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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : GST

Constitutional validity of arrest rules under GST challenged in Supreme Court
Posted Date : 09-Apr-2021 , 08:15:41 am | Posted By CASANSAAR

Companies have argued against the constitutional validity of arrest provisions under the goods and services tax (GST) laws in their present form in the Supreme Court. The court took up the matter of arrest provisions and applicability of the Criminal Procedure Code (CrPC) to the Customs Act, GST ...

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Category : GST | Comments : 0 | Hits : 614

GST no longer citizen-friendly; calls provisional attachment Draconian - SC
Posted Date : 08-Apr-2021 , 09:59:29 am | Posted By CASANSAAR

The Supreme Court on Tuesday slammed the manner in which the Goods and Services Tax was being enforced by tax authorities and observed that the taxman cannot see all businesses as being fraudulent. The Parliament had aimed to give the GST a citizen-friendly tax structure. But, the purpose of the ...

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Category : GST | Comments : 0 | Hits : 1138

GST to be levied on underlying goods / services in gift vouchers - AAR
Posted Date : 05-Apr-2021 , 08:41:23 am | Posted By CASANSAAR

Clearing the air over taxability of gift cards or vouchers, the Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments. Kalyan Jewellers India Ltd has approached the Appellate Authority for Advance Ruli...

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Category : GST | Comments : 0 | Hits : 659

Govt allows further operational flexibility in filing of GST returns
Posted Date : 05-Apr-2021 , 07:51:06 am | Posted By CASANSAAR

Govt has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed ...

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Category : GST | Comments : 0 | Hits : 1018

HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from 1st April 2021
Posted Date : 01-Apr-2021 , 08:55:13 am | Posted By CASANSAAR

With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoic...

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Category : GST | Comments : 0 | Hits : 568

CGST Delhi officials arrest man for input tax credit fraud of around Rs 94 Cr
Posted Date : 27-Mar-2021 , 08:21:55 am | Posted By CASANSAAR

The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees. As per investigation conducted so far, a total of 5 fake...

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Category : GST | Comments : 0 | Hits : 445

GST technical glitches behind input tax credit frauds - CAG
Posted Date : 25-Mar-2021 , 08:50:04 am | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system. “The originally envisaged system-validated ITC through ‘invoice matching’ had not been ...

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Category : GST | Comments : 0 | Hits : 1013

Taxpayers are free to utilise ITC available in their credit ledger as permissible by law
Posted Date : 22-Mar-2021 , 08:52:49 am | Posted By CASANSAAR

Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge  'maximum tax liability' in 'cash' in order to ensure that targets f...

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Category : GST | Comments : 0 | Hits : 560

Panel recommends structural changes to boost GST revenues
Posted Date : 19-Mar-2021 , 08:37:27 am | Posted By CASANSAAR

The government needs to make structural changes in the goods and services tax (GST) regime and step up compliance to boost revenues, given the need to make up for the gap in states’ GST revenue receipts, a parliamentary panel has advised the finance ministry. Due to the pandemic, several st...

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Category : GST | Comments : 0 | Hits : 793

Madras HC allows claiming input tax credit on TDS from VAT
Posted Date : 18-Mar-2021 , 08:56:53 am | Posted By CASANSAAR

  The Madras High Court has allowed assessees to claim input tax credit for tax deducted at source (TDS) pending from the value-added tax (VAT) regime under the current goods and services tax (GST) system. The order, passed by Justice Anita Sumant, stated that any deducti...

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Category : GST | Comments : 0 | Hits : 335

No proposal for scrutiny of GST assessment in faceless mode - Fin Min
Posted Date : 17-Mar-2021 , 08:30:29 am | Posted By CASANSAAR

There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Minister of State for Finance Anurag Singh Thakur said on Tuesday. Income tax assessments are being done in a faceless manner except in cert...

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Category : GST | Comments : 0 | Hits : 422

Parliament empowered to enact special laws on GST - High Court
Posted Date : 13-Mar-2021 , 09:38:34 am | Posted By CASANSAAR

Four years after the Central Goods and Services Tax (CGST) Act was enacted, the Punjab and Haryana High Court today expressed prime facie view that Parliament was empowered under the Constitution to come up with special laws on the issue. The assertion came as the Bench of Justice Rajan Gupta and...

