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

GST revenue collected for the month of november 2022 - Rs. 1,45,867 Cr.
Posted Date : 02-Dec-2022 , 08:24:42 am | Posted By CASANSAAR

The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore of which CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore (including ₹38,635 crore collected on import of goods) and Cess is ₹10,433 crore (includin...

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Category : GST | Comments : 0 | Hits : 98

CBIC Issues Guidelines For Verification Of GST Transitional Credit Claims
Posted Date : 12-Nov-2022 , 09:28:47 am | Posted By CASANSAAR

The CBIC on Thursday issued guidelines for verification of GST transitional credit claims and said taxpayers will not be permitted to file revised returns for availing such credit.      When Goods and Services Tax (GST) was rolled out on July 1, 2017, taxpayers were allowed to file F...

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Category : GST | Comments : 0 | Hits : 233

CBIC started a process of issuing show-cause notices to thousands of entities
Posted Date : 10-Nov-2022 , 03:05:07 am | Posted By CASANSAAR

Stepping up its anti-evasion drive, the goods and services tax (GST) wing of the Central Board of Indirect Taxes and Customs (CBIC) has started a process of issuing show-cause notices to thousands of entities for alleged evasion or under-payment of tax.   It has already issued notices in abou...

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Category : GST | Comments : 0 | Hits : 1651

Man held for fraudulently claiming refund of more than Rs 27 cr from fake input tax credit (ITC)
Posted Date : 03-Nov-2022 , 09:58:08 am | Posted By CASANSAAR

A 26-year-old man has been arrested by the Maharashtra Goods and Services Tax (GST) department for fraudulently claiming a refund of more than Rs 27 crore through a fake input tax credit involving at least two “non-genuine” firms, an official said on Wednesday.   The GST departmen...

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Category : GST | Comments : 0 | Hits : 1794

GST offences up to Rs 5 Cr may be decriminalised
Posted Date : 26-Oct-2022 , 08:44:55 am | Posted By CASANSAAR

To promote ease of doing business, the government is working on a proposal to decriminalise certain offences under the goods and services tax (GST) by raising the threshold limit from Rs 2 crore to Rs 5 crore in tax evasion cases.   “A proposal is under consideration to raise the thresh...

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Category : GST | Comments : 0 | Hits : 572

GST returns Non-filers to be barred from filing GSTR-1
Posted Date : 23-Oct-2022 , 09:49:26 am | Posted By CASANSAAR

Businesses not filing GST return forms (GSTR 1 and GSTR 3B) in a month will not be allowed to file immediate next returns. The GST administration has made changes in the portal to implement this. The move is aimed at curbing issuance of fake invoices and tax evasion....

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Category : GST | Comments : 0 | Hits : 546

GST officers detect Rs. 824 Cr GST Fraud by insurance companies
Posted Date : 30-Sep-2022 , 07:56:42 am | Posted By CASANSAAR

GST officers have detected ₹824 crore tax evasion by 15 insurance companies, intermediaries and banks through issuance of fake invoices, officials said on Thursday.   Acting on specific inputs, GST Intelligence Officers in Mumbai searched the premises of a number of corporates -- insurance ...

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Category : GST | Comments : 0 | Hits : 519

Businesses will be able to claim pre-GST tax credits from October 1
Posted Date : 13-Sep-2022 , 09:01:46 am | Posted By CASANSAAR

The businesses that could not claim tax credits for taxes paid during the pre-goods and services tax (GST) era may soon get an opportunity to do so. The government, from October 1, is likely open a special window for businesses to file their claims, according to a report by Mint.   According ...

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Category : GST | Comments : 0 | Hits : 465

SC gives finance ministry 30 more days for opening of GST Portal
Posted Date : 03-Sep-2022 , 08:40:54 am | Posted By CASANSAAR

The Supreme Court on Friday gave the finance ministry further extension of 30 days for opening of the GST common portal. It also directed the GSTN to open the portal for 60 days from October 1 till December 31 so as to “give full effect” to its July 22 order that had allowed taxpayers to...

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Category : GST | Comments : 0 | Hits : 854

Govt contract winners must share all details for GST assessment - SC
Posted Date : 25-Aug-2022 , 11:08:10 am | Posted By CASANSAAR

The Supreme Court has said all details of the bidder winning a government contract need to be shared with the Goods and Services Tax (GST) jurisdictional officers concerned to enable them to correctly assess tax liability.   The Supreme Court also held that it is the responsibility of the bid...

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Category : GST | Comments : 0 | Hits : 575

Govt clarifies on the new rule of GST on Residential Properties
Posted Date : 13-Aug-2022 , 09:54:57 am | Posted By CASANSAAR

Government has clarified that the new rule on levying 18% Goods and Services Tax (GST) on house rent for tenants is applicable to business entities only. A tweet by the official twitter handle of the Press Information Bureau has stated that the levy is applicable in case of renting of residential un...

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Category : GST | Comments : 0 | Hits : 842

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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Category : GST | Comments : 0 | Hits : 299

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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Category : GST | Comments : 0 | Hits : 386

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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Category : GST | Comments : 0 | Hits : 895

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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Category : GST | Comments : 0 | Hits : 1077

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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Category : GST | Comments : 0 | Hits : 547

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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Category : GST | Comments : 0 | Hits : 783

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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Category : GST | Comments : 0 | Hits : 327

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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Category : GST | Comments : 0 | Hits : 511

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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Category : GST | Comments : 0 | Hits : 587

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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Category : GST | Comments : 0 | Hits : 662

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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Category : GST | Comments : 0 | Hits : 481

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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Category : GST | Comments : 0 | Hits : 478

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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Category : GST | Comments : 0 | Hits : 1006

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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Category : GST | Comments : 0 | Hits : 3354

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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Category : GST | Comments : 0 | Hits : 283

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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Category : GST | Comments : 0 | Hits : 615

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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Category : GST | Comments : 0 | Hits : 1065

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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Category : GST | Comments : 0 | Hits : 392

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