GST authorities issue notices over input tax credit discrepancies
Posted Date : 08-Feb-2024 , 07:26:30 am | Posted By CASANSAAR
Goods and services tax (GST) authorities have issued notices to several companies for discrepancy in claim of input tax credit, or ITC, people aware of the matter said. This follows close scrutiny of input tax availed by the companies and mismatch with their annual return.
GST authorities have is...
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GST Council may consider pan-India rollout of biometric-based authentication for registration - CBIC
Posted Date : 02-Feb-2024 , 09:45:15 pm | Posted By CASANSAAR
The GST Council may take up a proposal to make biometric-based Aadhaar authentication mandatory pan-India for suspicious persons, seeking GST registration, CBIC chief Sanjay Kumar Agarwal said on Friday.
Currently, two states — Gujarat and Andhra Pradesh — and the Union Territory of P...
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Rs. 1,72,129 Cr gross GST revenue collected during January 2024
Posted Date : 31-Jan-2024 , 09:31:58 pm | Posted By CASANSAAR
The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is Rs.1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs.155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).
Notably, this is the...
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GST |
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High Court upholds provisions of anti-profiteering under GST
Posted Date : 31-Jan-2024 , 09:05:16 am | Posted By CASANSAAR
The Delhi High Court on Monday upheld the constitutional validity of the provisions related to anti-profiteering under the Central Goods and Services Tax Act and the establishment of National Anti-Profiteering Authority
In a setback to over 100 companies, including Hindustan Unilever (HUL), Nestl...
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GSTN Advisory on Urgent Submission of Bank Details to Avoid GSTIN Suspension
Posted Date : 24-Jan-2024 , 07:16:58 am | Posted By CASANSAAR
Advisory for furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017.
Mandatory Bank Account Details Submission as per law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules fra...
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GSTN Advisory on Payment through Credit Card (CC)/Debit Card (DC) and Unified Payments Interface (UPI)
Posted Date : 20-Jan-2024 , 08:31:23 am | Posted By CASANSAAR
To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking.
The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit C...
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GST |
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GST authorities drop plans to enforce stricter e-way bill norms
Posted Date : 11-Jan-2024 , 06:46:07 pm | Posted By CASANSAAR
Goods and Services Tax (GST) authorities have dropped a plan to block generation of goods transportation permits, or e-way bills, from 1 March for companies that fail to produce 'e-invoices' for their wholesale transactions through designated portals. These portals aid in more accurate data ...
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29,273 bogus firms, GST evasion of Rs 44,015 Cr detected since May 2023
Posted Date : 08-Jan-2024 , 07:54:56 am | Posted By CASANSAAR
Goods and Services Tax (GST) authorities have detected 4,153 bogus firms involved in suspected evasion of input tax credit (ITC) worth around Rs 12,036 crore during October-December 2023, the Ministry of Finance said in a statement Sunday. While Maharashtra is in the top spot among 36 states and uni...
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GSTN Advisory on the functionalities available on the portal for the GTA taxpayers
Posted Date : 03-Jan-2024 , 08:27:08 am | Posted By CASANSAAR
Dear Taxpayers,
The following Functionalities are made available on the portal for the GTA Taxpayers.
To Access: Post login on the FO portal-Click YES on the pop up message on post login (or) Navigate to Services>>User Services>>GTA>>Opting Forwa...
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Zomato receives Rs. 402 Cr show cause notice for unpiad GST on delivery charges collected from customers
Posted Date : 28-Dec-2023 , 08:50:41 am | Posted By CASANSAAR
Online delivering platform Zomato Ltd, on December 28, announced that it has received show cause notice (SCN) from theGoods and Services Tax (GST) office for supposed tax liability of ?401.7 crore, in addition to interest and penalty on the delivery fee collection from its customer from the period o...
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GST |
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GST Amnesty Scheme appeals applicable till 31st January 2024
Posted Date : 27-Dec-2023 , 08:10:23 am | Posted By CASANSAAR
In a bid to assist taxpayers grappling with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant amnesty scheme. This initiative allows specified GST taxpayers to lodge appeals against GST tax demand orders until January 31, 2024.
...
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GST |
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GST Act amendments to strengthen tribunals passed by Parliament
Posted Date : 21-Dec-2023 , 08:29:50 am | Posted By CASANSAAR
The Rajya Sabha on Wednesday passed the Central Goods and Services Tax (Second Amendment) Bill, 2023, which seeks to increase the upper age limit of president and members of the GST Appellate Tribunal and allows advocates with 10 years of experience to be eligible to become a member of the tribunal....
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Supreme Court quashes GST department's plea against HC order on input tax credit
Posted Date : 19-Dec-2023 , 08:38:39 am | Posted By CASANSAAR
The Supreme Court has quashed a petition filed by the authorities against a Calcutta High Court ruling that said that input tax credit (ITC) to a buyer cannot be denied on the ground that a seller has not paid tax under the goods and services tax (GST) regime unless there was a proper investigation....
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21,791 fake GST registrations, suspected tax evasion of Rs 24,000 Cr detected in special drive
Posted Date : 06-Dec-2023 , 08:33:50 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on December 5 said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of hon...
