Page 4 - Composition Scheme News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. Un...

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. D...

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 Share Article Photo used for representation purpose only. File   | Photo Credit: Getty Images/iStockphoto 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 ...