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Category : GST | Comments : 0 | Hits : 241

Mumbai trader arrested for Rs.10 Cr GST fraud
Posted Date : 13-Mar-2021 , 09:21:24 am | Posted By CASANSAAR

The Central Goods and Services Tax (CGST) officials have arrested a Borivli trader for GST fraud of Rs.10.59 crore. The accused illegally availed Input Tax Credit (ITC) and also passed on the same to other offenders, causing revenue loss to the government. Input tax credit is an option that allow...

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Category : GST | Comments : 0 | Hits : 294

DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr
Posted Date : 10-Mar-2021 , 09:00:57 am | Posted By CASANSAAR

In an ongoing investigation the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Shri Vikas and Shri Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 crore whic...

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Category : GST | Comments : 1 | Hits : 1541

Supreme Court rejects plea on extending GST Amnesty Scheme
Posted Date : 05-Mar-2021 , 08:56:49 am | Posted By CASANSAAR

The Supreme Court declined to issue directives on extending the goods and services tax (GST) amnesty scheme, saying this is “a policy decision exclusively within the domain of the government". An SC bench of justices D.Y. Chadrachud and M.R. Shah dismissed a petition by a trader from C...

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Category : GST | Comments : 0 | Hits : 810

Rs. 30,000 Cr Approx Loss to Chartered Accountants / Cost Accountants?
Posted Date : 02-Mar-2021 , 09:41:05 pm | Posted By CASANSAAR

The government’s decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants / cost accountants will help over 10 million firms save audit fees worth about Rs. 30,000 crore annually, besides reducing compliance bur...

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Category : GST | Comments : 0 | Hits : 5619

GST collection rises 7% to Rs 1.13 lakh crore in February
Posted Date : 02-Mar-2021 , 08:24:46 am | Posted By CASANSAAR

The monthly Goods and Services Tax (GST) collection crossed Rs 1 lakh crore mark for the fifth time in a row in February. GST collection rose 7 per cent year-on-year to Rs 1.13 lakh crore in the month. "In line with the trend of recovery in the GST revenues over past five months, the revenue...

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Category : GST | Comments : 0 | Hits : 1144

Last date for filing of GST returns for 2019-20 fiscal extended till March 31
Posted Date : 01-Mar-2021 , 08:48:05 am | Posted By CASANSAAR

Finance Ministry has extended the due date for furnishing of the Annual returns GSTR-9 and GSTR-9C for the financial year 2019-20 to 31st of this month. In a statement, the Finance Ministry said that the due date was extended with the approval of Election Commission of India.   The Ministry s...

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Category : GST | Comments : 0 | Hits : 184

High Court refuses to extend last date for GST Annual Returns
Posted Date : 27-Feb-2021 , 08:58:02 am | Posted By CASANSAAR

The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20 in Maharashtra till June 30. The last date is February 28. A bench of Justices Ujjal Bhuyan and Milind Jadhav heard a petition by the Goods and Services Tax Pr...

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Category : GST | Comments : 0 | Hits : 1072

L&T fined Rs 30 Cr in alleged Fake GST invoice case
Posted Date : 26-Feb-2021 , 10:52:00 am | Posted By CASANSAAR

Engineering and construction major L&T had to deposit Rs 30 crore with the GST department after it was found to be allegedly involved in a fake invoicing case, sources in the revenue department told BusinessToday.In. In January, the premises of L&T, Zee Entertainment and some other Mumbai-ba...

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Category : GST | Comments : 0 | Hits : 2081

Gujarat High Court reprieve for exporters on GST exemptions
Posted Date : 25-Feb-2021 , 09:45:19 am | Posted By CASANSAAR

Many exporters, who had been issued notices by the Directorate of Revenue Intelligence (DRI) for availing GST exemptions where exports preceded imports, have managed to get a temporary relief from the Gujarat High Court. The high court said that it would be hearing the complaints by the exporters. ...

