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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Govt extends last date for GST sales return for March 19 to April 23
Posted Date : 21-Apr-2019 , 07:24:35 am | Posted By CASANSAAR
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23.
"Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in' said.
The l...
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Samsung rapped for not passing GST benefits to consumers
Posted Date : 19-Apr-2019 , 10:23:20 pm | Posted By CASANSAAR
The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.
The notice, sources said, was served on the basis of a compla...
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Examination for Confirmation of Enrollment of GST Practitioners
Posted Date : 16-Apr-2019 , 09:55:17 pm | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized 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 Central Goods and Services Tax Rules, 2017, vide Notificat...
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Businesses with turnover over Rs 2 Cr can now start filing GST Audit Reports
Posted Date : 15-Apr-2019 , 09:18:59 pm | Posted By CASANSAAR
Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal.
The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by Jun...
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GST Network has 1.2 crore tax payers registered - CEO
Posted Date : 13-Apr-2019 , 09:26:54 am | Posted By CASANSAAR
A total of 1.21 crore taxpayers have been registered by the Goods and Services Tax Network (GSTN), its CEO Prakash Kumar said on Friday.
"We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far," he said.
An e-way bi...
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Service providers can opt for GST composition scheme by April 30 - CBIC
Posted Date : 08-Apr-2019 , 08:46:27 am | Posted By CASANSAAR
The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST.
The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial y...
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GST officers seek clarification from companies for mismatch in sales returns, e-way bill data
Posted Date : 08-Apr-2019 , 08:44:01 am | Posted By CASANSAAR
GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said.
Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2...
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CBIC asks tax officers to be cautious while processing fresh GST registration
Posted Date : 04-Apr-2019 , 08:10:08 am | Posted By CASANSAAR
Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance.
The Central Board of Indirect Taxes and Customs (CBIC) also directed tax of...
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GST Revenue collection for March 19 crossed Rs One Lakh Cr and recorded Highest Collections in the FY 18-19
Posted Date : 01-Apr-2019 , 06:14:41 pm | Posted By CASANSAAR
Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). The tota...
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Roll-out of new, simplified GST return forms deferred
Posted Date : 31-Mar-2019 , 02:34:39 pm | Posted By CASANSAAR
The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready.
The GST Council had in July last year decided that the simplified GST return forms -- Sahaj an...
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GST Authority clarifies on change/transfer in ownership of sole proprietorship
Posted Date : 29-Mar-2019 , 12:28:40 pm | Posted By CASANSAAR
The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or...
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Govt extends IGST, compensation cess exemption under various export promotion plans
Posted Date : 22-Mar-2019 , 05:41:26 pm | Posted By CASANSAAR
Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.
These exemptions have been extended for exporters buying inputs domestically or impo...
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Decisions taken by the GST Council in the 34thmeeting held on 19th March, 2019
Posted Date : 20-Mar-2019 , 07:25:45 am | Posted By CASANSAAR
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...
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GST council approves transition plan for new GST rates on residential properties
Posted Date : 19-Mar-2019 , 05:29:28 pm | Posted By CASANSAAR
GST council today approved a transition plan for new goods and services tax rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates.
Revenue Secretary Ajay Bhu...
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GST rates for new projects to be mandatory from April 1 - Revenue Secretary
Posted Date : 19-Mar-2019 , 03:41:34 pm | Posted By CASANSAAR
The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots.
"The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Aja...
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Companies may pass on GST benefits to consumers by increasing grammage
Posted Date : 16-Mar-2019 , 08:52:15 am | Posted By CASANSAAR
The National Anti-Profiteering Authority (NAA) Friday said companies are free to offer volume benefit or price reduction to consumers, in the wake of rationalisation of GST rates.
To evaluate cases of GST benefits, the NAA has decided to look into three yardsticks - proportionate grammage increas...
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EC gives a nod to GST Council meeting scheduled on March 19
Posted Date : 14-Mar-2019 , 06:43:21 am | Posted By CASANSAAR
The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.
The next meeting will be held through videoconferencing, sources said.
Foll...
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Taxpayers can compare tax liability declared in final, summary GST returns forms - GSTN
Posted Date : 13-Mar-2019 , 09:57:28 am | Posted By CASANSAAR
The GST Network on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms.
The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the t...
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GST Council to meet on 19 March to finalise real estate tax structure
Posted Date : 12-Mar-2019 , 09:35:22 am | Posted By CASANSAAR
In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses.
This would be the on...
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No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR
The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...
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FinMin asks to be cautious while filing annual GST returns form
Posted Date : 08-Mar-2019 , 08:01:05 am | Posted By CASANSAAR
The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available.
In a statement, the ministry said the annual returns form is now available on the common portal for filing and asked Goods and Serv...
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FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme
Posted Date : 08-Mar-2019 , 07:51:12 am | Posted By CASANSAAR
The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises.
Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders ha...
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FM releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit
Posted Date : 01-Mar-2019 , 08:57:47 pm | Posted By CASANSAAR
Finance Minister, Shri Arun Jaitley released a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit. The Finance Minister congratulated CGA and his team on the occasion of Civil Accounts Day and appreciated the good work being done by ICAS. #casansaa...
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