Page 10 - Latest Updates on Goods and Services Tax
Second all-India drive against fake GST registrations to begin on Aug 16
Under GST, entities take fake registration for the purpose of fraudulently claiming ITC by issuing bogus invoices
 "Second all-India drive against fake GST registrations to begin on Aug 16")
GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam
Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam
 "GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam")
CBIC to begin special drive to weed out fake GST registration on Aug 16
This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraudulently avail and pass on input tax credit
 "CBIC to begin special drive to weed out fake GST registration on Aug 16")
Rs 1.82 trillion GST from mobile phones 5 times what PLI allocated
ICEA, which provided the GST data, projects that GST collections from mobile devices between FY21 and FY26 are expected to reach Rs 3.09 trillion
 "Rs 1.82 trillion GST from mobile phones 5 times what PLI allocated")
Pan masala makers to pay fine from Oct if machines unregistered with taxmen
Move to overhaul registration, record-keeping, and monthly filing of such businesses was aimed at improving Goods and Service Tax (GST) compliance for manufacturers of pan masala and tobacco products
 "Pan masala makers to pay fine from Oct if machines unregistered with taxmen")
DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case
Earlier this week, the IT services company received a Rs 32,403 crore GST notice from authorities
 "DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case")
TMC requests govt to withdraw GST on health, medical insurance premiums
MPs from INDIA bloc parties TMC and DMK walked out of the House, alleging that there was no clarification from the government over the issue
 "TMC requests govt to withdraw GST on health, medical insurance premiums")
Fake ITC claims detection by GST officers up 51% at Rs 36,374 cr in FY24
Chaudhary said challenges in tracking fake ITC fraudsters relate to masterminds, who operate fake ITC generation through control, management of a complex web of entities created across jurisdictions
 "Fake ITC claims detection by GST officers up 51% at Rs 36,374 cr in FY24")
Rural volumes likely to overtake urban by FY25-end, says Kantar report
Kantar report says rural growth largely led by rise in population rather than consumption
 "Rural volumes likely to overtake urban by FY25-end, says Kantar report")
Growth or decline? Understanding non-agricultural informal enterprises
Efforts at providing robust data for unorganised sector, which plays an important role in livelihood and survival of the poor, has so far been half-hearted, producing no comparable evidence over time
 "Growth or decline? Understanding non-agricultural informal enterprises")
Govt procurement comes full circle in Chhattisgarh, GeM portal to resume
New BJP-led government restores practise of purchasing goods & services from Centre's GeM portal; Cong-led govt used to get it from state's portal
 "Govt procurement comes full circle in Chhattisgarh, GeM portal to resume")
GST Council's key state panel for rate changes may face another revamp
In the last reorganisation of this panel, at the GST Council meeting on June 22, Bihar Deputy Chief Minister Samrat Chaudhary was appointed as its convenor
 "GST Council's key state panel for rate changes may face another revamp")
GST: Reimagining input tax credit norms
One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated
GST Day 2024: Check date, history, significance, quotes and more
GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments
 "GST Day 2024: Check date, history, significance, quotes and more")
7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges
With enhanced revenues, the stage seems set for GST 2.0
GST on crude oil, petrol and diesel boils down to revenue concerns
Despite Constitutional provisions, inclusion of petrol and diesel under GST framework remains a distant dream
 "GST on crude oil, petrol and diesel boils down to revenue concerns")
GST Council waives interest, penalty on tax demands between FY18 and FY20
Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget
 "GST Council waives interest, penalty on tax demands between FY18 and FY20")
GST rate rejig panel due for another revamp ahead of full Budget
Council may meet before Budget presentation in the middle of next month
 "GST rate rejig panel due for another revamp ahead of full Budget")
GSTN rolls out form for tobacco manufacturers to report inputs, outputs
This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers
 "GSTN rolls out form for tobacco manufacturers to report inputs, outputs")
AAR rules 18% GST on infant food containing milk, other ingredients
Rajasthan authority for advance rulings observed that the primary product manufactured by the company is infant milk formula which includes cereals and protein supplements
 "AAR rules 18% GST on infant food containing milk, other ingredients")