Recommendations of 50th Meeting of GST Council
Posted Date : 12-Jul-2023 , 07:03:37 am | Posted By CASANSAAR
In the 50th Meeting of the GST Council, inter-alia the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST were made:
Changes in GST Tax Rates:
Recommendations relating to GST rate...
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GST Council agrees to levy 28 per cent tax on online gaming on full face value
Posted Date : 11-Jul-2023 , 09:21:32 pm | Posted By CASANSAAR
The GST Council on Tuesday agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value.
West Bengal finance minister Chandrima Bhattacharya said the Council has also approved the exemption of GST on import of cancer drug Dinutuximab...
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Around 25% of 69,000 Suspected GST Accounts Fake, Rs 15,000 Cr Evasion likely
Posted Date : 08-Jul-2023 , 05:50:14 pm | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has found that nearly 25 percent of suspected Goods and Services Tax accounts do not exist or have vanished after availing benefits of around Rs 15,000 crore. Rs.
The evasion and fake accounts have been unearthed as part of an ongoing two-mon...
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CBIC plans tighter GST regulation norms using geo-tagging, biometrics
Posted Date : 08-Jul-2023 , 05:48:37 pm | Posted By CASANSAAR
Following detection of about 12,500 fake entities, Goods and Services Tax (GST) authorities are looking to tighten registration norms with biometric authentication and geo-tagging of risky entities. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri on Saturday said the return f...
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GSTN Important Update - Geocoding Functionality Now Live for All States and Union Territories
Posted Date : 08-Jul-2023 , 09:26:57 am | Posted By CASANSAAR
GSTN is pleased to inform that the functionality for geocoding the principal place of business address is now live for all States and Union territories. This feature, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy of add...
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GST Evasion of Rs.30,000 Cr Unearthed Nationwide
Posted Date : 14-Jun-2023 , 08:20:30 am | Posted By CASANSAAR
A nationwide crackdown by the Goods and Services Tax authorities uncovered tax evasion to the tune of Rs.30,000 crore, allegedly carried out via stolen identities including as many as 18,000 Permanent Account Number (PAN) and Aadhaar cards, people familiar with the development said.
The identitie...
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10,000 Cr GST Fraud - 3,000 Shell Companies Created on Fake Details
Posted Date : 10-Jun-2023 , 09:44:40 am | Posted By CASANSAAR
A multi-agency probe launched by the Centre to investigate Noida police's claim of having busted a racket of GST fraud to the tune of Rs 10,000 crore has revealed at least 3,000 shell companies were created on fake Aadhaar and PAN details.
On Thursday, the Directorate General of GST Intellige...
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E-Invoice Verifier App by GSTN - Advisory by GSTN
Posted Date : 10-Jun-2023 , 09:34:10 am | Posted By CASANSAAR
1. The E-Invoice Verifier App developed by GSTN, has been introduced which offers a convenient solution for verifying e-Invoices and other related details. GSTN understands the importance of efficient and accurate e-invoice verification, and this app aims to simplify the process for your...
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Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA)
Posted Date : 31-May-2023 , 07:19:40 am | Posted By CASANSAAR
Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism
The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechan...
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CBIC issues SoPs for scrutiny of GST returns for FY20 onwards
Posted Date : 29-May-2023 , 10:18:16 am | Posted By CASANSAAR
Detailing the standard operating procedure (SoP) for scrutiny of tax returns from the financial year 2019-20 onwards under the Goods and Services Tax (GST) regime, the Central Board of Indirect Taxes and Customs (CBIC) has stated that the analytics unit will identify returns for scrutiny depending o...
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10,000 Fraud GST Registrations turn up in first week of drive
Posted Date : 25-May-2023 , 07:38:29 am | Posted By CASANSAAR
Central and state goods and services tax officials have detected about 10,000 fake GST registrations in the first week of a joint drive. The officials are conducting door-to-door physical verification of addresses before initiating any action, people aware of details said. The campaign against fraud...
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Centre, States to initiate 2 Months Special Drive against Fake GST registration
Posted Date : 16-May-2023 , 07:56:52 am | Posted By CASANSAAR
A Special All-India Drive may be launched by all tax administrations to detect fake GSTINs and to conduct verification to weed out these fake billers from the GST ecosystem and to safeguard govt revenue.
During this campaign, suspicious GST accounts will be identified, and counterfeit invoices wi...
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GST Dept to Get Access to Banking Transactions
Posted Date : 16-May-2023 , 07:47:38 am | Posted By CASANSAAR
Goods and Services Tax authorities are seeking near real-time access to banking transactions of the taxpayers, as a means to detect fake invoices and excess use of input tax credit (ITC) by sections of businesses.
The move follows recent investigations that revealed that undue tax credits accumul...
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GST Automated Returns Scrutiny Set to Roll Out
Posted Date : 10-May-2023 , 09:15:28 pm | Posted By CASANSAAR
Businesses will have to more careful while filing gst returns as the automated scrutiny system for the goods and services tax (GST) is about to use advanced artificial intelligence and data analytics to monitor mismatches.
