Goods and Services Tax

GST Council to meet on May 28
GST
Dated:- 15-5-2021

New Delhi, May 15 (PTI) – Amid a growing chorus over the GST Council meeting not being convened for over seven months, the Union Finance Ministry on Saturday announced that the next meeting of the panel that decides on taxes on goods and services will be held on May 28.
After over a dozen central and state levies such as excise duty, service tax and VAT were subsumed in a nationwide Goods and Services Tax (GST) in 2017, the Council, headed by Union Finance Minister and including representatives of all states and union territories, was mandated to meet every quarter to deliberate on issues at hand.
The GST Council last met on October 5, 2020 to finalise contours of borrowing

= = = = = = = =

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

= = = = = = = =

the issue of compensation shortfall to states and other pending items.
"You are kindly aware that the GST Council was mandated to meet once in every quarter. Unfortunately, this solemn mandate has been violated twice over, by not calling a meeting of the Council for two consecutive quarters – not even virtually.
"This has undermined a federal institution, where all states are represented irrespective of political parties, regions or size of population, along with the Government of India. I fear that not holding meetings regularly also lead to a trust deficit," Mitra wrote.
When GST was implemented, states were promised that they will be compensated for any shortfall in tax revenues arising out of their taxes being subsume

= = = = = = = =

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

= = = = = = = =

Module wise new functionalities deployed on the GST Portal for taxpayers
GST
Dated:- 5-5-2021

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 chann

= = = = = = = =

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

= = = = = = = =

Extension in dates of various GST Compliances for GST Taxpayers
GST
Dated:- 5-5-2021

Government has extended the dates of various compliances by Taxpayers under GST, through Central Tax Notification Nos. 10/2021, 11/2021, 12/20211, 13/2021, 14/2021, all dated 1st May, 2021. The details are summarized below:
D. Filing of Form GSTR-1/IFF by Normal Taxpayers:
Sl.No.
Return Type(Form)
To be filed by
Tax period
Due Date
Due Date Extended till
1
Form GSTR-1 (Monthly)
Normal Taxpayer filing Monthly returns
April, 2021
11.05.2021
26.05.2021
2
Form IFF
Normal Taxpayers under QRMP Scheme
April, 2021
13.05.2021
28.05.2021
E. Filing of Returns by Composition, NRTP, ISD, TDS & TCS Taxpayers:
Sl.No.
Return Type(Form)

= = = = = = = =

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

= = = = = = = =

Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021
GST
Dated:- 4-5-2021

Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April, 2021, through Central Tax Notification Nos. 08/2021 and 09/2021, both dated 1st May, 2021. The details are summarized below:
A. Relaxation to normal taxpayers in filing of monthly return in Form GSTR-3B
Sl.
No.
Tax Period
Class of taxpayer
(Based on AATO)
Due date of filing
Reduced Rate of Interest
Waiver of late fee till
First 15 days from due date
Next 15 days

= = = = = = = =

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

= = = = = = = =

Ad hoc Exemption from IGST on imports of specified COVID-19 relief material donated from abroad
GST
Dated:- 3-5-2021

Ad hoc Exemption from IGST on imports of specified COVID-19 relief material donated from abroad
As customs duty is already exempt , these imports will not attract any customs duty or IGST
In view of the COVID-19 pandemic, the Central Government has issued notifications exempting Basic Customs Duty and/or Health cess on imports of a number of COVID-19 related relief materials, for a limited period. These include-
S. No.
Notification
Purpose
1
27/2021-Customs dated 20.04.21 (as amended by notification No.29/2021-Customs dated 30.4.21)
Remdesivir injection/ API and Beta Cyclodextrin (SBEBCD), Inflammatory d

= = = = = = = =

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

= = = = = = = =

ved free of cost for free distribution for covid relief.
This exemption shall apply till 30th June, 2021. It would also covers goods already imported but lying uncleared on the date of its issuance of exemptioni.e. today.
The exemption shall be subject to the following conditions:
* State Government shall appoint a nodal authority in the State for the purpose of this exemption. As per section 2 (103) of the Central Goods and Services Tax Act, 2017, state include a Union territory with Legislature.
* The Nodal authority so appointed shall authorise any entity, relief agency or statutory body, for free distribution of such Covid-relief material.
* The said goods can be imported free of cost by a State Government or, any entity/ relief

= = = = = = = =

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

= = = = = = = =

Government announces various relief measures for taxpayers under GST law in view of severe COVID-19 pandemic
GST
Dated:- 3-5-2021

