Goods and Services Tax

Goods and Services Tax – GST Dated:- 26-4-2022 – News – It has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good Services Tax (GST) rates on 143 items. Some reports have even carried the number and description of items. It is clarified that no feedback from States has been sought on the GST rates for any specific items or specific proposals to restructure the rates and the reports regarding the same are p

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 11-4-2022 – News – The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GU), Gurugram, has unearthed a case wherein a series of entities controlled by a person as Proprietor / Director of M/s Umang Overseas, M/s Ulagarsan Impex Put Ltd and M/s Umang Impex Private Limited, was found to be involved in availing and passing fraudulent Input Tax Credit (ITC) of Rs 16.74 crore without receipt of goods from different fake, suspended and non-ex

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 11-4-2022 – 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 du

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

021 https://tutorial.gst.gov.in/downloads/news/new_functionalities_compilation_july_september_2021.pdf 6 April-June, 2021 https://tutorial.gst.gov.in/downloads/news/newfunctionalities_compilationaprjun2021.pdf 7 January-March, 2021 https://tutorial.gst.gov.in/downloads/news/newfunctionalitiescompilation_janmar2021.pdf 8 October-December, 2020 https://tutorial.gst.gov.in/downloads/news/functionalities_released_octtodec2020.pdf 9 Compilation of short videos on Taxpayer functionalities https://tutori

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 8-4-2022 – News – The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1 st February, 2021 when the 1 st COVID wave had tapered off in India but the world was facing successive waves. Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh crore, almost ₹5 lakh crore above the budget estimates. This is a growth of 34% over last years revenue collection of ₹ 20.27 lakh crore, led by growth of 49% in direct taxes and supported by 20% growth in indirect taxes.

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered from 0.9 in 2020-21 back to 1.1 in 2021-22. The gross corporate taxes during 2021-22 was ₹8.6 lakh crore against ₹6.5 lakh crore last year, which shows that the new simplified tax regime with low rates and no exemptions has lived upto its promise. During the year, Income tax department gave refunds of ₹2.24 lakh core. During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses. During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till 31 st March 2021. This has been possible due to faster proce

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ue to various measures taken to improve compliance. The GSTR-3B filing (percentage of returns of previous month filed till end of the month) improved from 74% in September 2020 to 87% in February 2022. The GSTR-1 filing has significantly improved from 54% in September 2020 to 82% in February 2022. This also shows that the gap between GSTR-3B filing and GSTR-1 filing has completely narrowed down to the level of elimination. This shows that the GST ecosystem has appreciated the invoice-based discipline in GST, which not only benefits GST revenues but also contributes to overall formalization in the economy. The level of economic recovery can also be seen from the value of e-way bills generated every month, which has improved from &

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 1-4-2022 – News – All time high Gross GST collection in March 2022, breaching earlier record of ₹ 1,40,986 crore collected in the Month of January 2022 ₹ 1,42,095 crore gross GST revenue collected in the month The gross GST revenue collected in the month of March 2022 is ₹ 1,42,095 crore of which CGST is ₹ 25,830 crore , SGST is ₹ 32,378 crore , IGST is ₹ 74,470 crore (including ₹ 39,131 crore collected on import of goods) and cess is ₹ 9,417 crore (including ₹ 981 crore collected on import of goods). The gross GST collection in March 2022 is all time high breaching earlier record of ₹ 1,40,986 crore collected in the Month of January 2022. The government has settled ₹ 29,816 crore to CGST and ₹ 25,032 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹ 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 betwe

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

the last quarter of the FY 2021-22 has been ₹ 1.38 lakh crore against the average monthly collection of ₹ 1.10 lakh crore, ₹ 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters respectively. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure. The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March 2022 as compared to March 2021. State-wise growth of GST Revenues during March 2022 [1] State Mar-21 Mar-22 Growth 1 Jammu and Kashmir 352

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

13% 11 Sikkim 214 230 8% 12 Arunachal Pradesh 92 105 14% 13 Nagaland 45 43 -6% 14 Manipur 50 60 18% 15 Mizoram 35 37 5% 16 Tripura 88 82 -7% 17 Meghalaya 152 181 19% 18 Assam 1,005 1,115 11% 19 West Bengal 4,387 4,472 2%

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

30 Goa 344 386 12% 31 Lakshadweep 2 2 36% 32 Kerala 1,828 2,089 14% 33 Tamil Nadu 7,579 8,023 6% 34 Puducherry 161 163 1% 35 Andaman and Nicobar Islands 26 27 5% 36 Telangana 4,166 4,242 2% 37 Andhra Pradesh 2,685 3,174 18% 38 Ladakh 14 23 72%

