GST officers bust network of 23 firms involved in fake ITC claims of Rs 550 cr
Posted Date : 13-Jul-2021 , 09:32:04 am | Posted By CASANSAAR
GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.
Based upon specific intelligence, the officers of the anti-evasion branch of Central Goods and Service Tax (CGST) Commissionerate...
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GST collection for June falls to Rs 92,849 Cr, lowest in 10 months
Posted Date : 07-Jul-2021 , 10:05:12 am | Posted By CASANSAAR
The economic impact the 'second wave' of Covid-19 showed on Goods and Service Tax (GST) as collections for June 2021 fell to Rs 92,849 crore, the Finance Ministry said on July 6. This is the first time in nine months that monthly GST collections have slipped below the Rs 1 lakh crore mark.
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Government to honour tax payers who have been part of GST's success story
Posted Date : 01-Jul-2021 , 09:33:35 am | Posted By CASANSAAR
The Goods and Services Tax (GST) system, country’s biggest tax reform, is going to complete four years today. During these years, several key policy initiatives were taken by the government to make the GST system and compliance mechanism simple, transparent and technology driven.
GST is a r...
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CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr
Posted Date : 23-Jun-2021 , 08:51:20 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on QR codes for businesses with a turnover of more than Rs 500 crore, The Economic Times has reported.
The CBIC has said that these companies supplying services to entity located overseas and receiving payments thro...
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Liaison office has to pay GST - AAR
Posted Date : 05-Jun-2021 , 09:24:42 am | Posted By CASANSAAR
The GST Authority for Advance Rulings (AAR - Maharashtra bench) has held a liaison office, in Mumbai, of the Dubai Chamber of Commerce and Industry (DCCI) to be an ‘intermediary’, which is providing services. The AAR concluded that the liaison office is liable to register under the Goods...
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Recommendations of 43rd GST Council meeting
Posted Date : 29-May-2021 , 09:00:43 am | Posted By CASANSAAR
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...
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Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs
Posted Date : 24-May-2021 , 11:23:06 am | Posted By CASANSAAR
GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion. Additional features have been added to the e-way bill...
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Govt relaxes GST refund claim norms
Posted Date : 21-May-2021 , 09:42:23 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications.
The tax authority said in the CGST (Fourth Amendment) Rules issued on Tuesday that the period between filing ...
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Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules, 2017
Posted Date : 19-May-2021 , 08:30:33 am | Posted By CASANSAAR
The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the sc...
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Finance Minister to chair 43rd GST Council meeting via video conferencing
Posted Date : 15-May-2021 , 06:18:13 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 A.M. in New Delhi on 28th of this month.
The meeting will be attended by Minister of State for Finance, Anurag Thakur besides Finance Ministers of States & UTs and senior officers from Uni...
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GST officers to be soon armed with real-time data on vehicles moving without e-way
Posted Date : 19-Apr-2021 , 09:11:31 am | Posted By CASANSAAR
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion.
The tax officers would also be provided analysis reports on identifying e...
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Constitutional validity of arrest rules under GST challenged in Supreme Court
Posted Date : 09-Apr-2021 , 08:15:41 am | Posted By CASANSAAR
Companies have argued against the constitutional validity of arrest provisions under the goods and services tax (GST) laws in their present form in the Supreme Court.
The court took up the matter of arrest provisions and applicability of the Criminal Procedure Code (CrPC) to the Customs Act, GST ...
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GST no longer citizen-friendly; calls provisional attachment Draconian - SC
Posted Date : 08-Apr-2021 , 09:59:29 am | Posted By CASANSAAR
The Supreme Court on Tuesday slammed the manner in which the Goods and Services Tax was being enforced by tax authorities and observed that the taxman cannot see all businesses as being fraudulent.
The Parliament had aimed to give the GST a citizen-friendly tax structure. But, the purpose of the ...
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GST to be levied on underlying goods / services in gift vouchers - AAR
Posted Date : 05-Apr-2021 , 08:41:23 am | Posted By CASANSAAR
Clearing the air over taxability of gift cards or vouchers, the Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.
Kalyan Jewellers India Ltd has approached the Appellate Authority for Advance Ruli...
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Govt allows further operational flexibility in filing of GST returns
Posted Date : 05-Apr-2021 , 07:51:06 am | Posted By CASANSAAR
Govt has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed ...
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HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from 1st April 2021
Posted Date : 01-Apr-2021 , 08:55:13 am | Posted By CASANSAAR
With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoic...
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CGST Delhi officials arrest man for input tax credit fraud of around Rs 94 Cr
Posted Date : 27-Mar-2021 , 08:21:55 am | Posted By CASANSAAR
The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees.
