GST deptt detect fake invoices, arrest 3 in Delhi
Posted Date : 03-Mar-2020 , 10:15:54 am | Posted By CASANSAAR
GST department have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth Rs 436 crore by issuing fake invoices.
Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by ...
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Provision for Quarterly Payment of GST by MSMEs
Posted Date : 02-Mar-2020 , 05:08:17 pm | Posted By CASANSAAR
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
Department of Revenue have informed that there is n...
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Govt planning to launch lottery offer under the GST from 1 April
Posted Date : 02-Mar-2020 , 08:29:57 am | Posted By CASANSAAR
The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions.
The lottery scheme is being envisaged by the revenue department to encourage customers to take ...
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GST Revenue collection for February, 2020 Rs.1,05,366 Cr
Posted Date : 02-Mar-2020 , 08:23:17 am | Posted By CASANSAAR
The gross GST revenue collected in the month of February, 2020is Rs. 1,05,366crore of which CGST is Rs. 20,569crore, SGST is Rs. 27,348crore, IGST is Rs. 48,503crore (including Rs. 20,745crore collected on imports) and Cess is Rs. 8,947 crore (includ...
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Procedure for Integration of E-Way Bill with VAAHAN
Posted Date : 29-Feb-2020 , 08:46:29 am | Posted By CASANSAAR
Procedure for Integration of E-Way Bill with VAAHAN explained by CA. Bhavesh Mittal.
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CBIC issues notices to companies over late input credit claim under GST frame
Posted Date : 27-Feb-2020 , 09:34:39 am | Posted By CASANSAAR
The indirect tax department has issued notices to thousands of companies that had claimed input tax credit under the goods and services tax framework after missing the deadline to do so, and asked them to reverse the transaction.
These companies had claimed the input tax credit for fiscal 2018 an...
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GST |
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28 per cent GST will be levied on lotteries from 1st March
Posted Date : 24-Feb-2020 , 09:59:13 am | Posted By CASANSAAR
A 28 per cent Goods and Services Tax (GST) will be levied on lotteries from March 1, according to a notification. The GST Council had in December last year decided to impose a single rate of 28 per cent on state-run and authorised lotteries.
The revenue department notified the GST rate on supply ...
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New Return filing System under GST| Clause by Clause Discussion
Posted Date : 22-Feb-2020 , 10:09:47 am | Posted By CASANSAAR
New Return filing System under GST| Clause by Clause Discussion| GST ANX-1| GST ANX-2| GST RET-1| GST RET-2| GST RET-3.
Comparision between GST Old and New System.
GSTR-1 vs ANX-1
GSTR-2 vs ANX-2
GSTR-3 vs RET1/2/3
Clause by Clause Discussion by CA.Mohit Gupta
https://youtu.be/pm04DcD16bQ
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Companies take taxman to court over denial of GST credit on gifts
Posted Date : 22-Feb-2020 , 09:45:59 am | Posted By CASANSAAR
A group of companies has dragged the government and the indirect tax department to court over denying input tax credit on gifts and samples given to customers and clients.
Under the Goods and Services Tax (GST) framework, companies can set off costs incurred on raw materials or input services aga...
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Firm gets GST notice to pay up Rs 5.9858630140000004
Posted Date : 20-Feb-2020 , 09:29:15 pm | Posted By CASANSAAR
Faced with a revenue crisis of sorts, the government seems to have become penny-wise, especially when it comes to GST collection. The government is sending notices to taxpayers for dues as low as a few paise.However, that puts taxpayers in a jam.
The government recently clarified that those filin...
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Interest Calculation under GST - Gross Vs Net
Posted Date : 20-Feb-2020 , 10:31:23 am | Posted By CASANSAAR
Interest Calculation under GST - Gross Vs Net explained by CA. Bhavesh Mittal with Latest Case Laws.
Confusion after CBIC Tweets
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GST biggest madness of the 21st century - Subramanian Swamy
Posted Date : 20-Feb-2020 , 08:31:45 am | Posted By CASANSAAR
Describing India's latest tax reform GST as "the biggest madness of the 21st century," BJP leader and Rajya Sabha MP Subramanian Swamy said that the country needs to grow at 10 per cent per annum to become a superpower by 2030.
He also demanded that former Prime Minister, late P V N...
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CGST wing detects Input Tax Credit fraud of more than Rs 214 Cr in Delhi
Posted Date : 20-Feb-2020 , 08:14:25 am | Posted By CASANSAAR
The Anti Evasion wing of CGST Delhi South Commissionerate has detected a case of Input Tax credit fraud through fake invoices issued by bogus firms.
Investigations led to discovering the accused had also been generating bogus e-way bills to back the fake invoices. Over 35 entities are invol...
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GST returns can now be filed in a staggered manner
Posted Date : 19-Feb-2020 , 09:18:01 am | Posted By CASANSAAR
In a moved aimed at de-stressing the GST system, the finance ministry staggered last dates of filling GSTR-3B, a monthly return form, and has provided three dates for different categories of taxpayers.
Currently, the last date for filing GSTR-3B is 20th of every month. With the changes, there wil...
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Fire at GST Bhavan damages documents; inquiry ordered
Posted Date : 18-Feb-2020 , 10:02:30 am | Posted By CASANSAAR
Several important documents, including those belonging to audit section of the Department of Goods and Services Tax and files related to the appellate authority — which handles disputes on recovery and payments — were damaged in a fire at GST Bhavan in Mazgaon on Monday. Deputy Chief Min...
