Goods and Services Tax

Goods and Services Tax – GST Dated:- 14-4-2021 – News – 1. The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. 2. Auto Generation of Form GSTR-2B , for the QRMP taxpayers a) Form GSTR-2B contains details of filed IFFs (for Month M1 M2) filed Form GSTR 1 (for Month M3). b) Form GSTR 2B has two sections of ITC i.e. ITC available and ITC not available (which flows from the supplier s filed IFF Form GSTR-1 , imports etc). It also contains tax liability of the taxpayer (which flows from the taxpayers own filed IFF Form GSTR-1 ). c) Taxpayers can view and download their system generated

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B has been generated. 3. Auto-population of ITC in Form GSTR-3B for the QRMP taxpayers a) Figures of ITC available and ITC to be reversed will now be auto-populated in Table 4 of Form GSTR-3B, for the QRMP taxpayers, from their system generated quarterly Form GSTR-2B . b) On the GSTR-3B dashboard page, an additional button System computed GSTR-3B has also been provided, by clicking which system computed Form GSTR-3B can be downloaded in PDF format. c) Taxpayer can edit the auto-drafted values as per their records and save the updated details. d) The system will show a warning message to taxpayers in case ITC available is increased by more than 5% or ITC to be reversed is reduced even partially, by them. Howeve

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Goods and Services Tax – GST Dated:- 13-4-2021 – News – Provisional Net Indirect Tax collections (GST Non-GST) for the Financial Year 2020-21 show growth of more than 12% compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2% of the Revised Estimates of ₹ 9.89 lakh crore of Indirect Taxes for the F.Y. 2020-21. The provisional figures for indirect tax collections (GST non-GST) for the Financial Year 2020-21 show that net revenue collections are at ₹ 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. Net Indirect Tax Collection for the Financial Year 2020-21 shows that 108.2% of the Revised Estimates (RE)

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e previous Financial Year. Revised estimates of Net GST collection including CGST and Compensation Cess for FY 2020-21 was ₹ 5.15 Lakh Crore , Thus, the actual net GST collections is 106% of total targeted collection, though these are 8% lower than the last FYs collection. The GST collections were severely affected in the first half of the Financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded ₹ 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at ₹ 1.24 lakh crore after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance

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Goods and Services Tax – GST Dated:- 13-4-2021 – News – GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background : Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 Central Tax, dated October 15, 2020, mandates taxpayers to declare specified digits, as follows, of Harmonised System of Nomenclature (HSN) / Service Accounting Code (SAC) Code on raising of tax invoices, w.e.f. April 1, 2021. S. No. Aggregate Turnover in the preceding Financial Year Number of Digits of HSN Code

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may, therefore note that based on the harmonious interpretation of the Notifications, as referred above, read with Customs Tariff Act, 1975, as made applicable to GST; the number of digits of HSN, as specified vide Notifications No. 12/2017 78/2020 (Central Tax) , are the minimum number of digits of HSN to be mentioned on the invoice. Example: Where HSN 6 digits are specified to be reported in invoice, valid HSN codes as available in tariff, at both 6-digits and 8-digits can be mentioned. Similarly, where HSN at 4-digits are specified, valid HSN codes as available in tariff, at 4-digit, 6-digit and 8-digit can be mentioned. However, the 4/6 Digit HSN Codes, which are not available in the tariff; along with specific descriptio

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Goods and Services Tax – GST Dated:- 7-4-2021 – 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:- 7-4-2021 – News – 1. For the month of March, 2021, the auto-population of e-invoices into GSTR-1 (of March, 2021) is still in progress and is likely to take some more time. Hence, notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March, 2021 (by the due date), based on actual data as per their records. 2. To check whet

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Goods and Services Tax – GST Dated:- 5-4-2021 – News – New Delhi, Apr 4 (PTI) Clearing the air over taxability of gift cards or vouchers, the Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments. Kalyan Jewellers India Ltd has approached the Appellate Authority for Advance Ruling (AAAR) against the ruling by the Tamil Nadu state Authority for Advance Ruling (AAR), which had said that GST at 12 per cent or 18 per cent would be levied depending on whether on such pre-paid instruments was paper based or magnetic strip based respectively. Modifying the AAR verdict, the AAAR has clarified that GST will be levied not on the supply of vouche

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Goods and Services Tax – GST Dated:- 1-4-2021 – News – GST Revenue collection for March 21 sets new record ₹ 1,23,902 crore gross GST revenue collected in the month of March 2021 The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore , SGST is ₹ 29,329 crore , IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods). The government has settled ₹ 21,879 crore to CGST and ₹ 17,230 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹ 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March 2021 is ₹ 58,852 crore for CGST and ₹ 60,559 crore for the SG

