Page 83 - Gst
GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr
GST officers have detected tax evasion of Rs 7,421 crore in the April-June period of the current fiscal, Parliament was informed on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary gave details of the total tax evasion detected in GST in the last 3 years. In 2019-20, 10,657 cases of evasion, involving Rs 40,853.27 crore were detected. Recovery was Rs 18,464 crore. In 2020-21, Rs 49,384 crore worth GST evasion was detected in 12,596 cases. Recovery stood at Rs 12,235 crore. In the current fiscal up to June, 1,580 cases of Goods and Services Tax evasion involving Rs 7,421.27 crore were detected, and Rs 1,920 crore recovered in April-June 2021. Chaudhary said the GST interface for the taxpayers is on a digital platform and software-based to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. "However, tax evaders are known to commit fraud even on electronic platforms by way of misrepresentatio
 "GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr")
GST collection recovers to a 3-month high of Rs 1.16 trn in July
On a year-on-year basis, the July GST collection witnessed a 33 per cent jump
 "GST collection recovers to a 3-month high of Rs 1.16 trn in July")
July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery
Revenues for July 2021 are 33 per cent higher than GST collected in the same month last year.
 "July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery")
Businesses can now self-certify GST returns, instead of mandatory CA audit
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said
 "Businesses can now self-certify GST returns, instead of mandatory CA audit")
Treated, purified sewage water for industrial use to attract 18% GST: AAR
Treated and purified sewage water is classified as 'water' under the GST Act and its supply for industrial use would attract an 18 per cent tax, the Authority for Advance Ruling (AAR) has said
 "Treated, purified sewage water for industrial use to attract 18% GST: AAR")
Sitharaman as FM: Some positive surprises, a few works in progress
Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan
Delhi Assembly passes GST Amendment Bill to smoothen tax filing process
The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP
Delhi assembly passes GST Amendment Bill amid opposition from BJP
The bill is about 15 new amendments to the Delhi GST Act.
'Definitely going to happen': CEA on GST rate structure rationalisation
India is the fifth largest economy of the world but the banking system is still has a lot of catching up to do, he said
 "'Definitely going to happen': CEA on GST rate structure rationalisation")
DGGI detects Rs 278 crore GST evasion in railway purchases since July 2017
Probe relates to wrong classification of rail supplies by bidders from July 2017 to June 2021
SME Chatroom: Destruction of goods warrants reversal of input tax credit
Submit copies of correspondence with the buyer to the bank explaining the reasons for the inward remittance
 "SME Chatroom: Destruction of goods warrants reversal of input tax credit")
Over Rs 81,000 crore due to states as GST compensation for 2020-21
Over Rs 81,000 crore GST compensation is due to states for 2020-21, while for April-May this year, Rs 55,345 crore is outstanding, Parliament was informed on Monday.
GST only on margin earned on resale of second-hand jewellery: AAR
Jewellers will have to pay GST only on the profit earned on resale of second-hand gold jewellery, Karnataka AAR has ruled.
 "GST only on margin earned on resale of second-hand jewellery: AAR")
Bring fuel under GST, reduce prices: Maharashtra minister to Centre
The Centre must bring fuel under GST and take steps to reduce prices in order to give relief to people, Maharashtra minister Amit Deshmukh said on Friday.
 "Bring fuel under GST, reduce prices: Maharashtra minister to Centre")
Centre releases Rs 75,000 crore to states, UTs as GST compensation
The government on Thursday said it has released Rs 75,000 crore to the states and Union Territories to compensate them for the shortfall in GST revenue.
 "Centre releases Rs 75,000 crore to states, UTs as GST compensation")
Congress demands reduction in fuel prices, GST rates of mass-consumed goods
Congress on Tuesday said there is no respite from its "economic mess" and demanded that fuel prices and GST rates on mass-consumed goods be reduced to provide relief to the common people.
 "Congress demands reduction in fuel prices, GST rates of mass-consumed goods")
GST officials book 8,000 cases involving fake ITC of over Rs 35k cr in FY21
Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
GST probe busts firms for 'fake' input tax credit invoices worth Rs 91 cr
GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.
GST collections fall below Rs 1-trn mark after eight months in June
Hit 10-month low due to second wave; experts say mop up is better than expected, will provide a cushion to govt to ramp up spending
Top headlines: GST collections fall below Rs 1 trn; Amfi rejigs categories
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