India

India e-commerce GST collected at source Apr 2018

October 1st, 2017

India e-commerce platforms will be required to withhold 1% GST of the taxable value of supplies at source on payments to vendors and suppliers from 1 April 2018.  The provision will apply to payments about RS 2.5 lakh.  Platforms withholding the tax will be required to remit it to the government and file a GSTR-8 …


India

India GST returns delay

September 5th, 2017

Following the introduction of Goods and Services Tax to India on 1 July 2017, the tax authorities have postponed again the deadlines for the three principle monthly filings: Month Return Postponed filing date Jul 2017 Sales: GSTR-1 10 Sep Purchases GSTR-2 25 Sep Reconciled final GSTR-3 30 Sep Aug 2017 Sales: GSTR-1 5 Oct Purchases …


India

India first GST returns due 20 September

August 1st, 2017

Following the 1 July launch of India’s new Goods and Services Tax regime, the first monthly returns become due shortly. Almost 8 million businesses will be required to file. Generally, the three-stage GST process should be completed by the 20th of the month following the month of transactions. However, the first filing, due 20th August, …


India

India may levy 18% GST on bitcoin

July 16th, 2017

India is considering 18% Goods and Services Tax on crypto-currencies, such as bitcoin. A special task force, studying potential tax and regulatory frameworks for bitcoin purchases and sales, is considering fiscal and supervisory issues.  It has already retracted statements indicating that it would seek a complete ban on virtual currencies – the black market in …


India

India Kashmir joins GST launch

July 13th, 2017

The last of the 29 Indian states to implement GST, Jammu and Kashmir, approved the introduction of the new consumption tax one week after the national launch. Kashmir has its own constitution, so was permitted to miss the 1 July launch of the new Goods & Services Tax.  GST has consolidated over 20 sales taxes, …


India

Indian GST returns

July 3rd, 2017

GST registered businesses typically have to file three returns per month (GSTR-1, GSTR-2 and GSTR-3) in each state where they operate.  An annual GST return is also required.  This means a business will have to complete 37 returns per annum in each state where they are trading. There are 29 states in India – although …


India

Indian GST registration

July 3rd, 2017

Businesses providing taxable goods or services in India are required to register for GST, and submit monthly returns. A business must register separately in each state where they are selling – there are 29 Indian states. GST registration thresholds Businesses must register if their taxable supplies are in excess of INR 2m. For the North …


India

Indian GST rates

July 3rd, 2017

India operates 4 GST rates.  Certain goods and services are also zero rated and exempt.  Key rates are listed below: