Goods and Services Tax

Goods and Services Tax – GST Dated:- 1-12-2020 – News – 1. Certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as e-invoices ). Details from such e-invoices are be auto-populated in respective tables of GSTR-1. An update on the status of such auto-population was earlier published on 13/11/2020. 2. Due to some unanticipated issues, there has been delay in auto-population of e-invoice details into GSTR-1 . Hence, such taxpayers who had reported e-invoices should not wait for auto-populated data and they are advised to proceed with preparation and filing of GSTR-1 for the months of November, 2020 (bef

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It may also be noted that the auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers. After viewing the auto-populated data, the taxpayer shall verify the propriety and accuracy of the amounts and other data in each field, especially from the perspective of GSTR-1 and file the same, in the light of relevant legal provisions. 7. Once the auto-population into GSTR-1 gets started, the taxpayers are requested to verify the documents present in the excel and may share feedback on GST Self Service Portal, on below aspects: All documents reported to IRP are present in excel Status of each e-invoice/IRN is correct All the details of document are populated correctly – News – Press relea

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Goods and Services Tax – GST Dated:- 1-12-2020 – News – The gross GST revenue collected in the month of November, 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ 22,078 crore collected on import of goods) and Cess is ₹ 8,242crore (including ₹ 809 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of November up to 30 th November 2020 is 82 lakhs. The government has settled ₹ 22,293 crore to CGST and ₹ 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2020 is ₹ 41,482 crore for CGST and ₹ 41,826 crore for the SGST. In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the

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165 141 -14% Uttarakhand 1,280 1,286 0% Haryana 5,904 5,928 0% Delhi 3,995 3,413 -15% Rajasthan 3,071 3,130 2% Uttar Pradesh 5,678 5,528 -3% Bihar 1,107 970 -12% Sikkim 157 223 42% Arunachal Pradesh 36 60 68% Nagaland 23 30 31% Manipur 35

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7,566 11% Daman and Diu 101 2 -98% Dadra and Nagar Haveli 145 296 105% Maharashtra 15,968 15,001 -6% Karnataka 6,972 6,915 -1% Goa 342 300 -12% Lakshadweep 2 0 -75% Kerala 1,691 1,568 -7% Tamil Nadu 6,449 7,084 10% Puducherry 157 158 1% Andaman and Nicobar Islands

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Goods and Services Tax – GST Dated:- 30-11-2020 – News – Punjab chooses Option-1 to meet the GST implementation shortfall 26 States and all Union Territories with Legislative Assembly have favoured Option-1 Punjab will get ₹ 8,359 Crores through special borrowing window to meet the GST implementation shortfall Permission to raise additional ₹ 3,033 Crores through borrowings also issued to Punjab Governments of Punjab has communicated acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 26. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu Kashmir and Puducherry) have also decided in favour of Option-1. The States Union Territories who choose Option-1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by the Government of India. The window has been oper

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from the Government of Punjab, the Government of India has granted additional borrowing permission of ₹ 3,033 crores to the State Government of Punjab(0.5% of Punjab s GSDP). The amount of additional borrowing permission granted to 26 States and the amount of funds raised through special window and released to the 18 States and 3 Union Territories so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UT still 28.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund raised through special window passed on to the States/ UTs 1 Andhra Pradesh 5051 672.61 2 Arunachal Pradesh*

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15394 3486.24 13 Manipur* 151 0.00 14 Meghalaya 194 32.51 15 Mizoram* 132 0.00 16 Nagaland* 157 0.00 17 Odisha 2858 1112.42 18 Punjab # 3033 0.00 19 Rajasthan 5462 645.06 20 Sikkim* 156 0.00 21 Tamil Nadu 9627 1816.66 22 Telangana 5017

