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GST reduced tax rate, increased compliance: Finance Ministry
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GST reduced tax rate, increased compliance; more than 66 cr returns filed in 4 years
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GST Council refers composition scheme for ice cream makers back to Fitment Committee
May 30, 2021
‘Given the high value addition, the revenue implication is significant’
The ice cream sector will have to wait to be included in the Composition Scheme of Goods & Services Tax, with the GST Council referring the matter back to the Fitment Committee.
This issue is critical for small ice cream manufacturers. This February the Delhi High Court said that the GST Council should reconsider exclusion of ice cream from the list of manufacturers eligible for composition scheme within three months. Under the scheme, the assesses, manufacturers and traders of goods have to pay 1 per cent of turn over as tax; restaurants not serving alcohol 5 per cent; and other service providers 6 per cent. Businesses with annual turnover of up to ₹1.5 crore can opt for composition scheme but they will not get the benefit of input tax credit.
Government relaxes GST compliance
May 02, 2021 The Finance Ministry has relaxed compliance norms for Goods & Services Tax (GST) assesses. Accordingly, there will be no late fees for filing March/April 3B up to 15 days and 30 days from original due date for taxpayer with turnover more than five crore and upto five crore, respectively. For quarter ending March 31, there will be no late fees if 3B filed within 30 days from original due date. Form 3B shows how much tax has been paid in cash and how much through credit. It is the most important return form to judge tax collection situation.
Due date for filing GSTR 4 (Annual Return for person opted for Composition Scheme) has been extended to May 31 from March 31. Similarly, ITC-04 due date extended to May 31 for Jan-Mar quarter. GSTR-1 due date for April has been extended to May 26.
GST return deadlines extended; late fee waived
Updated:
Updated:
May 02, 2021 22:37 IST
These concessions granted for a limited time window of a fortnight to a month, effective May 1
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These concessions granted for a limited time window of a fortnight to a month, effective May 1
The government has extended the deadlines for routine Goods and Services Tax compliances, reduced the interest charged on delayed tax payments and offered late fee waiver for taxpayers, granting these concessions for a limited time window of a fortnight to a month, effective May 1.
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