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rend over this period are clear indicators of rapid economic recovery post pandemic. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months. 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 2021 as compared to March 2020. State-wise growth of GST Revenues during March 2021 1 State Mar-20 Mar-21 Growth 1 Jammu and Kashmir 276.17 351.61 27% 2 Himachal Pradesh 595.89 686.88 15%

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13% 12 Arunachal Pradesh 66.71 92.03 38% 13 Nagaland 38.75 45.48 17% 14 Manipur 35.89 50.36 40% 15 Mizoram 33.19 34.93 5% 16 Tripura 67.1 87.9 31% 17 Meghalaya 132.72 151.97 15% 18 Assam 931.72 1,004.65 8% 19 West Bengal 3,582.26 4,386.79 22% 20 Jharkhand 2,049.43

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30 Goa 316.47 344.28 9% 31 Lakshadweep 1.34 1.54 15% 32 Kerala 1,475.25 1,827.94 24% 33 Tamil Nadu 6,177.82 7,579.18 23% 34 Puducherry 149.32 161.04 8% 35 Andaman and Nicobar Islands 38.58 25.66 -33% 36 Telangana 3,562.56 4,166.42 17% 37 Andhra Pradesh 2,548.13 2,685.09 5% 38 Ladakh 0.84

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Goods and Services Tax – GST Dated:- 31-3-2021 – News – With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than ₹ 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices issued for supplies of taxable goods and services. A taxpayer having turnover of upto ₹ 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices. Earlier, the requirement was 4 digits and 2 digits respectively. For more details, notification No. 78/2020-Central Tax, dated 15.10.2020 may be referred to (accessible at https://w

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s/cst2021-020221/cst-idx for HSN codes. GST rate schedule for goods and services may be accessed at https://www.cbic.gov.in/htdocs-cbec/gst/index-english and then follow the path GST Rates/Ready reckoner-Updated Notifications/Finder  GST Rates Ready Reckoner/Updated Notifications. Further, HSN search facility is also available on the GST portal. Manufacturers and importers/exporters have been commonly using HSN Codes. Manufacturers were furnishing these codes even in the pre-GST regime. Importers and exporters have been furnishing these codes in import/export documents. Traders would mostly be using HSN codes furnished in the invoices issued to them by the manufacturer or importer suppliers. As such, a large numb

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Goods and Services Tax – GST Dated:- 31-3-2021 – News – The Central Government has released GST Compensation of ₹ 30,000 crore to States as part compensation admissible for FY 2020-21 on 27 th March, 2021. The total amount of compensation released so far for the year 2020-21 is ₹ 70,000 crore. As per the decision of GST Council, back to back loan of ₹ 1,10,208 crore has also been released in lieu of shortfall in release of GST Compensation for FY 2020-21. In addition to above, Centre has also released ₹ 28,000 crore (₹ 14,000 crore to States and ₹ 14,000 crore to Centre) by way of adhoc settlement of IGST on 30 th March 2021. Taking into account the release of GST Compensation, back to back loan and adhoc IGST settlement, balance of only ₹ 63,000 crore approx. GST Compensation is pending to States/UTs for FY 2020-21. The tables below show the State-wise GST compensation/ IGST Settlement released for the Financial Year 2020-21: –

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2970.1239 13 Kerala 1378.1551 14 Madhya Pradesh 1107.8935 15 Maharashtra 4446.3056 16 Meghalaya 41.9917 17 Odisha 785.8651 18 Puducherry 140.0184 19 Punjab 1707.4805 20 Rajasthan 1176.0441 21 Sikkim 3.7173 22 Tamil Nadu 2192.9325 23 Telangana 770.5828 24 Tripura 47.2235 25 Uttar Pradesh 2094.49

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Uttar Pradesh 1167 10 Bihar 441 11 Sikkim 9 12 Arunachal Pradesh 9 13 Nagaland 9 14 Manipur 12 15 Mizoram 7 16 Tripura 28 17 Meghalaya 22 18 Assam 209 19 West Bengal 703 20 Jharkhand 224 21 Odisha 386 22 Chhattisgarh 257 23 Madhya Pradesh

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Goods and Services Tax – GST Dated:- 27-3-2021 – 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 ₹ 9 crore (approx). The operation involved floating of multiple firms with the intent to avail/utilize passing on of inadmissible credit. The primary beneficiary firms in this network are M/s Ishita Ispat and M/s H. M. Trading Company of which Sh. Naveen Bansal is the Proprietor and also the de facto operator for the other two firms as admitted by him on record. These entities are dealing in metal scr

