Page 47 - Gst

GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims

GST officers have busted 304 syndicates involving 9,000 fake GSTINs and input tax credit (ITC) claims of Rs 25,000 crore in the ongoing drive against bogus firms, CBIC chairman Vivek Johri said on Saturday. The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST). Currently, 1.39 lakh businesses are registered under GST, launched 6 years ago on July 1, 2017. Speaking at the GST Day 2023 event here, Johri appealed to the business to get registered under GST and said the department is conducting an outreach programme to make businesses aware of the benefits of GST. The Centre and state tax officers are conducting a special two-month drive to identify fake businesses registered under GST for the purpose of claiming ITC fraudulently and defrauding the exchequer. In the ongoing drive, officers have identified 304 syndicates involving 9,000 fake GSTINs (GST ...

Implementation of GST has brought in economic revolution: Puducherry LG

Puducherry Lt Governor Tamilisai Soundararajan on Saturday said the introduction and implementation of Goods and Services Tax (GST) in the country has brought in an economic revolution in the country. Addressing officers and tax payers at the celebrations of 'Six Years of GST' organised by the Commissionerate of GST and Central Excise (Puducherry), the Lt Governor said it (GST) marked a significant milestone in the indirect system of taxation. "It is a remarkable initiative in a diverse and federal country as multiple tax laws have been consolidated into a single system. It is no small feat," the Lt Governor said. She said tax compliance had also increased. "Where there is increased response and compliance the development of the nation is also ensured," the Lt Governor, who also gave away awards to the tax payers on the occasion said. Soundararajan said the GST Council meeting also took into consideration periodically the various views and feedback from Finance Ministers of state

GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry

GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the Finance Ministry said on Saturday. The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017. The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry said in a statement. "The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Integrated GST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)," the statement said. The revenues for June 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic

On GST anniversary, CAIT calls for fresh review of indirect tax regime

Traders' body CAIT on Saturday called for a fresh review of GST and said a special task force should be constituted to suggest ways to reduce multiplicity of laws and regulations on traders under the indirect tax system. The Confederation of All India Traders (CAIT) described the completion of six years of implementation of GST in the country as a landmark success. The GST regime came into effect from July 1, 2017. However, it said much more needs to be done to make Goods and Services Tax (GST) a simplified and rationalised tax system. CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies. "For this, a special task force should be constituted, in which besides senior government officials, representatives of businessmen and industry should be included. While this task force will on one hand give suggestions to rationalize the GST tax system and reduce multiplicity of laws and ...

Six years of GST: Steps that led to success, and the way forward

No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms

Six years of GST: Raking in at least Rs 1.5 trn every month is new normal

Data exchange, reduced costs of business also help increase direct tax collection

GST an engine for driving consumption, helped household save on bills: Govt

Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday.. Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress. "The implementation of GST has made it easier for taxpayers to comply with tax law and this can be seen in the fact that the number of registered taxpayers has increased from 1.03 crore that enrolled into GST by April 1, 2018 to 1.36 crore by April 1, 2023," the office of Finance Minister Nirmala Sitharaman tweeted. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST a four-rate structure that exempts or imposes a low rate of 5 per cent tax on essential items and a top rate of 28 p

Six years of GST - I: How the new tax regime changed indirect taxation

There used to be a local value-added tax (VAT) for intra-state movement of goods, and a central sale tax (CST) regime for inter-sate movement

Input tax credit not available for GST paid on CSR work expenses: UP AAR

CSR activities are excluded from the normal course of business, says authority citing rules

6 years of GST: Rs 1.5 trn monthly tax revenues becomes 'new normal'

Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC). Data analysis and physical checks alone cannot completely solve the problem. The GSTN should enable linking of invoice level informati

I-T dept issues notices to 15 social media influencers over low tax payment

The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms

GST officers bust nexus of 30 fake firms for passing Rs 50 cr ITC

The GST officers have busted a nexus of more than 30 fake firms, who have availed ineligible input tax credit (ITC) of over Rs 50 crore, the finance ministry said on Wednesday. In an ongoing two-month-long special drive against fake registration, the Central GST Delhi West Commissionerate found multiple entities registered on the same address. During investigation, it was found that the said address was existent but the owner of the premises denied any knowledge about the existence of any firm. In a statement, the finance ministry said searches were undertaken at multiple locations in Delhi and it was found that a person named Shiva has been obtaining KYC credentials from people on the pretext of getting loans sanctioned for them. "Further search revealed that Shiva has created more than 30 fake firms and sold them in cash at a premium. He also stated that to avoid physical verification, he used AADHAR authentication to obtain these GST registrations," the ministry said. These ...