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Goods and Services Tax – GST Dated:- 28-11-2020 – News – 1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017 , the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08 , for two or more consecutive tax periods. For unblocking of this facility, taxpayer need to apply to jurisdictional Tax Official in Form GST EWB 05 . 2. A facility has now been provided to the taxpayers on the GST Portal, from 28th November, 2020 onwards, to file an application online for unblocking of their EWB generation facility (in Form EWB-05 ), in case their EWB generation facility has been blocked on the EWB Portal. Note:

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n issue a Notice for personal hearing to the taxpayer. Then the taxpayer can file their reply to the notice online, along with supporting documents. 5. At conclusion of the proceedings, the Tax Officer can issue an order (in Form EWB-06 ) approving the taxpayer application for unblocking the EWB generation facility. After which their EWB generation facility will be restored for the duration specified in the order. 6 . If the Tax Officer rejects the taxpayer s application vide order in Form EWB-06 , the EWB generation facility will remain blocked and the taxpayer shall be required to file their pending returns (in Form GSTR-3B / Statement in FORM CMP-08, so as to reduce the pendency to less than two tax periods), for r

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Goods and Services Tax – GST Dated:- 28-11-2020 – News – The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Sh. Satyender Sharma resident of Haryana on charges of manufacturing and supplying illegally manufactured cigarettes without the requisite tax paying documents and without payment of applicable GST and cess. It became apparent from the investigation conducted till date, that Sh Sharma was engaged in the manufacture and supply of various cigarettes of different lengths. These include his registered brands Nidhi Black Gold queen and E-10. Apart from these the investigation also revealed that Sh. Sharma was illegally manufacturing cigarettes under the brand names of Paris ,

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Goods and Services Tax – GST Dated:- 25-11-2020 – News – Two more States – Kerala and West Bengal choose Option-1 to meet the GST implementation shortfall 25 States and all Union Territories with Legislative Assembly have favoured Option-I Kerala and West Bengal will get ₹ 10,197 crore through special borrowing window to meet the GST implementation shortfall. Permission to raise additional ₹ 11,309 crore through borrowings also issued to Kerala and West Bengal. Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu Kashmir and Puducherry) have also decided in favour of Option-1. The States Union Territories who choose Option-1 are getting the amount of shortfall arising out of GST implementation through a

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May, 2020. This is over and above the Special Window of ₹ 1.1 lakh crore. On receipt of the choice of Option-1 from the Government of Kerala and West Bengal, the Government of India has granted additional borrowing permission of ₹ 4,522 crore to the State Government of Kerala (0.5% of Kerala s GSDP) and ₹ 6,787 crore to the State Government of West Bengal (0.5% of West Bengal s GSDP) . The amount of additional borrowing permission granted to 25 States and the amount of funds raised through special window and released to the 23 States and 3 Union Territories so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 23.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund raised th

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Kerala # 4,522 0.00 11 Madhya Pradesh 4746 1321.98 12 Maharashtra 15394 3486.24 13 Manipur* 151 0.00 14 Meghalaya 194 32.51 15 Mizoram* 132 0.00 16 Nagaland* 157 0.00 17 Odisha 2858 1112.42 18 Rajasthan 5462 645.06 19 Sikkim* 156 0.00 20

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Goods and Services Tax – GST Dated:- 24-11-2020 – News – In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC) wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jind on 23.11.2020. Sh. Vikas Jain was the proprietor of one of the firms and as a proprietor of a firm was found involved in issuing fake invoices having taxable value of ₹ 27.99 Crore and was also found involved in handling cash of other such firms issuing fake invoices to pass ITC fraudulently. Sh. Vikas Jain has thus himself committed th

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s committed offences under the provisions of Section 132(1)(b) (c) of the Central Goods Services Tax Act (CGST), 2017 , which are cognizable and non-bailable offences under Section 132(5) of the CGST Act, 2017, being punishable under Section 132(1)(l)(i) of the CGST Act, 2017. Consequently, Shri Vikas Jain was arrested on 23.11.2020 under Section 69(1) of the CGST Act, 2017 , following which he was produced before the Judicial Magistrate First Class (JMIC),Rohtak. The Judicial Magistrate First Class, Rohtak, has remanded Shri Vikas Jain to judicial custody of 14 days. Further investigations in the matter are in the progress. – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanage