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 17-3-2022 – News – The Search HSN Code functionality has been enhanced, where taxpayers can search the HSN code and the applicable Technical description through common parlance / trade description of the goods/ services as they are known in the Trade. It helps the taxpayers to search HSN Code by providing description/ part of a description. For creating awareness amongst all the stakeholders, GSTN is holding webinars on the same functionality, as per details given below: Webinar Topic Smart Search HSN- An Enhanced search HSN functionality for taxpayers Language of webinar Marathi Date

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 12-3-2022 – News – Through extensive analysis of E-way bills, CGST Delhi East Commissionerate had busted a syndicate of five firms who were engaged in availing and utilising fake Input Tax Credit (ITC) of Goods and Services Tax (GST). During further investigation it was found that this syndicate was using two more entities namely, M/s Shree Mahaveer International and M/s Gravity Enterprises. A communication was also received from GST, Gujarat State that a car bearing registration no. DL8CAS5941, registered in the name of one of the syndicate firm M/s Blue Water Expotrade Private Limited was intercepted by them in Ahmedabad. FastTags of Trucks were affixed on the car to create false movement of expo

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 11-3-2022 – News – i. User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:- Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant s address. Once selected, the details will automatically fill in the various address input fields given in the application. Address fields have been linked so as to auto- fill other macro level address entry fields based on the entry in one of such fields particularly PIN Codes. For example; on entering the PIN code, the corresponding State and Districts will get auto- filled. The user can also directly fill-up th

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 8-3-2022 – News – The Search HSN Code functionality has been enhanced, where taxpayers can search the HSN code and the applicable Technical description through common parlance / trade description of the goods/ services as they are known in the Trade. It helps the taxpayers to search HSN Code by providing description/ part of a description. For creating awareness amongst all the stakeholders, GSTN is holding webinars on the same functionality, as per details given below: Webinar Topic Smart Search HSN- An Enhanced search HSN functionality for taxpayers Language of webinar English Hindi Tamil Date

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 3-3-2022 – News – (i) Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01 ) and reporting the same on the Invoice Registration Portal (IRP). Invoices reported successfully on the IRP are given a unique Invoice Reference Number (IRN). The documents ( in

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 1-3-2022 – News – ₹ 1,33,026 crore Gross GST Revenue collected for February 2022 GST collection crossed ₹ 1.30 lakh crore mark for the 5th time Revenues for the month of February 2022 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020 The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is ₹ 24,435 crore , SGST is ₹ 30,779 crore , IGST is ₹ 67,471crore (including ₹ 33,837 crore collected on import of goods) and cess is ₹ 10,340 crore (including ₹ 638 crore collected on import of goods). The government has settled ₹ 26,347 crore to CGST and ₹ 21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after regular settlement is ₹ 50,782 crore for CGST and ₹ 52,688 crore for the SGST. The revenues fo

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

hows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of February 2022 as compared to February 2021. State-wise growth of GST Revenues during February 2022 1 State Name Feb-21 Feb-22 Growth Jammu and Kashmir 330 326 -1% Himachal Pradesh 663 657 -1% Punjab 1,299 1,480 14% Chandigarh 149 178 20% Uttarakhand 1,181 1,176 0% Haryana 5,590 5,928 6% Delhi 3,727

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

7% West Bengal 4,335 4,414 2% Jharkhand 2,321 2,536 9% Odisha 3,341 4,101 23% Chhattisgarh 2,453 2,783 13% Madhya Pradesh 2,792 2,853 2% Gujarat 8,221 8,873 8% Daman and Diu 3 0 -92% Dadra and Nagar Haveli 235 260 11% Maharashtra 16,104 19,423 21% Karnataka 7,581 9,176 21% Goa

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 24-2-2022 – News – A specific intelligence was developed by the officers of Delhi South CGST Commissionerate concerning certain bogus firms that were created solely for the purpose of generating fake invoices and passing ineligible input tax credit along the chain. Searches and inspections were conducted across locations spread across Delhi, unearthing a cartel running 54 bogus firms registered in Delhi NCR region that were engaged in fake invoicing and circular trading. Incriminating documents such as rubber stamps and letter heads of various firms, mobile phones, laptops etc. have been seized from the search premises. Preliminary enquiry conducted so far into these transactions has revealed

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 24-2-2022 – News – Central Goods and Services Tax (CGST) Commissionerate, Faridabad, of Panchkula CGST Zone, on 23.02.2022 arrested two persons for running a fake billing racket, involving five (5) dummy firms, dealing in trading of iron scrap, registered in Faridabad, Haryana, for issuance of fake invoices of over ₹ 200 crore without actual supply of goods and availing and passing fraudulent Input Tax Credit (ITC) amounting to ₹ 31.85 crore. A team of officers of Anti-Evasion, CGST Commissionerate, Faridabad, conducted simultaneous searches at 5 places in Faridabad on 22 nd February, 2022. During the investigation, it was found that the said firms have been availing and passing on fra

