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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : GST

GST officers arrest 140 persons including 5 chartered accountants on charges of fake invoicing
Posted Date : 15-Dec-2020 , 09:02:44 am | Posted By CASANSAAR

GST authorities have arrested as many as 140 persons, including five chartered accountants, in about a month's time on charges of issuing fake invoices, and have now trained their guns on entities transporting under-valued goods. In its nationwide drive against fake invoice frauds since the s...

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Category : GST | Comments : 0 | Hits : 5047

GST taxpayers to get flexibility to decide on monthly tax payment
Posted Date : 14-Dec-2020 , 10:06:03 am | Posted By CASANSAAR

Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. The Central Board of Indirect Taxes and Customs (CBIC) will introduce the new Quarterly Return and Monthly ...

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Category : GST | Comments : 0 | Hits : 4798

GST Network enables fully auto-populated monthly sales return form GSTR-3B
Posted Date : 14-Dec-2020 , 09:52:52 am | Posted By CASANSAAR

Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said on Sunday. "For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax per...

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Category : GST | Comments : 0 | Hits : 2807

Over 1,63,000 GST registrations cancelled in two months for return filing defaults
Posted Date : 12-Dec-2020 , 10:29:11 am | Posted By CASANSAAR

Goods and Services Tax (GST) authorities have cancelled 1,63,042 GST registrations in October and November for defaulting on filing monthly tax returns for more than six months, said a government official. Besides, 28,635 other taxpayers have been identified for cancellation of registration for d...

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Category : GST | Comments : 0 | Hits : 2456

Delhi HC says entire concept of GST getting defeated by Input Tax Credit
Posted Date : 11-Dec-2020 , 09:26:14 am | Posted By CASANSAAR

The Delhi High Court today observed that the entire concept of the Goods and Services Tax (GST) is getting defeated by the input tax credit while hearing a petition by a businessman seeking protection from arrest in a case of alleged wrongly/illegally availed of Input Tax Credit.    The ...

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Category : GST | Comments : 0 | Hits : 1605

GSTR-9 of FY 2019-20 is available on GST Portal
Posted Date : 11-Dec-2020 , 09:17:10 am | Posted By CASANSAAR

Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under progress which is likely to be completed soon. ...

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Category : GST | Comments : 0 | Hits : 2315

QRMP scheme launched for GST payers with turnover up to Rs 5 Cr
Posted Date : 07-Dec-2020 , 02:16:02 pm | Posted By CASANSAAR

The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 3...

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Category : GST | Comments : 0 | Hits : 562

Supreme Court upholds imposition of GST on lotteries, betting and gambling
Posted Date : 04-Dec-2020 , 09:24:21 am | Posted By CASANSAAR

The Supreme court on Thursday upheld that the Goods and Service Tax (GST) shall be imposed on the sale of lotteries, betting and gambling. The apex court bench headed by Justice Ashok Bhushan upheld the notification issued under the Central Goods and Services Tax Act, 2017 wherein the lottery and...

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Category : GST | Comments : 0 | Hits : 682

All States except Jharkhand choose Option-1 to meet the GST implementation shortfall
Posted Date : 04-Dec-2020 , 08:47:59 am | Posted By CASANSAAR

Government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have favoured Option-1 has gone up to 27. All States except Jharkhand and all the 3 Union Territories with Legislative Assembly have decide...

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Category : GST | Comments : 0 | Hits : 435

GST Revenue collected in November crosses 1 Lakh Cr
Posted Date : 02-Dec-2020 , 09:23:10 am | Posted By CASANSAAR

The gross GST revenue collected in the month of November, 2020 is Rs. 1,04,963 crore of which CGST is Rs. 19,189 crore, SGST is Rs. 25,540 crore, IGST is Rs. 51,992 crore (including Rs. 22,078 crore collected on import of goods) and Cess is Rs. 8,242crore (including Rs. 809 crore collected on import...

