Author: admin_gst

Goods and Services Tax – GST Dated:- 5-8-2021 – News – How to add bank account in GST registration details. A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017 . Such taxpayers are required to update their Bank Account Details within 45 days of the first login henceforth. The taxpayers may login and update Bank Account details through Non-core amendment in the manner as specified in the below table. In case the taxpayers who had not updated bank account after registration and are also failed to update within 45 days of their first login henceforth

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Goods and Services Tax – GST Dated:- 5-8-2021 – News – As you might be aware that the facility of blocking E way bill generation had been temporarily suspended due to pandemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017 , the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08 , for a consecutive period of two months / Quarters or more. 2. The government has now decided to resume the blocking of EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017 , from 15th August onwards. 3. Thus, after 15th August 2021, the System will check the sta

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Goods and Services Tax – GST Dated:- 3-8-2021 – News – The 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. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Giving details of total tax evasion detected in GST in last three years, the Minister stated: Period No. of Cases Detection (In Rs. Cr.) Recovery (In Rs. Cr.) 2019-20 10657 40853.27 18464.07

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CBIC back-end system. Enumerating the steps taken to prevent tax-evasion, the Minister stated that various validations have been built in GSTN/CBIC system to weed out tax- evaders, such as: Introduction of AADHAR authentication for processing of new registration application. Applicants not opting for Aadhaar authentication or failing authentication are subjected to physical verification of the Principal Place of Business before grant of registration; Facility to verify cancelled / existing registrations of the applicants seeking new registrations; Provisions to suspend / cancel registration of taxpayers found to the adverse notice of the department; Bulk suspension of registration by GSTN based on business intelligence and

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Goods and Services Tax – GST Dated:- 3-8-2021 – News – The Goods and Services Tax authorities have unearthed over ₹ 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the financial year 2020-21 and booked more than 7,200 cases involving fake ITC. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Giving details, the Minister stated Input Tax Credit (ITC) fraud detected by CGST formations under Central Board of Indirect Taxes Customs (CBIC) as following: S. No. Period No. of Cases Quantum involv

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tch between FORM GSTR-1 and FORM GSTR 3B ( Rule 21 ) of CGST Act, 2017 , etc.; To prevent fake dealers and shell companies to pass on fake credit, without filing their GSTR-3B returns and paying taxes, a provision has been made to block furnishing of outward supply statement in FORM GSTR-1 by a taxpayer, if 2 or more GSTR 3B returns are not filed by the said taxpayer. E-invoices have been made mandatory for all B2B transaction with turnover above ₹ 50 crore. Generation of E-way bill by those taxpayers who have not furnished return for consecutive period of two month has been restricted. Blocking of ITC Credit under Rule 86A of CGST Act, 2017 , was introduced if the proper officer has reason to believe that IT

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Goods and Services Tax – GST Dated:- 2-8-2021 – News – GST Revenue collection for July 2021 ₹ 1,16,393 crore gross GST revenue collected in July The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore , SGST is ₹ 28,541 crore , IGST is ₹ 57,864 crore (including ₹ 27,900 crore collected on import of goods) and Cess is ₹ 7,790 crore (including ₹ 815 crore collected on import of goods).The above figure includes GST collection received from GSTR-3B returns filed between 1st July 2021 to 31st July 2021 as well as IGST and cess collected from imports for the same period. The GST collection for the returns filed between 1st July to 5th July 2021 of ₹ 4,937 crore had also been included in the GST collection in the press note for the month of June 2021since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed retur

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to the month of May 2021 and during May 2021, most of the States/UTs were under either complete or partial lock down due to COVID. With the easing out of COVID restrictions, GST collection for July2021 has again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fastpace.The robust GST revenues are likely to continue in the coming months too. The table shows the state-wise figures of GST collected in each State during the month July 2021 as compared to July 2020 . State-wise growth of GST Revenues during July 2021 1 Sr No State Jul-20 Jul-21 Growth 1 Jammu and Kashmir 298 432 45% 2 Himachal Pradesh 605 667 10% 3 Punjab 1,188

