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Found Update results for
'14 apr 2018'
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What should be done for the last Service Tax Return for the period April-June, 2017? Finance Ministry has notified that filing of Service Tax Returns in Form ST-3 / ST-3C for the period April – June 2017 has to be done by August 15; Revised Return for said period shall be submitted within a period of 45 days from date of submission of return.
GST Service : As you are aware that the Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure rather we can say that the biggest business reform in India since Independence, at last set to become reality and which may be roll out from 1st April 2017. Here’s given below that how GST differs from the current tax regime, how it will work, and what will happen when it is implemented. Gst Service in Mayur Vihar .
GST Council Revised Rates for 66 Items Out of 133 Items. The Next meeting for the GST Council will be on 18th June. FMSLLP Delhi Saurabh Tripathi +91-9560982731, 9953431467 Website- www.fmsllpindia.com
GST regime: Food industry happy at lower levy, but branded wheat players sore The food and meat processing industry on Friday largely welcomed the new tax rates announced at the GST Council meeting in Srinagar, but some of them are concerned about certain GST fitment rates. While foodgrains and raw food items were exempted from tax, most processed products will attract lower taxes than the existing rates. “We will benefit from the decision as ready-to-fry products will attract only 12 per cent, against 14.5 per cent that we pay currently in most South Indian States where we operate, ” says Srinivas Shenoy, a senior official with the ₹300-crore Abad Fisheries Private Limited, in Kochi. In Karnataka, it is even higher at 15.5 per cent, he said. “The fitment of a GST rate of 5 per cent on edible oils as approved is more or less on expected lines. However, a GST rate of 12 per cent on soya bari and 5 per cent on soya flour comes as a disappointment, ” said Dinesh Shahra, Founder and Managing Director of Ruchi Soya Industries Ltd. “We hope that the government will relook at the GST rates on texturised vegetable proteins, commonly known as soya bari, and soya flour and bring them to the tax-exempt category to promote the use of soya protein to prevent and treat protein malnutrition in the country." Soya protein is the least expensive and nutritionally the most valuable and economical protein. Neutral impact The impact of GST rates on farm products such as edible oils, tea and coffee is seen as neutral, with no major impact on the end-prices for consumers, while a zero-tax on unbranded wheat products such as atta, maida and sooji may make them cheaper. “The rates that we now see may not have any major impact on the retail prices of edible oils. For the industry, the GST rates are more or less in line with the expectations, " said Atul Chaturvedi, president, the Solvent Extractors' Association of India (SEA). A 5 per cent GST on branded wheat products could make them marginally expensive as the industry may chose to pass the tax burden to consumers. However, a zero tax on unbranded wheat products could make them cheaper. In the current tax structure, various States have levied a tax of 2-4 per cent on wheat products. “Wheat is a staple food for everybody. It is heartening to know that the government has exempted wheat and unbranded wheat products from GST. But given the consumers’ preference for food safety law-compliant products, such a move will be dampener on the branded players. They will pass on price hikes to consumers, " said AN Gupta, former chairman of Wheat Products Promotion Society. Players in the plantation segment such as tea and coffee said the 5 per cent levy was on expected lines and that it would not have any impact on consumers.
Industry gets 90 days to claim credit for GST transition stock Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1. The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically, specifying separately, the amount of input tax credit to which he is entitled. It also gives commissioners the power to extend this period by further 90 days on the recommendation of the GST Council. Saurabh Tripathi +91-9953431467
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