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Goods and Services Tax – GST Dated:- 20-11-2020 – News – The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested two persons namely Mr. Naresh Mittal and Mr. Chhedi Lal Mittal, both cousins and having their firms at Naya Bazar, Delhi – 06. Both are residents of Bahadurgarh, Haryana. An investigation was already undergoing in respect of fake invoices received without goods by one firm (name withheld, hereinafter Firm X) situated in the area of Sadar Bazar, Delhi – 06 from 22 suspicious firms. Visits had been conducted at the registered addresses of these firms, which were not found in existence at the given addresses. In some cases, the firms were shown registered at vacant plots and on residences of unsuspectin

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e therefore, further carried on by checking bank payment details which unearthed that while in the narration of the transfer entry, vendor firms names were appearing, but the crediting accounts were in the names of a different person/firm. One such firm was M/s Prag Enterprises situated at Naya Bazar Delhi. Banking transactions revealed that this firm was receiving huge amounts through RTGS/ Online Transfer from M/s Super Tech, M/s TulsiyanImpex and other firms. Search conducted at the business premises at this firm revealed that another firm namely M/s P C Traders was also receiving huge money through RTGS/Online from these firms and some other firms. During interrogation, both the cousins accepted their fault and stated that they were

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Goods and Services Tax – GST Dated:- 18-11-2020 – News – Telangana decides to go for Option-1 to meet the GST implementation shortfall State will get ₹ 2,380 crore through special borrowing window and also permission to raise additional ₹ 5,017crore through borrowings The Government of Telangana has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation. The State has now joined 22 other States and 3 Union Territories (Delhi, Jammu Kashmir and Puducherry) who have opted for Option-1. The States who choose Option-1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by the Government of India. The window has been operationalised now and the Government of India already borrowed an amount of ₹ 18,000 crore on behalf of the States in three instalments and has passed it o

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s GSDP). States who have opted for Option-1 are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Telangana, Tripura, Tamil Nadu, Uttar Pradesh, and Uttarakhand, along with the three Union Territories of Delhi, Jammu Kashmir and Puducherry. The amount of additional borrowing permission granted to these States and the amount of funds raised through special window and released to the 22 States and 3 UTs so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States till 17.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund raised thrugh special window passed on to the States/ UTs

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08.21 11 Maharashtra 15394 2658.85 12 Manipur* 151 0.00 13 Meghalaya 194 24.77 14 Mizoram* 132 0.00 15 Nagaland* 157 0.00 16 Odisha 2858 848.39 17 Rajasthan 5462 327.01 18 Sikkim* 156 0.00 19 Tamil Nadu 9627 1385.52 20 Telangana # 5017 0.0

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Goods and Services Tax – GST Dated:- 17-11-2020 – News – The Directorate General of GST Intelligence (DGGI), Rohtak Regional Unit, (under Gurugram Zonal Unit) has arrested one person namely, Sh. Satinder Kumar Singla, of Hisar who was found involved in issuing fake invoices from various firms without actual movement of goods having taxable value of ₹ 75 crore (approx.) and fraudulently passing ITC amounting to ₹ 13.08 crore. He passed on such fraudulent ITC to some of the buyers who availed of the same to discharge their GST liability against their outward supplies with an ulterior motive to defraud the Government exchequer. During the course of investigation, Shri Satinder Kumar Singla has admitted his involvement in issu

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Goods and Services Tax – GST Dated:- 12-11-2020 – News – On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices. A case was booked against M/s. Baan Ganga Impex having their Principal Place of Business at L-10A, Ganga Tower, Mahipalpur, New Delhi-110037 (GSTIN 07AAMFB0425A1Z4). From preliminary scrutiny of the seized documents, the data/information available on E-way Portal/GSTN portal, it is found that M/s Baan Ganga Impex, New Delhi has av