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69% 13 Nagaland 25 28 11% 14 Manipur 25 37 48% 15 Mizoram 16 21 31% 16 Tripura 48 65 36% 17 Meghalaya 120 121 1% 18 Assam 723 882 22% 19 West Bengal 3,010 3,463 15% 20 Jharkhand 1,340 2,056 54% 21 Odisha 2,348 3,615 54%

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32 Kerala 1,318 1,675 27% 33 Tamil Nadu 4,635 6,302 36% 34 Puducherry 136 129 -6% 35 Andaman and Nicobar Islands 18 19 6% 36 Telangana 2,876 3,610 26% 37 Andhra Pradesh 2,138 2,730 28% 38 Ladakh 7 13 95% 39 Other Territory 97 141 45% 40 Center Jurisdiction 179 161

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Goods and Services Tax – GST Dated:- 30-7-2021 – News – How to add bank account in GST registration details. A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017 . Such taxpayers are required to update their Bank Account Details within 45 days of the first login henceforth. The taxpayers may login and update Bank Account details through Non-core amendment in the manner as specified in the below table. In case the taxpayers who had not updated bank account after registration and are also failed to update within 45 days of their first login henceforth, the

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Goods and Services Tax – GST Dated:- 28-7-2021 – News – GSTN has implemented a new functionality on taxpayers dashboards with the following features: The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto ₹ 5 Cr. The taxpayers can also see the Aggregate Turnover of the current FY based on the returns filed till date. The taxpayers have also now been provided with the facility of

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Goods and Services Tax – GST Dated:- 26-7-2021 – News – The Government has awarded Appreciation Certificates, on the eve of completion of 4 years of GST, to 54,439 (Fifty-four thousand four hundred and thirty-nine) taxpayers who have made substantial contribution in payment of GST and filed their returns in a timely manner. This was stated in a written reply by Union Minister of State for Finance Shri Pankaj Chaudhary to a question in Lok Sabha today. The Minister tabled the state-wise distribution of these 54,439 taxpayers is as under: State/UT Count of GSTIN Maharashtra 15131 Karnataka 7254 Tamil

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516 Goa 436 Chandigarh 361 Chhattisgarh 192 Dadra and Nagar Haveli 181 Odisha 128 Tripura 104 Jharkhand 96 Meghalaya 88 Himachal Pradesh 60 Pondicherry 47 Sikkim 44 Jammu and Kashmir 32 Mizoram 24 Arunachal Pradesh

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Goods and Services Tax – GST Dated:- 23-7-2021 – News – Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4 Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR4 : The liability of the complete year is required to be declared in GSTR-4 under applicable tax rates. Taxpayers should fill up table 6 of GSTR-4 mandatorily. In case, there is no liability, the said table may be filled up with 0 v

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clared in GST CMP-08 and then auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4 . How to proceed in case of negative liability: If table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods. Thanking You, Team GSTN – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com – TMI – TaxTMI – TM

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Goods and Services Tax – GST Dated:- 19-7-2021 – News – The Government has paid all the GST Compensation dues to the States the financial years 2020-21 and 2021-22. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that the GST compensation cess levied under Section 8 of the GST (Compensation to States) Act, 2017 is transferred into a non-lapsable Fund known as GST Compensation Fund which forms part of the Public Account of India as provided in Section 10(1) of the act. The States are being compensated for any loss of revenue arising on account of implementation of GST for five years out of the Compensation Fund as per Section 10(2

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f GST Compensation to States on account of loss of revenue due to implementation of GST as per GST (Compensation to States) Act, 2017 and in addition the general request from the States are like revision of FRBM limit, additional fund for procurement of medical equipment and increasing the devolution grant etc. Central Government has considered various such requests and is committed to provide all possible assistance to States. The Minister stated that the issue of GST Compensation to States has been deliberated in the 41 st and 42 nd GST Council meetings and accordingly, FY 20-21, the Centre had borrowed ₹ 1.1 lakh crore under a special window and passed on to the States as back-to-back loan to help the States meet the resourc

