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Goods and Services Tax – GST Dated:- 29-8-2020 – News – The two borrowing options to meet the GST Compensation requirement for 2020-21 consequent to the discussions in the 41st meeting of the GST Council held on 27th August, 2020 has been communicated to States, as per the document attached with this press note, to communicate their preference within seven working days. A meeting of State Finance Secretaries with the Union Finance Secretary and Secretary (Expenditure) is scheduled to be hel

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Goods and Services Tax – GST Dated:- 27-8-2020 – News – New Delhi, Aug 27 (PTI) A crucial meeting of the GST Council on compensating states for revenue shortfall began on Thursday with the states ruled by non-NDA parties opposing the Centre's move to ask states to borrow to meet the deficit. The 41st meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states, held deliberations via video conferencing on ways to make up for the shortfall in states' revenues, sources said. While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections. The Centre as well as BJP-JD(U)-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have bee

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at was hailed as the biggest tax reform. At that time, the Centre had promised to compensate states for any revenue loss for five years from a pool created by levying cess over and above the GST on luxury and sin goods. GST collections including that of compensation cess had been falling short of the targets even before the pandemic, making it difficult for the Centre to compensate the states. States are supposed to receive half of the GST receipts. While the kitty of GST compensation cess may have lagged targets, the Centre has raised cess on items such as petrol and diesel, which have been kept out of the GST regime. This collection, which totals to several thousand crores of rupees, is not shared with states. Mitra wanted the Centre to make good the losses to states from this collection. Under no circumstances, states should be asked to borrow from the market as it will increase their debt servicing liability. Further, it may lead to cut in state expenditure which is

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fund by providing the sufficient amount to be credited to the corpus. Sources said the options before the Council for meeting the shortfall could be to rationalise GST rates, cover more items under the compensation cess or increase the cess, or recommend higher borrowing by states to be repaid by the future collection into the compensation fund. Under the GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. Under the GST structure, taxes are levied under 5, 12, 18 and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss. The GST Council has to decide how to meet the shortfall in such circumstances and not the central govern

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Goods and Services Tax – GST Dated:- 26-8-2020 – News – The Central Board of Indirect Taxes Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries shall be made for the past period as well by the Central and State tax administration in accordance with the decision taken in the 39th Meetin

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Goods and Services Tax – GST Dated:- 1-8-2020 – News – New Delhi, Aug 1 (PTI) Finance Minister Nirmala Sitharaman on Saturday said the Attorney General's view on GST compensation was sought after consultation with the states and a meeting of the GST Council would be held to discuss the legal opinion. The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation. This matter was discussed in the GST Council meeting when it met last time. Members expressed their views on the matter and it was decided that legal opinion should be taken from AG, Sitharaman told reporters here. The GST Council, chaired by the Union finance minister a

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imposition of cess started dwindling since August 2019 and the Centre had to dive in to the excess cess amount collected during 2017-18 and 2018-19. Under the Goods and Services Tax (GST) law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. Under the GST structure, taxes are levied under 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.

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Goods and Services Tax – GST Dated:- 1-8-2020 – News – GST Revenue collection for July 2020 ₹ 87,422 crore gross GST revenue collected in July The gross GST revenue collected in the month of July, 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore , SGST is ₹ 21,418 crore , IGST is ₹ 42,592 crore (including ₹ 20,324 crore collected on import of goods) and Cess is ₹7,265 crore (including ₹ 807crore collected on import of goods). The government has settled ₹ 23,320 crore to CGST and ₹ 18,838 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the m

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Goods and Services Tax – GST Dated:- 27-7-2020 – News – Central Government has recently released GST Compensation of ₹ 13,806 crore to States for March 2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is ₹ 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was ₹ 95,444 crore. To release the compensation for 2019-20, balance of cess amount collected during 2017-18 and 2018-19 was also utilised. In addition, Centre had transferred ₹ 33,412 crore from Consolidated Fund of India to the Compensation Fund as a part of an exercise to apportion balance of IGST pertainin

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7 Goa 1093 8 Gujarat 14801 9 Haryana 6617 10 Himachal Pradesh 2477 11 J K 3281 12 Jharkhand 2219 13 Karnataka 18628 14 Kerala 8111 15 Madhya Pradesh 6538 16 Maharashtra