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Goods and Services Tax – GST Dated:- 5-11-2020 – News – Rajasthan decides to go for Option-1 to meet the GST implementation shortfall State will get ₹ 4,604 Crores through special borrowing window and also permission to raise additional ₹ 5,462 Crores through borrowings The Government of Rajasthan has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation. The State has now joined 21 other States and 3 Union Territories (Delhi, Jammu Kashmir and Puducherry) who have opted for Option-1. The States who choose Option-1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by the Government of India. The window has been operationalised now and the Government of India already borrowed an amount of ₹ 12,000 crores on behalf of the States in two instalments and has passed it

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who have opted for Option-1 are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Tripura, Tamil Nadu, Uttar Pradesh, and Uttarakhand, along with the three Union Territories of Delhi, Jammu Kashmir and Puducherry. The amount of additional borrowing permission granted to these States and the amount of funds raised through special window and released to the 21 States and 3 UTs so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States till 05.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund raised through special window passed on to the St

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685.60 11 Maharashtra 15394 1808.14 12 Manipur* 151 0.00 13 Meghalaya 194 16.81 14 Mizoram* 132 0.00 15 Nagaland* 157 0.00 16 Odisha 2858 576.92 17 Rajasthan 5462 0.00 18 Sikkim* 156 0.00 19 Tamil Nadu 9627 942.24 20 Tripura 297

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Goods and Services Tax – GST Dated:- 2-11-2020 – News – Central Government releases ₹ 6,000 crore as second tranche to 16 states and 3 Union Territories on account of GST compensation under Special Borrowing Window Ministry of Finance has facilitated loans of ₹ 12,000 crore till date under the Special Window to States/UTs The Ministry of Finance, Government of India, under its Special Window to States for meeting the GST Compensation Cess shortfall, will be releasing an amount of ₹ 6000 crore as second tranche to 16 States and 3 Union Territories today . This amount was raised at a weighted average yield of 4.42 per cent . This amount will be passed on to the States/UTs at the same interest rate, which

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Goods and Services Tax – GST Dated:- 2-11-2020 – News – The gross GST revenue collected in the month of October, 2020 is ₹ 1,05,155 crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375 crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹ 932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31st October, 2020 is 80 lakh. The government has settled ₹ 25,091 crore to CGST and ₹ 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is ₹ 44,285 crore for CGST and ₹ 44,839 crore for the SGST. The revenues for the month are 10% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 9% higher and the revenue

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Punjab 1,189 1,376 16% Chandigarh 157 152 -3% Uttarakhand 1,153 1,272 10% Haryana 4,578 5,433 19% Delhi 3,484 3,211 -8% Rajasthan 2,425 2,966 22% Uttar Pradesh 5,103 5,471 7% Bihar 940 1,010 7% Sikkim 186 177 -5% Arunachal Pradesh 41 98 138%

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sh 2,053 2,403 17% Gujarat 5,888 6,787 15% Daman and Diu 83 7 -91% Dadra and Nagar Haveli 130 283 118% Maharastra 15,109 15,799 5% Karnataka 6,675 6,998 5% Goa 311 310 0% Lakshadweep 2 1 -55% Kerala 1,549 1,665 7% Tamil Nadu 6,109 6,901 13%

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Goods and Services Tax – GST Dated:- 30-10-2020 – News – The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services. It is apparent from the investigation conducted till date, that Kabir Kumar created multiple proprietary companies merely on paper based in Gurgaon, New Delhi, Faridabad, Solan, Noida, Jhajjhar, Sirsa etc. During the investigation of his premises, it was revealed that Kabir had also attempted to flee the city, however, he was prevented from doing so

