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5,000 companies under scanner over mismatch between I-T and GST filings: Report

5,000 companies under scanner over mismatch between I-T and GST filings: Report

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Around 5,000 companies have come under the scanner of tax authorities due to alleged discrepancies between their Goods and Services Tax (GST) filings and Income Tax (I-T) returns, Business Standard reported.

The Central Board of Direct Taxes (CBDT) has ordered search-and-survey operations against these mid-and-small sized companies, including owners of business houses.

The information, based on GST Network (GSTN) data, has been shared with states so that they can take appropriate action immediately.

The companies allegedly inflated GST claims and under-reported income in their I-T filings, the report added.

Moneycontrol could not independently verify the story.

Around 2,000 cases of mismatches have been found in Mumbai alone, followed by Delhi, Kolkata, Hyderabad and Bengaluru, a source told the newspaper.

Scrutiny notices were sent to some companies for utilising input tax credit to clear the bulk of the GST liabilities, the report added.

The discrepancies were found after comparing other data as well, such as gross total income, turnover ratio and sales returns provided by GSTN and other sources.

The companies claimed GST returns on transactions that were not reflected in their filings, the article quotes a source as saying.

The companies are said to have claimed input tax credit through dummy companies. In their GST filings, they showed transactions between companies that were either unrelated or had no business history.

Source: Money-Control

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Government extends deadline for GST returns filing for taxpayers affected by cyclones

Government extends deadline for GST returns filing for taxpayers affected by cyclones

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The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu.

For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018.

Those taxpayers whose principal place of business is in the 11 specified districts of Tamil Nadu, the GSTR-3B for the month of October has to be filed by December 20.

“In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu viz., Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram, the competent authority has decided to extend the due dates for filing various GST returns,” a finance ministry statement said.
The last date for filing GSTR-3B for a month is the 20th day of the subsequent month.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, final sales return or GSTR-1 for September and October has to filed by November 30.

The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu.

For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018.

Those taxpayers whose principal place of business is in the 11 specified districts of Tamil Nadu, the GSTR-3B for the month of October has to be filed by December 20.

“In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu viz., Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram, the competent authority has decided to extend the due dates for filing various GST returns,” a finance ministry statement said.
The last date for filing GSTR-3B for a month is the 20th day of the subsequent month.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, final sales return or GSTR-1 for September and October has to filed by November 30.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the 11 specified districts of Tamil Nadu, they can file GSTR-1 for October by October 20, 2018.

Taxpayers having aggregate turnover of up to Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, GSTR-1 has to be filed by November 30.


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Source: Zee Business
CGST Commissionerate ready to open more return-filing centres
CGST Commissionerate ready to open more return-filing centres

CGST Commissionerate ready to open more return-filing centres

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The first CGST tax return facility was rolled out in partnership with the western regional council of the Institute of Chartered Accountants.

Despite the poor response to the first free return filing facility put up by the tax department in the city, the CGST Commissionerate is ready to open more such centres to help better tax compliance and timely filing, a senior official said on Friday.

As the GST filing still remains cumbersome for a vast majority of taxpayers, the Central GST Commissionerate of the Mumbai East Zone, which is one the largest in the country, has launched a free return filing centre at the Parel area of the city in April but has not met with the desired response.

“Our initial planning was to open 30-50 centres across the city. But we didn’t get a good response to the first centre and so we haven’t decided to expand it. But if we get a request from any taxpayer community then we will go for it. We are ready to open it anywhere,” CGST commissioner for Mumbai East, Vijay Risi said.

Risi was talking to the press after launching the commissioner’s first Hindi magazine ‘Kanheri’ which aims to address the grievances/queries of taxpayers.

“We want to use this magazine for nut just for articles but also to publish some technical information that will be useful to all taxpayers. Next editions will have taxpayers involved as well. They can also interact with us for queries or suggestions on refunds or assistance,” Risi said.


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Source: Money Control
September last month to fix GST return filing errors, claim credit for FY18

September last month to fix GST return filing errors, claim credit for FY18

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September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be the final month for taxpayers GST Return Filingto claim credit for invoices issued in 2017-18 as well as to rectify errors in their tax return forms for the year.