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Goods and Services Tax – GST Dated:- 26-3-2021 – News – The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees. As per investigation conducted so far, a total of 5 fake firms namely M/s Shradha Traders, M/s Anshara Impex, M/s Vijeta Enterprises, M/s SM Agencies and M/s Deepasha Sales were created by him for the issuance of goods-less invoices for items like butter/ghee/oil and passed on inadmissible Input Tax Credit (ITC) of ₹ 94 crore approx. During the search of his residence incriminating documents like ATM cards, signed cheques, bank docum

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Goods and Services Tax – GST Dated:- 25-3-2021 – News – 1. How to opt-in for Composition Scheme: The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. The taxpayers may navigate as follows: Log-in Services Registration Application to opt for Composition Levy Filing form GST CMP-02 File application under DSC/EVC Once Form GST CMP-02 application is filed, the composition scheme will be available to the taxpayer, w.e.f. 1st April 2021. The taxpayers already opted in for composition scheme earlier are not required to opt in again f

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ripura Uttarakhand. supplying services and/or mixed supplies having aggregate turnover of previous FY upto ₹ 50 lakhs. 3. Who is not eligible for opting in composition scheme: Suppliers of the goods/services who are not liable to pay tax under GST Inter-State outward suppliers of goods/services Taxpayers supplying goods through e-commerce operators who are required to collect tax under sec 52 The manufacturers of notified goods like Ice cream and other edible ice, whether or not containing cocoa, tobacco and manufactured tobacco substitutes, Pan Masala Aerated water 4. For more details click on:

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Goods and Services Tax – GST Dated:- 22-3-2021 – News – Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash' in order to ensure that targets for revenue collection from GST for the financial year are met. It is to clarify that neither the Government nor the Central Board of Indirect Taxes

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Goods and Services Tax – GST Dated:- 15-3-2021 – News – The Ministry of Finance, Department of Expenditure has released the final weekly instalment of ₹ 4,104 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 4,086.97 crore has been released to 23 States and an amount of ₹ 17.03 crore has been released to the 3 UTs with Legislative Assembly. With the current release, 100 percent of the total estimated GST compensation shortfall of ₹ 1.10 lakh crore for the year 2020-21 has now been released to the States UTs with Legislative Assembly. Out of this, an amount of ₹ 101,329 crore has been released to the States and an amount of ₹ 8,879 crore has been released to the 3 UTs with Legislative Assembly. The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of ₹ 1.10 Lakh crore in revenue arising on account of implementation of GST. The borrowings ar

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average interest rate of 4.8473%. In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 % of Gross States Domestic Product (GSDP) to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have given their preference for Option-I. Permission for borrowing the entire additional amount of ₹ 1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this provision. The amount of additional borrowing permission granted to 28 States and the amount of funds raised through special window and released to the States and Union Territories so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount

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Haryana 4293 4352.00 9 Himachal Pradesh 877 1717.00 10 Jharkhand 1765 1689.00 11 Karnataka 9018 12407.00 12 Kerala 4,522 5766.00 13 Madhya Pradesh 4746 4542.00 14 Maharashtra 15394 11977.00 15 Manipur* 151 0.00 16 Meghalaya 194 112.00 17 Mizoram* 132 0.00 18 Nagaland* 157 0.0

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Goods and Services Tax – GST Dated:- 12-3-2021 – News – The Government had earlier mandated e-invoicing for the taxpayers with aggregate turnover exceeding ₹ 500 Cr. from 1st Oct., 2020 and for taxpayers with aggregate turnover exceeding ₹ 100 Cr. from 1st Jan., 2021. From 1st April, 2021, Government has mandated e-invoicing for taxpayers with aggregate turnover exceeding ₹ 50 Cr. (in any preceding financial year from 2017-18 onwards). In this regard, GSTN is holding a webinar as per details given below. GSTN Webinar on e-invoicing for Taxpayers Date of Webinar: 17th March, 2021 (Wednesday) Time of webinar:

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Goods and Services Tax – GST Dated:- 11-3-2021 – News – The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Ravinder Kumar (aka Ravinder Garg), resident of New Delhi on charges of creating and operating fictitious firms on forged documents which were used in availing of and passing on Input Tax Credit on bogus Invoices without actual receipt and supply of goods or services. It is apparent from the investigation conducted till date, that Shri Ravinder Kumar created multiple proprietorship, partnership firms and private limited companies based in Haryana, New Delhi and Jharkhand merely on paper. Shri Ravinder kept eluding the investigation and did not appear before the investigating a