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Category : GST | Comments : 0 | Hits : 1389

CBIC waives penalty on QR code on e-invoices till March 31, 2021
Posted Date : 30-Nov-2020 , 10:17:29 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has waived penalty on non- implementation of dynamic quick response code which is mandatory for companies over Rs 500 crore turnover, till March 31, 2021. According to a notification issued Sunday, the Board said that the waiver will be appli...

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Category : GST | Comments : 0 | Hits : 468

Over 5.4 lakh businesses risk losing GST registration for defaults
Posted Date : 29-Nov-2020 , 10:40:40 am | Posted By CASANSAAR

About 25,000 businesses who missed filing Goods and Services Tax (GST) return in November will get text messages and emails from tax authorities urging them to comply with the requirement by Monday as the government steps up its compliance drive. Also, about 5,43,000 businesses that have defaulte...

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Category : GST | Comments : 0 | Hits : 1059

GST officers arrest one for Rs 129 Cr tax evasion through illegal manufacture
Posted Date : 29-Nov-2020 , 10:32:36 am | Posted By CASANSAAR

Officers of GST investigation arm DGGI have arrested a Haryana resident on charges of manufacturing and supplying cigarettes illegally and thereby evading taxes of over Rs 129 crore, the Finance Ministry has said. "The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU),...

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Category : GST | Comments : 0 | Hits : 780

Four arrested for GST fraud worth over Rs 2,400 Cr on 10th day of nationwide drive
Posted Date : 26-Nov-2020 , 09:41:13 am | Posted By CASANSAAR

The government on Wednesday arrested three people involved in Goods and Services Tax (GST) evasion worth Rs2,352 crore in the Mumbai region, and one person in Vadodara who created 115 fake firms to fraudulently usurp input tax credit (ITC) of over Rs50 crore through bogus invoices, two officials sai...

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Category : GST | Comments : 0 | Hits : 1776

GST registration to get tougher with live photo, biometrics
Posted Date : 24-Nov-2020 , 09:21:30 am | Posted By CASANSAAR

GST registration could become tedious if the GST Council accepts its Law Committee's recent recommendations to plug GST leakages via input tax credit (ITC) using fake invoices. According to sources, the Law Committee of GST Council has suggested tightening of fresh registration of taxpayers u...

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Category : GST | Comments : 0 | Hits : 1852

41 arrested in fake invoice case; three CAs face disciplinary action
Posted Date : 21-Nov-2020 , 09:14:54 am | Posted By CASANSAAR

Forty one people have been arrested in the last eight days in a fake invoice cartel busted by the Directorate General of GST Intelligence (DGGI) and three of them who are chartered accountants are facing disciplinary action, said a government official. DGGI will inform accounting rule maker and p...

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Category : GST | Comments : 0 | Hits : 1148

Monthly GST filing will not be necessary after e-invoice system is in place - Finance secretary
Posted Date : 20-Nov-2020 , 09:48:49 am | Posted By CASANSAAR

In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pand...

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Category : GST | Comments : 0 | Hits : 1406

Govt may invoke COFEPOSA against offenders in fake invoices for GST credit
Posted Date : 17-Nov-2020 , 09:38:25 am | Posted By CASANSAAR

After a nationwide drive against fake invoices that tend to mar the Goods and Services Tax (GST) system, the government is examining if the offenders can be booked under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act), apart from taking action against them unde...

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Category : GST | Comments : 0 | Hits : 1557

Officials arrest 25, book 350 cases in nationwide crackdown for Fake ITC
Posted Date : 16-Nov-2020 , 10:04:55 am | Posted By CASANSAAR

In a nationwide crackdown, authorities have arrested 25 people and booked cases against 1,180 entities in connection with fraudulent input tax credit (ITC) claims by allegedly using fake invoices, according to officials in the Directorate General of GST Intelligence (DGGI). “The actual amou...

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Category : GST | Comments : 0 | Hits : 956

GST authorities will soon be able to intercept transactions by dubious firms
Posted Date : 09-Nov-2020 , 09:52:00 am | Posted By CASANSAAR

The government’s efforts to check evasion of Goods and Service Tax (GST) and step up the indirect tax system’s efficiency is set to reach the next level soon with officials being able to intercept suspicious transactions on a real time basis and pre-empt fraud. The idea is to enable t...