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 23-2-2022 – News – 1. The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter. Continuous enhancements technology improvements in GSTR-1/IFF have been made from time to time to enhance the performance user-experience of GSTR-1 /IFF, which has led to improvements in Summary Generation process, quicker response time, and enhanced user-experience for the taxpayers. 2. The previous phase of GST

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

t and File buttons will be replaced with a simpler single-step filing process . The upcoming File Statement button will replace the present two-step filing process and will provide taxpayers with the flexibility to add or modify records till the filing is completed by pressing the File Statement button. (ii) Consolidated Summary : Taxpayers will now be shown a table-wise consolidated summary before actual filing of GSTR-1/IFF. This consolidated summary will have a detailed table-wise summary of the records added by the taxpayers. This will provide a complete overview of the records added in GSTR-1 /IFF before actual filing. (iii) Recipient wise summary : The consolidated summary page will also provide

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 17-2-2022 – News – 1. The office of Pr. CCA, CBIC has setup a GST Refund Help Desk for addressing payment related problems faced by the taxpayers. Contact details of the Help Desk is as under: Name of Nodal Officer : Ms Anita Rawat, Accounts Officer Toll Free Helpline Number : 1800-11-1424 Mail ID : gstrefunds-helpdesk@gov.in 2. For payment/disbursement related issues in their refund application, the taxpayers are informed

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 8-2-2022 – News – Average monthly gross GST collection for third quarter of FY 2021-22 is ₹ 1.30 lakh crore Record GST collection of ₹ 1,40,986 crore reported for January, 2022 The average monthly gross Goods Services Tax (GST) collection for the third quarter of FY 2021-22 has been ₹ 1.30 lakh crore against the average monthly collection of ₹ 1.10 lakh crore and ₹ 1.15 lakh crore in the first and second quarters respectively. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha. The Minister further stated that a record GST collection of ₹ 1,40,986 crore is reported in the month of

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ore in January, 2022, the Minister stated. The Minister also stated that since the Government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalidation to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, penalty for delayed payment, extensive use of third- party sources such as State VAT Department, Income Tax etc. for compliance verification, regular enforcement compliance verification of tax returns, taxpayer education and media campaign etc. and further system based analytical tools and system generated red flag reports are being shared with Central as well as State Tax authorities to take action against tax evaders, therefore, it is e

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 4-2-2022 – 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

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

2021 https://tutorial.gst.gov.in/downloads/news/newfunctionalities_compilationaprjun2021.pdf 6 January-March, 2021 https://tutorial.gst.gov.in/downloads/news/newfunctionalitiescompilation_janmar2021.pdf 7 October-December, 2020 https://tutorial.gst.gov.in/downloads/news/functionalities_released_octtodec2020.pdf 8 Compilation of GSTN YouTube Videos posted from January-December, 2020 https://tutorial.gst.gov.in/downloads/news/gstn_youtube_videos_posted_2020.pdf Thanking you, Team GSTN – News – Press release – PIB Tax Management India – taxma

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 4-2-2022 – News – CGST Commissionerate, Navi Mumbai had busted a fake ITC racket of ₹ 10.68 Crores and arrested the proprietor of M/s. Navnit Steels (GSTIN: 27AEXPD3871K1ZV) on Wednesday (February 2, 2022). The firm has engaged in availing and utilizing a fraudulent Input Tax Credit (ITC) on the bogus invoices of ₹ 60 Crore, thereby defrauding the government exchequer. A team of officers of Anti-Evasion under CGST, Navi Mumbai conducted enquiry against the aforesaid firm. As per the statement of the proprietor, the said firm is involved in trade of raw material and finished goods of Aluminium and steel. However, the investigation revealed that the taxpayer has availed and passed on fake

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

sion of ₹ 425 Crore, recovered ₹ 20 crores and arrested 11 persons recently. The CGST Department is using data analysis tools to identify tax evaders. By using data analysis and network analysis, the officers of CGST Mumbai zone have booked more than 625 tax evasion cases, detected tax evasion of ₹ 5500 Crore, recovered ₹ 630 Crore and arrested 48 persons, in the last five months. The CGST department is going to intensify the drive against the fraudsters and tax evaders which are causing unfair competition with honest taxpayers and defrauding the government exchequer of its rightful revenue in the coming days and months. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – ta

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 1-2-2022 – News – ₹ 1,38,394 crore Gross GST Revenue collected for January 2022 GST collection crossed ₹ 1.30 lakh crore mark for the 4th time Revenues for the month of January 2022 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020 The gross GST revenue collected in the month of January 2022 till 3PM on 31.01.2022 is ₹ 1,38,394 crore of which CGST is ₹ 24,674 crore , SGST is ₹ 32,016 crore , IGST is ₹ 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is ₹ 9,674 crore (including Rs 517 crore collected on import of goods). The highest monthly GST col

