GST invoices to be replaced by e-invoice from January 2020
Posted Date : 18-Sep-2019 , 08:18:19 am | Posted By CASANSAAR
All invoices of sales and purchase will be replaced via the government prescribed e-invoice pan-India from January 2020, people aware of the matter told CNBC-TV18. The goods and services tax (GST) council will deliberate on new format and system for issuing of e-invoice during their meeting on Septe...
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GSTN decides to make Aadhaar authentication mandatory for new dealers from January 2020
Posted Date : 15-Sep-2019 , 10:45:43 am | Posted By CASANSAAR
The GST Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January next year to check malpractices in GST. This was announced by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group of Ministers of GST Network. Addressing media...
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GSTN releases online version of two simplified forms for taxpayers
Posted Date : 14-Sep-2019 , 08:47:27 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) on Friday released two forms-- ANX-1 and ANX-2--for simplified online returns.
A taxpayer will have to file FORM GST RET-1 (normal), or FORM GST RET-2 (Sahaj), or GST RET-3 (Sugam) returns. Annexure of supplies (GST ANX-1) and annexure of inward supplies ...
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Firms with annual income upto Rs 2 crore could get GST return relief
Posted Date : 14-Sep-2019 , 08:38:19 am | Posted By CASANSAAR
The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns.
Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. "It is ranging from 25...
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All India level raids find bogus firms, fraudulent GST claims
Posted Date : 13-Sep-2019 , 09:38:21 am | Posted By CASANSAAR
In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government.
The raids were conducted on Wednesday by 1,20...
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GST Council likely to extend date of filing annual return, audit report for FY19
Posted Date : 12-Sep-2019 , 10:38:47 am | Posted By CASANSAAR
Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform.
Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to com...
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GST collection slips below Rs 1 Lakh Cr mark to Rs 98,202 Cr in August
Posted Date : 02-Sep-2019 , 07:31:47 am | Posted By CASANSAAR
In another indicator of economic slowdown, GST collection in the month of August dropped below Rs 1 lakh crore mark to Rs 98,202 crore. The tax collection was at Rs 1.02 lakh crore in July this year. The August mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same m...
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Govt extends last date for furnishing of annual return in form GSTR 9 / 9A / 9C
Posted Date : 26-Aug-2019 , 09:55:23 pm | Posted By CASANSAAR
The Government has extended the last date for furnishing of annual return in form GSTR-9 or form GSTR-9A and reconciliation statement in FORM GSTR-9C for the financial year 2017-18 to 30th November 2019.
The last date for filing return was 31st of this month.
...
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GST filing process to become easier, number of forms to be reduced
Posted Date : 24-Aug-2019 , 10:23:32 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on August 23 said that the government is working to make goods and services tax (GST) filing simpler.
Announcing a slew of measures to boost the economy, Sitharaman said GST filings would have fewer forms to make the process much easier.
GST launched on July...
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All pending GST refunds for MSMEs to be paid within 30 days - FM
Posted Date : 24-Aug-2019 , 10:05:04 am | Posted By CASANSAAR
To ease GST related woes for the MSME sector the Finance Minister Nirmala Sitharaman has announced that all pending GST refunds will be paid within 30 days. Further, all future GST refunds will be sorted out in 60 days, she said.
This will ease the working capital burden on MSMEs, the FM ho...
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Video on Panel discussion on issue relating to GSTR 9C - Questions and Answers
Posted Date : 22-Aug-2019 , 08:41:55 am | Posted By CASANSAAR
Questions and Answers on issue related to GSTR 9C and Panel discussion on issue related to GST Audit by
CA Gaurav Gupta,
CA Rahul Jain,
CA Mansi Vohra.
https://youtu.be/DOAr-32Cexs
Don't forget to Like...
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Government detects Rs 45,000 crore GST evasion in FY19
Posted Date : 13-Aug-2019 , 10:39:38 am | Posted By CASANSAAR
Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, but now reports have surfaced saying that government has detected Goods and Services Tax (GST) evasion of over Rs 45,000 crore during the financial year 2018-19.
According to DNA, out of which, tax s...
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Only about 15% of taxpayers have filed GST Returns - CBIC
Posted Date : 09-Aug-2019 , 01:49:47 pm | Posted By CASANSAAR
With the last date to file GST Annual Return and GST Audit report fast approaching, a complex filing process and numerous data requirement has meant very few taxpayers have been able to comply with the filing process
In a letter to all Principal Chief Commissioners and Chief Commissioners o...