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained below:
1. Reduction in rate of interest:
Concessional rates of interest in lieu of the normal rate of interest of 18% per annum for delayed tax payments have been prescribed in the following cases.
a. For registered persons having aggregate turnover above &#837

= = = = = = = =

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

= = = = = = = =

eme: NIL rate of interest for first 15 days from the due date of payment of tax and 9 per cent for the next 15 days, and 18 per cent thereafter has been notified for the tax payable for the quarter ending 31st March, 2021, payable in April 2021.
2. Waiver of late fee
a. For registered persons having aggregate turnover above ₹ 5 crore: Late fee waived for 15 days in respect of returns in FORM GSTR-3B furnished beyond the due date for tax periods March, 2021 and April, 2021, due in the April 2021 and May 2021 respectively;
b. For registered persons having aggregate turnover upto ₹ 5 crore: Late fee waived for 30 days in respect of the returns in FORM GSTR-3B furnished beyond the due date for tax periods March, 2021 and April

= = = = = = = =

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

= = = = = = = =

STR-3B to be applicable on cumulative basis for period April and May 2021, to be applied in the return for tax period May 2021. Otherwise, rule 36(4) is applicable for each tax period.
b. The filing of GSTR-3B and GSTR-1/ IFF by companies using electronic verification code has already been enabled for the period from the 27.04.2021 to 31.05.2021.
5. Extension in statutory time limits under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 30th May, 2021, has been extended upto 31st May, 2021, subject to some exceptions as specified in the notification.
****
[For details, please CLICK HERE to access the

= = = = = = = =

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

= = = = = = = =

GST Revenue collection for April’ 21 sets new record
GST
Dated:- 1-5-2021

GST Revenue collection for April' 21 sets new record
₹ 1,41,384 crore gross GST revenue collected
The gross GST revenue collected in the month of April' 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including ₹ 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including ₹ 981 crore collected on import of goods). Despite the second wave of COVID-19 pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return filing requirements but also paying th

= = = = = = = =

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

= = = = = = = =

y during this period. 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. Quarterly return and monthly payment scheme has been successfully implemented bringing relief to the small taxpayers as they now file only one return every three months. Providing IT support to taxpayers in the form of pre-filled GSTR 2A and 3B returns and ramped up System capacity have also eased the return filing process.
During this month the government has settled ₹ 29,185 crore to CGST and ₹ 22,756 crore to SGST from IGST as regular settlement. The total revenue of Cent

= = = = = = = =

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

= = = = = = = =

Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021
GST
Dated:- 16-4-2021

1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under:
Sl.No.
Class of registered persons who have Opted for
Having princ

= = = = = = = =

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

= = = = = = = =

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme
GST
Dated:- 14-4-2021

With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to ₹ 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March).
I. The salient points related to filing of Form GSTR-1 Statement & auto-population of liability in Form GSTR-3B for taxpayers under QRM

= = = = = = = =

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

= = = = = = = =

for the Quarter. Liability on account of inward supplies attracting reverse charge in Table 3.1 (d) is auto-populated from the taxpayer's FORM GSTR 2B. The System computed liability will also be made available in PDF format on taxpayer's GSTR-3B (Quarterly) dashboard.
Note: Data in Saved/ Submitted stage in Form GSTR-1 or in IFF, will not be auto-populated as Liability, in Table-3 of Form GSTR 3B.
II. Matching Offline Tool
a) The Matching Offline Tool has been updated for taxpayers under QRMP Scheme. In the Matching tool dashboard page, an option to select the quarter has been provided and in the purchase register, quarters Apr-Jun, Jul-Sep, Oct-Dec and Jan-Mar have been added to the tax periods.
b) The system generated Form GSTR-2B

= = = = = = = =

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

= = = = = = = =

New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme
GST
Dated:- 14-4-2021

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 c

= = = = = = = =

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

= = = = = = = =

date' based on which Form GSTR-2B 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 t

= = = = = = = =

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

= = = = = = = =

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.
GST
Dated:- 13-4-2021

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 r

= = = = = = = =

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

= = = = = = = =

ion Cess) during Financial Year 2020-21 is ₹ 5.48 lakh crore as compared to ₹ 5.99 lakh crore in the 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

= = = = = = = =

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

= = = = = = = =

Clarification on reporting 4-digit/6-digit HSNs
GST
Dated:- 13-4-2021

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
1.
Upto INR 5 crores
4
2.
More than INR 5

= = = = = = = =

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

= = = = = = = =

umber 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 description, Unit and GST Rate; are not allowed to be mentioned.
Further, if the HSN of any Goods/Service is otherwise valid but not accepted on GST Portal / e-invoice Portal / e-way Bill portal,

= = = = = = = =

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

= = = = = = = =

Module wise new functionalities deployed on the GST Portal for taxpayers
GST
Dated:- 7-4-2021

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 chann

= = = = = = = =

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

= = = = = = = =

Auto-population of e-invoice details into GSTR-1
GST
Dated:- 7-4-2021

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.

