Cgst

Govt notifies revised CGST rate schedules, effective September 22

The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications

Central govt notifies CGST rates for goods effective September 22

The Union Finance Ministry has notified Central GST (CGST) tax rates for goods, which will be effective from September 22. States will now have to follow suit and notify the State GST (SGST) rates to be levied on goods and services beginning Monday. Under GST, the revenues are shared equally between the Centre and the states. Effective Monday, GST will be a two-tier structure, wherein the majority of goods and services will attract tax of 5 and 18 per cent. A 40 per cent tax will be levied on ultra luxury items, while tobacco and related products will continue to be in the 28 per cent plus Cess category. Currently, Goods and Services Tax (GST) is levied in 4 slabs of 5, 12, 18 and 28 per cent. Besides, a compensation cess is levied on luxury items and demerit or sin goods. With the reduction in rates on most goods, the onus is now on trade and industry to pass on the benefit of these tax rate changes to consumers and align compliance in a timely manner. AMRG & Associates Senior

CBI arrests CGST superintendent, seizes 17 property documents worth crores

The CBI has arrested a Central Goods and Services Tax (CGST) superintendent in Uttar Pradesh for allegedly accepting a Rs 1 lakh bribe for waiving penalty on a private company, officials said. During searches at the premises of Nishan Singh Malli post arrest, the CBI seized 17 property documents, in his and his family members' name, worth crores. "These properties include three residential flats in Ghaziabad and Moradabad; one commercial shop in Moradabad; 12 residential plots in Rampur and Gajraula. One Creta vehicle in the name of accused public servant was also seized," a CBI spokesperson on Tuesday said. Rs 3 lakh in cash aside from the alleged bribe amount of Rs 3 lakh was confiscated during the searches, the CBI added. "During search of official premise of accused public servant, relevant documents pertaining to the case were seized and are being scrutinised," the spokesperson added. The other person arrested by the agency is a tax lawyer who was representing the complainant

RBI mandates banks to conduct special clearing operations on March 31

The RBI on Friday asked all banks to mandatorily participate in the special clearing operations on March 31 to facilitate accounting of all government transactions for 2024-25. India follows the April 1-March 31 financial year. The Income tax offices as well as CGST offices across the country will remain open on March 29 to March 31 despite the weekend and Eid-al-Fitr, which may fall on Monday. Earlier, the RBI had said all government transactions done by agency banks for 2024-25 must be accounted for within the same financial year. It had asked all agency banks to keep all branches dealing with government receipts and payments open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2025. In a circular on Friday, the Reserve Bank of India (RBI) also said normal clearing timings under Cheque Truncation System (CTS) as applicable to any working "Monday" shall be followed on March 31, 2025. "Further, to facilitate account

Govt may ease norms to allow 2-month window for ITC on credit notes

Move would give taxpayers flexibility and preclude a financial burden

CGST amendment on credit note: Compliance burden on suppliers may be higher

Credit note is given by the seller to the buyer in cases of sales returns, discounts and overbilling to reduce the amount payable by the buyer or adjust it against future payments

Best of BS Opinion: India's many national security concerns, and more

Our selection of editorial and columns today look at the importance of the new Critical Minerals Mission, India-China ties, ideas for the Union Budget to jump-start growth, and more

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