taken to mitigate their challenges.

GST, billed as the country's biggest indirect tax overhaul, has consolidated a dozen of state and central duties into one single levy. All goods and services have been fitted into four broad slab structure –5, 12, 18 and 28 percent—along with a cess on luxury and demerit goods such as tobacco, pan masala and aerated drinks.


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Saturday, September 2, 2017

GSTR 1 ERROR IN NIL RETURN FILING, ERROR!YOU HAVE NO INVOICE TO SUBMIT GSTR 1

Do following before you press Submit button

Press Save Option and Refresh after 30 seconds

1. Press Save Butten 8A, 8B, 8C, 8D - Nil Rated Supplies
2. Documents issued during the tax period.

You will be able to file NIL return GSTR 1


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Tuesday, August 15, 2017

FINEX WITHDRAW 32,085.00


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

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Monday, July 3, 2017

Format / Utility of GSTR -1 to be filed for Supply (Sales /Service) made during each month

Dear All,

Sending herewith Format / Utility of GSTR -1 to be filed for Supply (Sales /Service) made during each month.

You are requested to go through it, since, we need furnish the Return of Outward Supply (i.e. Sales/Service done each month) in this format. The data required to be complied in this format to furnish the  monthly return.

Click here to download: 


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Fwd: Format 2-Tax Invoice - Intra State goods

FORMAT TAX INVOICE- INTRA STATE GOODS SUPPLY

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

For latest Updates visit Blogspot : http://canews1.blogspot.in



Fwd: Format 1 Intra State Service supply Format

Sending the format individually, since the attachments to earlier email did not got donloaded

Dear Sir,

Sending herewith following format in Excel; you can use it with suitable modifications for your business:

1. Tax Invoice- Intra State Goods supply
2. Tax Invoice- Intra State Service supply
3. Tax Invoice- Inter State Goods supply
4. Bill of Supply- in case of person under Composition
5. Export Invoice
6. Credit Note
7. Debit Note
8. Payment Voucher- in case of payment to Unregistered person (RCM)
9. Receipt Voucher - in case of receipt of Advance from Customer
10. Tax Invoice -Intra State- Service Lodging 

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

For latest Updates visit Blogspot : http://canews1.blogspot.in



Wednesday, June 28, 2017

FAQs on GST- just released by Government replies of 100 questions posted on twitter

Dear All 

Sending herewith FAQs on GST- just released by Government replies of 100 questions posted on twitter


Click here to Download.

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD