Page 35 - Latest Updates on Goods and Services Tax
Banking on Budget: Some key indirect tax measures govt should focus on
Having multiple GST rates not only leads to complexities in compliance and tax structure, but also does not optically make India tax-friendly and competitive globally
 "Banking on Budget: Some key indirect tax measures govt should focus on")
Govt must focus on alignment of provisions with GSTN processes
There is a conscious attempt from the top echelons of the government to promote digitalisation and substantially reduce physical interface between the administrators and the trade
Arrest provisions under CGST Act challenged in Bombay High Court
While the government claims that companies are booked under GST laws for fraudulently claiming the input tax credit, experts find loopholes in the provisions, particularly those related to arrests
 "Arrest provisions under CGST Act challenged in Bombay High Court")
GSTN launches 'communication between taxpayer' facility on portal
The GST Network on Monday said it has launched the "communication between taxpayer" feature on its portal
 "GSTN launches 'communication between taxpayer' facility on portal")
GST invoice fraud: 132 arrested, 163,000 registrations cancelled
In its drive to check fake firms GST field formations have cancelled 163,042 registrations in the month of October and November this year due to non-filing of GSTR-3B returns for more than six months
Centre releases Rs 6,000 crore of GST compensation to 23 states, three UTs
Remaining five states do not have a gap in revenue on account of GST implementation.
E-invoicing under GST pick up speed, posts 17% growth in November
Daily invoice generation has now improved to 2.5-2.7 million per day compared to an average of 1.5 million a day in October.
 "E-invoicing under GST pick up speed, posts 17% growth in November")
GST collections up Rs 1 trn for second month straight, aided by festivals
November collections were 1.42 per cent higher than the same month of the previous year
25,000 defaulting taxpayers to be persuaded to file GST returns by Nov 30
GSTN and tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same
Chhattisgarh, Punjab to opt for centre's borrowing option on GST shortfall
This leaves Jharkhand as the odd one out
 "Chhattisgarh, Punjab to opt for centre's borrowing option on GST shortfall")
GST not a perfect system, requires changes, rate rationalisation: N K Singh
Says finance commission's job is to reconcile divergent objectives
 "GST not a perfect system, requires changes, rate rationalisation: N K Singh")
Telangana opts for Option 1 to meet GST shortfall, joins 22 other states
The Union Ministry of Finance informed that Telangana has opted for Option-1 suggested by the Ministry to meet the shortfall in revenue arising out of GST implementation
Five more held for fake invoices under GST, total arrests reach 30
GST Council's law panel to meet on Wednesday to deliberate on actions to curb fake issuance of invoices
GST Council's law panel to meet on Wednesday over fake invoices
Meeting is part of nationwide drive against fake GST invoices; 25 held, 350 cases filed against 1,180 entities till Nov 13, crackdown resumes today after diwali recess
Professionals and kingpins among 25 held for issuing fake bills under GST
350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources
 "Professionals and kingpins among 25 held for issuing fake bills under GST")
GSTN infrastructure upgraded to handle up to 300,000 users concurrently
The number of active taxpayer numbers have effectively doubled since the launch of GST at about 1.3 crore.
 "GSTN infrastructure upgraded to handle up to 300,000 users concurrently")
GST borrowing to meet states shortfall must be reasonable: Finance Secy
So far, 21 states and 3 Union Territories have opted for the borrowing plan proposed by the Centre
Too early to call
Essential to see if demand holds in coming months
 "Too early to call")
Wait for holistic response for stressed sectors: Finance secretary
AJAY BHUSHAN PANDEY talks about the Budget, revenue collection, and the goods and services tax (GST) compensation mechanism
 "Wait for holistic response for stressed sectors: Finance secretary")
GST collections cross Rs 1 trillion in October for first time in 8 months
Mop up grows 10% y-o-y at Rs 1.05 trillion, almost equal to levels in February before a nationwide lockdown to contain the coronavirus pandemic