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GST |
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GSTN Advisory for the procedures and provisions related to the GST Amnesty Scheme
Posted Date : 30-Nov-2023 , 07:35:33 am | Posted By CASANSAAR
Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023.
1. Amnesty for Taxpayers: The GST Council, in its 52nd meeting, recommended granting amnesty to taxpayers who...
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Faceless scrutiny assessment under GST may take some time - GSTN
Posted Date : 23-Nov-2023 , 07:09:48 am | Posted By CASANSAAR
GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment — under which there is no physical interaction between the tax officer and the assessee and no phys...
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GST |
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GST notice of Rs. 400 Cr Sent to Zomato, Rs. 350 Cr to Swiggy
Posted Date : 23-Nov-2023 , 07:06:55 am | Posted By CASANSAAR
Zomato and Swiggy, the country's top two food delivery aggregators, have reportedly come under the scrutiny of tax authorities, with notices of a combined value of ?750 crore sent to them, a report said on November 22.
Zomato, which has the biggest share in India's online food delivery ma...
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Centre plans to appoint advocates as judicial members in GST Appellate Tribunal Benches
Posted Date : 22-Nov-2023 , 08:00:50 am | Posted By CASANSAAR
The government plans to amend the CGST Act in the winter session of Parliament that will allow advocates with experience in litigation to be appointed as judicial members in GST appellate tribunal benches.
Finance ministry officials said the amendments would increase the maximum age of the presid...
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BharatPe Ex-CEO Ashneer Grover, Family Made Fake Multi-Crore Invoices - Sources
Posted Date : 16-Nov-2023 , 07:44:11 am | Posted By CASANSAAR
The Economic Offences Wing's (EOW) investigation into the alleged fraud at payments firm BharatPe has found a host of unexplained payments made to allegedly fake human resource consultancies by co-founder Ashneer Grover, his wife and the company's former head of controls Madhuri Jain Grover ...
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GSTN Advisory for Online Compliance Pertaining to ITC mismatch -GST DRC-01C
Posted Date : 16-Nov-2023 , 07:36:32 am | Posted By CASANSAAR
Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B
Dear Taxpayers,
1. It is informed that GSTN has developed a functionality to generate automated intimation in Form GST DRC-01C which enables the taxpayer to explain the difference in Input tax credi...
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Over 100,000 small and mid-sized businesses flout GST e-invoicing rules
Posted Date : 10-Nov-2023 , 09:02:59 am | Posted By CASANSAAR
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore.
E-invoicing provides real-time access to invoices that are prepared by the supp...
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GST |
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CBIC clarifies on GST implications for electricity charges
Posted Date : 07-Nov-2023 , 09:04:29 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that when electricity charges are bundled with renting of immovable property and/or maintenance of premises, it will be considered a composite supply and subject to Goods and Services Tax (GST) at 18%. This is applicable even if th...
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FinMin launches GST Amnesty Scheme for filing appeals against demand orders
Posted Date : 04-Nov-2023 , 10:25:05 am | Posted By CASANSAAR
The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders.
The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on...
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GST revenue collection for Oct. 2023 is second highest ever, records increase of 13% Y-o-Y
Posted Date : 01-Nov-2023 , 08:13:06 pm | Posted By CASANSAAR
The gross GST revenue collected in the month of October, 2023 is ? 1,72,003 crore out of which ? 30,062 crore is CGST, ? 38,171 crore is SGST, ? 91,315 crore (including ? 42,127 crore collected on import of goods) is IGST and ? 12,456 crore (includin...
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GST |
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Remuneration to a director for providing corporate guarantee to be taxed under GST - CBIC
Posted Date : 31-Oct-2023 , 07:23:58 am | Posted By CASANSAAR
Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said. This is part of a clarificatory circular, sent by CBIC to its...
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GSTN Advisory related to changes in GSTR-5A
Posted Date : 30-Oct-2023 , 08:13:49 am | Posted By CASANSAAR
"Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file ...
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GST |
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Finance Ministry Notifies Prospective 18% GST on Corporate Guarantees
Posted Date : 28-Oct-2023 , 08:07:06 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 Octo...
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GST |
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GST Evasion of Rs 1.36 lakh Cr Detected so Far in FY24 - DGGI
Posted Date : 20-Oct-2023 , 09:51:33 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has detected GST evasion of Rs 1.36 lakh crore so far during the current financial year involving “voluntary payment” of Rs 14,108 crores. The investigation agency under Goods and Services Tax (GST) regime has been working on identifying...
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GST |
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SC says restaurants not subject to service tax for take away food orders
Posted Date : 13-Oct-2023 , 12:11:50 pm | Posted By CASANSAAR
The Supreme Court has held that restaurants are not subject to service tax for take away food orders and sharing premises with an associated enterprise. While considering a civil appeal, the Supreme Court upheld the ruling of the Customs Excise Service Tax Appellate Tribunal (CESTAT) and dismissed t...
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Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods - GSTN
Posted Date : 13-Oct-2023 , 11:56:37 am | Posted By CASANSAAR
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and repor...
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