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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CBIC extends validity of e-way bills in new set of relaxations
Posted Date : 29-Jun-2020 , 09:21:59 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) extended the end-date till August 31 for several relaxations including issuance of order and appeals by tax authorities, including in case of refunds, and extended the validity of e-way bills issued before lockdown till September 30.
In notif...
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Developed land sold as plots will attract GST - AAR
Posted Date : 22-Jun-2020 , 10:14:15 am | Posted By CASANSAAR
GST will be levied on sale of land for which primary amenities – such as drainage, waterline and electricity – have been provided by real estate developer, the Authority for Advance Ruling (AAR) has said.
The AAR has also concluded that sale of developed plots will be covered under th...
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SC stays Delhi HC order on transitional GST credit on Centre's SLP
Posted Date : 20-Jun-2020 , 10:40:03 am | Posted By CASANSAAR
The Supreme Court has stayed the Delhi high court order that had allowed availing tax credits for pre-GST period up to June 30 this year.
The apex court was hearing a special leave petition filed by the Union Government against the Delhi High Court judgement.
The case relates to the rule 117 o...
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Goods purchased, sold overseas liable to GST in India - AAR
Posted Date : 19-Jun-2020 , 10:11:59 am | Posted By CASANSAAR
A domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory, the Authority for advance ruling (AAR) has said.
On an application filed by Sterlite Technologies, the Gujarat-Benc...
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CBIC launches e-Office to automate internal file handling
Posted Date : 16-Jun-2020 , 10:32:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Monday launched 'e-Office' in over 500 GST and customs offices that will help improve governance by automating the internal processes of handling files. The launch of the application marks a fundamental change in internal office proce...
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Key Highlights of 40th GST Council Meet
Posted Date : 13-Jun-2020 , 08:28:49 am | Posted By CASANSAAR
The 40th 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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FM to chair 40th GST council meeting through video conferencing today
Posted Date : 12-Jun-2020 , 09:23:33 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 40th GST council meeting through video conferencing today. This meeting of the GST council will be for the first time after the nationwide lockdown and the council is expected to discuss the revenue shortfall and the compensation to states.
In th...
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GST will not be levied on Directors Remuneration - CBIC
Posted Date : 11-Jun-2020 , 10:13:49 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said GST will not be levied on salaries paid to directors who are employees of the company. The CBIC issued a clarification following a ruling by the Rajasthan Authority of Advance Ruling (AAR) in April that said companies will have...
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Centre Releases Rs.36,400 Cr as GST Compensation to States
Posted Date : 05-Jun-2020 , 08:58:17 am | Posted By CASANSAAR
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 ...
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Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting
Posted Date : 02-Jun-2020 , 09:16:30 am | Posted By CASANSAAR
In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (...
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CBIC clears GST refund claims of Rs 11,052 Cr since April 8
Posted Date : 26-May-2020 , 10:03:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days.
In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown".
The tweet added that 29,230 ...
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No GST on full-time Directors’ remuneration - AAR
Posted Date : 11-May-2020 , 03:10:11 pm | Posted By CASANSAAR
The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench.
Anil Kumar Agrawal, who had received salary as a director from a private com...
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