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ED conducts search operations in multiple cities in Rs 122 cr GST fraud

The ED initiated money laundering investigation based on FIRs registered by Bhavnagar Police under various sections of IPC, against Bomar and others

Top Headlines: Approval likely for GST tribunal, S Arabia cuts oil output

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On the agenda: GST Council likely to approve tribunal blueprint this month

Operational framework to pave the way for the tribunal to be functional at Centre, state levels

Odisha posts 11% YoY growth in collection of GST in May to Rs 4,397 cr

Odisha registered over 11 per cent growth in collection of gross GST in May to Rs 4,397.73 crore, an official said on Thursday. The state had mopped up Rs 3,955.75 crore in the year-ago month. Odisha also posted a 30.28 per cent growth in the state GST and Integrated Goods and Services Tax settlement at Rs 1,675.77 crore in the last month, the official said. The progressive gross GST collection up to May this year stands at Rs 9,433.47 crore as against a mop-up of Rs 8,865.98 crore in the same period last year, recording a 6.40 per cent growth. In May, 20.40 lakh waybills have been generated, up by 18 per cent from 17.26 lakhs in the year-ago month.

CREDAI urges to remove GST on free flats given in redevelopment projects

Realtors' body CREDAI has demanded the government should do away with the GST on flats which are given free of cost to existing occupants in redevelopment projects to make them economically viable, especially in the Mumbai region. A delegation from CREDAI and CREDAI-MCHI has met Union Finance Minister Nirmala Sitharaman and made a formal representation in this regard. In the meeting, they expressed concerns over "the impact of GST being levied on redevelopment projects/ rehab flats which are being built and given back, free of cost, to existing occupants", CREDAI said in a statement. With the regulations for redevelopment in Mumbai Metropolitan Region (MMR) coming under the ambit of DCPR 2034 that encourages such projects with a higher FSI (floor space index) allowed for developers, CREDAI MCHI said the GST being levied on such projects is defeating the very purpose of enhancing real estate value as it puts the financial feasibility of numerous projects under severe risk. "Currentl

Delhi to be leading state for tax admin through AI intervention: Gahlot

Delhi Finance Minister Kailash Gahlot on Wednesday said the collection of GST and VAT in the city was more than Rs 34,000 crores in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of artificial intelligence. Trade and Taxes department plays an important role in the government, Gahlot said in a review meeting. "The GST and VAT collection was more than Rs 34,000 Crores in 2022-23. This year we expect remarkable growth in the collection," said Gahlot in a statement. Delhi government wants to constantly evolve while making the system more transparent and efficient. The plan is to have a well-structured system by adopting the best practices from all the leading states across the country, he said. The focus of the government is also to increase the convenience of the taxpayers, by resolving the existing pain points in the system, he said. In the coming few weeks, meetings with market and trade associations through outreach camps will al

'9 saal, 9 sawaal': Congress asks questions as Modi govt completes 9 years

The document which is titled '9 saal 9 sawaal' lists queries on various subjects which include the economy, corruption, Coronavirus management, and China border row among other things

Fake ITCs under GST regime huge challenge for govt: CBIC

The government has implemented validation measures and adopted mandatory physical verification on a risk-based approach

The unsung hero

After five years, it seems GST has begun to show sustained growth even as it has many weaknesses and policy challenges

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

Issues clarification on TDS provisions on online gaming

Sebi plan to prune MF costs: New expense slabs, no additional charges

Proposes to bring expenses like brokerage, transaction, and GST within the total expense ratio

Centre, state tax officers launch drive to identify fake GST registration

With GST evasion crossing over Rs 1 lakh crore in 2022-23, Centre and state tax officers have initiated a two-month long special drive to identify fake GST registration and nab offenders. The GST Policy Wing had earlier this month written to Principal Chief Commissioners of Central Tax highlighting that fake/ non-genuine registrations are being used to fraudulently pass on input tax credit to unscrupulous recipients by issuing invoices without any underlying supply of goods or services or both. "This menace of fake registrations and issuance of bogus invoices for passing of fake ITC has become a serious problem, wherein fraudulent people engage in dubious and complex transactions, causing revenue loss to the government," the Central Board of Indirect Taxes (CBIC) had said. Currently, there are 1.39 crore businesses registered under Goods and Services Tax (GST), which was implemented on July 1, 2017. The government has been using robust data analytics and artificial intelligence to

CHATROOM: Exports on CIF terms attract IGST on CIF value, says expert

The Commerce Ministry introduced Para 2.43 on "merchanting trade" in the recently released Foreign Trade Policy 2023

Tax tussle: Govt not in favour of banning foreign gaming platforms

MeitY feels these are not a security threat

CBIC rolls out module for automated scrutiny of GST returns of taxpayers

The Central Board of Indirect Taxes and Customs (CBIC) has rolled out a module for automated scrutiny of GST returns. This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System, the finance ministry said in a statement. In the module, discrepancies on account of risks associated with a return are displayed to the tax officers. Tax officers are provided with a workflow for interacting with the taxpayers through the GSTN Common Portal for communication of discrepancies noticed. Implementation of this Automated Return Scrutiny Module has commenced with the scrutiny of GST returns for FY 2019-20, and the requisite data for the purpose has already been made available on the officers' dashboard, the statement added.

GST e-invoicing must for businesses with turnover of Rs 5 crore or more

Lowering of e-invoicing threshold will extend the digital application to the MSME sector and benefit the business ecosystem by reducing costs, rationalising errors, and processing invoices quicker

Karnataka HC quashes Rs 21,000 crore show cause notice against Gameskraft

It was the biggest tax demand notice issued in the history of indirect taxes in India

Shell firms under scanner of tax authorities over fake ITC claims

A special drive starting May 16 to weed out bogus GST invoices

Apex court verdict on pre-import conditions gives relief to exporters

Any claim for refund/credit shall be examined on its merits and on a case-by-case basis: SC

Goods transport agencies have time till May 31 to opt for GST payment: Govt

The government has extended the deadline to May 31 for Goods Transport Agencies to exercise the option of paying GST on forward charge basis for current fiscal. Under GST, Goods Transport Agencies have the option to collect and pay GST on forward charge basis. If they do not opt to do so, the liability to pay the tax gets transferred to the recipient of the service, under reverse charge mechanism. To opt for paying Goods and Services Tax (GST) under forward charge basis at the rate of 12 per cent (with input tax credit) and 5 per cent (without ITC benefits) in a fiscal, a Goods Transport Agency (GTA) has to fill a form (Annexure V) by March 15 of the preceding financial year. In an amendment to the GST Act, the finance ministry in May said "the option for the Financial Year 2023-2024 (by a GTA) shall be exercised on or before the 31st May". Any entity providing service of goods transport by road and issuing a consignment note for the purpose is defined as GTA under GST, which came