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

of January 2022 are 15% higher than the GST revenues in the same month last year and 25% higher than the GST revenues in January 2020. During the month, revenues from import of goods was 26% higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year. This is for the fourth time GST collection has crossed Rs 1.30 lakh crore mark. 6.7 crore e-way bills were generated in the month of December 2021 which is 14% higher than 5.8 crore e-way bills generated in the month of November 2021. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The impro

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 28-1-2022 – News – The Gurugram Zonal Unit (GZU) of Directorate General of GST Intelligence (DGGI), has arrested one person on 18.01.2022 under the provisions of the GST Act on charges of running multiple fake firms on the strength of fake documents and having passed on fraudulently ITC to the quantum of ₹ 491 crore. Acting upon on specific inputs from Jaipur Zonal unit of DGGI that a person was providing cloud storage facility to various persons across India, for carrying out their work from remote locations and storing data, Hard Disk recovered from the Cloud service provider was scrutinized. Through scrutiny of data contained in such Hard Disk being provided by the Cloud Storage facility,

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 28-1-2022 – News – The Directorate of Goods and Service Tax Intelligence, Ghaziabad Regional Unit has busted a syndicate involved in creating and controlling fake firms and issuing of bills by these fake firms without supply any Goods or Services and encashment of GST refund. After developing precise Intelligence, two office premises were searched from where various incriminating documents/things pertaining to more than 200 fake firms were recovered i.e. mobile phones, digital signatures, debit cards, PAN cards, Aadhaar cards, photos of persons, rent agreements, laptops, pen drives, rubber stamps, keys of offices, SIM cards, cheque books and some Kuccha records. Further, in-depth inve

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 27-1-2022 – News – 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to which it pertains. The interest appliable, if any, will be computed after the filing of the said GSTR-3B and will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period. The facility would be similar to the collection of Late fees for GSTR-3B , filed after the Due date, posted in the next period s GSTR-3B . Thi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 24-1-2022 – News – The officers of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested a businessman was running a Fake GST Input Tax Credit racket. Acting on an intelligence from Central Intelligence Unit of Mumbai CGST Zone, the officers initiated coordinated action at different locations in Thane, Bhiwandi, Raigad and Mumbai and detected GST evasion of ₹ 11.4 crores through generation and passing of fake ITC through intricate web of bogus billing of more than 63 Crores. The search was conducted at Bhiwandi based business premises of M/s. Adarsh Scrap Traders which was indulging in bogus billing and availment and passing on of fake ITC and thus defrauding the Government exchequer of

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

pur, Pune, Delhi and Nasik apart from Mumbai and Thane. At this stage, it seems that around 25 entities are part of this network. Jurisdictional Commissionerates are being informed to initiate legal action against the firms falling in their jurisdiction. This operation is a part of efforts by CGST Mumbai Zone to eradicate fake ITC networks, which have been vitiating the healthy economic ecosystem of the country and defrauding the Government Exchequer. This the Sixth arrest by Bhiwandi Commissionerate in last 6 months. The department will intensify the drive against fake ITC networks and other GST evaders in the coming months. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.co

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 17-1-2022 – News – New Delhi, Jan 17 (PTI) Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment. The Federation of Automobile Dealers Association (FADA), which represents over 15,000 automobile dealers having 26,500 dealerships, noted that two-wheelers are not a luxury item and hence GST rates need to come down. FADA requests the Ministry of Finance to regulate and reduce GST rates on two-wheelers to 18 per cent and continue to move our nation to global leadership, the industry body stated on Monday. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2022-23 in Par

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

will actually be revenue positive and also help bring in positivity in the overall consumer sentiment and thereby the overall economy, the industry body stated. It also sought a uniform GST rate of 5 per cent on the margin for all used vehicles, to create a win-win situation for the government, dealers, and vehicle owners. With the reduction in GST, it will help the industry to shift from unorganised segment to organised segment thus bringing in more business under the ambit of GST helping in putting brake on tax leakages, FADA noted. The government currently charges GST on used cars at the rate of 12 and 18 per cent. The cars under 4,000 mm are charged 12 per cent GST and the vehicles above the 4,000 mm mark are taxed at 18

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST Dated:- 14-1-2022 – News – Recently a case was booked by DGGI against some fake firms, which were found non existing at their principal place of business. To trace the real persons behind these fake firms, the physical address from where GST returns were actually filed was ascertained. Then search was conducted on 06.01.2022 at that premises in Delhi. During search, it was found that proprietor is engaged in providing services of Cloud Storage on his servers to various customers for maintaining their financial accounts. On scrutiny of one of the suspicious server, details of certain firms were found in tally data. It was informed by the proprietor that this tally data is being maintained by one syndicate

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =