Commerce Ministry raises issue of notices to exporters for GST ‘violation’

Commerce Ministry raises issue of notices to exporters for GST ‘violation’

The commerce ministry has taken up the issue of Directorate of Revenue Intelligence (DRI) notices being sent to 1,000 exporters for alleged violation of Goods and Services Tax with its finance counterpart, an official said. The commerce ministry has stated that the “overzealous revenue collection” move by DRI (Directorate of Revenue Intelligence) was against exporters. The ministry has demanded integrated goods and services tax (IGST) exemption for inputs used in exports between October 2017 and January 2019, the official said….

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GST: Evasion, returns and revenue boosting measures to feature at officers’ meet Monday

GST: Evasion, returns and revenue boosting measures to feature at officers’ meet Monday

Tax officers from the states and the Centre will get together for a day-long meeting on Monday to discuss administrative, legal, revenue and implementation-related issues under the indirect tax regime. This will mark a first of its kind interaction between central and state tax officers, delinked from the agenda of the Goods and Services Tax (GST) Council meeting. Usually, officer-level meetings have always taken place a day before the GST Council meetings, mainly to discuss measures outlined in the Council’s…

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No GST on Collecting Exam Fee from Students and Remitting same to that Particular University: AAR

No GST on Collecting Exam Fee from Students and Remitting same to that Particular University: AAR

The Authority of Advance Ruling ( AAR ) in Karnataka has ruled that, the activity of collecting exam fee (charged by any university Or institution) from students and remitting the same to that particular university or institution without any value addition to it is a service as a pure agent and hence the value is excluded from the taxable value of the applicant as per Rule 33 of the Central GST Rules / Karnataka GST Rules, hence exempted from Goods and Services Tax ( GST ). The Applicant provides…

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Punjab and Haryana HC directs GST Department to Re-Open Facility to File or Revise Tran-1 either Electronically or Manually

Punjab and Haryana HC directs GST Department to Re-Open Facility to File or Revise Tran-1 either Electronically or Manually

The Punjab and Haryana High Court has directed Goods and Services ( GST ) department to file or revise Tran-1 either electronically or manually. The High Court was hearing a bunch of Petitions, which Petitioners are registered under Central/State Goods and Services Tax Act, 2017 and seeking direction under Article 226 of Constitution of India to Respondents to permit carry forward of unutilized CENVAT credit of duty paid under Central Excise Act, 1944 and Input Tax Credit of VAT paid under PVAT…

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Customs, GST relief to give Rs 60,000-cr boost to defence

Customs, GST relief to give Rs 60,000-cr boost to defence

India’s defence budget will be augmented by more than Rs 60,000 crore over the next five years owing to exemptions from customs duty and goods and services tax (GST) that kicked in on October 1, said people aware of the matter. They said estimates by the Rajnath Singh-led defence ministry show that the twin exemptions will significantly impact its budget and free up resources for modernisation and replenishment of equipment. The defence ministry had been hit by the imposition of customs duty…

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GST collections remain subdued at Rs 95,380 crore in October

GST collections remain subdued at Rs 95,380 crore in October

The Goods and Services Tax (GST) collection in October declined to Rs 95,380 crore, as against Rs 1,00,710 crore in the same month a year ago, as per government data released on Friday. This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite October being a festive month. The revenue collection in September stood at Rs 91,916 crore. “The gross GST revenue collected in the month of October, 2019 is Rs 95,380 crore of…

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Central GST busts fake invoice racket worth R14cr

Central GST busts fake invoice racket worth R14cr

A fake Goods and Services Tax (GST) invoice scam of Rs 14 crore was unearthed by the Central GST commisionerate where the suspects used it for fraudulently claiming input tax credit (ITC). The scam came to surface during the course of action by the squads of the Central GST where a Chandwad-based firm M/s Gonglu Agro Pvt Ltd had received fake GST invoices worth Rs 5.58 crore. Later, the Central GST commisionerate found that this firm was also involved in issuance of fake GST…

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e-invoicing under GST may be made mandatory in future, says GSTN CEO Prakash Kumar

e-invoicing under GST may be made mandatory in future, says GSTN CEO Prakash Kumar

GSTN CEO Prakash Kumar on Thursday said that e-invoicing under GST will remain on a voluntary basis initially, however, it could be made mandatory in future if the council feels the need of doing so. “The council has given us the date of January 1st to deploy it on voluntary basis; the way we have done for e-way bill — it will be on a voluntary basis for some time and after that, it will be made mandatory whenever the…

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How the Implementation of GST has impacted the ERP – Enterprise Resource Planning Systems

How the Implementation of GST has impacted the ERP – Enterprise Resource Planning Systems

It has been quite a challenge for businesses to switch over to the GST system initially. Those players that had an effective action plan for their ERPs to migrate into the GST regime were the winners of this makeover. Data migration is a daunting task that impacts the master data and the transaction data alike and needs the deployment of adept resources. For this reason, it is essential to evaluate and recognize the areas in the ERP system which could…

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Now, officers to exclusively handle GST, Customs complaints

Now, officers to exclusively handle GST, Customs complaints

In line with Prime Minister Narendra Modi’s assurance that honest taxpayers would not be harassed and wealth creators would be respected, the indirect tax body – Central Board of Indirect Taxes and Customs (CBIC) has directed to appoint a nodal officer in each CGST and Customs Commissionerate to sort out taxpayer grievances. Industry and tax experts have hailed the decision saying that the move would ensure an escalation point for taxpayers in case their grievances are not addressed at designated level. “In order…

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