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Goods and Services Tax – GST Dated:- 27-7-2020 – News – A case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Pvt. Ltd. M/s. Ganpati Enterprises, who were found involved in issuance of invoices without any actual supply of goods. The case was detected and developed by the officers on further data analytics out of a case booked against one of the exporters, M/s Anannya Exim, covered in the all India joint operation launched by DGGI-DRI in September 2019, against various exporters for fraudulently claiming IGST refund on the strength of ineligible ITC. During the investigations conducted by the DGGI Hqrs, it has emerged that the aforesaid three Companies/Firms namely M/s. Reema Polychem Pvt. Ltd., M/s. Fortune Gr

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Goods and Services Tax – GST Dated:- 22-7-2020 – News – Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled a racket of clandestine clearance of cigarettes through a factory run in Kota. Searches were conducted at various places in Kota and Nagaur on 17.07.2020, including the factory, trading firms, godowns, secret offices and residences of beneficiaries. During the search, incriminating documents and e

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Goods and Services Tax – GST Dated:- 21-7-2020 – News – What is Form GSTR-4 Annual Return : – With effect from 1 st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on annual basis , for each financial year. Who are required to file Form GSTR-4 Annual Return : All registered taxpayers who have opted for composition scheme or were under composition scheme under GST, for any period during a financial year, starting from 01.04.2019, need to file Form GSTR-4 Annual Return, annually. Who can file NIL Form GSTR-4 Annual Return : Nil Form GSTR-4 Annual Return can be filed for the financial year, if you have, for all applicable quarters of the year,:

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GSTR-4 Annual Return, once filed, can t be revised After successfully filing, ARN will be generated and intimated through email and SMS Currently only the online filing has been enabled on the portal. Shortly, offline tool to file Form GSTR-4 Annual Return will also be made available. How it is different from Form GSTR-4 Quarterly Return : Please note that this Form GSTR-4 Annual Return is different from the Form GSTR-4 Quarterly Return, which was required to be filed on a quarterly basis. Form GSTR-4 Quarterly Return is applicable up to tax period ending on 31 st March, 2019, for composition taxpayers. For tax periods till the quarter ending March, 2019, Composition Taxpaye

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Goods and Services Tax – GST Dated:- 15-7-2020 – News – The issue of GST rate on alcohol based hand sanitizers has been reported in few sections of media. . It is stated that hand sanitizers attract GST at the rate of 18%. Sanitizers are disinfectants like soaps, anti-bacterial liquids, dettol etc which all attract duty standard rate of 18% under the GST regime. The GST rates on various items are decided by the GST Council where the Central Government and all the state gov

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Goods and Services Tax – GST Dated:- 3-7-2020 – News – New Delhi, Jul 3 (PTI) – The maximum fee for delayed filing of monthly and quarterly sales return and tax payment form GSTR-3B till July 2020 has been capped at ₹ 500 per return. In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for form GSTR-3B at ₹ 500 per return for the tax period July 2017 to July 2020 subject to the condition that such GSTR -3B returns being filed b

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FAQs – Filing Nil Form GSTR-1 through SMS – Goods and Services Tax – GST Dated:- 2-7-2020 – News – – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com – TMI – TaxTMI – TMITax

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Goods and Services Tax – GST Dated:- 2-7-2020 – News – GST Day, 2020 or third anniversary of introduction of GST was marked by CBIC and all its field offices across India on July 01, 2020. GST has been instrumental in Breaking Barriers to build an Aatma Nirbhar Bharat and taking forward the motto of One Nation One Tax One Market. Considering the COVID pandemic most of the interactions with stakeholders to mark this day were made in virtual mode on digital platforms. Union Minister for Finance Corporate Affairs Smt. Nirmala Sitharaman on her message on GST Day, 2020 highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. However, more efforts are required to ease tax com

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d processing of return and allowing Input Tax Credit needs to be made faster. Shri Thakur appreciated the hardwork of CBIC officers during lockdown period and efficient use of IT platforms to process GST refunds through remote access which in turn provided much liquidity to the taxpayers. Social activities by CBIC field officers of helping those in distress during COVID 19 was also applauded. Chairman CBIC Sh. M Ajit Kumar in a virtual departmental GST Day programme emphasised on assisting taxpayers and reaching out to them to resolve their grievances and honor the FM s message of Ease of Doing Business in its true essence. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com