Expected to be rolled out over the next few days, the new system is expect...
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GSTN defers by 3 months implementation of e-invoice reporting time limit
Posted Date : 08-May-2023 , 07:43:51 am | Posted By CASANSAAR
GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registr...
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Govt to launch a special 2-month Nationwide Drive against GST Frauds
Posted Date : 06-May-2023 , 07:29:19 am | Posted By CASANSAAR
The government will launch a two-month special drive starting May 16 against unscrupulous elements – individuals, professionals and firms – usurping input tax credit under the Goods and Services Tax (GST) regime through fake identity and forged documents without actually supplying produc...
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GST revenue collection for April 2023 highest ever at Rs 1.87 lakh Cr
Posted Date : 02-May-2023 , 06:19:53 am | Posted By CASANSAAR
The gross GST revenue collected in the month of April, 2023 is ? 1,87,035 crore of which CGST is ?38,440 crore, SGST is ?47,412 crore, IGST is ?89,158 crore (including ?34,972 crore collected on import of goods) and cess is ?12,025 crore (including ?901 crore ...
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GST Intelligence show cause notices over tax evasion concerns worth Rs 2,250 Cr
Posted Date : 15-Apr-2023 , 08:07:39 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has sent show-cause notices to some insurance companies, such as HDFC Bank, Go Digit Insurance, and Policybazaar, for issuing fake invoices to claim input tax credit without providing any service. According to a report in The Economic Times, the sho...
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GST revenue collection Rs. 1,60,122 Cr gross for March 2023
Posted Date : 02-Apr-2023 , 09:43:06 am | Posted By CASANSAAR
The gross GST revenue collected in the month of March 2023 is Rs.1,60,122 crore of which CGST is Rs. 29,546 crore, SGST is Rs.37,314 crore, IGST is Rs. 82,907 crore (including Rs.42,503 crore collected on import of goods) and cess is Rs.10,355 crore (including Rs.960 crore collected o...
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GST collections rise 12% to Rs 1.49 lakh Cr in February 2023
Posted Date : 01-Mar-2023 , 08:16:16 pm | Posted By CASANSAAR
Over 1.49 lakh crore rupees gross Goods and Service, Tax revenue was collected in February. GST revenue collection has registered 12 per cent growth in February in comparison to the same period of the previous financial year. In February 2022, over one lakh 33 thousand crore rupees were collected as...
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Recommendations of 49th GST Council Meeting
Posted Date : 18-Feb-2023 , 09:39:58 pm | Posted By CASANSAAR
The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislat...
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Supreme Court permits companies to claim transitional tax credit
Posted Date : 23-Jul-2022 , 02:35:59 pm | Posted By CASANSAAR
In a judgement that could benefit many companies, the Supreme Court ruled on Friday that businesses that were unable to claim tax credits when the indirect tax system switched to the Goods and Services Tax (GST) would be able to do so.
A tax credit is a component of a company's tax ...
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Both houses of Parliament adjourned for the day amid ruckus over price rise and GST hike
Posted Date : 20-Jul-2022 , 08:26:56 am | Posted By CASANSAAR
Both the houses of Parliament have been adjourned for the day following uproar by the Opposition parties over price rise and GST hike.
In the Lok Sabha, when the House re-assembled at 2 P. M. after first adjournment, members of Opposition parties including Congress, DM...
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Simplified regulatory framework for e-commerce exports of jewellery through courier mode
Posted Date : 15-Jul-2022 , 07:58:56 am | Posted By CASANSAAR
A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).
The SOP details the handling, movement...
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GST is not applicable on perks to employees - CBIC
Posted Date : 08-Jul-2022 , 07:46:46 am | Posted By CASANSAAR
A wide range of benefits such as free beverages, canteen facilities, free parking space, journal subscriptions or even group medical insurance provided by business entities to its employees in terms of a contractual agreement between the two, will not be subject to Goods and Se...
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Govt plans to make GST e-invoicing must for companies with Rs 5 Cr turnover
Posted Date : 05-Jul-2022 , 09:51:16 pm | Posted By CASANSAAR
The government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, thus bringing the threshold down from the current Rs 20 crore, according to a government official.
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Recommendations of 47th GST Council Meeting
Posted Date : 30-Jun-2022 , 09:12:25 am | Posted By CASANSAAR
The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States...
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GST Council likely to consider changes in monthly tax payment form
Posted Date : 25-Jun-2022 , 09:56:20 am | Posted By CASANSAAR
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said.
...
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47th Meeting of the GST Council on June 28-29 in Srinagar
Posted Date : 17-Jun-2022 , 08:46:13 am | Posted By CASANSAAR
The 47th Meeting of the GST Council will be held on 28th and 29th of this month in Srinagar.
GST Council’s last meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles.
The GST Council had decided to reta...
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CBIC issues guidelines for post audit and refund claims under GST
Posted Date : 16-Jun-2022 , 08:59:15 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) has put out a procedure relating to sanction, post-audit and review of refund claims for taxpayers.
This is following several reports CBIC received about different practices being followed by the fi...
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