10 Nov 2021 02:11 PM
New

CBIC for strict enforcement to check fake invoicing

Source: https://www.livemint.com/news/india/tighter-enforcement-needed-to-check-fake-invoicing-cbic-11636447537057.html

The move to step up regulatory oversight to check irregularities in invoicing comes following a series of fake invoicing cases coming to light in recent months

10 Nov 2021 02:41 PM
New

Digital GST Ready Reckoner by CA Raman Singla

Source: https://taxguru.in/goods-and-service-tax/digital-gst-ready-reckoner-ca-raman-singla.html

With the advent of newer technologies, learning has become increasingly digital. You can now choose the way you want to learn- as per your own convenience and flexibility.

09 Nov 2021 01:54 PM
New

HC issues notice to GST council over non-inclusion of petrol, diesel prices

Source: https://economictimes.indiatimes.com/small-biz/gst/hc-issues-notice-to-gst-council-over-non-inclusion-of-petrol-diesel-prices/articleshow/87599856.cms

The court asked the council to inform it why petrol and diesel prices were not included in the purview of the GST. The court's order came on hearing a Public Interest Litigation.

09 Nov 2021 02:41 PM

Block ITC only on basis of ‘material evidence’, CBIC tells GST officers

Source: https://taxconcept.net/gst/block-itc-only-on-basis-of-material-evidence-cbic-tells-gst-officers/

The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has “reasons to believe” that the ITC was availed fraudulently.

03 Nov 2021 02:15 PM

GST collection may hit a record in November

Source: https://www.livemint.com/economy/gst-collection-looks-set-to-hit-record-high-in-november-11635844073306.html

October GST receipts have encouraged experts to predict that the Union government may exceed its FY22 budget estimate of ₹5.3 trillion in central GST (CGST) by up to ₹500 billion. Improvement in GST collections and compliance are also expected to rub off on corporate tax collections

03 Nov 2021 04:08 PM

How India can reinvent the goods and services tax

Source: https://iconicverge.com/how-india-can-reinvent-the-goods-and-services-tax/

Whereas the preliminary thought was to implement one nationwide GST, given the federal construction of our nation and the calls for raised by numerous states, a grand discount was arrived at. A twin GST was adopted. The Centre and the state governments now have equal tax jurisdiction throughout items and companies and have equal proper to levy GST on the provision of taxable items or companies on intra-state transactions i.e., on consumption within the vacation spot state fairly than the manufacturing state.

01 Nov 2021 01:40 PM

E-way bill data hints at higher GST collections

Source: https://www.livemint.com/news/eway-bill-data-shows-festive-surge-11635680746221.html

At the end of 24 October, 54.4 million e-way bills were raised

01 Nov 2021 02:06 PM

GST collection for October 2021 registered the second highest since implementation of GST

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1768437

₹ 1,30,127 crore gross GST revenue collected in October

Revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year and 36% over 2019-20

29 Oct 2021 11:06 AM

SC sets aside order on ₹923 cr GST refund to Bharti Airtel

Source: https://www.livemint.com/industry/telecom/sc-sets-aside-order-on-923-cr-gst-refund-to-bharti-airtel-11635443006817.html

SC stated that any indulgence shown against a statutory mandate would not only be an illegality but would also lead to chaotic situations

29 Oct 2021 11:47 AM

Toy manufacturers to see higher GST liability following AAR ruling

Source: https://economictimes.indiatimes.com/small-biz/gst/toy-manufacturers-to-see-higher-gst-liability-following-aar-ruling/articleshow/87332030.cms

While electronic toys such as expensive robots and kids’ tablets attracted 18% GST earlier, other toys such as tricycles and bicycles were taxed at 12%.