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Goods and Services Tax – GST Dated:- 1-7-2020 – News – Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled an unregistered Pan Masala/Guthka factory, being run in Delhi. Searches were conducted at various places on 25.06.2020, including the unregistered factory, godowns and residence of main beneficiary. During the search, incriminating documents and electronic devices pertaining to the supply of Pan Ma

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Goods and Services Tax – GST Dated:- 1-7-2020 – News – GST Revenue collection for June, 2020 ₹ 90,917 crore gross GST revenue collected in the month of June The gross GST revenue collected in the month of June, 2020 is ₹ 90,917crore of which CGST is ₹ 18,980 crore , SGST is ₹ 23,970 crore , IGST is ₹ 40,302 crore (including ₹ 15,709 crore collected on import of goods) and Cess is ₹ 7,665 crore (including ₹ 607 crore collected on import of goods). The government has settled ₹ 13,325 crore to CGST and ₹ 11,117 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular sett

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2020. The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues. The GST collections for the month of April was ₹ 32,294 crore which was 28% of the revenue collected during the same month last year and the GST collections for the month of May was ₹ 62,009 crore which was 62% of the revenue collected during the same month last year. The GST collections for the first quarter of the year is 59% of the revenue collected during the same quarter last year. How

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Goods and Services Tax – GST Dated:- 28-6-2020 – News – In a major move towards GST taxpayers facilitation, the Government has decided to provide the facility of SMS filing of NIL statement of FORM GSTR-1 from 1 st week of July 2020. The Central Board of Indirect Taxes and Customs (CBIC) said that the filing of NIL statement in FORM GSTR-1 also through SMS would substantially improve ease of GST compliance for over 12 lakh registered taxpayers. At present, these taxpayers have to log into their account on the common portal and then file their statement of outward supplies in FORM GSTR-1 every month or each quarter. GST taxpayers with NIL outward supplies would not be required to log on to the GST Portal an

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C 042020 (for monthly return of April 2020) or NIL R1 09XXXXXXXXXXXZC 062020 (for quarterly return of April-June 2020). After this, they will get a six-digit code with validity up to 30 minutes and can confirm their Nil statement filing by sending: CNF space R1 space CODE to 14409. On successful code validation, return will be filed and taxpayers will be receiving an Acknowledgement number through SMS. By using the similar steps taxpayers can file their NIL return in FORM GSTR-3B also however they need to use 3B instead of R1 in their SMS to 14409. For more details, one may visit help at: www.gst.gov.in – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia

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Goods and Services Tax – GST Dated:- 12-6-2020 – News – The 40 th GST Council met under the Chairmanship of Union Finance Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . 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 GST Council has made the following recommendations on Law Procedures changes. Measures for Trade facilitation: Reduction in Late Fee for past Returns: As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR-3B for t

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pecified dates (staggered upto 6 th July 2020) is reduced from 18% per annum to 9% per annum till 30.09.2020. In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6 th July 2020)and thereafter 9% interest will be charged till 30.09.2020.. Relief for small taxpayers for subsequent tax periods (May, June July 2020): In wake of COVID-19 pandemic, for taxpayers having aggregate turnover upto ₹ 5 crore, further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates

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Goods and Services Tax – GST Dated:- 8-6-2020 – News – In a significant move towards taxpayer facilitation, the Government has today onwards allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their returns every month. Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS. 2. For this purpose, the functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect. The status of the returns so filed can be tracked on t

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Goods and Services Tax – GST Dated:- 5-6-2020 – News – Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of ₹ 36,400 crore to the States/UTs with Legislature for the period from December, 2019 to February, 2020 today. The GST Compensation of ₹ 1,15,096 crore for period April-November, 2019 had already been released

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Goods and Services Tax – GST Dated:- 2-6-2020 – News – In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods Services Tax (GST) i.e. August, 2017. It may be noted that for helping the small businesses having turnover less than ₹ 5 crore in the current situation arising out of COVID-19, Finance Minister Smt. Nirmala Sitharaman had already announced extension of GST returns of February, March, April and May 2020 till June 2020. No late fee will be charged for this period. The current requests for waiver of late