States' financial profile better in FY23; debt stays high: RBI report

At a disaggregated level, a few large states have debt-to GSDP ratios exceeding 35 per cent, the report added

Spurring fiscal equality: Ratio of GST to GSDP higher in poorer states

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime

ITC can't be denied under GST even when post-supply discounts received: AAR

Value of supply would stand reduced, while tax liability remains as it is: Andhra authority

Odisha CM Patnaik urges FM Sitharaman to withdraw 18% GST on Kendu leaves

Odisha Chief Minister Naveen Patnaik has urged Union Finance Minister Nirmala Sitharaman to completely waive the 18 per cent GST tax on Kendu leaves as it would adversely affect the livelihood of the poorest of the poor section of the society. Patnaik in a letter written to Sitharaman on Monday said that 18 per cent GST on Kendu leaves should be waived in the larger interest of poor and tribal people associated with Kendu leaves trade in the state. "Imposition of GST (18%) on Kendu leaves is adversely affecting the Kendu leaves trade. This in turn affects the livelihoods of Kendu leaves pluckers, binders and seasonal workers and implementation of social security and welfare schemes for them," Patnaik wrote in the letter. Stating that the Kendu (Tendu) leaf, which is a minor forest produce, is the financial backbone of 8 lakh kendu leaf pluckers, binders and seasonal workers of Odisha, Patnaik said the people engaged in the trade are mostly tribal and women belonging to the poorest o

Delhi govt sets up GST registration cell to boost revenue collection

The Delhi government has set up a centralised GST registration cell Sewa Kendra to improve the registration process, combat tax evasion and boost revenue, said an official statement on Tuesday. Setting up of the Sewa 'Kendra' marks a significant milestone in the journey towards improving the GST registration process, Delhi Finance Minister Kailash Gahlot said. "Under the able leadership of Chief Minister Arvind Kejriwal, it is a testament to the Delhi government's commitment to promoting transparency, curbing tax evasion and optimising revenue collection," the minister said. The Trade and Taxes Department of the Delhi government has taken a significant step towards improving the GST registration process with the establishment of the centralised GST registration cell. This new initiative aims to streamline the registration process, minimise deemed registrations, and combat tax evasion, thereby safeguarding government revenue, the statement read. The primary objective of the cell is

ICICI Pru Life gets GST demand notice for Rs 492 cr, firm to contest matter

Private sector ICICI Prudential Life on Monday said it has received a GST demand notice of Rs 492.06 crore from tax authorities. The matter relates to an industry-wide issue of input tax credit and the company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax (GST) Act, 2017, and other applicable laws, ICICI Pru said in a regulatory filing. The late evening filing said the insurer has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the company to show cause as to why a tax of Rs 492,06,48,296 pertaining to the period July 2017 to July 2022 should not be demanded. The company would take appropriate steps in due course to reply to the SCN and contest the matter, it said. "During the course of inquiry, the company had deposited Rs 190 crore, without accepting any liability in this regard," it said. The deposit was made in April this year. In the la

DGGI officers busts syndicate operating 569 fake firms, arrests mastermind

The GST intelligence officers have busted a syndicate operating 569 fake firms and passing on fraudulent tax credit of Rs 1,047 crore, the finance ministry said on Monday. The Jaipur Zonal Unit of Directorate General of GST Intelligence (DGGI) has busted a major crime syndicate operating in 14 states, based out of Delhi. The ministry said Delhi-based Rishabh Jain, aged 30, had hired 10 employees for operating these fake firms. After extensive recce and data analytics, the officials of DGGI, Jaipur were able to trace this mastermind in Delhi and nabbed him. This syndicate has issued invoices having taxable turnover of Rs 6,022 crore involving input tax credit (ITC) of Rs 1,047 crore through these 569 fake firms to more than 2,000 beneficiary firms. The majority of the fake firms are located in Delhi with presence in 13 other states -- Rajasthan, Uttar Pradesh, Punjab, Bihar, Jharkhand, Gujarat, Maharashtra, Haryana, West Bengal, Karnataka, Goa, Assam and Uttarakhand. So far, 73 ban

Instant line of credit, industry networking top priorities of MSMEs: Survey

The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday. Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital. In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added. "There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs. "It is a sign that India's small business entrepreneurs are now seeking much more than acce