GST e-invoicing for businesses with Rs 500 Cr turnover from October 1
Posted Date : 24-Jul-2020 , 08:34:07 am | Posted By CASANSAAR
The government will notify a new GST e-invoice scheme under which businesses with turnover of Rs 500 crore and above will generate all invoices on a centralised government portal starting October 1, an official said on Thursday.
Earlier, the turnover threshold for businesses was set at Rs 100 cro...
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Time limit for availing transitional credit under GST is mandatory - Madras HC
Posted Date : 20-Jul-2020 , 10:39:46 am | Posted By CASANSAAR
The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court.
Transitional credit refers to use of tax credit accumulated up to J...
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1,377 exporters fraudulently claimed IGST refund of Rs.1,875 Cr - CBIC
Posted Date : 18-Jul-2020 , 08:46:37 am | Posted By CASANSAAR
Over 1,300 exporters who have wrongfully claimed Goods and Services Tax (GST) refunds worth Rs.1,875 crores have been found untraceable at their main place of business, said a government official. The government has also identified 7,516 entities as risky exporters going by the red flags raised by v...
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Alcohol-based hand sanitizers to attract 18% GST - AAR
Posted Date : 15-Jul-2020 , 10:26:41 am | Posted By CASANSAAR
Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 per cent GST. It added that its classification as an essential commodity cannot be a criteria ...
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Govt moves SC against Bharti Airtel in Rs 923 Cr GST refund case
Posted Date : 09-Jul-2020 , 10:49:22 am | Posted By CASANSAAR
The central government has moved the Supreme Court challenging a Delhi High Court (HC) order that allowed Bharti Airtel to claim goods and services tax refund worth Rs 923 crore.
The case pertains to under-reporting of input tax credit in the GST summary return form, GSTR-3B, between July and Sep...
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Software consulting services provided to Indian company's foreign client liable to GST - AAR
Posted Date : 07-Jul-2020 , 09:06:02 am | Posted By CASANSAAR
Firms providing information technology software related services to overseas client of an Indian business would be liable to pay 18 per cent GST, the Authority of Advance Ruling (AAR) has said.
A firm engaged in the business of providing software related consultancy services in Oracle ERP approac...
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GST collections in June at Rs 90,917 Cr
Posted Date : 02-Jul-2020 , 10:14:37 am | Posted By CASANSAAR
GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.
"The gross GST revenue collected in the month of June, 2020 is Rs 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (i...
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CBIC extends validity of e-way bills in new set of relaxations
Posted Date : 29-Jun-2020 , 09:21:59 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) extended the end-date till August 31 for several relaxations including issuance of order and appeals by tax authorities, including in case of refunds, and extended the validity of e-way bills issued before lockdown till September 30.
In notif...
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Developed land sold as plots will attract GST - AAR
Posted Date : 22-Jun-2020 , 10:14:15 am | Posted By CASANSAAR
GST will be levied on sale of land for which primary amenities – such as drainage, waterline and electricity – have been provided by real estate developer, the Authority for Advance Ruling (AAR) has said.
The AAR has also concluded that sale of developed plots will be covered under th...
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SC stays Delhi HC order on transitional GST credit on Centre's SLP
Posted Date : 20-Jun-2020 , 10:40:03 am | Posted By CASANSAAR
The Supreme Court has stayed the Delhi high court order that had allowed availing tax credits for pre-GST period up to June 30 this year.
The apex court was hearing a special leave petition filed by the Union Government against the Delhi High Court judgement.
The case relates to the rule 117 o...
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Goods purchased, sold overseas liable to GST in India - AAR
Posted Date : 19-Jun-2020 , 10:11:59 am | Posted By CASANSAAR
A domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory, the Authority for advance ruling (AAR) has said.
On an application filed by Sterlite Technologies, the Gujarat-Benc...
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CBIC launches e-Office to automate internal file handling
Posted Date : 16-Jun-2020 , 10:32:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Monday launched 'e-Office' in over 500 GST and customs offices that will help improve governance by automating the internal processes of handling files. The launch of the application marks a fundamental change in internal office proce...
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Key Highlights of 40th GST Council Meet
Posted Date : 13-Jun-2020 , 08:28:49 am | Posted By CASANSAAR
The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...
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FM to chair 40th GST council meeting through video conferencing today
Posted Date : 12-Jun-2020 , 09:23:33 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 40th GST council meeting through video conferencing today. This meeting of the GST council will be for the first time after the nationwide lockdown and the council is expected to discuss the revenue shortfall and the compensation to states.
In th...
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GST will not be levied on Directors Remuneration - CBIC
Posted Date : 11-Jun-2020 , 10:13:49 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said GST will not be levied on salaries paid to directors who are employees of the company. The CBIC issued a clarification following a ruling by the Rajasthan Authority of Advance Ruling (AAR) in April that said companies will have...
