Govt notifies valuation methodology for calculating GST on online gaming, casino
Posted Date : 07-Sep-2023 , 08:43:17 am | Posted By CASANSAAR
The government on September 1 notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax.
The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming a...
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GST revenue rises 11% to Rs 1.59 lakh Cr in August 23
Posted Date : 02-Sep-2023 , 07:21:42 am | Posted By CASANSAAR
The gross GST revenue collected in August is 1,59,069 crore rupees. This includes CGST of 28,328 crores, SGST of 35,794 crores, and IGST of 83,251 crores.
The government has settled 37,581 crores to CGST and 31,408 crores to SGST from IGST. The total revenue of Centre and the States in Augu...
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CBIC Notifies Common Authority to Adjudicate GST Notices from Multiple States
Posted Date : 22-Aug-2023 , 08:29:47 am | Posted By CASANSAAR
In a move that is likely to help firms struggling with GST notices from different states, the Central Board of Indirect Taxes and Customs has started designating a single common authority to deal with similar matters of an assesses who has different GST numbers across the country.
The CBIC ...
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CBI arrests CGST official for demanding Rs 30 lakh bribe
Posted Date : 19-Aug-2023 , 08:01:59 am | Posted By CASANSAAR
The CBI has arrested a CGST official in Mumbai for allegedly demanding Rs 30 lakh as bribe for settling tax issues related to a company based in China, officials said on Friday. Hemant Kumar, the Central Goods and Services Tax (CGST) superintendent, posted at Bhiwandi Commissionerate demanded Rs 30 ...
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Parliament passes bills to levy 28% GST on e-gaming making registration mandatory for offshore platforms
Posted Date : 12-Aug-2023 , 08:24:24 am | Posted By CASANSAAR
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
The Central GST (Amendment) Bill, 2023, and the Integrated GST (Amendment) Bill, 2023, piloted by Finance Minister...
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Recommendations of 51st GST Council Meeting
Posted Date : 03-Aug-2023 , 08:42:50 am | Posted By CASANSAAR
GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing and online gaming
GST Council also recommends inserting a specific provision in IGST Act, 2017 t...
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Hostel / PG accommodation to attract 12% GST - AAR
Posted Date : 30-Jul-2023 , 08:53:50 am | Posted By CASANSAAR
Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases.
The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units...
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E- invoicing under GST mandatory for businesses with aggregate turnover of Rs 5 Cr from August 1
Posted Date : 29-Jul-2023 , 07:19:03 am | Posted By CASANSAAR
Starting August 1, businesses with aggregate turnover of Rs 5 crore or more will have to mandatorily opt for e-invoicing under the Goods and Services Tax (GST).
“GST taxpayers whose aggregate turnover exceeds Rs 5 crore in any financial year ... Generating e-invoices for both supply o...
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Govt to set up online audit mechanism under GST, - arliamentary panel
Posted Date : 28-Jul-2023 , 07:22:10 am | Posted By CASANSAAR
The Union government will set up an online audit mechanism under the Goods and Services Tax (GST) in order to streamline the process, as suggested by a parliamentary panel in its report on ‘anti-competitive practices by the big tech companies’.
“The ministry has accepted the rec...
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GST evasion by nearly 15,000 entities worth Rs 38,000 Cr detected
Posted Date : 26-Jul-2023 , 06:54:32 am | Posted By CASANSAAR
Even as tax authorities plan to plug loopholes to tighten compliance for goods and services tax (GST), they have already identified nearly 15,000 entities and have detected evasion of more than Rs 38,000 crore over the years. This includes fraudulent cases of GST registration by misusing PAN and Aad...
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e-Invoice Exemption Declaration Functionality Now Available - GSTN
Posted Date : 25-Jul-2023 , 07:53:01 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN is pleased to inform you that the e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal. This functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under th...
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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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