GST Council slashes tax rates on electric vehicles, chargers
Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR
Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August.
The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers.
The Council also made hiring of elec...
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GST Council meet postponed
Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR
The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed.
The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir)
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18% GST on flat owners paying monthly maintenance of over Rs 7,500
Posted Date : 23-Jul-2019 , 08:43:44 am | Posted By CASANSAAR
Flat owners will have to pay GST at 18 per cent if their monthly contribution to resident welfare association (RWA) exceeds Rs 7,500, the Finance Ministry said Monday. As per the rules, RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is ...
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GST Council to decide on tax cut on EVs this week
Posted Date : 22-Jul-2019 , 08:46:54 am | Posted By CASANSAAR
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said.
The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services...
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GST officers arrest one person for creating 90 fake firms, issuing bogus invoices
Posted Date : 20-Jul-2019 , 08:29:42 am | Posted By CASANSAAR
GST officers have arrested one person for creating about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon, the finance ministry said on Friday. The officers of Directorate General of GST Intelligence (DGGI), Headquarters, arrested one Anupam Singla, a resident ...
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Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR
A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...
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Delhi Govt cancels GST registration of 1,282 traders for fraud
Posted Date : 12-Jul-2019 , 09:08:32 am | Posted By CASANSAAR
The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway​,” a government sta...
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Govt books 1,800 cases for issuing fake GST invoices
Posted Date : 11-Jul-2019 , 09:45:21 am | Posted By CASANSAAR
The Union government has booked nearly 1,800 cases for issuing fake GST invoices since 2017-18. The highest number of cases have been booked in the last financial year when the authorities booked 1,220 cases involving an amount of nearly Rs 9,500 crore. The government informed the Rajya Sabha that 1...
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Extension of Last Date for availing the benefit of Alternate Composition Scheme from 30.04.2019 to 31.07.2019
Posted Date : 05-Jul-2019 , 09:57:05 am | Posted By CASANSAAR
Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019, an Alternate Composition Scheme has been made available to those suppliers of Services or Mixed Suppliers, who were not eligible for the primary compos...
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Clarification regarding Annual Returns and Reconciliation Statement
Posted Date : 04-Jul-2019 , 04:08:01 pm | Posted By CASANSAAR
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -
a) Payment of any unpaid tax...
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GST collection stands at Rs 99,939 crore in June 2019
Posted Date : 01-Jul-2019 , 09:55:22 pm | Posted By CASANSAAR
The total gross Goods and Services Tax (GST) collection in the month of June stood at 99,939 crore rupees. The total number of GST returns filed for the month of May was 74.38 lakh. Last month the GST collection crossed one lakh crore rupees.
An official release said, the revenue in the month of ...
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Govt to introduce new return system for GST on trial basis today
Posted Date : 01-Jul-2019 , 08:53:41 am | Posted By CASANSAAR
The second anniversary of Goods and Services Tax (GST) will be celebrated today.
It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017.
Minister of State for Finance and Corporate Affairs Anurag Thakur will presid...
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Entities identified on basis of risk parameters to face GST Audit
Posted Date : 27-Jun-2019 , 08:33:36 am | Posted By CASANSAAR
The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion, irregular filing of returns and employing "questionable accountants". Unveiling the audit plan, the Directorate General of Audi...
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GST Council meet on 21 June to focus on checking tax evasion
Posted Date : 17-Jun-2019 , 02:23:08 pm | Posted By CASANSAAR
Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
The government plans to increase scrutiny on businesses amid lower-than-expected GST collec...
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New GST return mechanism will be implemented in phases
Posted Date : 12-Jun-2019 , 09:29:37 am | Posted By CASANSAAR
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the...
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GST Council may fix Rs 50 crore turnover threshold for e-invoice under GST
Posted Date : 10-Jun-2019 , 08:15:03 am | Posted By CASANSAAR
The finance ministry is likely to propose Rs 50 crore as the turnover threshold for entities to generate e-invoice on a centralised government portal for business-to-business (B2B) sales as it looks to curb GST evasion, an official said.
