Dept suspects GST Software Loopholes liable for Evasion, Likely to approach ICAI to investigate Involvement of CA

Dept suspects GST Software Loopholes liable for Evasion, Likely to approach ICAI to investigate Involvement of CA

The Goods and Services Tax department recently unearthed a scam of Rs 230 crore in Tamil Nadu and suspected that the evasion is due to the loopholes in the GST software. The State Department is investigating a scam involving Salem-based steel traders Mahendra Kumar Singhi and wife Suman, owners of Steel Hypermart India Pvt Ltd, and chartered accountant Mukesh Surana, who allegedly claimed several crore rupees as an input tax credit by producing fake invoices of steel trading, Times of…

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Tax authorities to levy interest on cash, ITC component of GST paid after due date

Tax authorities to levy interest on cash, ITC component of GST paid after due date

Officials to conduct due verification of all cases of late filing of returns Tax authorities have made it clear that interest will be levied on both cash and input tax credit (ITC) component of GST paid after the prescribed due date. Although the standing order has been issued by the Principal Commissioner of Hyderabad GST Commissionerate, experts say the same will be applicable for all the regions as it draws an inference from C-GST (Central Goods & Services Tax)/S-GST (State…

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GST collections pegged at Rs 7.61 lakh crore for FY20; FY19 budgeted target missed

GST collections pegged at Rs 7.61 lakh crore for FY20; FY19 budgeted target missed

New Delhi: GST collections by the Centre missed the budgeted target set for the current fiscal by Rs 1 lakh crore, while total mop-up from the indirect tax has been pegged at over Rs 7.61 lakh crore for 2019-20. The government had budgeted to collect over Rs 7.43 lakh crore from Goods and Services Tax (GST) in the current fiscal ending March. However, in the revised estimates, the revenue mop-up has been pegged at over Rs 6.43 lakh crore. So…

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GST entry error proves costly to company

GST entry error proves costly to company

But High Court has stepped in to save a firm that was deprived of credit of nearly Rs 10 crore, by asking the nodal officer to decide on a correction The High Court has directed a GST nodal officer to consider the corrections sought by a company which had made a mistake while filing a GST form. This had led to the deprivation of credit to the tune of nearly Rs 10 crore. The company said it was a bonafide error which should be corrected. Pragati…

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CGST Amendment Act – Key changes in the GST made effective from 1 February 2019

CGST Amendment Act – Key changes in the GST made effective from 1 February 2019

Out-and-out sales and high sea sales outside the ambit of GST:Transactions, where goods are physically moved from a place outside India to another place outside India, without such goods entering the territory of India (known as out-and-out sales in trade parlance), have been declared neither as supply of goods nor supply of services under as Schedule III of the CGST Act. Transactions of high sea sales are also included under Schedule III. Reverse charge on procurements from unregistered dealers:Rather than…

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Government faces shortfall in GST collection

Government faces shortfall in GST collection

GST collection reached ₹1 lakh crore only in two months out of nine in the current financial year, according to government data. One of the months where the revenue crossed ₹1 lakh crore was October, which marks the beginning of the festive season. Hence, a higher collection was expected. The other month was April. However, a government release in April cautiously noted that this “cannot be taken as a trend for the future” as people usually pay arrears of the…

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Telcos seek GST waiver on payments to govt, Rs 35K-cr input credit adjustment

Telcos seek GST waiver on payments to govt, Rs 35K-cr input credit adjustment

Telecom firms, barring Reliance Jio, have asked the government to waive GST on spectrum payments and other levies, while adjusting accumulated tax credits of Rs 35,000 crore in the pending payments. In a letter to Telecom Minister Manoj Sinha Monday, the Cellular Operators Association of India (COAI) said value-added tax or goods and services tax (GST) is not applicable to government services internationally, as they are considered ‘out of scope’ or regarded as non-economic activities or sovereign functions that are…

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GSTN Alert: Two New Features added in GST Portal

GSTN Alert: Two New Features added in GST Portal

The Goods and Services Tax Network ( GSTN ) has added two new features in the GST portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers. From now, every time a taxpayer makes GST payment using in the bank, it will be updated in the Preferred Bank list for that taxpayer. As per the statement issued by the GSTN, up to six preferred banks will be shown to the taxpayer…

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GST revenue shortfall drags down tax revenue estimates

GST revenue shortfall drags down tax revenue estimates

Shortfall in GST revenue of an estimated Rs 1 lakh crore has forced the government to revise downwards its gross tax revenue target by over Rs 23,066 crore in the revised estimates of the current fiscal despite a better-than-expected collection on the direct tax side. As per the Interim Budget tabled in Parliament on Friday, the government revised the Goods and Services Tax (GST) target from Rs 7.44 lakh crore to Rs 6.44 lakh crore — a gap of Rs…

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Budget 2019: Govt disappoints two-wheeler companies with no GST relief

Budget 2019: Govt disappoints two-wheeler companies with no GST relief

Finance Minister Piyush Goyal provided no relief on goods and services tax (GST) to automobile companies, disappointing two-wheeler companies categorised under the luxury and sin goods segment. In January, two of India’s top four two-wheeler makers sought relief from the government to move two-wheelers to the 18 percent GST slab from 28 percent. Hero Motocorp Chairman Pawan Munjal and TVS Motor Company Venu Srinivasan had suggested two-wheelers be moved to the more affordable tax bracket. Rajiv Bajaj, MD, Bajaj Auto…

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