Page 12 - Goods And Services Tax

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO

Anuraag Saxena said that the industry is in a 'wait and watch' mode, and the true impact of the GST move will only be known after the period of review is over

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

The 15 per cent Y-o-Y growth in November came despite weak external conditions

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

Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted

GST officers have busted a syndicate of 48 fake firms which availed fraudulent input tax credit (ITC) of over Rs 199 crore and have arrested three people in this regard, the finance ministry said on Tuesday. The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence, which was further developed through data mining and data analysis. A syndicate of 48 interconnected fake firms availing fraudulent ITC of over Rs 199 crore was busted in the operation, the ministry said. In the first wave of the operation, a total of 48 fake/bogus firms either non-existent or paper firms have been identified that were dealing in bogus invoices. Three persons were apprehended and arrested and subsequently sent to judicial custody remand for two weeks by the Chief Metropolitan Magistrate Court, Patiala House. Other members of the syndicate and the ring leaders have been identified and furt

Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr

The Centre may also tweak the rules of issuing summonses to the violators

Over 100,000 small and mid-sized firms flout GST e-invoicing rules

The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry

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

GST to be paid on gold coins, white goods given as incentives, rules AAR

Input tax credit can be claimed as such items are not gifts, says Telangana authority

India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances

Tax demands for 18% GST range from Rs 1 crore to Rs 150 crore

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

GST council to clarify on corporate guarantees, some exemptions likely

Likely to recommend 18% GST on 1% of amount guaranteed

Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence

The notice claims that the general insurer has not paid GST on reinsurance premium, despite receiving commissions from co-insurance companies

Gross GST collection rises 10.2% to over Rs 1.62 trillion in September

September collection at Rs 1.62 trillion, takes the average monthly mop-up to Rs 1.65 trillion in FY24

Tax troubles: 80 online gaming companies likely to face GST evasion notice

Evasion by companies may be to the tune of up to Rs 12,000 crore

Rising GST mop-up an outcome of improved compliance: CBIC chairman

'When drawing up Revised Estimates in January, we are confident of exceeding projections based on overall collections'

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

Biz can claim ITC on goods procured for distribution to dealers: GST AAR

Businesses can claim input tax credit on items, like gold coins and white goods, procured for distribution to dealers upon achieving pre-specified sales targets as part of promotional schemes, a GST advance ruling authority has ruled. The Karnataka-bench of the AAR (Authority for Advance Ruling) ruled that ITC can be availed on taxes paid for procurement of white goods or gold coins for the purpose of incentive to dealer as it is a supply. Orient Cement Ltd had approached the AAR seeking ruling in whether ITC can be claimed on distribution of gold coins and white goods to its dealers upon achieving a specified target fixed under the scheme. The company also offers various promotional schemes "Monthly/ Quarterly Quantity Discount Scheme", etc. The said sales promotion scheme helps the company in achieving their sales and collection targets. The AAR noted that the applicant is issuing these gold coins and white goods so procured as incentives as per the agreement reached between himse

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