The GST Council, which will meet on June 20, will take a fi...
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Clarifications on filing of Annual Return (FORM GSTR-9)
Posted Date : 05-Jun-2019 , 09:37:28 am | Posted By CASANSAAR
The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows:
Information contained in FORM GSTR-2A as on 01.05.20...
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Govt issues notices to tax evaders on ITR, GST mismatch
Posted Date : 04-Jun-2019 , 09:44:04 am | Posted By CASANSAAR
First time government is matching income tax and GST returns. The initial findings have reported the overstatement of GST claims and understatement of income in the ITRs, as per officials. The recent Supreme Court judgement has also made it tough for these entities by refusing to allow protection to...
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GST revenue collection crosses Rs one lakh cr in May
Posted Date : 03-Jun-2019 , 08:14:36 am | Posted By CASANSAAR
The GST revenue collection has crossed one lakh crore rupees in May this year, which is a growth of 6.67 per cent over the revenue collected in the same month last year.
The GST collected during last month was one lakh 289 crore rupees as compared to over 94 thousand crore rupees in the same peri...
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GST defaulters may get arrested without FIR, anticipatory bail unlikely - SC
Posted Date : 31-May-2019 , 10:15:16 am | Posted By CASANSAAR
The Supreme Court suggested to the high courts on Wednesday not to grant anticipatory bail to those who default on the goods and services tax (GST), and reminded them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters, the Times of India said in a report.
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New GST return forms to help authorities check tax evasion
Posted Date : 31-May-2019 , 10:00:31 am | Posted By CASANSAAR
Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.
The new forms, set to roll out shortly starting with large businesses, will prevent companies from...
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GST Network offers free accounting and billing software to MSMEs
Posted Date : 29-May-2019 , 09:25:30 am | Posted By CASANSAAR
GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.
This software would help businesses create invoices and account statements, manage inventory and pr...
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Govt likely to introduce electronic invoice system under GST
Posted Date : 29-May-2019 , 09:13:28 am | Posted By CASANSAAR
Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.
The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a governme...
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SC dismisses plea challenging HC verdict on power to arrest in GST evasion cases
Posted Date : 28-May-2019 , 09:52:06 am | Posted By CASANSAAR
The Supreme Court has dismissed a plea challenging the Telangana High Court verdict that a person can be arrested by the concerned authority in cases of Goods and Service Tax, GST evasion.
The plea came up for hearing yesterday before a vacation bench of Chief Justice Ranjan Gogoi and Justice Ani...
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Manpasand Beverages' MD, CFO arrested in GST fraud case
Posted Date : 28-May-2019 , 09:37:37 am | Posted By CASANSAAR
Following a raid by the Commissioner of Central GST and Customs, Gujarat-based Manpasand Beverages' managing director (MD) Abhishek Singh and chief financial officer (CFO) Paresh Thakkar have been arrested on allegations of GST fraud.
The beverage company which manufactures fruit juices under...
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GSTN unveils draft of new GST return form
Posted Date : 24-May-2019 , 09:57:35 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Authority has come out with a draft new simplified return form, which it plans to formally rolled out in July.
The authority on Wednesday made the new format for filing GST return public with a view to obtain feedback on the user interface and its functionalities....
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HC allows ITC under GST regime to realtor making shopping mall
Posted Date : 22-May-2019 , 08:36:23 am | Posted By CASANSAAR
The Orissa High Court has resolved an important issue of blocked credit under the goods and services tax (GST) regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease.
The court has allowed input tax credit to a shopping mall construction c...
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GST Council may consider national bench of AAAR next month
Posted Date : 21-May-2019 , 09:54:31 am | Posted By CASANSAAR
The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers.
Sources sa...
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AAR allows input tax credit by debt settlement under GST regime
Posted Date : 20-May-2019 , 10:21:52 am | Posted By CASANSAAR
Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR).
The Bengal wing of AAR made the ruling whil...
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New single GST Returns form to be rolled out in July
Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...
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