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bled details of gross GST collection (SGST+CGST+IGST+GST Compensation Cess) pre- settlement since March 2020, month-wise, as under: Month Gross GST Collection (in Rs. Crore) 2019-20 2020-21 2021-22 April 32172 139708 May 62151 102709 June 90918 92849 July 87422 August 86449

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Goods and Services Tax – GST Dated:- 16-7-2021 – News – GSTN has recently implemented certain new functionalities on the GST Portal related to Registration, Returns, Ledgers and Refunds. For creating awareness amongst all the stakeholders, GSTN is holding webinars, as per details given below: Webinar Topic New functionalities related to Registration, Returns, Ledgers and Refunds deployed on GST Portal Language of webinar Tamil English Marathi Date 16.07.2021 Friday 20.07.2021 Tuesday 28.07.2021 Wednesday Time 16

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Goods and Services Tax – GST Dated:- 15-7-2021 – News – ₹ 75,000 crore released to States and UTs with Legislature as GST Compensation shortfall Almost 50 % of the total shortfall for the entire year released in a single instalment Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection. Subsequent to the 43 rd GST Council Meeting held on 28.05.2021 , it was decided that the Central Government would borrow ₹1.59 lakh crore and release it to States and UTs with Legislature on a back-to-back basis to meet the resource gap due to the short release of Compensation on account of inadequate amount in the Compensation Fund. This amount is as per the principles adopted for a similar facility in FY 2020-21, where an amount of ₹1.10 la

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talment. The balance amount will be released in the second half of 2021-22 in steady instalments. The release of ₹75,000 crore being made now is funded from borrowings of GoI in 5-year securities, totalling ₹68,500 crore and 2-year securities for ₹6,500 crore issued in the current financial year, at a Weighted Average Yield of 5.60 and 4.25 percent per annum respectively. It is expected that this release will help the States/UTs in planning their public expenditure among other things, for improving, health infrastructure and taking up infrastructure projects. State/ UTs wise amount released as Back to Back Loan in lieu of GST Compensation Shortfall on 15.07.2021 (in Rs. Crore) Sl. No. Name of the State/ UTs GST Compensation shortfall released 5 year tenor 2 year tenor Total 1. Andhra Pradesh

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.73 10. Karnataka 7801.86 740.31 8542.17 11. Kerala 3765.01 357.26 4122.27 12. Madhya Pradesh 3020.54 286.62 3307.16 13. Maharashtra 5937.68 563.43 6501.11 14. Meghalaya 60.75 5.76 66.51 15. Odisha 2770.23 262.87 3033.10 16. Punjab 5226.81 495.97 5722.78 17. Rajasthan 3131.26 297.13 3428.39 18.

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Goods and Services Tax – GST Dated:- 13-7-2021 – News – Misuse of the beneficial provision of Input Tax Credit (ITC) under GST regime is the most common modus of evasion under the GST Law. The field formations of the Central Board of Indirect taxes and Customs (CBIC) have been regularly detecting such cases from very beginning of the GST regime. During the financial year 2020-21 the CGST zones and the Directorate General of GST Intelligence (DGGI)have booked about 8000 cases involving fake ITC of over ₹ 35000 crore . During the financial year 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc were arrested. Considering the high proportion of fake ITC availment and utilisat

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ligence and CGST Zones under CBIC have during the current financial year detected more than 500 cases involving 1200 entities and arresting 24 persons. The number of arrests made by officers of CBIC is one of the highest in recent times. CBIC officers are using latest IT tools, digital evidence and also collecting information from other government departments to catch the fraudsters . Along with legislative and procedural changes in the law, the nationwide drive has contributed to better compliance and revenue collection. During the drive, cases of fake ITC availment against some well-known companies were also booked. Some of the notable cases booked recently include a case by DGGI Nagpur Zonal Unit against three firms inv