GST was implemented on 1 July 2017, and with taxpayers still getting used to the new return filing system under this indirect tax regime, there have been instances of errors including incorrect or inflated claims of credit or in some cases under-reporting of tax credit claims. There are also instances of omissions in reporting of transactions. All these can be corrected in the September tax return form.

According to GST rules, if the taxpayer forgets to claim input tax credit for an invoice pertaining to FY2017-18, the time limit for availing it is the due date for the September 2018 returns. Similarly, if the taxpayer has missed reporting details of any credit or debit note issued in 2017-18 in the earlier monthly GST return forms, he can do the same only in this month’s tax returns.

Also, according to the rules, no rectification of error or omission in respect of the details furnished in the GST returns filed earlier in 2017-18 will be allowed later than the GST returns filed for September 2018 or furnishing of the relevant annual return, whichever is earlier.

Archit Gupta, founder and chief executive officer of Cleartax, said the September GST returns are significant for taxpayers and they need to make sure that the input tax credit is accurate. “Taxpayers will require advanced reconciliation algorithms so that potential notices are avoided,” he said.

Currently, taxpayers fill a GST return form 3B detailing total purchases and sales and GST return form 1 detailing outward supplies.

The GST Council is in the process of bringing out new tax return forms, which are expected to be rolled out effective 1 January 2019. These forms will give the tax authorities powers to detect tax evasion by cross-verification of claims made by suppliers and buyers through invoice matching.

Source :  Livemint
GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive

GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive

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With close to 70% of the 1.1 crore businesses registered for the goods and services tax (GST)GST-Return filing the returns by the deadline, the compliance level is now satisfactory, GST Network’s chief executive officer Prakash Kumar told FE, adding that the vexed issue of delays in refunds to exporters has also been fully resolved for those pay integrated GST and seek to get it back.

In the initial months since GST’s July 2017 launch, just a little over half of the registered taxpayers used to file returns (and pay tax) by the deadline (the 20th of the next month). While overall taxpayer base has expanded over months from around 64 lakh at the start, the number of monthly return-filers also has risen. According to Kumar, almost all taxpayers who have a tax liability are now filing the returns. “These numbers are in line with what we had in the VAT regime. Even in the case of income tax returns, there are 25 crore PANs but only over 6 crore people who actually file the returns,” he added.

Among exporters, those who pay integrated GST (IGST) and file refund applications with “the correct details” were getting the refunds in four to five working days, he added. The prospect of prompt refunds, he said, encouraged exporters to use the fully automated IGST route rather than the letter of undertaking route, which doesn’t involve tax payment but only refund of input tax credits. Exporters are eligible for refund of tax content in export goods as such such sales overseas are zero-rated.

“Refund process for claims filed since February has largely been smooth. We have been clearing refunds everyday and it has become relatively error-free,” Kumar said. Exporters have to declare the identical details to the customs department as well as to the IT backbone for GST refunds but failure to match details in earlier days had led to refunds getting stuck.

Also Read: Goods and Service Tax refunds to exporters top Rs 12,000 crore, only 40% payment left

However, Kumar added that the input tax credit (ITC) route for exporters still suffered from delays as it was not completely automated and tax officials were required to verify details before sanctioning refunds. Apart from exporters, ITC refunds are also claimed by businesses supplying GST-exempt goods and those dealing in goods with inverted duty structure.

“We had the software for even automated ITC refund but it would work only with GSTR-2 and 3 forms, which have remained suspended. Since there is no validation with GSTR-2 and 3, the time-consuming task of manual interference is required,” he said.

The Central Board of Indirect Taxes and Customs (CBIC) has had to undertake special refund drives — one in March and the other earlier this month — to ensure that refunds are cleared with manual intervention and checks. At the beginning of the second such drive, the government had said that Rs 14,000 crore of refund claims were stuck.

GSTN will start work on the new simplified return-filing system after the tax department moots the final draft (software modules related to appeals, investigation and assessment are currently being developed). Detailed returns are crucial for invoices-matching, which is integral to check tax evasion.

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Source :  Financial Express