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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Pre-filled GST return form soon - GSTN CEO
Posted Date : 22-Sep-2020 , 09:38:22 am | Posted By CASANSAAR
GST-registered businesses will soon get pre-filled Return form, GSTR-3B, GST Network chief executive officer Prakash Kumar said on Monday.
"We are moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the ...
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Gross GST revenue collection in August stands at Rs 86,449 Cr
Posted Date : 02-Sep-2020 , 09:09:57 am | Posted By CASANSAAR
The gross GST revenue collected in August is Rs 86,449 crore. Out of this, CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, and IGST is Rs 42,264 crore.
The government has settled Rs 18,216 crores to CGST and Rs 14,650 crores to SGST from IGST as regular settlement. The total revenue earned by C...
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Import data in GSTR-2A
Posted Date : 30-Aug-2020 , 11:21:48 am | Posted By CASANSAAR
Two new tables have been inserted in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from SEZ units / SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs). The pre...
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Launch of GSTR-2B for the month of July 2020
Posted Date : 30-Aug-2020 , 11:20:43 am | Posted By CASANSAAR
The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and...
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GST compensation gap of over Rs two lakh crore can be met by states in consultation with RBI
Posted Date : 28-Aug-2020 , 10:05:33 am | Posted By CASANSAAR
States have been given two borrowing options to meet shortfall of GST compensation. After chairing the 41st GST Council meet yesterday, Finance Minister Nirmala Sitaraman said, the two options were placed before states so that each state does not have to struggle for loans.
Ms Sitharaman said, th...
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Interest on delayed payment of GST - CBIC
Posted Date : 27-Aug-2020 , 10:39:26 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries ...
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GST Council to meet today to discuss compensation to States for loss of revenue
Posted Date : 27-Aug-2020 , 10:24:23 am | Posted By CASANSAAR
The GST Council will meet today with the agenda of compensation for loss of revenue arising from the implementation of GST. The 41st meeting of the GST Council will be held via video conferencing.
Ahead of the meeting, chief ministers of opposition-ruled states got together to devise a common str...
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Govt announces GST exemptions for businesses with annual turnover of up to Rs 40 lakh
Posted Date : 25-Aug-2020 , 10:04:07 am | Posted By CASANSAAR
The Ministry of Finance yesterday said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. In a tweet, the Finance Ministry said, additionally those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per ...
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Govt activates Aadhaar authentication for new GST registration
Posted Date : 24-Aug-2020 , 09:27:06 am | Posted By CASANSAAR
Government has activated Aadhaar authentication for new goods and services tax (GST) registration to enhance ease of doing business. For those opting for Aadhaar authentication, new GST registration will be issued within three working days and will not need to wait for physical verification.
Howe...
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CBIC makes virtual hearing mandatory for GST appeal cases for expeditious disposal
Posted Date : 24-Aug-2020 , 09:20:42 am | Posted By CASANSAAR
The CBIC has asked GST field offices to conduct hearings in GST appeal cases via video conferencing for their expeditious disposal while ensuring social distancing. In April, the Central Board of Indirect Taxes and Customs (CBIC) had issued guidelines for conducting personal hearing in virtual mode ...
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GST registration after physical verification of biz place if Aadhaar not authenticated - CBIC
Posted Date : 22-Aug-2020 , 10:19:50 am | Posted By CASANSAAR
Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration o...
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Coaching classes are not eligible for GST exemption - AAR
Posted Date : 10-Aug-2020 , 10:44:07 am | Posted By CASANSAAR
Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR). A similar stand has been taken earlier, including by the Maharashtra bench of the AAR.
Entry No 66 of ...
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GST collections stand at Rs 87,422 crore in July 2020
Posted Date : 03-Aug-2020 , 09:10:24 am | Posted By CASANSAAR
The gross GST revenue collected in the month of July this year is 87 thousand 422 crore rupees of which CGST is 16 thousand 147 crore, SGST is 21 thousand 418 crore and IGST is 42 thousand 592 crore rupees. It also includes 20 thousand 324 crore collected on import of goods and Cess is seven thousan...
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Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs
Posted Date : 28-Jul-2020 , 10:02:26 am | Posted By CASANSAAR
Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore ...
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Directorate General of GST Intelligence books 3 firms for tax evasion of over Rs 600 Cr
Posted Date : 28-Jul-2020 , 09:45:43 am | Posted By CASANSAAR
Directorate General of GST Intelligence, DGGI has booked three firms for tax evasion of over 600 crore rupees. An official statement said, a case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Private Limited and M/s. Ganpati Enterprises, who were found involved in issuance of...
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Finance Ministry proposes stern action against untraceable exporters claiming IGST Refund
Posted Date : 27-Jul-2020 , 09:32:33 am | Posted By CASANSAAR
Stern action is proposed against the risky exporters who have been claiming IGST Refund worth Rs 2,020 crore and were found untraceable.
Finance Ministry sources said, the number of such untraceable risky exporters has gone up to 1,474 as on date. The IGST refund is suspended in all such ca...
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GST e-invoicing for businesses with Rs 500 Cr turnover from October 1
Posted Date : 24-Jul-2020 , 08:34:07 am | Posted By CASANSAAR
The government will notify a new GST e-invoice scheme under which businesses with turnover of Rs 500 crore and above will generate all invoices on a centralised government portal starting October 1, an official said on Thursday.
Earlier, the turnover threshold for businesses was set at Rs 100 cro...
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Time limit for availing transitional credit under GST is mandatory - Madras HC
Posted Date : 20-Jul-2020 , 10:39:46 am | Posted By CASANSAAR
The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court.
Transitional credit refers to use of tax credit accumulated up to J...
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1,377 exporters fraudulently claimed IGST refund of Rs.1,875 Cr - CBIC
Posted Date : 18-Jul-2020 , 08:46:37 am | Posted By CASANSAAR
Over 1,300 exporters who have wrongfully claimed Goods and Services Tax (GST) refunds worth Rs.1,875 crores have been found untraceable at their main place of business, said a government official. The government has also identified 7,516 entities as risky exporters going by the red flags raised by v...
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Alcohol-based hand sanitizers to attract 18% GST - AAR
Posted Date : 15-Jul-2020 , 10:26:41 am | Posted By CASANSAAR
Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 per cent GST. It added that its classification as an essential commodity cannot be a criteria ...
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Govt moves SC against Bharti Airtel in Rs 923 Cr GST refund case
Posted Date : 09-Jul-2020 , 10:49:22 am | Posted By CASANSAAR
The central government has moved the Supreme Court challenging a Delhi High Court (HC) order that allowed Bharti Airtel to claim goods and services tax refund worth Rs 923 crore.
The case pertains to under-reporting of input tax credit in the GST summary return form, GSTR-3B, between July and Sep...
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Software consulting services provided to Indian company's foreign client liable to GST - AAR
Posted Date : 07-Jul-2020 , 09:06:02 am | Posted By CASANSAAR
Firms providing information technology software related services to overseas client of an Indian business would be liable to pay 18 per cent GST, the Authority of Advance Ruling (AAR) has said.
A firm engaged in the business of providing software related consultancy services in Oracle ERP approac...
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GST collections in June at Rs 90,917 Cr
Posted Date : 02-Jul-2020 , 10:14:37 am | Posted By CASANSAAR
GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.
"The gross GST revenue collected in the month of June, 2020 is Rs 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (i...
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