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Goods and Services Tax – GST Dated:- 5-5-2020 – News – Attention Taxpayers! Safeguard yourself from fake messages on GST Refunds It has been observed that some fraudulent messages are being circulated on WhatsApp, Email and SMS, claiming to process GST refund. It clearly shows that some miscreants have started to take undue advantage of Covid-19 crisis, by sending out fake messages with phishing links. One such link takes to a portal claimed to have been developed by GSTN. The same is fake and Government has notified only www.gst.gov.in as the common portal, under the GST Laws. Through such links, the taxpayers are asked to fill important information such as- Personal details, Address, Refund Details and KYC Verification, wh

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Do s Don ts Use only GST portal www.gst.gov.in for claiming refunds Do not reply to any message claiming to process GST refunds For any information on claiming GST refund, checking status of the refund application read https://www.gst.gov.in/help/refund Do not open any link or attachment in the message Remember that GST Network never call detailed personal information and refund details on email, WhatsApp or SMS Never fill any personal detail and other information on any platform other than GST portal for claiming refunds Stay updated with News Update section o

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Goods and Services Tax – GST Dated:- 18-4-2020 – News – The Central Board of Indirect Taxes and Customs (CBIC) said that it is fully committed to help the GST taxpayers in the present COVID-19 situation. Since 30th March 2020, CBIC has processed 12,923 refund applications involving claims worth ₹ 5,575 Crore, while in the last week itself, CBIC has processed 7,873 claims worth ₹ 3854 Crore. The CBIC said that a trade and business friendly measure taken by CBIC vide its Circular No. 133 dated 23.03.2020 to help GST returns filers to facilitate early ITC refunds and to ensure that the wrong ITC claims are not processed in the absence of relevant information, is misconstrued in certain section of social media and other m

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ecided in the GST Council to make declaration of classification codes a part of the application itself. The GST Council in the same meeting has also decided to allow bunching of tax periods across financial years to facilitate claim of refund by exporters. This would apply to applications filed after 31.03.2020. It may also be noted that the due date of all such applications which were due during 20th March 2020 and 29th June 2020 has been extended to 30.06.2020. The CBIC explained that the Circular No. 133 (dated 23.03.2020) is with regard to the requirement to give HSN/SAC code along with the refund application. The GST Law doesn t allow refund of credit availed on services and/or Capital Goods in certain categories. For example, Cap

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Goods and Services Tax – GST Dated:- 1-4-2020 – News – GST Revenue Collection for March, 2020 ₹ 97,597 Crore of gross GST revenue collected The gross GST revenue collected in the month of March, 2020 is ₹ 97,597crore of which CGST is ₹ 19,183 crore , SGST is ₹ 25,601 crore , IGST is ₹ 44,508 crore (including ₹ 18,056 crore collected on imports) and Cess is ₹ 8,306 crore (including ₹ 841 crore collected on imports). The total number of GSTR-3B Returns filed for the month of February up to 31 st March, 2020 is 76.5 lakh. The government has settled ₹ 19,718 crore to CGST and ₹ 14,915 crore to SGST from IGST as regular settlement. Inaddition,Centre has also apportioned unsettled balance IGST of ₹ 6000 crores on ad-hoc basis in the ratio of 50:50 between centre and States/UTs.The total revenue earned by Central Government and the State Governments after regular settlement in the mon

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uring the month of March, 2020 as compared to March, 2019 and for the full year. State-wise GST Collections during March 2020 State Mar-19 Mar-20 Growth 2018-19 2019-20 Growth Jammu and Kashmir 388 276 -29% 3,792 4,010 6% Himachal Pradesh 660 596 -10% 7,593 7,960 5% Punjab 1,166 1,181 1% 13,979 15,235 9% Chandigarh 162 153 -5% 1,779 1,988

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12,640 18% Sikkim 160 189 19% 1,917 2,248 17% Arunachal Pradesh 85 67 -22% 398 581 46% Nagaland 46 39 -16% 227 317 40% Manipur 46 36 -22% 309 435 41% Mizoram 50 33 -33% 213 296 39% Tripura 64 67 5% 556 680 22%