As per investigation conducted so far, a total of 5 fake...
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GST technical glitches behind input tax credit frauds - CAG
Posted Date : 25-Mar-2021 , 08:50:04 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system.
“The originally envisaged system-validated ITC through ‘invoice matching’ had not been ...
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Taxpayers are free to utilise ITC available in their credit ledger as permissible by law
Posted Date : 22-Mar-2021 , 08:52:49 am | Posted By CASANSAAR
Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash' in order to ensure that targets f...
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Panel recommends structural changes to boost GST revenues
Posted Date : 19-Mar-2021 , 08:37:27 am | Posted By CASANSAAR
The government needs to make structural changes in the goods and services tax (GST) regime and step up compliance to boost revenues, given the need to make up for the gap in states’ GST revenue receipts, a parliamentary panel has advised the finance ministry.
Due to the pandemic, several st...
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Madras HC allows claiming input tax credit on TDS from VAT
Posted Date : 18-Mar-2021 , 08:56:53 am | Posted By CASANSAAR
The Madras High Court has allowed assessees to claim input tax credit for tax deducted at source (TDS) pending from the value-added tax (VAT) regime under the current goods and services tax (GST) system. The order, passed by Justice Anita Sumant, stated that any deducti...
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No proposal for scrutiny of GST assessment in faceless mode - Fin Min
Posted Date : 17-Mar-2021 , 08:30:29 am | Posted By CASANSAAR
There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Minister of State for Finance Anurag Singh Thakur said on Tuesday.
Income tax assessments are being done in a faceless manner except in cert...
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Parliament empowered to enact special laws on GST - High Court
Posted Date : 13-Mar-2021 , 09:38:34 am | Posted By CASANSAAR
Four years after the Central Goods and Services Tax (CGST) Act was enacted, the Punjab and Haryana High Court today expressed prime facie view that Parliament was empowered under the Constitution to come up with special laws on the issue.
The assertion came as the Bench of Justice Rajan Gupta and...
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Mumbai trader arrested for Rs.10 Cr GST fraud
Posted Date : 13-Mar-2021 , 09:21:24 am | Posted By CASANSAAR
The Central Goods and Services Tax (CGST) officials have arrested a Borivli trader for GST fraud of Rs.10.59 crore. The accused illegally availed Input Tax Credit (ITC) and also passed on the same to other offenders, causing revenue loss to the government.
Input tax credit is an option that allow...
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0 | Hits : 917
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DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr
Posted Date : 10-Mar-2021 , 09:00:57 am | Posted By CASANSAAR
In an ongoing investigation the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Shri Vikas and Shri Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 crore whic...
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Supreme Court rejects plea on extending GST Amnesty Scheme
Posted Date : 05-Mar-2021 , 08:56:49 am | Posted By CASANSAAR
The Supreme Court declined to issue directives on extending the goods and services tax (GST) amnesty scheme, saying this is “a policy decision exclusively within the domain of the government".
An SC bench of justices D.Y. Chadrachud and M.R. Shah dismissed a petition by a trader from C...
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Rs. 30,000 Cr Approx Loss to Chartered Accountants / Cost Accountants?
Posted Date : 02-Mar-2021 , 09:41:05 pm | Posted By CASANSAAR
The government’s decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants / cost accountants will help over 10 million firms save audit fees worth about Rs. 30,000 crore annually, besides reducing compliance bur...
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GST collection rises 7% to Rs 1.13 lakh crore in February
Posted Date : 02-Mar-2021 , 08:24:46 am | Posted By CASANSAAR
The monthly Goods and Services Tax (GST) collection crossed Rs 1 lakh crore mark for the fifth time in a row in February. GST collection rose 7 per cent year-on-year to Rs 1.13 lakh crore in the month.
"In line with the trend of recovery in the GST revenues over past five months, the revenue...
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Last date for filing of GST returns for 2019-20 fiscal extended till March 31
Posted Date : 01-Mar-2021 , 08:48:05 am | Posted By CASANSAAR
Finance Ministry has extended the due date for furnishing of the Annual returns GSTR-9 and GSTR-9C for the financial year 2019-20 to 31st of this month. In a statement, the Finance Ministry said that the due date was extended with the approval of Election Commission of India.
The Ministry s...
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High Court refuses to extend last date for GST Annual Returns
Posted Date : 27-Feb-2021 , 08:58:02 am | Posted By CASANSAAR
The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20 in Maharashtra till June 30.
The last date is February 28.
A bench of Justices Ujjal Bhuyan and Milind Jadhav heard a petition by the Goods and Services Tax Pr...
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