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Interest on delayed GST payment will now be calculated on net tax liability - CBIC
Posted Date : 16-Feb-2020 , 09:40:36 am | Posted By CASANSAAR
Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday.
Amid worry in the industry regarding CBIC's recent directive to field forma...
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How to reply to the GST Dept Notices on ITC
Posted Date : 14-Feb-2020 , 10:54:28 am | Posted By CASANSAAR
How to reply to the GST Dept Notices on ITC explained by CA. Mohit Gupta.
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Govt to raise Rs.46,000 Cr as late GST payment interest
Posted Date : 13-Feb-2020 , 08:41:12 am | Posted By CASANSAAR
The government has discovered a new revenue stream to make up for the shortfall in GST collection and is looking to collect Rs.46,000 crore as interest on late payment of tax.
Tax experts disputed the number saying government had promised to hand-hold the taxpayers at the time of migration to the...
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Regulation of irregularities in GST claims
Posted Date : 11-Feb-2020 , 06:22:37 pm | Posted By CASANSAAR
To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further v...
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SC directs Centre to resolve technical difficulties In GST Portal
Posted Date : 11-Feb-2020 , 09:40:08 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Central Government to resolve the technical glitches in the online filing of returns of Goods and Services Tax.
A bench comprising Justices Rohinton Fali Nariman and S Ravindra Bhat passed the direction while allowing the Centre's application for stayi...
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GST on Notice Pay Recovery
Posted Date : 10-Feb-2020 , 10:25:11 am | Posted By CASANSAAR
GST on Notice Pay Recovery explained by CA. Bhavesh Mittal.
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GSTN sets up panel to improve IT system
Posted Date : 10-Feb-2020 , 10:16:04 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) has announced setting up of a consultative committee to suggest ways to improve the functioning of its info-tech system.
The Committee will provide feedback and suggestions on new functionalities in the GST system and adoption of new IT tools. Members wil...
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GST collection for last 3-months amounted to over Rs 1 lakh Cr each month
Posted Date : 10-Feb-2020 , 10:09:23 am | Posted By CASANSAAR
Union Finance Minister Nirmala Sitharaman has said that GST collection all through the country for the last three months amounted to more than a lakh crore rupees each month.
Speaking to reporters in Chennai today, she told that no state was sidelined when it came to sharing of revenue from...
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CBIC extend the time limit for submitting Tran 01 till 31.03.2020
Posted Date : 08-Feb-2020 , 03:50:54 pm | Posted By CASANSAAR
CBIC vide Order No. 01/2020–GST dated 07.02.2020, extends the time limit for submitting Tran 01 till 31.03.2020 for registered person who could not submit the form due to technical difficulties
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SLP Filed before SC against the order of Rajasthan HC
Posted Date : 07-Feb-2020 , 10:24:05 am | Posted By CASANSAAR
SLP has been Filed before Supreme Court of India against the order of Rajasthan HC regarding acceptance of GSTR-9 and GSTR-9C without late fees till February 12, in the matter of Tax Bar Association Vs UOI.
The Jodhpur bench of the Rajasthan High Court has directed the Revenue department to ...
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GST |
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Govt likely to introduce lottery system to boost GST compliance soon
Posted Date : 05-Feb-2020 , 09:43:52 am | Posted By CASANSAAR
In a bid to encourage customers to ask for bills while making a purchase, the government is planning to introduce a lottery system, offering between Rs 10 lakh-one crore under the Goods and Services Tax (GST). Interim chairman of the Central Board of Indirect Taxes (CBIC) John Joseph said the govern...
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Man held for using fake invoices worth Rs 1,200 Cr - Delhi GST Officers
Posted Date : 04-Feb-2020 , 09:01:49 am | Posted By CASANSAAR
A man has been arrested here for allegedly using fake invoices worth over Rs 1,200 crore to get tax benefits, an official statement said on Monday.
Daya Shankar Kushwaha, who was arrested by tax officers recently, used a network of 49 shell firms for defrauding the government, it said.
"T...
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CBIC extends GSTR-9 and GSTR-9C filing dates to February 5 and 7
Posted Date : 04-Feb-2020 , 08:49:44 am | Posted By CASANSAAR
The due dates for GSTR9 and 9C has been extended further in a staggered format. In a tweet CBIC says, the due dates for GSTR-9 and GSTR-9C for FY 2017-18 are being extended in a staggered manner for different groups of States to 5th and 7th February 2020.
The new due dates for Chandigarh, Delhi, ...
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GST |
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Govt to release due GST compensation to states in 2 installments
Posted Date : 03-Feb-2020 , 09:34:24 pm | Posted By CASANSAAR
The Centre will release all due GST compensation to states in two instalments, Union Minister Anurag Thakur said in Lok Sabha on Monday.
The reply came after MPs from Telangana and Odisha complained during Question Hour that their states were not getting the share of the Goods and Services Tax (G...
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GST |
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Analysis of GST Proposals under Union Budget 2020
Posted Date : 03-Feb-2020 , 09:27:56 am | Posted By CASANSAAR
Analysis of GST Proposals under Union Budget 2020 explained by CA. Gaurav Gupta with CA. Vivek Khurana.
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