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5% Madhya Pradesh 2,624 2,407 -8% 25,683 28,354 10% Gujarat 6,521 6,820 5% 73,440 78,923 7% Daman and Diu 103 95 -8% 1,105 1,155 5% Dadra and Nagar Haveli 174 169 -3% 1,718 1,810 5% Maharashtra 15,596 15,002 -4% 1,70,289 1,85,917 9% Karnataka 6,983 7,144 2% 78,763

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361 21% Telangana 3,897 3,563 -9% 36,408 39,820 9% Andhra Pradesh 2,589 2,548 -2% 25,331 27,108 7% Other Territory 167 133 -21% 2,484 1,753 -29% Center Jurisdiction 74 81 10% 580 1,003 73% Total 82,165 78,700 -4% 8,76,794 9,44,414 8% – News – Press release – PIB Tax Management India – taxmanagementindia – tax

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Goods and Services Tax – GST Dated:- 23-3-2020 – News – In an investigation led by CGST Meerut team has prima facie revealed issuance of GST invoices of ₹ 1,708 crores from a chain fake firms/companies operating from Delhi, Moradabad and Meerut, involving fraudulent ITC of about ₹ 281 crores. The fraud amount may exceed on further probe. On the basis of initiative taken by the Chief Commissioner, Meerut, Data Analytics team analysed suspected firms. They passed on an information on the basis of which CGST Meerut unearthed a case of issuance of fake GST invoices without actual supply of goods and passing on the said fraudulent ITC to the other existing firms after circulation of invoices through a chain of fake firms/ compa

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h was subsequently withdrawn and returned back to those end recipients in cash after deduction of certain commission. On preliminary scrutiny, it appeared that the accused namely Shri Pradeep Kumar (kingpin) and his associates Shri Mohd. Shamshad and Shri Mohd. Sajjad had taken multiple GST Registrations at common address using common email ID and mobile number. During the search conducted at Meerut, Moradabad and Delhi, incriminating records, cash of ₹ 9.56 lakhs, flex boards of several firms, rubber stamps of various firms/ companies, digital signature dongles, Credit / Debit Cards with different names, photographs, Bank chequebooks, PAN cards etc. have been recovered seized. The offence committed by the accused Sh. Pradeep

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Goods and Services Tax – GST Dated:- 20-3-2020 – News – Officers of Anti-Evasion, Central GST Commissionerate, Delhi East, have unravelled an operation involving availment of fraudulent Input Tax Credit on the basis of fake invoices and evasion of GST by utilizing the said fraudulent ITC of ₹ 24 crores approx. by M/s Shub Conductors LLP. Investigation was initiated against M/s Shub Conductors LLP on intelligence that the firm had been availing fraudulent ITC on the basis of fake invoices raised by fictitious suppliers. Searches were conducted in the premises of M/s Shub Conductors LLP along with the suppliers suspected of being fake. It was found that among other firms, M/s Een Een Sales Corporation and M/s A.N. Marketing had pa

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ing a complex network of transactions among themselves, including transfer of money in bank accounts to make them appear genuine. This enabled them to raise fake invoices to manufacturers such as M/s Shub Conductors LLP, who availed the fraudulent Input Tax Credit without actual receipt of goods. The money received in Bank accounts was then withdrawn and routed back in cash to the recipients. Thus, the operation involved not only violation of GST law but also laundering of money. Searches were conducted in the business of M/s Shub Conductors LLP, as well as the residential premises of the partners, namely, Shri Vishal Gupta and his wife, Smt. Divya Gupta. The partners were not found to be present in either of the locations. Thereafter, b

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uctors LLP, Smt. Divya Gupta, who remains absconding till date. Shri Vishal Gupta, Partner in M/s Shub Conductors LLP appeared to have knowingly committed offence under the provisions of Section 132(1)(c) of the Central Goods Services Tax Act (CGST), 2017 , which is a cognizable and non-bailable offence, punishable under Section 132(5) of the CGST Act, 2017 . Accordingly, Shri Vishal Gupta was arrested on 17.03.2020 under Section 69(1) of the CGST Act, 2017 and remanded to judicial custody by the Duty Metropolitan Magistrate (MM) till 31.03.2020. Further investigation to unearth GST evasion racket on fake invoices is in progress. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – t

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