16 Nov 2021 02:31 PM
New

CBIC Chairman inaugurates Customs & GST pavilion at 40th India International Trade Fair

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1772102

Shri M. Ajit Kumar, Chairman, CBIC, inaugurated the Customs & GST pavilion here today at Hall no.12 of Pragati Maidan, New Delhi.

15 Nov 2021 02:23 PM
New

GST fraud worth ₹34 cr unearthed in Delhi, 7 firms under probe

Source: https://www.livemint.com/news/india/gst-fraud-worth-rs-34-cr-unearthed-in-delhi-7-firms-under-probe-11636886863617.html

The modus operandi involved creating multiple firms with the intent to avail or utilize and pass on inadmissible credit

13 Nov 2021 01:42 PM
New

Notices to firms after mismatch in GST tax credits

Source: https://economictimes.indiatimes.com/small-biz/gst/notices-to-firms-after-mismatch-in-gst-tax-credits/articleshow/87659414.cms

The GST framework allows companies to set off part of their future tax liability against GST paid by them on the raw materials sourced from suppliers.

12 Nov 2021 01:40 PM

Buoyant GST receipts show economic recovery: Bhagwat Karad

Source: https://www.livemint.com/economy/buoyant-gst-receipts-show-economic-recovery-bhagwat-karad-11636635896304.html

Karad said there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners, these problems are being ironed out gradually

12 Nov 2021 02:12 PM

Can petrol, diesel prices fall further soon? What Nitin Gadkari says

Source: https://www.livemint.com/news/india/can-petrol-diesel-prices-fall-further-soon-what-nitin-gadkari-says-11636640287358.html

The GST Council on 17 September had decided to continue keeping petrol and diesel out of the GST purview, as subsuming the current excise duty and VAT (value-added tax) into one national rate will impact revenues

10 Nov 2021 02:11 PM

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

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

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