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Goods and Services Tax – GST Dated:- 30-10-2020 – News – Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of ₹ 1,278 crore (approx). The well established syndicate was being operated by floating seven different fake firms with the intent of passing of inadmissible credit to the tune of ₹ 137 crores (approx). Searches were conducted over more than nine places spread over different locations in the state of Delhi and Haryana to identify the taxpayers, who were defrauding the Government of its legitimate taxes. The modus operandi

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y. The primary beneficiary firm of this bogus billing network, was M/s Maya Impex, which has been registered in the name of Shri Ashish Aggarwal s 66 years old mother through which fake ITC of ₹ 77 crore has been passed on. Shri Ashish Aggarwal knowingly committed offences under Section 132(1)(b) and 132(1)(c) of the CGST Act, 2017 which are cognizable and non-bailable offences as per the provisions of Section 132(5) and punishable under clause (i) of the sub section (1) of Section 132 of the Act ibid. The fake billing operation was primarily engaged in generating and passing of fake ITC primarily to the milk products industry. Bogus invoices were raised against fictitious sale of milk products such as Ghee, milk powder e

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Goods and Services Tax – GST Dated:- 26-10-2020 – News – New Delhi, Oct 26 (PTI) Any kind of support from the government in terms of GST reduction would help the passenger vehicle segment immensely as it would negate some of the price increase in vehicle prices due to the shift to stricter BS-VI emission norms, according to a top Tata Motors executive. In an interview with PTI, Tata Motors President, Passenger Vehicles Business Unit, Shailesh Chandra said the reduction in vehicle prices would even help end customers who have been facing various pressures owing to the current state of the economy. Due to this transition from BS IV to BS VI, there has been a significant escalation in cost. In these trying times customers are not v

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andra said there has been a significant escalation in cost due to the transition from BS IV to BS VI emission regime. It (reduced GST) will help consumers who are going through low buying sentiments because of uncertain and precarious outlook for the economy and their source of income. So definitely it will be helpful to boost the volumes for the passenger vehicle industry, he said. Currently, automobiles attract GST of 28 per cent with additional cess ranging from 1 per cent to 22 per cent. When asked about the electric vehicle segment, Chandra said the government has done its part and it was now up to the ecosystem players to participate in the process. As far as the government is concerned, the trust they have been bringing to

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sibility to the electric segment in the country, he added. Demand can be triggered through personal segment. Keeping that in mind if FAME incentives are also provided to personal segment electric cars which meet the criteria of price, localisation, range it will just accelerate the process of electrification in the country, Chandra noted. Tata Motors currently sells Nexon EV and two trims of Tigor with different range outputs. During the July-September quarter, the company has sold over 900 electric vehicle units. Since January, over 1,500 units of the Nexon EV have been sold. We believe in the future of electric mobility. We already have two versions of Tigor, we have Nexon EV, and we have announced Altroz EV, something which we a

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Goods and Services Tax – GST Dated:- 26-10-2020 – News – The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return ( FORM GSTR-9 ) and Reconciliation Statement ( FORM GSTR-9C ) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been possible in several parts of the country. It has been requested that the due dates for the same be exte

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Goods and Services Tax – GST Dated:- 23-10-2020 – News – The Government of India has evolved a special borrowing window to addressthe shortfall in the GST collection during the year 2020 2021. 21 States and 2 Union Territories opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance. Out of these, five States did not have any shortfall on account of GST compensation. Today, the Central Government borrowed and transferred ₹ 6,000crores a

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Goods and Services Tax – GST Dated:- 23-10-2020 – News – Pune, Oct 22 (PTI) – The Pune unit of the Directorate General of GST Intelligence has arrested a person in a bogus Input Tax Credit (ITC) claim case for defrauding the government to the tune of ₹ 52.19 crore through various firms, officials said on Thursday. The man, who is controller and operator of various bogus firms, allegedly availed, utilised and passed on fictitious Input Tax Credit (ITC) by issuing invoices without actual receipt or supply of goods or services, they said. The officials said the accused, Tusshar Munoat, floated firms based in Maharashtra, Madhya Pradesh, Uttar Pradesh and Himachal Pradesh. These firms availed, utilised, and passed on fraudu

