Goods & Services Tax (GST) Updates

[ijsa]

Handholding of small & medium businessess by Modi Sarkaar...... and you should get special treatment as you have BJP in your state also... /s

 

[Sushubh]

Truckers to Observe Countrywide ‘Chakka Jam’ Against GST on Oct 9 and 10

 

[Smh]

Booster shot for economy: GST rates to be cut on 60 goods and services

 

[Sushubh]

Source


gst rates would now depend upon upcoming state elections.

 

[Sushubh]

Industry and govt to brainstorm on GST at PHD Chamber’s conclave

 

[Sushubh]

Source


based on a reddit thread, this means that online services are now exempt. but if you have already applied for gst... good luck getting rid of it.

 

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[Smh]

woo hoo :extremelyhappy:

finally some hope back but do we still need FIRC ?

 

[amish]

what is FIRC?

This government is making so many random and rapid changes... its difficult to keep up.

They forget that making rules is 100 times easier then studying and implementing them.

 

[Smh]

FIRC is required for freelancer to prove export of service, basically bank issues a certificate stating the amount and reason of currency conversion.

 

[amish]

There is new confusion that is introduced by yesterday's decision.

For dealers with turnover of less than 1.5 crore have to file quarterly returns.

And dealers with turnover of > 1.5 crore have to file monthly returns.

Now if person X with t.o. of < 1.5 crore supplies item to person Y with t.o of > 1.5 crore

what will happen to GSTR 2? Because GSTR2 is based on GSTR 1.

Person Y will not see an invoice in his monthly GSTR 2 because person X will not file GSTR 1 till end of quarter.

So what should person Y do?? He has to file GSTR2 every month but he cant file it till the person X approves the same (which he will do every 3 months)