17 Dec 2021 10:32 AM
New

Govt reduces GST Rate on Ethanol to 5% from 18%

Source: https://taxguru.in/goods-and-service-tax/govt-reduces-gst-rate-ethanol-5-per-cent-18-per-cent.html

TAX BREAKS ON ETHANOL | The Government has lowered Goods and Services Tax rate to 5% from 18% on ethanol meant for blending under the Ethanol Blended Petrol (EBP) Programme

16 Dec 2021 01:02 PM
New

CGST, Mumbai busts fictitious entities availing ITC against Fake Invoices

Source: https://taxguru.in/goods-and-service-tax/cgst-mumbai-busts-fictitious-entities-availing-itc-fake-invoices.html

CGST, Mumbai busts fictitious entities availing Input Tax Credit against Fake Invoices; fraudulent transaction of Rs. 6.23 Crore

16 Dec 2021 01:06 PM
New

10 IGST/Custom Duty Relief Measure to fight against Covid-19

Source: https://taxguru.in/goods-and-service-tax/10-igst-custom-duty-relief-measure-fight-covid-19.html

1. IGST exempted on Import of drug used for treatment of black fungus

IGST exempted on import of Amphotericin B (the drug required for treating Mucormycosis fungal infection) if imported either free of cost or on payment basis and meant for donating to government or any other relief agencies on the recommendation of State Authority till 31 August, 2021

16 Dec 2021 01:17 PM

CGST officers arrest CA for generating fake ITC of Rs. 92 crores

Source: https://taxguru.in/goods-and-service-tax/cgst-officers-arrest-ca-generating-fake-itc-rs-92-crores.html

CGST officers arrest Chartered Accountant for generating fake input tax credit to the tune of Rs. 92 crores.

16 Dec 2021 06:19 PM

Govt cuts GST rate on ethanol meant for blending to 5%

Source: https://www.livemint.com/news/india/govt-lowers-gst-rate-on-ethanol-meant-for-blending-to-5-11639655525066.html

The government has lowered GST rate to 5% from 18% on ethanol meant for blending under the EBP programme.

14 Dec 2021 11:42 AM

Reform shudders

Source: https://www.livemint.com/opinion/quick-edit/reform-shudders-11639416266867.html

Of course, some impressive moves have also been made lately on the margin. But it’s time for the Centre to offer clarity on the extent of its embrace of market logic. Mixed signals are not the stuff of conviction reforms

13 Dec 2021 12:18 PM

Good news for GST taxpayers! Govt reduces compliance burden.

Source: https://www.livemint.com/news/india/good-news-for-gst-taxpayers-govt-reduces-compliance-burden-details-here-11639301898862.html

Taxpayers with AATO above ₹5 crore can now self-certify the reconciliation statement instead of getting it certified by chartered/cost accountant

13 Dec 2021 05:24 PM

States have ₹51,000 crore provisional GST compensation dues

Source: https://www.livemint.com/economy/states-have-rs-51-000-crore-provisional-gst-compensation-dues-11639392084661.html

As per GST Council’s decision, ₹1.1 trillion for FY21 and Rs. 1.59 trillion for FY22 has been released to states and union territories as back-to-back loan to meet their resource gap due to shortfall in GST compensation

13 Dec 2021 05:42 PM

CBI Arrests a CGST Superintendent In a Bribery Case

Source: https://taxguru.in/filters/?cats=goods-and-service-tax&type=news&court=0&filters=Y

The Central Bureau of Investigation has arrested a Superintendent of CGST, Amaravati Division, Vijayawada while demanding & accepting bribe of Rs. 8,000/- from a complainant.

10 Dec 2021 06:12 PM

Clear Max ITC: Solution to streamline ITC amid the removal of provisional claims

Source: https://www.livemint.com/brand-post/clear-max-itc-solution-to-streamline-itc-amid-the-removal-of-provisional-claims-11639116701117.html

The tight restrictions on input tax credit claims mean that for every default by a business’s vendors, the recipient enterprise takes the hit. If vendors delay in uploading their invoices, the recipient business ends up paying that extent of their GST liability in cash until the vendor complies, thereby affecting their working capital.