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Goods and Services Tax – GST Dated:- 10-3-2021 – 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 G

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Goods and Services Tax – GST Dated:- 9-3-2021 – News – As a part of the ongoing drive against fake invoices, multiple searches were conducted by the officers of DGGI, Nashik Regional Unit of Nagpur Zonal Unit at a number of business premises and residential premises across Maharashtra. During the investigations, a number of entities which had obtained GST Registrations were found to be non-existent and it was observed that they had been floated exclusively for the purpose of engaging in fake GST transactions. The interrogations of the persons apprehended during the investigations revealed that a mastermind based in Jalgaon was behind the racket who had obtained the PAN numbers and Bank details of the persons to float these dummy entit

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egistrations at Mumbai, Pune and Jalgaon. These 18 fake firms were found to have engaged in fake transactions of almost ₹ 500 Crore without supply or receipt of any goods or services and had availed fraudulent Input Tax Credit of app. ₹ 46.50 Crores. For causing to commit and retaining the benefits arising out of offences specified under clause (b) and (c) of sub-Section (1) of Section 132 of the CGST Act, 2017 by way of setting up 18 fake and non-existent firms, including his own firm where he was the Proprietor, the mastermind was arrested on 5th March 2021 and was remanded to judicial custody till 19th March 2021. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanageme

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Goods and Services Tax – GST Dated:- 9-3-2021 – News – In an ongoing investigation the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Shri Vikas and Shri Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of ₹ 4,800 crore which defrauded the exchequer of more than ₹ 690 crore. Both the accused, resident of Sirsa, Haryana, had relocated to Nepal in a bid to escape being caught and to perpetuate the fraud. After a tip off they were nabbed and were found to be in possession of huge incriminating documents and gadgets in the form of multiple laptops, multiple smart phones, debit cards, PAN and Aadhar

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Goods and Services Tax – GST Dated:- 9-3-2021 – News – In order to meet the shortfall in Goods and Services Tax (GST) compensation to be paid to States, the Government of India had set up a special borrowing window in October, 2020 to raise the estimated shortfall of ₹ 1.1 lakh crore. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corporate Affairs, in a written reply to a question in Rajya Sabha today. Giving more details, the Minister stated that an amount of ₹ 84,000 crore has been borrowed through this window by the Government of India upto 03.02.2021 on behalf of the States and Union Territories (UTs) with legislative assembly and has been passed on to the States/UTs as loan on b

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Goods and Services Tax – GST Dated:- 9-3-2021 – News – GST compensation shortfall released to States reaches ₹ 1.06 lakh crore 19th Instalment of ₹ 2,104 crore released to the States on Monday, 08th March, 2021 96 per cent of the estimated shortfall of ₹ 1.10 lakh crore released The Ministry of Finance, Department of Expenditure has released the 19 th weekly instalment of ₹ 2,104 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 2,103.95 crore has been released to 7 States and an amount of ₹ 0.05 crore has been released to the Union Territory of Puducherry. Till now, 96 percent of the total estimated GST compensation shortfall has been released to the States UTs with Legislative Assembly. Out of this, an amount of ₹ 97,242.03 crore has been released to the States and an amount of ₹ 8,861.97 crore has been released to the 3 UTs with Legislative Assembly. The Gov

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d this week at an interest rate of 5.8594%. So far, an amount of ₹ 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842% . In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 % of Gross States Domestic Product (GSDP) to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have given their preference for Option-I. Permission for borrowing the entire additional amount of ₹ 1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this provision. The amount of additional borrowing permission granted to 28 States and the amount of funds raised through special window and released to the States and Union Territo

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Goa 446 838.38 7 Gujarat 8704 9204.31 8 Haryana 4293 4343.62 9 Himachal Pradesh 877 1713.71 10 Jharkhand 1765 1442.18 11 Karnataka 9018 12383.13 12 Kerala 4,522 4923.48 13 Madhya Pradesh 4746 4533.28 14 Maharashtra 15394 11954.02 15 Manipur* 151 0.00

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Uttar Pradesh 9703 5995.48 27 Uttarakhand 1405 2311.55 28 West Bengal 6787 3783.50 Total (A): 106830 97242.03 1 Delhi Not applicable 5853.76 2 Jammu Kashmir Not applicable 2267.62 3 Puducherry Not applicable 740.59 Total (B): Not applicable 8861.97 Grand Total (A+B) 106830 106104.00 * These States ha

