Finance Ministry takes Measures to Curb irregularities in GST Claims

Finance Ministry takes Measures to Curb irregularities in GST Claims

To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard operating procedure has been prescribed for exporters vide Circular No. 131/1/2020-GST dated 23.01.2020 to mitigate the risk of wrongful refund claims of Integrated Goods and Services Tax (IGST). This was stated by Shri Anurag…

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GST Council will revise rates yearly, says FM Sitharaman

GST Council will revise rates yearly, says FM Sitharaman

GST Council, the federal indirect tax body, is set to make changes in tax rates of goods and services a yearly affair, moving away from frequent rate revisions to remove ‘uncertainty’ for businesses and the government, finance minister Nirmala Sitharaman said on Sunday. Sitharaman said that frequent changes in GST rates have led to an inverted duty structure, where the raw materials ended up becoming costlier than the finished product, in some cases which also created problems with tax refunds….

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GSTN sets up panel to improve IT system

GSTN sets up panel to improve IT system

The Goods and Services Tax Network (GSTN) has announced setting up of a consultative committee to suggest ways to improve the functioning of its info-tech system. The Committee will provide feedback and suggestions on new functionalities in the GST system and adoption of new IT tools. Members will include representatives of industry chambers such as CII and Assocham, traders body such as Confederation of All India Traders (CAIT) and professional bodies such as Institute of Chartered Accountants of India, besides…

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CBIC starts process of Recovery of ineligible Input Tax Credit

CBIC starts process of Recovery of ineligible Input Tax Credit

In a Circular issued by Board, Thiruvananthapuram directed to recovery the ineligible Input Tax Credit is to be initiated immediately and an Action Taken Report and results achieved in this regard are to be furnished to the office. Section 16(4) of the CGST Act, 2017 prescribes that “A registered person shall not be entitled to take CBIC input tax credit (ITC) in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under Section 39 for…

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Accounting and Billing Software Providers can enrol with GSTN to Receive Regular updates on E-Invoice: CBIC

Accounting and Billing Software Providers can enrol with GSTN to Receive Regular updates on E-Invoice: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has said that Accounting and Billing Software Providers can enrol with GSTN to Receive Regular updates on E-Invoice. The GST Council has approved the introduction of ‘e-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. The adoption of this new standard ensures the complete inter-operability of e-invoices across the entire GST eco-system. The new system eliminates the…

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Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

The Centre is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases. Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said every bill under the goods and services tax (GST) regime will provide a chance to the customers to win a lottery and that would act as an incentive for them to pay the tax. “We have come with the new lottery system. Every bill under GST…

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Union Budget 2020: Fake invoicing under GST a non-bailable offence

Union Budget 2020: Fake invoicing under GST a non-bailable offence

In order to crack down on fake invoicing and fraudulent input tax credit (ITC) refunds under the goods and services tax (GST), the Budget has introduced strict penal provisions under the GST legislation, making it a non-bailable offence. The move has already been approved by the GST Council. Besides, Finance Minister Nirmala Sitharaman announced that the new GST return framework and e-invoicing would be implemented from April 1, to improve compliance and plug the tax revenue leakages. According to the government, the masterminds of fraudulent ITC rackets involve people like daily wagers,…

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GST: CBIC extends GSTR-9 and GSTR-9C filing dates in a staggered manner

GST: CBIC extends GSTR-9 and GSTR-9C filing dates in a staggered manner

The Central Board of Indirect Taxes and Customs (CBIC) late on Friday night extended the due date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 in a staggered manner. The last date to file the Returns was January 31, 2020. This came after thousands of taxpayers took to social media complaining about the GST portal not working. “Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided…

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GSTN glitches: Finance Ministry summons Infosys Executives

GSTN glitches: Finance Ministry summons Infosys Executives

The Ministry of Finance has reportedly summoned the Infosys executives for over the Goods and Services Tax Network (GSTN) glitches. Senior executives of Infosys has been summoned following continued glitches being faced by taxpayers and professionals while filing returns on the GST Network. Infosys senior vice president C N Raghupati and vice president V Ranganathan will meet top finance ministry officials to explain why technical glitches have not been resolved, despite repeated requests from the ministry. “There have been repeated complaints from businesses and industry that…

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CBIC simplifies filing of GSTR-9C ahead of deadline

CBIC simplifies filing of GSTR-9C ahead of deadline

The Central Board of Indirect Taxes and Customs ( CBIC ) has made simplification in the filing of GSTR-9C ahead of the deadline. The CBIC said that,  It’s not mandatory to attach cash flow statement. Instead of ‘True & Correct’ opinion Auditor required to give ‘True & Fair’ opinion. The CBIC also said that, Table 14 made optionally and Option provided not to fill ‘ITC booked in previous FY claimed in current FY; and, ITC booked in current FY to be claimed…

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