GST Council | The Asian Age

Thursday, Jan 28, 2021 | Last Update : 04:31 PM IST

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Finance Minister Nirmala Sitharaman. (Photo: ANI twitter)

Sitharaman's first GST Council meet to decide on NAA extension

The Council is likely to discuss a mechanism for single point sanctioning and processing GST refunds.

20 Jun 2019 1:57 PM

"Between July to September 2019 (for three months), the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar," added the release. (Photo: Representational/PTI)

GST council to introduce new GST return system

A transition plan has been worked out, said an official release on 31st meeting of GST Council, said an official release.

11 Jun 2019 3:38 PM

Pre-Budget consultations; Sitharaman to meet economists, industry chambers

The state finance ministers are also expected to give their suggestions for Budget 2019-20.

09 Jun 2019 11:59 AM

The ministry is planning to roll out the e-invoice system by September.

GST Council to meet soon, may fix Rs 50 cr turnover threshold for e-invoice under GST

The turnover threshold for entities to generate e-invoice for B2B sales is likely to be fixed at Rs 50 crore if the GST Council agrees.

09 Jun 2019 11:39 AM

The appellate authority has been mandated to pass order within 90 days of the filing of an appeal.

GST Council may consider national bench of AAAR next month

Industry is of the view that since both the AAR and AAAR only have tax officers as members.

19 May 2019 12:03 PM

The last date for filing GSTR-1 and GSTR-7 for the month was April 11 and April 10, respectively. (Representational Image)

Govt extends last date for filing final sales return for March till Apr 13

The GST Council also needs to have a 'Plan-B' for a swift and smooth GST compliance network.

11 Apr 2019 8:47 AM

Explaining the provision, AMRG & Associates Partner Rajat Mohan said builders opting for lower rate of taxes with effect from April 1 would have to recalculate eligible tax credit since the inception of GST based on the proportion of residential to commercial carpet area, sold to unsold units and invoiced to un-invoiced amount. (Representational Image)

Realtors have time till May 10 to opt for old GST rates

CBIC has issued a notification giving real estate companies a one-time option to choose either of the tax rates.

02 Apr 2019 7:50 PM

Under the new return filing format, taxpayers who have no purchases, no output tax liability and no input tax credit in any quarter of the financial year would have to file one 'Nil' return for the entire quarter.

Roll-out of new, simplified GST return forms deferred

The new forms would be made available once they are notified and the software is ready.

31 Mar 2019 11:53 AM

The GST Council, chaired by the union finance minister, comprises finance ministers of all states. (Photo: File | ANI)

GST Council-like institutions needed for healthcare, rural development: Jaitley

I think a body like the GST Council, as a federal institution can do that job (coordination), said Arun Jaitley.

20 Mar 2019 3:44 PM

In the previous meeting on February 24, the council had slashed tax rates for under-construction flats to 5 per cent from 12 per cent and affordable homes to 1 per cent from 8 per cent, effective from April 1.

Flexible GST rates for realty

GST Council today has approved transition plan for the new rate structure for real estate residential projects.

20 Mar 2019 1:51 AM

GST rate on other categories was reduced to 5 per cent, effective April 1.

GST Council approves transition plan for new tax rates for real estate sector

Council had in its last meeting on Feb 24, slashed tax rates for under-construction flats in affordable category to 1 pc.

19 Mar 2019 2:13 PM

Currently, the GST is levied at 12 pc with input tax credit (ITC) on payments made for under-construction property.

GST Council to consider implementation of lower GST rates for realty sector

GST collections in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore in the previous month.

18 Mar 2019 2:44 PM

The GST council meeting will be held to discuss only transition provision and related issues for the implementation of lower GST rates for the real estate sector, the sources said. (Representational Image)

EC gives go-ahead to GST Council meeting on March 19

The nod from the Election Commission was required as the Model Code of Conduct has been in force since Sunday.

13 Mar 2019 5:32 PM

Several documents were recovered during the simultaneous searches conducted at the residential and business premises of these companies.

GST officials detect tax fraud of Rs 224 crore by 8 companies

The fake invoices generated by them involved about Rs 1,289 crore of value and input tax credit of about Rs 224 crore.

13 Mar 2019 12:07 PM

'Threshold for Registration for service providers would continue to be Rs 20 lakhs and in case of Special Category States Rs 10 lakhs,' a finance ministry statement said. (Representational Image)

FinMin notifies Apr 1 as date for increased GST exemption limit, composition scheme

Implementation of proposals with higher turnover limit for composition schemes, would enhance ease of doing business, said EY India's Jain.

08 Mar 2019 11:24 AM

Now an effective GST rate of 5% will be applicable on the value of a non-affordable under-construction property, and not 18% on two-thirds of its value, as before.

Builders may pass on input tax to buyers

Affordable home prices may be raised by 2-3%.

05 Mar 2019 2:35 AM

Total income, however, rose to Rs 2,405.89 crore during October-December quarter of 2018-19 fiscal year from Rs 1,855.21 crore in the corresponding period of the previous year. (Photo: File)

DLF's sales bookings to jump over two-fold to Rs 2,400 cr this fiscal

DLF's net profit stood at Rs 4,091.27 crore in the year ago period.

03 Mar 2019 1:44 PM

GST reforms to boost realty demand: developers

To boost demand in the real estate sector, the GST Council in its recently held meeting, slashed tax rates for under-construction flats.

28 Feb 2019 5:02 PM

Goods and services tax council. (Photo: PTI)

Govt detects Rs 20,000 cr GST evasion in April-Feb FY'19

The GST Council, chaired by FM Jaitley decided to cut tax rates on under-construction apartments to five and one per cent, respectively.

27 Feb 2019 2:34 PM

These rates will be without input tax credit availability for the developer. (Representational Image)

Reduced tax rate for real estate to bolster consumer sentiments: ICRA

GST Council in its meeting recommended reduction in GST rate on under-construction residential properties to 1 per cent.

27 Feb 2019 10:24 AM

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Dilip Cherian