Page 68 - Gst

BharatPe ready for preliminary govt probe, to comply with law, say sources

BharatPe has already conducted a thorough internal governance review via Alvarez and Marsal, a leading management consultant and risk advisory firm

GST compensation cess period already extended till March 2026: FM

The Union Minister was responding to a query on Karnataka Chief Minister Basavaraj Bommai's statement requesting the Centre to extend the GST compensation period, which ends in June.

Ashneer Grover, wife Madhuri Jain pay Rs 8.2-cr advance tax for FY23

GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well

GST authorities expand probe into alleged tax evasion by BharatPe

GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover

GST body finds more instances of tax fraud at fintech firm BharatPe

Bharatpe, In October 2021, had accepted it had issued invoices to non-existent vendors and paid about Rs 11 crore, in dues and penalty, to the tax department

Helpful changes in Customs and GST procedures

Many Customs notifications allow imports at lower or nil rates of duty, specified goo­ds for use in the manufacture of specified products

GST Council may consider raising lowest slab to 8%, rationalise tax slabs

The GST Council in next meet may look at raising the lowest tax slab to 8%, from 5%, and prune the exemption list in the GST regime

Odisha records robust growth rate of 47% in state GST collection

The successful auction of iron ore mines last year by the state government contributed significantly in increasing the tax revenue this year

GST collections up 18%, cross Rs 1.3 trn in Feb despite Omicron curbs

Analysts are confident that GST collection for the current financial year will cross the Budget targets

GST collection up 18% YoY at over Rs 1.33 trn in Feb: FinMin

This is the first time cess collection has crossed the Rs 10,000 crore-mark, signifying recovery in certain key sectors, especially automobile sales

GST intelligence body widens investigation on fintech firm BharatPe

Audit at BharatPe had suggested deeper investigation on deals with non-existent vendors

Officials bust network availing fake input tax credit benefits under GST

Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax.CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores.Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement.Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of its due ...

'Gabbar Singh Tax' critique of GST a disservice to our institutions: FM

Nirmala Sitharaman termed the Opposition's criticism of the Goods and Services Tax (GST) as 'Gabbar Singh Tax' as a knee-jerk reaction which is a disservice to the country's institutions.

Singapore to hike taxes on rich as it winds down Covid-19 spending

GST will rise to 8% from January next year and to 9% in 2024, Lawrence Wong said, from 7% now.

GST, raw material costs pushed footwear prices by 20-50% in 1 yr: V Noushad

V Noushad urged the government to take steps to boost the local manufacturing of components, machines and designs in the non-leather category

Extending GST compensation period may push back rate rejig: CBIC chairman

In a Q&A, CBIC chairman Vivek Johri talks about if revenues are to reach the levels where compensation would perhaps no longer be an issue, then GST rate structure, exemptions too need to be reviewed

Govt likely to propose 18% GST on crypto mining, trading entities

Though the date for the next GST Council meeting has not been set, it could happen in March

Top headlines: LIC virtual road shows underway, Ukraine tensions drag on

Regulator asks commercial banks to make KYC ironclad as frauds rise. More on that story in our top headlines.

Income earned from providing guest lectures liable to 18% GST: AAR

Income earned from providing guest lectures will attract 18 per cent GST, the Karnataka bench of AAR has ruled. The applicant, Sairam Gopalkrishna Bhat, had approached the Authority for Advance Ruling seeking clarity on whether the income earned from conducting guest lectures, amounts to or results to as supply of taxable services. While passing the ruling, the AAR said the said service falls under the category of other professional, technical and business services and does not fall under the exempted category of services. Hence, the said services provided by the applicant attract GST of 18 per cent, it said. The AAR ruling would mean that service professionals whose turnover exceeds Rs 20 lakh will have to pay 18 per cent goods and services tax (GST) on income earned from providing guest lectures. AMRG & Associates Senior Partner Rajat Mohan said this ruling will open pandora's box for millions of freelancers, academicians, researchers, professors and others who share knowledge ..

Avoid amendment

Proposed changes in GST will increase friction