GST
Courier companies seek relief on GST E-way bill rule

Courier companies seek relief on GST E-way bill rule

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Courier companies such as FedEx, DHL and UPS are in a bind over delivering imported goods to customers because of a goods and services tax rule that bars defaulters from issuing e-waybills. The document is mandatory for transport of goods worth over Rs 50,000. On the other hand, the customs department won’t hold such goods in its storage once they’re cleared. The companies, including local ones such as DTDC, Safe Express, Gati and Delhivery, have petitioned the government to seek a…

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GST ITC
DGGI directs to Block disputed Input Tax Credit against Fake Invoices, Invoices without Receipt of Goods or Services

DGGI directs to Block disputed Input Tax Credit against Fake Invoices, Invoices without Receipt of Goods or Services

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The Directorate General of GST Intelligence ( DGGI ) has issued directions to all Zonal Chief Commissioners on Blocking of Input Tax Credit under rule 86A(1)(a) of CGST Rules. Rule 86A. Conditions of use of amount available in electronic credit ledger.- (1) The Commissioner or an officer authorised by him in this behalf, not below the rank of an Assistant Commissioner, has reasons to believe that credit of input tax available in the electronic credit ledger has been fraudulently availed or is ineligible in as much…

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E-invoicing
What is E-invoicing?

What is E-invoicing?

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E-invoicing E-invoicing refers to a method in which the entire B2B invoices that are generated by the accounting software, are electronically authenticated by GSTN (Goods and Service Tax Network) for any further use such as generating E-way bills, preparing returns, and the like. In fact, E-invoice does not involve generating or creating invoices from the common portal or the tax department; rather, it includes the submission of invoices already generated from the respective accounting software at the central GST portal….

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GST Refund
GST fraud: 1,200 exporters seeking Rs 350 crore GST refund untraceable

GST fraud: 1,200 exporters seeking Rs 350 crore GST refund untraceable

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Even after two years of implementation of the Goods and Services Tax (GST), the government is struggling to plug leakages in the system. A probe by the GST authorities has revealed that nearly 1,200 exporters, who made GST refund claims of Rs 350 crore, were untraceable, the Times of India reported.  Citing sources, the daily said that over 800 entities have been prevented from exporting overvalued merchandise of Rs 1,500 crore to claim fake IGST with refunds over the last five months….

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E-invoice
What is E-invoicing under GST

What is E-invoicing under GST

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What is E-invoicing? E-invoicing refers to a method in which the entire B2B invoices that are generated by the accounting software, are electronically authenticated by GSTN (Goods and Service Tax Network) for any further use such as generating E-way bills, preparing returns, and the like. In fact, E-invoice does not involve generating or creating invoices from the common portal or the tax department; rather, it includes the submission of invoices already generated from the respective accounting software at the central…

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National Anti Profiteering Authority (NAA)
Anti-profiteering body steps up GST compliance drive

Anti-profiteering body steps up GST compliance drive

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A wave of orders is expected from the National Anti-profiteering Authority (NAA) in the next three months, with the Centre stepping up a goods and services tax (GST) compliance drive. About 40 orders are expected to be issued shortly on complaints against firms in the real estate, consumer goods, and cinema industries, said a person with direct knowledge of the matter, who requested anonymity. The firms facing investigations include some the leading suppliers of ayurvedic products, electronics and television makers,…

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analytics
931 GST fraud cases identified through Data Analytics

931 GST fraud cases identified through Data Analytics

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Department of Revenue through data analysis has identified 931 cases of fraudulent GST.The maximum numbers of such cases for Input Tax Credit frauds have been booked in Kolkata zone followed by Delhi, Jaipur and Punchkula (Haryana). Refunds of over Rs. 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current year. Finance Ministry sources confirmed that such identified taxpayers who have purchased goods from tax evading non-filers…

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gst e-invoice
Banks, telcos, insurers may be exempted from GST e-invoices

Banks, telcos, insurers may be exempted from GST e-invoices

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Banks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invoices under goods and services tax (GST), said people aware of the matter. “Banks, airlines, telcos and other entities that have direct customer interaction on a large scale may be exempted from filing their e-invoices under GST,” said one of the persons, who did not wish to be identified. Another person said the government would have to specify the exemptions through notification in the rules. Such…

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gst late fee waiver
CBIC extends waiver of GSTR-1 late fee

CBIC extends waiver of GSTR-1 late fee

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The Central Board of Excise and Customs (CBIC) extended the last date for waiving late fee on filing of output supplies statements through Form GSTR 1 for the period between July 2017 and November 2019, by a week to January 17. More than 54 lakh filings under goods and services tax (GST) were received by authorities, the finance ministry said through its Twitter handle Friday, more than double from the monthly average of 25 lakh filings, prompting the move. The government had…

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gst refund claim
Central government, states to get tough on GST refund claims

Central government, states to get tough on GST refund claims

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Central and state government officials on Tuesday decided to scrutinize goods and services tax (GST) refund claims more diligently, compulsorily investigate all fake claims and step up coordination between income-tax and GST authorities. The move to tighten enforcement measures comes amid the continued shortfall in GST revenue collections. The decision to deal with fake tax refund claims by businesses and traders with no leniency was taken at a meeting of central and state officials in the capital. At the meeting,…

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