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Centre Releases Rs.36,400 Cr as GST Compensation to States
Posted Date : 05-Jun-2020 , 08:58:17 am | Posted By CASANSAAR
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 ...
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Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting
Posted Date : 02-Jun-2020 , 09:16:30 am | Posted By CASANSAAR
In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (...
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CBIC clears GST refund claims of Rs 11,052 Cr since April 8
Posted Date : 26-May-2020 , 10:03:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days.
In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown".
The tweet added that 29,230 ...
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No GST on full-time Directors’ remuneration - AAR
Posted Date : 11-May-2020 , 03:10:11 pm | Posted By CASANSAAR
The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench.
Anil Kumar Agrawal, who had received salary as a director from a private com...
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Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits
Posted Date : 06-May-2020 , 09:37:56 am | Posted By CASANSAAR
The government gave further relaxations to taxpayers for goods and services tax (GST) compliance for filing annual returns and audits, increasing the time duration for some, meanwhile extending the validity of e-way bills till the month end.
In a notification dated May 5, the Central Board of Ind...
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Govt defers release of April GST collection data
Posted Date : 02-May-2020 , 11:02:34 am | Posted By CASANSAAR
The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20.
As per convention, the government releases GST revenue collectio...
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GST PMT 09 Live on GST Portal | File GST PMT-09
Posted Date : 23-Apr-2020 , 10:27:02 am | Posted By CASANSAAR
GST portal update Form PMT-09 is live on GST Portal. How taxpayer can transfer cash balance under one head to another head explained by CA. Mansi Vohra..
https://youtu.be/5Z-051O07Tw
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GST Refund worth Rs. 5575 Cr processed in 15 days
Posted Date : 18-Apr-2020 , 10:36:14 am | Posted By CASANSAAR
The Central Board of Excise and Custom (CBIC) on Friday reported settling GST (Goods and Services Tax) refund claims worth ₹5,575 crore.
Since March 30, the board processed nearly 13,000 refund applications. “While in the last week itself, CBIC has processed 7,873 claims worth ₹...
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Committed to help GST taxpayers in COVID-19 situations - CBIC
Posted Date : 18-Apr-2020 , 10:05:13 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) said that it is fully committed to help the GST taxpayers in the present COVID-19 situation.
Since 30th March 2020, CBIC has processed 12,923 refund applications involving claims worth Rs 5,575 Crore, while in the last week its...
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Wish List of Relaxations under GST to the Assesses during COVID-19
Posted Date : 17-Apr-2020 , 09:39:15 am | Posted By CASANSAAR
Wish List of Relaxations under GST to the Assesses during COVID-19, Suggestion to the GST Council, Central Govt to provide such relaxations under GST. Watch this Video,,,
https://youtu.be/rPun-6f8FOg
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Changes under GST due to COVID-19
Posted Date : 17-Apr-2020 , 09:38:23 am | Posted By CASANSAAR
Changes under GST due to COVID-19 discussed by CA.(Dr) Gaurag Gupta. Watch this Video,,,
https://youtu.be/Zm4nHYMioYA
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FAQs on GST Composition Levy | Extension of due date for opting of Composition Scheme
Posted Date : 17-Apr-2020 , 09:37:10 am | Posted By CASANSAAR
FAQs on GST Composition Levy - Extension of due date for opting of composition scheme discussed by CA.Mansi Vohra. Watch this Video,,,,,
https://youtu.be/RWfz46FCQis
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Electronic documents for clearing imports allowed - CBIC
Posted Date : 15-Apr-2020 , 10:48:15 am | Posted By CASANSAAR
In a move that will help movement of essential goods and commodities through customs, the government has allowed importers and customs brokers to give electronic out of charge copies of bill of entry and eGatepass from April 15.
The latest reform towards paperless customs will help tide over diff...
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GST on Director Remuneration | AAR's Ruling on Directors Remuneration
Posted Date : 13-Apr-2020 , 09:14:03 am | Posted By CASANSAAR
Remuneration paid to directors to attract GST by Rajasthan bench of the AAR in the case of Clay Craft India Pvt Ltd. discussed by CA.(Dr.) Gaurav Gupta)
https://youtu.be/bUtuc4gYgIA
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GST Registration requirements in case of supply from other States
Posted Date : 13-Apr-2020 , 08:45:38 am | Posted By CASANSAAR
GST Registration requirements in case of supply from other States - Karnataka AAR's Ruling in case of Kardex India Solutions (P) Ltd. discussed by CA.(Dr) Gaurav Gupta)
https://youtu.be/cHbKAD68fy4
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