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C to various iron and steel units based in Himachal Pradesh, Punjab and Haryana, searches were conducted at multiple premises in Himachal Pradesh (Baddi) and Punjab where incriminating evidences in the form of laptop containing incriminating e-mails, pen drives, mobile phones evidencing fraudulent transactions were resumed. Similarly a case of fraudulent ITC was also booked by DGGI Surat Zonal Unit in which non existent firms were found to be engaged in supply of invoices and passing on illegal ITC to the tune of ₹ 300 crore. CGST Jaipur Zone, detected a case involving multiple fake firms for availment/passing on fraudulent ITC of Rs. more than 100 crore in which three persons were arrested. In another case of ITC fraud, CGST

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Goods and Services Tax – GST Dated:- 12-7-2021 – News – GSTN has recently implemented certain new functionalities on the GST Portal related to Returns, Ledgers and Payments. For creating awareness amongst all the stakeholders, GSTN is holding webinars, as per details given below: Webinar Topic New functionalities related to Returns, Ledgers and Payments deployed on GST Portal Language of webinar Hindi Tamil English Marathi Date 14.07.2021 Wednesday 16.07.2021 Friday 20.07.2021 Tuesday 28.07.2021 Wednesday

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Goods and Services Tax – GST Dated:- 12-7-2021 – News – As part of our constant endeavour to provide a smooth and hassle free experience to the taxpayers and simplify the process of meeting GST compliances, following changes were recently deployed/ would be deployed shortly, on the GST portal: Sl.No Module Form/ Functionality Functionality released/ to be released for Taxpayers Current status of deployment 1 Registration Timelines for filing of Application for Revocation of Cancellation of Registration in Form GST REG-21 In view of the spread of pandemic COVID-19 across many parts of India, vide Notific

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lation of Registration in Form GST REG-19. Deployed on 1st July, 2021 2 Returns Information regarding late fee payable provided in Form GSTR-10 Taxpayers whose registration is cancelled, at the time of filing of last return in Form GSTR-10 , will now be provided with details of late fee payable by them, for the delayed filing of any of the previous returns/ statements in a table, for their assistance in filing of said return by them. This information can be viewed by clicking on a hyperlink provided under the column Late Fee Payable in the online Form GSTR- 10. 3 Returns Auto-population of data in Form GSTR-

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Goods and Services Tax – GST Dated:- 12-7-2021 – News – Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for the benefit of the stakeholders. To view module wise functionalities deployed on the GST Portal and webinars conducted/ Videos posted on our YouTube channel, refer to table below: Sl.No Taxpayer functionalities deployed on the GST Portal during

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Goods and Services Tax – GST Dated:- 12-7-2021 – News – Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of ₹ 91 crore (approx). The modus operandi involved floating of multiple firms with the intent to avail/utilize passing on of inadmissible credit. The firms involved in this network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with an intent to pass on fraudulent ITC wit

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Goods and Services Tax – GST Dated:- 7-7-2021 – News – Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below: A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter Form GSTR-1 for Month 3 of that quarter. Declaration of liability in these forms would now be auto-populated in their Form GSTR-3B (Quarterly) for that quarter, based on their filed Form GSTR-1 and IFF. These fields are editable and in case their values are revised upwards or downwards, the edited field(s) would be highlighted in red colour and a warning message will be displaye

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onth 1 or 2 of a quarter, which was not submitted or filed by due date. C.Impact of cancellation of registration on liability to file Form GSTR-1 : In case registration of a taxpayer under QRMP Scheme is cancelled, with effective date of cancellation being any date after 1st day of Month 1 of a quarter, they would be required to file Form GSTR-1 for the complete quarter, as the last applicable return. For example if the taxpayer s registration is cancelled w.e.f. 1st of April, he/she is not required to file Form GSTR-1 for Apr-June quarter and Form GSTR-1 for Jan-Mar Quarter shall become the last applicable return. However, if the registration is cancelled on a later date during the quarter, the taxpayer would be required to

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Goods and Services Tax – GST Dated:- 6-7-2021 – News – GST Revenue collection for June 2021 ₹ 92,849 crore gross GST revenue collected in June 2021 The gross GST revenue collected in the month of June 2021 is ₹ 92,849 crore of which CGST is ₹ 16,424 crore , SGST is ₹ 20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods).The above figure includes GST collection from domestic transactions between 5 th June to 5 th July 2021 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the r