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Category : GST | Comments : 0 | Hits : 1325

GST portal scaled up to handle 3 lakh taxpayers at a time
Posted Date : 09-Nov-2020 , 09:31:11 am | Posted By CASANSAAR

The Goods and Services Tax Network (GSTN) portal has been enabled to handle double the taxpayer traffic for return filing after the GST infra was upgraded to handle up to three lakh concurrent users at a time. “The GSTN Portal now successfully handles almost double the taxpayer traffic for ...

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Category : GST | Comments : 0 | Hits : 1241

Amount of fraud in GST needs cautious approach
Posted Date : 07-Nov-2020 , 10:01:46 am | Posted By CASANSAAR

The CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities, an official of the GST administration said on Friday. Deputy commissioner, north, CGST Naveen Rana said in a CII organised webinar that there are...

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Category : GST | Comments : 0 | Hits : 694

GST collection crosses Rs. 1 lakh Cr mark for first time since Feb.2020
Posted Date : 01-Nov-2020 , 12:35:55 pm | Posted By CASANSAAR

GST collections in October stood at over Rs. 1.05 lakh crore, crossing for the first time ₹1 lakh crore mark since February this year, the finance ministry said on Sunday. The Goods and Services Tax (GST) collections fell from the psychologically important ₹1 lakh crore mark as the lo...

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Category : GST | Comments : 0 | Hits : 1067

GST officers can arrest evaders without completion of assessment - Gujarat HC
Posted Date : 31-Oct-2020 , 09:12:11 am | Posted By CASANSAAR

The Gujarat High Court in a recent order has armed GST Commissioners with the power to authorise arrest of a person if he has reasons to believe that the person has committed a cognisable and bailable offence, and that the power can be exercised even before completion of assessment and determination...

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Category : GST | Comments : 0 | Hits : 1105

CGST officials bust racket for generating fraudulent ITC through fake billing of around Rs 1,278 Cr
Posted Date : 30-Oct-2020 , 09:54:14 am | Posted By CASANSAAR

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established ...

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Category : GST | Comments : 0 | Hits : 1391

Now file GST returns through SMS - Big relief to small traders
Posted Date : 27-Oct-2020 , 10:35:48 am | Posted By CASANSAAR

Another process of filing GST returns has been made easier for small traders. The GST Network (GSTN) has started the facility of filing quarterly returns through SMS for composition taxpayers with NIL returns. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which ...

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Category : GST | Comments : 0 | Hits : 1139

Extension of due dates for Annual Return and Reconciliation Statement for 2018-19
Posted Date : 24-Oct-2020 , 03:13:16 pm | Posted By CASANSAAR

Extension of due dates for Annual Return and Reconciliation Statement for 2018-19 ...

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Category : GST | Comments : 0 | Hits : 455

CBIC advises businesses to rectify GST return filing defaults
Posted Date : 16-Oct-2020 , 09:39:40 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday urged businesses to ensure that their pending tax returns are filed as defaults could prevent them from transporting goods. CBIC said that taxpayers with sales above Rs.five crore in the previous fiscal are advised to ensure that ...

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Category : GST | Comments : 0 | Hits : 1489

Key takeaways from the GST Council meet on October 12
Posted Date : 13-Oct-2020 , 08:32:11 am | Posted By CASANSAAR

The states' representatives, including those governed by the Opposition parties, faced each other at the Goods and Services Tax (GST) Council meet chaired by Finance Minister Nirmala Sitharaman via video conferencing on October 12 to discuss the GST compensation for state governments for FY21. ...

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Category : GST | Comments : 0 | Hits : 1161

GST Council to meet today to discuss compensation issue
Posted Date : 12-Oct-2020 , 09:48:14 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will chair the 43rd GST Council meeting through video conferencing in New Delhi today. The decision on the mode of payment of pending GST compensation share of the states is likely to be discussed in the meeting. The meeting will be attended by Minister of State f...

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Category : GST | Comments : 0 | Hits : 211

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