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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 lockdown i...
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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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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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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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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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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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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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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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Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19
Posted Date : 10-Oct-2020 , 09:44:02 am | Posted By CASANSAAR
Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020.
Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7)...
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Pre-filled GST returns to become norm from 1 Jan
Posted Date : 07-Oct-2020 , 08:49:34 am | Posted By CASANSAAR
Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.
Monthly GST returns of businesses giving summary of all transactions in the GSTR 3B form will be ...
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GST Council allows small businesses to file returns on quarterly basis
Posted Date : 06-Oct-2020 , 09:21:16 am | Posted By CASANSAAR
In a bid to ease GST compliance and return filing for small taxpayers, the GST Council on October 5 allowed them to file GSTR-1 and GSTR-3B once a quarter instead of every month.
This had been an earlier proposal of the GST council, which was approved today.
“As a further step towards re...
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Recommendations of the 42nd GST Council Meeting
Posted Date : 06-Oct-2020 , 09:07:26 am | Posted By CASANSAAR
The 42nd 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 Ministers of...
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FM Nirmala Sitharaman to chair 42nd GST Council meeting through video conferencing
Posted Date : 05-Oct-2020 , 09:35:26 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 42nd GST Council meeting through video conferencing in New Delhi today. The meeting will be attended by Minister of State for Finance Anurag Thakur and Finance Ministers of States and Union Territories.
In the last meeting of GST council, Centre ...
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GST collection during Sep. Rs.95480 Cr touches six month high
Posted Date : 02-Oct-2020 , 10:41:45 am | Posted By CASANSAAR
Ministry of Finance has said that the gross Goods and Services Tax, GST revenue collection in the month of September stood at 95 thousand 480 crore rupees. The revenue collection in September is the highest so far during this fiscal.
Out of total GST collection, Central GST is 17 thousand 7...
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Businesses to get 30 days to generate e-invoices for B2B transactions in October - CBIC
Posted Date : 01-Oct-2020 , 10:44:55 am | Posted By CASANSAAR
Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days' time to generate e-invoice for Business to Business transactions for the month of October, 2020.
Under the Goods and Services Tax (GST) law, companies with turnover of over 500 crore rupees will...
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Extension of due dates for filing GSTR-9 and GSTR 9C for 2018-19
Posted Date : 30-Sep-2020 , 12:56:23 pm | Posted By CASANSAAR
After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020.
Tweet from CBIC
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