New GST return mechanism will be implemented in phases
Posted Date : 12-Jun-2019 , 09:29:37 am | Posted By CASANSAAR
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the...
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GST Council may fix Rs 50 crore turnover threshold for e-invoice under GST
Posted Date : 10-Jun-2019 , 08:15:03 am | Posted By CASANSAAR
The finance ministry is likely to propose Rs 50 crore as the turnover threshold for entities to generate e-invoice on a centralised government portal for business-to-business (B2B) sales as it looks to curb GST evasion, an official said.
The GST Council, which will meet on June 20, will take a fi...
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Clarifications on filing of Annual Return (FORM GSTR-9)
Posted Date : 05-Jun-2019 , 09:37:28 am | Posted By CASANSAAR
The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows:
Information contained in FORM GSTR-2A as on 01.05.20...
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Govt issues notices to tax evaders on ITR, GST mismatch
Posted Date : 04-Jun-2019 , 09:44:04 am | Posted By CASANSAAR
First time government is matching income tax and GST returns. The initial findings have reported the overstatement of GST claims and understatement of income in the ITRs, as per officials. The recent Supreme Court judgement has also made it tough for these entities by refusing to allow protection to...
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GST revenue collection crosses Rs one lakh cr in May
Posted Date : 03-Jun-2019 , 08:14:36 am | Posted By CASANSAAR
The GST revenue collection has crossed one lakh crore rupees in May this year, which is a growth of 6.67 per cent over the revenue collected in the same month last year.
The GST collected during last month was one lakh 289 crore rupees as compared to over 94 thousand crore rupees in the same peri...
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GST defaulters may get arrested without FIR, anticipatory bail unlikely - SC
Posted Date : 31-May-2019 , 10:15:16 am | Posted By CASANSAAR
The Supreme Court suggested to the high courts on Wednesday not to grant anticipatory bail to those who default on the goods and services tax (GST), and reminded them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters, the Times of India said in a report.
...
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New GST return forms to help authorities check tax evasion
Posted Date : 31-May-2019 , 10:00:31 am | Posted By CASANSAAR
Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.
The new forms, set to roll out shortly starting with large businesses, will prevent companies from...
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GST Network offers free accounting and billing software to MSMEs
Posted Date : 29-May-2019 , 09:25:30 am | Posted By CASANSAAR
GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.
This software would help businesses create invoices and account statements, manage inventory and pr...
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Govt likely to introduce electronic invoice system under GST
Posted Date : 29-May-2019 , 09:13:28 am | Posted By CASANSAAR
Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.
The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a governme...
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SC dismisses plea challenging HC verdict on power to arrest in GST evasion cases
Posted Date : 28-May-2019 , 09:52:06 am | Posted By CASANSAAR
The Supreme Court has dismissed a plea challenging the Telangana High Court verdict that a person can be arrested by the concerned authority in cases of Goods and Service Tax, GST evasion.
The plea came up for hearing yesterday before a vacation bench of Chief Justice Ranjan Gogoi and Justice Ani...
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Manpasand Beverages' MD, CFO arrested in GST fraud case
Posted Date : 28-May-2019 , 09:37:37 am | Posted By CASANSAAR
Following a raid by the Commissioner of Central GST and Customs, Gujarat-based Manpasand Beverages' managing director (MD) Abhishek Singh and chief financial officer (CFO) Paresh Thakkar have been arrested on allegations of GST fraud.
The beverage company which manufactures fruit juices under...
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GSTN unveils draft of new GST return form
Posted Date : 24-May-2019 , 09:57:35 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Authority has come out with a draft new simplified return form, which it plans to formally rolled out in July.
The authority on Wednesday made the new format for filing GST return public with a view to obtain feedback on the user interface and its functionalities....
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HC allows ITC under GST regime to realtor making shopping mall
Posted Date : 22-May-2019 , 08:36:23 am | Posted By CASANSAAR
The Orissa High Court has resolved an important issue of blocked credit under the goods and services tax (GST) regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease.
The court has allowed input tax credit to a shopping mall construction c...
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GST Council may consider national bench of AAAR next month
Posted Date : 21-May-2019 , 09:54:31 am | Posted By CASANSAAR
The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers.
Sources sa...
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AAR allows input tax credit by debt settlement under GST regime
Posted Date : 20-May-2019 , 10:21:52 am | Posted By CASANSAAR
Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR).
The Bengal wing of AAR made the ruling whil...
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New single GST Returns form to be rolled out in July
Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...
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Home buyers to pay 12% GST on dues if completion certificate issued by March 31
Posted Date : 16-May-2019 , 08:44:35 am | Posted By CASANSAAR
Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said.
Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge...
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Exam for confirmation of enrollment of GST Practitioners to be conducted by NACIN
Posted Date : 15-May-2019 , 10:49:28 am | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the...
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Exporters are likely to get GST refunds automatically by next month
Posted Date : 15-May-2019 , 10:33:40 am | Posted By CASANSAAR
Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said.
Under GST, every person making a claim of refund o...
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GST Council extends deadline for realty firms to opt for old GST rate till May 20
Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR
The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates.
The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...
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Owners may have to pay different GST for identical flats
Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR
The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects.
The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...
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GST B2B invoices will have to be generated on Govt portal by Sept
Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR
All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...
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GST collection scales all-time high of Rs 1.13 lakh Cr in April 19
Posted Date : 01-May-2019 , 03:39:23 pm | Posted By CASANSAAR
GST collection scaled all-time high of over Rs 1.13 trillion in April, up from Rs 1.06 trillion in the previous month, the finance ministry said Wednesday.
"The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is R...
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Govt paid input tax credit on Rs 4,000 Cr fake GST invoices in 2018
Posted Date : 28-Apr-2019 , 11:47:02 am | Posted By CASANSAAR
The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax, claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence...
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E-invoicing may begin under GST
Posted Date : 27-Apr-2019 , 09:08:50 am | Posted By CASANSAAR
In what could radically transform the indirect tax administration system and the way business is conducted, India is looking at the possibility of introducing electronic invoicing under goods and services tax.
If the country adopts the system, businesses will likely have to issue invoices, ...
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Businesses can apply for revoking cancellation of GST registration by July 22 - CBIC
Posted Date : 26-Apr-2019 , 08:33:41 am | Posted By CASANSAAR
The revenue department has allowed businesses whose GST registration has been cancelled due to non-filing of tax returns to apply for its revocation by July 22, provided they file their pending returns and pay due taxes.
In a letter to field offices, the Central Board of Indirect Taxes and Custom...
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Composition scheme biz to now file simplified self-Assessed GST return quarterly
Posted Date : 25-Apr-2019 , 09:08:36 am | Posted By CASANSAAR
Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran...
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Non-filers of GST returns for 2 months to be barred from generating e-way bills from June 21
Posted Date : 25-Apr-2019 , 08:47:34 am | Posted By CASANSAAR
Non-filers of GST returns for two straight months will be barred from generating e-way bills for transporting goods effective June 21, the finance ministry said.
Businesses under GST composition scheme, however, will be barred from generating e-way bill if they fail to file tax returns for ...
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Businesses must pay interest on entire GST tax liability
Posted Date : 24-Apr-2019 , 09:39:29 am | Posted By CASANSAAR
The Telangana high court has rejected a writ petition challenging the imposition of interest on total goods and services tax liability including input tax credit, a ruling that has significant implications for industry.
This means that tax authorities can levy interest on the gross tax liab...
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No input tax credit if GST returns not filed - Telangana High Court
Posted Date : 23-Apr-2019 , 08:28:46 am | Posted By CASANSAAR
The Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw material...
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