Page 31 - Gst

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

Tyre manufacture Ceat gets Rs 1.98 crore GST notice, company to file appeal

Tyre maker CEAT Ltd on Thursday said it has received a demand notice of Rs 1.98 crore for GST, along with a penalty from the Additional Commissioner, CGST, and Central Excise. The demand pertains to the disallowance of transitional credit and Trans2 credit under the applicable provisions of the CGST Act, 2017, the company said in a regulatory filing. The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a demand of Rs 1.80 crore, along with a penalty of Rs 18 lakh, it added. "The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority," CEAT Ltd said. On the impact on financial, operation or other activities of the company quantifiable in monetary terms to the extent possible, CEAT said, "(It is) not ascertainable at this stage.

Punjab govt gets Rs 3,670 cr of GST compensation after it lodged new claim

Punjab Finance Minister Harpal Singh Cheema on Tuesday informed the House that the state government has received Rs 3,670 crore of Goods and Services Tax (GST) compensation from the Centre after it lodged a new claim of Rs 5,005 crore with it. After tabling the Punjab Fiscal Responsibility and Budget Management (Amendment) Bill, 2023 in the House on the first day of the two-day winter session of the assembly, Cheema said the state government lodged the new claim of GST compensation worth Rs 5,005 crore with the Centre. "Out of which Rs 3,670 crore has come to the state exchequer," Cheema informed the House. The FM also said the previous Congress government did not present the proper record before the Centre, after which the Government of India told the state government that an excess amount of Rs 3,900 crore of the GST compensation had been disbursed to Punjab. "I am sharing for the first time that they (the Centre) sought return of excess disbursement. Then we checked our records.

AAR under GST plagued by conflicting rulings, quality of orders

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

HC questions order issued by GST authorities to cancel firm's registration

GST authorities had rejected application by a company for changing its main place of business

Banking liquidity deficit at 5-yr high, to narrow next week: Economists

The deficit was the highest since Dec 26, 2018, when it had hit Rs 1.86 trillion, according to economists

Faceless scrutiny assessment under GST may take some time: GSTN official

GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment -- under which there is no physical interaction between the tax officer and the assessee and no physical submission of documents -- was first introduced by the Income Tax department and later extended to Customs. "We may take some time to introduce faceless assessment in GST. GST assessments are linked to a particular jurisdictional officer or unit. Changing that may take some time. Some changes would also be required at the policy level to make it effective," GST Network Vice President (Services) Jagmal Singh said at a Ficci event here. Introduced on July 1, 2017, indirect tax reform GST has subsumed 17 local levies, including excise duty, service tax, VAT and cesses.

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

CHATROOM: Merchanting trade transactions must be completed within 9 months

TNC Rajagopalan answers SME queries related to GST, export and import matters

West Bengal to reduce intrastate e-way bill threshold to Rs 50,000

West Bengal will reduce the intrastate e-way bill threshold from Rs 1 lakh to Rs 50,000 from December to bring parity with the rest of the country and prevent GST slippage. A recent West Bengal GST notification said that an e-way bill will be required for the movement of goods valued at over Rs 50,000 within the state. The provision will also apply to job work goods. State GST commissioner Khalid Anwar told PTI that there are two main reasons for tweaking the e-way bill threshold. "One is to bring parity with the rest of the country, which is already Rs 50,000 for interstate movement of goods. The Rs one lakh threshold for the intrastate movement was often misinterpreted as applying to interstate movement of goods and traders were penalised," he said. The second reason is that unscrupulous traders are taking advantage of the higher threshold and as a result there is tax slippage. A reduced threshold will help protect tax revenues, he said. Anwar said that the state had initially k

Tax mop-up to digital infra, many positives to cheer up Diwali

The tax collections, and even the non-tax revenues are quite strong, giving the central and state governments more money to spend on infrastructure and social sector projects

Wants to bring petrol under GST: Sitharaman slams Cong on double standards

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting "double standards" on the issue. The Bharatiya Janata Party and the central government have been in favour of bringing petroleum products under the GST regime from the beginning as it will benefit the people, she told reporters here. "Who are the people who are stopping petrol and diesel from being brought under GST? If Priyanka is in favor of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in the GST Council, the minister said. The media should question the Congress on its "double standards", she added. Congress general secretary Priyanka Gandhi Vadra has been targeting the BJP governments at the Centre and in Madhya Pradesh over inflation during her campaign rallies ahead of November 17 assembly elections in the state. Asked about the impa

Ongoing ethnic violence takes a heavy toll on economy of Manipur

The retail inflation in Manipur remained one of the highest in the country at 9.7 per cent in September

GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

Indirect tax authorities to send intimation to businesses not complying with e-invoicing rules

GST authorities to start sending advisories to non-complaint businesses

CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to businesses that are non-compliant on issuing e-invoices to their B2B customers. The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoice mandatory for businesses in a staggering manner beginning 2020. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "From August 1, businesses with turnover of over Rs 5 crore are required to issue e-invoices. There I would like to mention that those who had to file e-invoices as per law, there the compliance level is not very high. "We will be sending advisory to such taxpayers to issue e-invoices. We do not want to adopt an approach which is intimidating so we want to initially adopt soft approach and nudge them to issue e-invoices," Agarwal said at a CII event here. The details furnished in e-invoic

October e-way bill generation hits all-time high at Rs 10.3 crore

Signals further boost in GST mop-up in November

India's total tax receipts likely to exceed Budget Estimate in FY24

Monthly GST mop-up in FY25 could be Rs 1.7-1.8 trillion

$8.9 bn in notices! Why India's gaming revenue forecast has been slashed

In the last financial year, gamers in India stood at 568 million, of which 25 per cent were paying users. The number of gamers in India, as per the report, grew by 12 per cent compared to last year

Real estate developers liable to pay GST for over-charging electricity

Real estate developers and RWAs will be liable to pay 18 per cent GST on electricity bills if they charge from flat owners more than the power tariff prescribed by Discoms. The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the applicability of GST on reimbursement of electricity charges received by real estate companies, malls, airport operators etc from their lessees/occupants. As per the clarification, where electricity is supplied by the real estate owners, resident welfare associations (RWAs), real estate developers etc as a pure agent, it will not form a part of the value of their supply. It further said where they charge for electricity on an actual basis that is, they charge the same amount for electricity from their lessees or occupants as charged by the state electricity boards or Discoms, they will be deemed to be acting as 'pure agent' for this supply, and hence GST will not be levied. The CBIC clarification came after doubts were raise