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Goods and Services Tax – GST Dated:- 5-3-2021 – News – In their continuous endeavour to uproot fake billing operations, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi (East) achieved yet another success when investigations led to unearthing of a massive network of fictitious firms to generate and avail fake Input Tax Credit (ITC) of Goods and Services Tax (GST). The network of fictitious companies was being operated by one Shri Naresh Dhoundiyal in connivance with one Shri Devender Kumar Goyal, who is a Charted Accountant by profession. Both Shri Naresh Dhoundiyal and Shri Devender Kumar Goyal are former employees of Essel Group. Though they are presently not working with the Essel group officially, however, the

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companies. The total fake Input Tax Credit passed on by such fictitious intermediatory companies is quantified to be ₹ 92.18 crore whereas, the total fake Input Tax Credit passed on by other fictitious and non-existent firms pertaining to the larger network is quantified to be more than ₹ 300 crore. The syndicate has thus defrauded the Government exchequer of more than ₹ 392 crore by issuing bogus invoices of more that ₹ 3,000 crore without actual supply of any goods or services which is likely to increase as the investigation progresses. It is pertinent to mention that M/s Vertilink Media Solutions Private Limited has admitted the evasion and have voluntarily deposited ₹ 2.5 crore. Shri Naresh Dhoundiyal a

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Goods and Services Tax – GST Dated:- 2-3-2021 – News – In the ongoing drive to counter the menace of fake billing operators, information from analytics tool NETRA (Network Exploration Tool for Revenue Augmentation), was developed by the officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi East to unearth a network of fictitious firms used to generate and pass on fake Input Tax Credit (ITC) of Goods and Service Tax (GST). Investigation revealed that the multilayered network was being operated by one Shri Nihaluddin who has confessed to having created a fake firm in his own name and also arranging ITC from 38 other fictitious firms on commission basis to pass on fake Input Tax Credit (ITC) to multiple beneficiaries. T

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Goods and Services Tax – GST Dated:- 2-3-2021 – News – The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested a person, namely Mr. Pradeep Jain, resident of Muzaffarnagar, UP who is Director of M/s PSR Metals Pvt Ltd, Muzaffarnagar. An investigation was conducted against M/s PSR Metals Pvt Ltd located at Khasra No 362/2, Near Begrajpur Industrial Area, Village HussainpurBopada, Muzaffarnagar, UP-251001 by way of visits conducted at the registered address of the said company. During the investigation, Mr. Pradeep Jain, Director of M/s PSR Metals Pvt Ltd. claimed to procure both old and non-guarantee batteries from various registered and unregistered dealers and also claimed to manufacture lead from old batterie

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Goods and Services Tax – GST Dated:- 1-3-2021 – News – GST Revenue collection for February 2021 ₹ 1,13,143 crore gross GST revenue collected in the month Revenues for the month of February 2021 , 7% higher than the GST revenues in the same month last year The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore , SGST is ₹ 27,273 crore , IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore (including ₹ 660 crore collected on import of goods). The government has settled ₹ 22,398 crore to CGST and ₹ 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹ 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of Februa

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ng the month of February 2021 as compared to February 2020. State-wise growth of GST Revenues during February 2021 [ 1 ] S. No. State Feb-20 Feb-21 Growth 1 Jammu and Kashmir 316.17 329.89 4% 2 Himachal Pradesh 620.69 663.12 7% 3 Punjab 1,228.94 1,299.37 6% 4 Chandigarh 172.37 148.5 -14% 5 Uttarakhand 1,280.93 1,181.13 -8% 6 Haryana 5,266.43 5,589.81 6% 7 Delhi

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16 Tripura 63.26 63.25 0% 17 Meghalaya 156.57 146.5 -6% 18 Assam 923.87 945.84 2% 19 West Bengal 3,941.54 4,334.98 10% 20 Jharkhand 2,070.87 2,321.03 12% 21 Odisha 2,790.16 3,340.57 20% 22 Chhattisgarh 2,274.41 2,453.10 8% 23 Madhya Pradesh 2,621.03 2,791.57 7% 24 Gujarat 7,215.54 8,221.23

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herry 158.86 158.05 -1% 35 Andaman and Nicobar Islands 36.01 23.26 -35% 36 Telangana 3,667.13 3,636.44 -1% 37 Andhra Pradesh 2,563.33 2,652.57 3% 38 Ladakh 0 9.06 97 Other Territory 145.11 134.33 -7% 99 Centre Jurisdiction 100.14 129.03 29% Grand Total 83,581.02 88,101.59 5% [ 1 ] Does not include GST on import of goods – News – Press release –

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