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Goods and Services Tax – GST Dated:- 15-10-2020 – News – Under Option-I States were to be provided a Special Window of Borrowing of ₹1.1 lakh cr, and over and above that, an authorisation for additional Open Market Borrowings of 0.5% of their GSDP. The authorisation for increased OMBs of 0.5% of GSDP has been issued by Ministry of Finance on 13th October and are in relaxation of the reform conditions that were stipulated for eligibility. Additionally, under Option-I, the States are also eligible to carry forward their unutilised borrowing space to the next Financial Year. Under the Special Window, the estimated shortfall of ₹1.1 lakh cr (assuming all States join) will be borrowed by Government of India in appropriate tranc

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Goods and Services Tax – GST Dated:- 14-10-2020 – News – Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of ₹ 9,627 crore 21 States now allowed to mobilize ₹ 78,452 crore in addition to ₹ 1.1 lakh crore to meet the shortfall arising out of GST implementation The Department of Expenditure, Ministry of Finance, has today granted permission to Tamil Nadu to raise an additional amount of ₹ 9,627 crore through open market borrowings. The permission was issued after the State formally communicated its acceptance for Option-1 to meet the shortfall arising out of GST implementation. 21 States and 2 Union Territories, Delhi and Jammu Kashmir, have so far requested Option-1.

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or Option-1 out of the two options suggested by the Ministry of Finance . Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementation, States are also entitled to get unconditional permission to borrow the final instalment of 0.50% of GSDP out of the 2% additional borrowings permitted by the Government of India, under Atmanirbhar Abhiyaan on 17 th May, 2020. This is over and above the Special Window of ₹ 1.1 lakh crore. Twenty States who were granted the permission yesterday were – Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizo

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Goods and Services Tax – GST Dated:- 13-10-2020 – News – The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of ₹ 68,825 crore through open market borrowings. Additional borrowing permission has been granted @ 0.50 % of the Gross State Domestic Product (GSDP) to those States who have opted for Option- 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of GST implementation. In the meeting of GST Council held on 27th August, 2020, these two options were put forward and were subsequently communicated to the States on 29th August, 2020. Twenty States have given their preferences for Option-1. These States are –

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view of the COVID pandemic, waiving the reforms condition. The Department of Expenditure, on 17th May 2020, had provided additional borrowing limit of upto 2% of GSDP to the States. The final instalment of 0.5% out of this 2% limit was linked to carrying out at least three out of four reforms stipulated by the Government of India. However, in case of States who have exercised Option-1, to meet the shortfall arising out of GST implementation, the condition of carrying out the reforms to avail the final instalment of 0.5% of GSDP has been waived. Thus, the 20 States, who have exercised Option-1, have become eligible to raise an amount of ₹ 68,825 crore through open market borrowings. Action on the special borrowing window is being t

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293.00 8 Himachal Pradesh 877.00 9 Karnataka 9,018.00 10 Madhya Pradesh 4,746.00 11 Maharashtra 15,394.00 12 Manipur 151.00 13 Meghalaya 194.00 14 Mizoram 132.00 15 Nagaland 157.00 16 Odisha 2,858.00

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42nd GST Council meeting as on 13-10-2020 (Continuation of 05.10.2020 meeting) – Goods and Services Tax – GST Dated:- 13-10-2020 – News – The GST Council failed to reach a consensus over the issue o

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Goods and Services Tax – GST Dated:- 13-10-2020 – News – 1. In terms of Rule 138 E (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 GSTR-3B returns, for a consecutive period of two months or more. 2. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than ₹ 5 Crores. 3. Thus, if the GSTIN associated with the respective PAN (with AATO over ₹ 5 Cr.) has failed to file their GSTR-3B Return for 02 or more tax periods, up to the month of tax period of August, 2020, th

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