GST trouble: Assessees told to explain mismatch of ITC claimed in GSTR-3B, GSTR-2A
CBIC notifies GST Rate of Lottery

CBIC notifies GST Rate of Lottery

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The Central Board of Indirect Tax & Custom (CBIC) has notified the GST Rate of Lottery. 28%  Uniform rate of GST will be applicable to all lotteries. The amendment will be effective from March 1st 2020. Through this amendment, there is no distinction for lottery authorized by State Governments and lottery run by State Governments for the purpose of taxability and, hence, the standard rate of 28% shall apply. The notification was issued in the name of Pramod Kumar, Director of Government of India. Further, the Central…

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gstr-9
CBIC enables option to File GSTR-9 & GSTR-9C for FY 2018-19

CBIC enables option to File GSTR-9 & GSTR-9C for FY 2018-19

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The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps…

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GST compensation
Central govt releases Rs 19,950 crore GST compensation to states

Central govt releases Rs 19,950 crore GST compensation to states

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The central government has released Rs 19,950 crore as GST compensation to states, taking the total amount released to them to over Rs 1.2 lakh crore. In a statement, the finance ministry said Rs 19,950 crore was released to states and union territories last Monday. When the Goods and Services Tax (GST) came into force in July 2017, states, which lost powers to levy taxes such as VAT, were guaranteed to be compensated for any loss of revenue in the…

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invoice
GST authorities detect fraud of over Rs 214 cr

GST authorities detect fraud of over Rs 214 cr

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An anti-evasion wing of Central-GST has detected a fraud of more than Rs 214 crore through fake invoices in Delhi, an official release said on Wednesday. A person has been arrested and sent to judicial custody of 14 days, it added. The fraud was detected by the anti-evasion wing of CGST Delhi South Commissionerate. The alleged case of input tax credit fraud was taking place through fake invoices issued by bogus firms. Investigations found the accused had also been generating…

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GST Input Tax Credit
ITC-invoices mismatch: Huge sums sought as GST credit denied

ITC-invoices mismatch: Huge sums sought as GST credit denied

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The Goods and services tax (GST) authorities have blocked input tax credits (ITC) claimed by thousands of businesses to the extent these claims are not corroborated by invoices uploaded by their suppliers, multiple tax practitioners and businesses told FE. While the government had indeed announced that the credit restrictions would be implemented from January 1, for most of the affected businesses, especially for smaller ones, the move could result in a serious cash crunch, as they can now meet the…

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GST
CBIC mandates Registered Taxpayers to quote GSTIN on EXIM Declarations

CBIC mandates Registered Taxpayers to quote GSTIN on EXIM Declarations

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The Central Board of Indirect Taxes and Customs (CBIC) in a circular clarified that it is mandatory for registered taxpayers to declare GSTIN on EXIM declarations in a bid to strengthen all-round coverage of GST supplies. Certain cases have been reported where the importer or exporter did not declare their GSTIN in the Bill of Entry /Shipping Bill despite being registered with GSTIN. With the effect from 15.02.2020, the declaration of GSTIN shall also be mandatory in Import/Export documents for the importers and exporters registered as GST taxpayers. Data…

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E-invoice
New GST filing format, e-invoicing to help in ease of doing biz, reporting for taxes: GSTN CEO

New GST filing format, e-invoicing to help in ease of doing biz, reporting for taxes: GSTN CEO

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GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes. “E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries,” Kumar said while addressing an event on ‘E-invoicing and New GST Return Format’ organised by the PHD Chamber of Commerce and Industry. There is a need for standard to ensure complete…

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GST
Start recovering Rs 46K-Cr unpaid interest on delayed GST payments

Start recovering Rs 46K-Cr unpaid interest on delayed GST payments

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The Central Board of Indirect Taxes and Customs (CBIC) has directed principal chief commissioners and chief commissioners to begin recovery of nearly Rs 46,000 crore of unpaid interest on delayed goods and services tax (GST) payments. The direction which requires officials to report on the recovered amount within a week starting February 10, comes at a time when GST collection target for February and March have been revised to Rs 1.15 lakh crore. “Interest payable on such delayed payment of tax can…

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GST Evasion
634 cases of fraud GST refund claims by exporters worth ₹1,912 cr detected

634 cases of fraud GST refund claims by exporters worth ₹1,912 cr detected

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As many as 634 cases of fraudulent GST refund claim by exporters amounting ₹1,912 crore has been detected by the central tax authorities between July 2017 to January 2020, Parliament was informed on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Anurag Singh Thakur said of this ₹238.97 crore has been recovered by the Central GST authorities from the entities which claimed the fraudulent refunds. A total of 35 persons have…

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gst software
CBIC issues Standard Operating Procedure for Field Formations for Examining and Forwarding Representations of Taxpayers to GSTN

CBIC issues Standard Operating Procedure for Field Formations for Examining and Forwarding Representations of Taxpayers to GSTN

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The Central Board of Indirect Tax & Custom (CBIC) through the circular stated that in order to avoid the technical glitches on common portal the Central Board of Indirect Tax & Custom (CBITC) the uniformity in the standard Operating procedure will be followed by the field formations for examining and forwarding the details of taxpayers to Goods and Service Tax Networks (GSTN). The circular was issued by Sanjay Mangal, Commissioner of Goods and Service Tax (GST) addressing the Principal Chief Commissioners or the Chief Commissioner of Central Tax. The subject-matter…

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