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Category : GST | Comments : 0 | Hits : 431

CBIC provides facilitation for exporters having IGST refund issues
Posted Date : 23-Feb-2021 , 07:38:56 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error. This overcomes the problem of refund blockage by allowing refunds subject t...

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Category : GST | Comments : 0 | Hits : 715

SC asks Centre to file affidavit on technical glitches in GSTN
Posted Date : 19-Feb-2021 , 07:29:16 am | Posted By CASANSAAR

The Supreme Court has asked the Centre to file an affidavit on technical glitches faced by taxpayers while filing forms for transferring their input tax credit in the pre-goods and services tax (GST) period to the current GST system. In 2019, the Punjab and Haryana High Court held that the taxpay...

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Category : GST | Comments : 0 | Hits : 603

GST Council may take up rationalising tax rates, slab merger in next meet
Posted Date : 19-Feb-2021 , 07:27:06 am | Posted By CASANSAAR

The next Goods and Services Tax (GST) Council meeting in March will likely take up rationalising tax rates and mergers of multiple slabs to bring them close to being revenue-neutral and make the indirect tax regime simpler.  The meeting, whose date is yet to be set, will come at a time when ...

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Category : GST | Comments : 0 | Hits : 349

PM reaffirms plan to include natural gas under GST regime
Posted Date : 18-Feb-2021 , 09:29:48 am | Posted By CASANSAAR

Prime Minister Narendra Modi said on Wednesday the government is committed to bringing natural gas under the ambit of the Goods and Services Tax (GST), to reduce the cost of natural gas and boost its usage across the country. The inclusion of petroleum and natural in the GST regime has been a con...

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Category : GST | Comments : 0 | Hits : 181

GST officers arrest 4 in 3 different cases of ITC fraud of Rs 178 crore
Posted Date : 16-Feb-2021 , 08:41:09 am | Posted By CASANSAAR

GST officers have arrested four persons in three different fake invoicing cases involving total input tax credit (ITC) fraud of Rs 178 crore, the Finance Ministry said on Monday. "The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi North… have unearthed a netw...

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Category : GST | Comments : 0 | Hits : 384

Mismatches in tax returns may cost  GST registration instantly
Posted Date : 15-Feb-2021 , 09:44:57 am | Posted By CASANSAAR

Goods and services tax registrations for businesses could be suspended immediately if there is a mismatch in sales returns filed by the company and those filed by their suppliers. The Central Board of Indirect Taxes and Customs (CBIC) has issued standard operating procedures (SOPs) for suspension...

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Category : GST | Comments : 0 | Hits : 284

GST Revenue collection for January 2021 almost touches Rs 1.20 lakh Cr
Posted Date : 01-Feb-2021 , 09:00:09 am | Posted By CASANSAAR

The Goods and Services Tax (GST) revenue collection for January 2021 has almost touched 1.2 lakh crore rupees. The Finance Ministry said, the gross GST revenue collected in January this year is 1 lakh 19 thousand 847 crore rupees of which CGST is 21 thousand 923 crore rupees, SGST is  29 thousa...

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Category : GST | Comments : 0 | Hits : 202

One held by CGST Delhi East officials for availing fake input tax credit of Rs 82.23 Cr
Posted Date : 19-Jan-2021 , 09:15:02 am | Posted By CASANSAAR

In the ongoing drive against availment of inadmissible ITC, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East unearthed a multi-layered network of fictitious firms being used to generate and pass on fake ITC. Through the use of extensive data analytics, officers identi...

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Category : GST | Comments : 0 | Hits : 352

CA arrested for issuing fake bills of Rs 79.5 Cr Delhi CGST officials
Posted Date : 16-Jan-2021 , 08:46:20 am | Posted By CASANSAAR

The officers of Central Goods and Service Tax (CGST) commissionerate, Delhi (east) have detected a case of issue of fake bills of Rs 79.5 crore to wrongfully avail input tax credit (ITC) and arrested a Chartered Accountant (CA), according to an official statement issued on Friday. CA through thes...

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Category : GST | Comments : 0 | Hits : 845

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