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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GST |
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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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GST |
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0 | Hits : 1204
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GST revenue collections touch Rs 1,40,885 crore for May 2022
Posted Date : 02-Jun-2022 , 08:28:00 am | Posted By CASANSAAR
The Gross Goods and Services Tax, GST revenue collections in the month of May 2022 remained at one lakh 40 thousand and 885 crore rupees. This is the fourth time when the GST collection crossed 1.40 lakh crore mark since its inception and third month at a stre...
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GST officials can’t force recovery during searches
Posted Date : 27-May-2022 , 11:05:03 am | Posted By CASANSAAR
Tax authorities will now face action if a taxpayer makes voluntary payment of tax during a search. In a move aimed at curbing instances of use of force or coercion, the Central Board of Indirect Taxes and Customs (CBIC) has directed its field formations that recovery of tax due...
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CBIC extends April 2022 GST payment deadline under QRMP scheme
Posted Date : 18-May-2022 , 07:37:38 am | Posted By CASANSAAR
The due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06 has been extended till 27th May, 2022 (refer notification No. 06/2022-Central Tax dated 17.05.2022
...
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CBIC extends due date for filing of Form GSTR-3B
Posted Date : 18-May-2022 , 07:31:38 am | Posted By CASANSAAR
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022)
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GST |
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GST collections in April 22 touch all-time high of Rs 1.68 lakh Cr
Posted Date : 02-May-2022 , 09:45:21 am | Posted By CASANSAAR
Goods and services tax (GST) collections hit an all-time high of ₹1.68 lakh crore in April, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and ₹25,000 crore more than the previous highest of ₹1.42 lakh ...
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CBIC proposes mandatory GST scrutiny on quarterly basis
Posted Date : 15-Apr-2022 , 08:22:29 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory Goods and Service Tax (GST) scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns.
"CBIC to soon introduce mandatory quarterly scrutiny of GST returns. Scrutin...
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GST rules changing from April 1, to impact lakhs of companies in India
Posted Date : 30-Mar-2022 , 08:01:57 am | Posted By CASANSAAR
Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022.
Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made manda...
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GST |
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CBIC issues scrutiny norms related to GST
Posted Date : 23-Mar-2022 , 08:39:04 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) on Tuesday issued scrutiny guidelines for GST, for the first two years of the new indirect tax regime, as part of a plan to plug leakages and shore up collections.
The CBIC has shared an indicative list of parameters, which suggested that...
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CBIC cautions against sharing Aadhaar, PAN details without valid reasons
Posted Date : 04-Mar-2022 , 09:32:34 am | Posted By CASANSAAR
CBIC cautioned the public against sharing Aadhaar and PAN details without a valid reason or for monetary gains, saying that the information could be misused by fraudsters for GST evasion.
In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said Aadhaar and PAN details can be used...
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GST |
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Auto-population of e-invoice details into GSTR-1
Posted Date : 04-Mar-2022 , 09:19:37 am | Posted By CASANSAAR
Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on ...
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GST |
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GST collection crosses 1.30 lakh Cr mark in February 2022
Posted Date : 01-Mar-2022 , 06:45:38 pm | Posted By CASANSAAR
Finance Ministry said that more than one lakh 33 thousand crore rupees Gross GST Revenue was collected during the month of February.
It said that the collection of revenues for the month of February this year is 18 percent higher than the GST revenues in the same month last year and 26 perce...
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2 held by FBD CGST Commissionerate for issuing fake invoices of over Rs 200 Cr & availing involving fraudulent ITC of Rs 31.85 Cr
Posted Date : 25-Feb-2022 , 09:06:23 am | Posted By CASANSAAR
Central Goods and Services Tax (CGST) Commissionerate, Faridabad, of Panchkula CGST Zone, on 23.02.2022 arrested two persons for running a fake billing racket, involving five (5) dummy firms, dealing in trading of iron scrap, registered in Faridabad, Haryana, for issuance of fake invoices of over Rs...
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CGST unearths fake invoicing racket of Rs 611 Cr involving tax evasion of over Rs 38 Cr
Posted Date : 25-Feb-2022 , 08:54:47 am | Posted By CASANSAAR
Central Goods and Services Tax, CGST Commissionerate, Delhi has unearthed fake invoicing racket of 611 crore rupees involving tax evasion of over 38 crore rupees. Finance Ministry said the officers of Delhi South CGST Commissionerate came to know about certain bogus firms created solely for the purp...
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CBIC to scale up departmental audits to boost GST compliance
Posted Date : 08-Feb-2022 , 09:27:48 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) is set to scale up scrutiny and departmental audits of risky taxpayers to improve goods and services tax (GST) collections while using data and technology to ensure that officials make decisions transparently, chairman Vivek Johri said in an int...
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Bombay HC sets aside rejection of refund claims by GST authorities
Posted Date : 17-Jan-2022 , 09:53:31 am | Posted By CASANSAAR
The Bombay High Court has quashed an order by the GST authorities that had rejected the refund claim of an assessee because it was filed after two years, a time limit set by the rules. This was done since the authorities have not taken into cognizance the earlier Supreme Court verdict that excluded ...
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Delhi Man Arrested For Issuing Fake GST Invoices Worth Rs. 4,521 Cr
Posted Date : 15-Jan-2022 , 09:18:48 am | Posted By CASANSAAR
GST officers have arrested one person for operating a syndicate and issuing fake invoices of ₹ 4,521 crore for availing input tax credit (ITC) benefit under goods and services tax, an official statement said on Friday.
It said scrutiny of tally data has shown that there are 636 firms being oper...
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GST collections in November cross Rs 1.3 lakh Cr, second highest ever
Posted Date : 02-Dec-2021 , 08:25:21 am | Posted By CASANSAAR
GST revenues for November this year have been the second highest ever since introduction of GST. The gross GST revenue collected in November this year is 1 lakh 31 thousand 526 crore rupees. For the second straight month Gross GST collection has crossed 1 lakh 30 thousand crore rupees. The revenues ...
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Employees liable to pay GST on salaries received during notice period - AAR
Posted Date : 01-Dec-2021 , 08:26:32 am | Posted By CASANSAAR
Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period.
A recent ruling in the...
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CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms
Posted Date : 15-Nov-2021 , 08:08:25 am | Posted By CASANSAAR
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of g...
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GST |
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GST Notices to firms after mismatch in GST tax credits
Posted Date : 13-Nov-2021 , 09:19:29 am | Posted By CASANSAAR
Goods and services tax authorities have started issuing notices to several companies, after uncovering a mismatch in tax credits using deep analytics tools embedded in the GSTN software.
The tax department's analytics department has found these discrepancies in returns filed by companies,...
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GST |
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CBIC for strict enforcement to check fake invoicing
Posted Date : 11-Nov-2021 , 07:52:34 am | Posted By CASANSAAR
Regulatory checks on fake invoicing, including those of services, need to be strengthened for better tax compliance, according to an update on indirect tax administration from the Central Board of Indirect Taxes and Customs (CBIC) to field officers.
Senior officials of the Directorate General o...
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