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GST Collections At Rs. 1.02 Lakh Crore In July
Posted Date : 02-Aug-2019 , 12:24:39 pm | Posted By CASANSAAR
The Goods and Services Tax (GST) collections rose by 5.80 per cent to Rs. 1,02,083 crore in July from a year ago, the Ministry of Finance said in a statement on Thursday.
In July last year, the GST revenue was Rs 96,483 crore. The Central GST collections stood at Rs 17,912 crore, State GST ...
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GSTN releases offline tool of new GST return for trial run
Posted Date : 31-Jul-2019 , 09:54:32 am | Posted By CASANSAAR
Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the ...
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JW Marriott Hotel fined Rs 25,000 for levying GST on bananas
Posted Date : 28-Jul-2019 , 07:37:40 am | Posted By CASANSAAR
JW Marriott Saturday was fined Rs 25,000 by the Chandigarh Excise and Taxation department for illegally levying 18 percent GST on fresh bananas served to actor Rahul Bose.
Fresh fruits are tax-free under the GST regime.
Bose, last Sunday had posted a video on micro-blogging website...
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GST Council slashes tax rates on electric vehicles, chargers
Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR
Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August.
The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers.
The Council also made hiring of elec...
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GST Council meet postponed
Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR
The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed.
The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir)
...
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18% GST on flat owners paying monthly maintenance of over Rs 7,500
Posted Date : 23-Jul-2019 , 08:43:44 am | Posted By CASANSAAR
Flat owners will have to pay GST at 18 per cent if their monthly contribution to resident welfare association (RWA) exceeds Rs 7,500, the Finance Ministry said Monday. As per the rules, RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is ...
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GST Council to decide on tax cut on EVs this week
Posted Date : 22-Jul-2019 , 08:46:54 am | Posted By CASANSAAR
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said.
The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services...
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GST officers arrest one person for creating 90 fake firms, issuing bogus invoices
Posted Date : 20-Jul-2019 , 08:29:42 am | Posted By CASANSAAR
GST officers have arrested one person for creating about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon, the finance ministry said on Friday. The officers of Directorate General of GST Intelligence (DGGI), Headquarters, arrested one Anupam Singla, a resident ...
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Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR
A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...
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Delhi Govt cancels GST registration of 1,282 traders for fraud
Posted Date : 12-Jul-2019 , 09:08:32 am | Posted By CASANSAAR
The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway,” a government statemen...
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Govt books 1,800 cases for issuing fake GST invoices
Posted Date : 11-Jul-2019 , 09:45:21 am | Posted By CASANSAAR
The Union government has booked nearly 1,800 cases for issuing fake GST invoices since 2017-18. The highest number of cases have been booked in the last financial year when the authorities booked 1,220 cases involving an amount of nearly Rs 9,500 crore. The government informed the Rajya Sabha that 1...
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Extension of Last Date for availing the benefit of Alternate Composition Scheme from 30.04.2019 to 31.07.2019
Posted Date : 05-Jul-2019 , 09:57:05 am | Posted By CASANSAAR
Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019, an Alternate Composition Scheme has been made available to those suppliers of Services or Mixed Suppliers, who were not eligible for the primary compos...
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Clarification regarding Annual Returns and Reconciliation Statement
Posted Date : 04-Jul-2019 , 04:08:01 pm | Posted By CASANSAAR
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -
a) Payment of any unpaid tax...
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GST collection stands at Rs 99,939 crore in June 2019
Posted Date : 01-Jul-2019 , 09:55:22 pm | Posted By CASANSAAR
The total gross Goods and Services Tax (GST) collection in the month of June stood at 99,939 crore rupees. The total number of GST returns filed for the month of May was 74.38 lakh. Last month the GST collection crossed one lakh crore rupees.
An official release said, the revenue in the month of ...
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Govt to introduce new return system for GST on trial basis today
Posted Date : 01-Jul-2019 , 08:53:41 am | Posted By CASANSAAR
The second anniversary of Goods and Services Tax (GST) will be celebrated today.
It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017.
Minister of State for Finance and Corporate Affairs Anurag Thakur will presid...
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Entities identified on basis of risk parameters to face GST Audit
Posted Date : 27-Jun-2019 , 08:33:36 am | Posted By CASANSAAR
The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion, irregular filing of returns and employing "questionable accountants". Unveiling the audit plan, the Directorate General of Audi...
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GST Council meet on 21 June to focus on checking tax evasion
Posted Date : 17-Jun-2019 , 02:23:08 pm | Posted By CASANSAAR
Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
The government plans to increase scrutiny on businesses amid lower-than-expected GST collec...
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