Cgst

The CGST rules: Helpful amendments, court decisions for exporters

CBIC had issued its circular prescribing the procedures for the payment of IGST and compensation cess (CC) along with interest by the importers who had violated the pre-import condition

CBI arrests three in graft case in connection with Rs 60 lakh bribery case

The CBI has arrested three accused, including a superintendent from the Central Goods and Service Tax posted in an anti-evasion wing in Mumbai, in connection with a Rs 60 lakh bribery case, officials said on Sunday. Superintendent Sachin Gokulka, Chartered Accountant Raj Aggarwal and one Abhishek Mehta were arrested when they were allegedly receiving part payment of Rs 20 lakh as bribe, they said. The CBI had registered the case on a complaint against six officers of the Central Goods and Service Tax (CGST), Mumbai comprising Additional Commissioner Deepak Kumar Sharma, Joint Commissioner Rahul Kumar, four superintendents - Gokulka, Bijender Janawa, Nikhil Agrawal, Nitin Kumar Gupta, Aggarwal and Mehta. The case was registered on a complaint of a businessman, who alleged that he was confined for the whole night in the Santacruz office of the CGST on September four when he visited the office. He had alleged that he was released on on September 5 after 18 hours of confinement. "It wa

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

Sun Pharma gets Rs 1.11 cr tax demand over disallowed input tax credit

Sun Pharmaceutical Industries Ltd on Monday said it has received a tax demand of over Rs 1.11 crore from authorities over disallowed input tax credit. The company has received an order from the Joint Commissioner, CGST and Central Excise, passed under the GST Act, raising a demand of Rs 1,11,60,156, imposing a penalty of Rs 11,16,016 and interest as applicable, Sun Pharmaceutical Industries said in a regulatory filing. The reason for the order is disallowed input tax credit on account of inadmissible transitional credit, it added. "There is no material impact on financial, operation or other activities of the company," the filing said.

CGST Commissionerate busts syndicate involved in Rs 1,000 cr ITC fraud

Meerut CGST Commissionerate on Thursday busted a syndicate that fraudulently claimed Input Tax Credit of over Rs 1,000 crore through a network of 232 fake firms and arrested three persons. The Anti-Evasion branch of Central Goods and Services Tax (CGST) of Meerut Commissionerate started an investigation in October 2023 into a large syndicate that fraudulently claimed ITC by way of fake billing, an official statement said. The investigation conducted so far has revealed that a total number of 232 fake firms, with 91 firms registered on a single mobile number, are registered at various places across the country and have passed inadmissible ITC of around Rs 1,048 crore, it said. The total value of goods shown to be supplied through these firms is around Rs 5,842 crore, it said. Through the use of various analytical tools such as E-way Comprehensive Portal, Advait and Business Intelligence and Fraud Analytics (BIFA), the CGST Commissionerate carried out a deeper investigation, it ...

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

You may be able to file revised GST returns from April 2025 if...

An official said that allowing updated returns under the GST regime will simplify the process of filing returns

Major tax collections, barring personal income tax, decline in October

Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's

Airtel to seek reversal of Rs 26,393 penalty order received under CGST Act

The company further said it does not agree with the order and will take appropriate action for rectification or reversal of the same

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

India's GST collection increases 11% to Rs 1.59 trn on better compliance

The government expects average monthly GST collection to be Rs 1.6-1.65 trillion this financial year

CGST Rule 89(4) or 89(4B)? Refund issue can snowball into major problem

Rule 96A of the CGST Rules, 2017, allows export of goods without payment of IGST after furnishing a bond or letter of undertaking (LUT)

CGST gives notice to RCA for fake tax credit input, ahead of Jaipur IPL

A few hours before the IPL match is to be played in Jaipur on Friday, the Rajasthan Cricket Association (RCA) has been accused of forgery

Issue of GST on intermediary services to foreign clients may get resolved

However, there could be issues in claiming input tax credit by these intermediaries

SC rules on service tax on corporate guarantees, gives pvt firm relief

No service tax on corporate guarantees by parent company to subsidiaries in absence of consideration, it says

At Rs 14.71 trn, direct tax collection hits 86.6% of FY23 target by Jan 10

The finance ministry issued refunds amounting to Rs 2.4 trillion till January 10

HC asks GST dept to drop notices against firm facing audit proceedings

Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department

Supreme Court rejects plea by Hero MotoCorp for full budgetary support

But suggests GST Council, states consider mechanism for reimbursing eligible units

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

GST collection jumps 28% YoY in July to second highest ever at Rs 1.49 trn

Collection remains above Rs 1.4 trn for fifth straight month