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bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30%. However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business. The daily average generation of e-way bill for the first two weeks of April 2021 was 20 lakh, which came down to 16 lakh in last week of April 2021 and further to 12 lakh in the two weeks between 9 th to 22 nd May. Thereafter, the average generation of e-way bills has been increasing and has reached again to 20 lakh level since week beginning 20 th June. Therefore, it is expected that while the

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Goods and Services Tax – GST Dated:- 30-6-2021 – News – On the eve of completion of 4 years of the GST, CBIC to honour the tax payers contributing to the GST success story CBIC to issue certificates of appreciation to honour contributions of tax payers Government reaffirms its commitment to continuous improvement in taxpayer services GST is a historic tax reform introduced on the 1st of July 2017. Over the years there has been a reduction in the tax rates, simplification of procedures and a growing economy has also led to an exponential increase in the tax base. GST revenues have steadily grown and have been above the 1 lakh crore mark for eight consecutive months in a row . On the eve of completion of 4 years of the GST, it h

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15131 Karnataka 7254 Tamil Nadu 5589 Haryana 3459 West Bengal 2977 Telangana 2863 Rajasthan 2527 Uttar Pradesh 2179 Gujarat 2162 Punjab 1709 Madhya Pradesh 1694 Kerala 1385 Delhi 1163 Uttarakhand 895 Assam 583

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Mizoram 24 Arunachal Pradesh 2 Nagaland 2 Andaman and Nicobar Islands 2 Manipur 1 Lakshadweep Islands 1 Ladakh 1 Total 54,439 While it is widely acknowledged that the Nation meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilized through tax payments by millions of honest tax payers, this step marks the first effort by the Government to directly commu

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Functionality to register complaint on misuse of PAN in GST Registration – Goods and Services Tax – GST Dated:- 29-6-2021 – News – – News – Press release – PIB Tax Management India – taxmanage

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Goods and Services Tax – GST Dated:- 19-6-2021 – News – Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for the benefit of the stakeholders. To view module wise functionalities deployed on the GST Portal and webinars conducted/ Videos posted on our YouTube channel, refer to table below: Webinar Topic New functionalities related to Refunds

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Goods and Services Tax – GST Dated:- 16-6-2021 – News – Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for the benefit of the stakeholders. To view module wise functionalities deployed on the GST Portal and webinars conducted/ Videos posted on our YouTube channel, refer to table below: Sl.No Taxpayer functionalities deployed on the GST Portal during

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Goods and Services Tax – GST Dated:- 12-6-2021 – News – The 44th GST Council met under the Chairmanship of Union Finance Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30 th September, 2021. The meeting was also attended by Union Minister of State for Finance Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States UTs and senior officers of the Ministry of Finance States/ UTs. The details of recommendations are given below : S. No. Description Present GST R

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Oxygen, Oxygen generation equipment and related medical devices 1. Medical Grade Oxygen 12% 5% 2. Oxygen Concentrator/ Generator, including personal imports thereof 12% 5% 3. Ventilators 12% 5% 4. Ventilator masks / canula / helmet 12% 5% 5. BiPAP Machine 12% 5% 6. High flow nasal canula (HFNC)

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Goods and Services Tax – GST Dated:- 12-6-2021 – News – As part of our constant endeavour to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances, following functionalities are recently deployed or are being deployed on the portal shortly: Sl.No. Module Form/ Functionality Functionality released/ to be released for Taxpayers 1 Ledgers Negative liability statement made available to composition taxpayers In case of a negative liability in any tax period of a composition taxpayer (and if no amount is re

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orted by their registered suppliers in their Form GSTR-1 / GSTR-5 and by their TDS deductors in their Form GSTR-7 . A facility to download the details of Form GSTR-4A , in an Excel file would be made available to the taxpayers, soon. This Excel file would contain consolidated summary of the supplies at GSTIN level, for the complete financial year, which are required to be reported in Annual Return filed by them in Form GSTR-4. This summary will also be auto-populated in Table 4A and 4B of their Form GSTR-4. 3 Front Office Inclusion of common names in the HSN Directory and its download in excel format by the taxpayers The c

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