= = = = = = = =

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

= = = = = = = =

GST to be levied on underlying goods/services in gift vouchers: rules AAAR
GST
Dated:- 5-4-2021

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

= = = = = = = =

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

= = = = = = = =

GST Revenue collection for March’ 21 sets  new record  
GST
Dated:- 1-4-2021

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 ₹ 2

= = = = = = = =

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

= = = = = = = =

port of services) are 17% higher than the revenues from these sources during the same month last year. The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole.
GST revenues crossed above ₹ 1 lakh crore mark at a stretch for the last six months and a steep increasing trend 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 ta

= = = = = = = =

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

= = = = = = = =

10
Bihar
1,055.94
1,195.75
13%
11
Sikkim
189.33
213.66
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
2,416.13
18%
21
Odisha
2,632.88
3,285.29
25%
22
Chhattisgarh
2,093.17
2,544.13
22%
23
Madhya Pradesh
2,407.40
2,728.49
13%
24
Gujarat
6,820.46
8,197.04
20%
25
Daman and Diu
94.91
3.29
-97%
26
Dadra and Nagar Haveli
168.89
288.49
71%
27
Maharashtra
15,002.11
17,038.49
14%
29
Karnataka
7,144.30
7,914.98
11%
30
Goa
316.47
344.28
9

= = = = = = = =

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

= = = = = = = =

HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more than 5 crore
GST
Dated:- 31-3-2021

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 r

= = = = = = = =

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

= = = = = = = =

ments are accessible on the CBIC web-site. The Customs Tariff may be accessed at https://www.cbic.gov.in/htdocs-cbec/customs/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 H

= = = = = = = =

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

= = = = = = = =

Centre releases 30,000 crore as GST Compensation as well as 28,000 crore as IGST ad-hoc settlement to the States/UTs
GST
Dated:- 31-3-2021

The Central Government has released GST Compensation of ₹ 30,000 crore to States as part compensation admissible for FY 2020-21 on 27th 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

= = = = = = = =

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

= = = = = = = =

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
2094.4929
26
Uttarakhand
516.9803
27
West Bengal
1309.1785
Total
30000
State Code
Name of the State / UT
Adhoc IGST Settlement released on 30th March, 2021 (Rs. in crore )
1
Jammu and Kashmir
167
2
Himachal Pradesh
127
3
Punjab
523
4
Chandigarh
40
5
Uttarakhand
173
6
Haryana
532
7
Delhi
587
8
Rajasthan
600
9
Uttar Pradesh
1167
10
Bihar
441
11
Sikkim
9
12
Arunachal Pradesh
9
13
Nagaland
9
14
Manipur
12
15
Mizoram
7
1

= = = = = = = =

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

= = = = = = = =

CGST West Delhi officials arrest man for input tax credit fraud of around 9 crore
GST
Dated:- 27-3-2021

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

= = = = = = = =

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

= = = = = = = =

CGST Delhi officials arrest man for input tax credit fraud of around 94 crore
GST
Dated:- 26-3-2021

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 d

= = = = = = = =

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

= = = = = = = =

Opting-in for Composition Scheme for Financial year 2021-22
GST
Dated:- 25-3-2021

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 for FY 2021-2022.

= = = = = = = =

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

= = = = = = = =

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:
* User Manual: https://tutorial.gst.gov.in/userguide/compositionpoc/compositionscheme.htm
* FAQ: https://tutorial.gst.gov.in/userguide/compositionpoc/optfo

= = = = = = = =

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

= = = = = = = =

Taxpayers are free to utilise Input Tax Credit available in their credit ledger as permissible by law to discharge their GST due for March month
GST
Dated:- 22-3-2021

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

= = = = = = = =

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

= = = = = = = =

100 percent of the estimated GST compensation shortfall of 1.10 Lakh crore released 20th Instalment of 4,104 crore released to the States on Monday, 15th March, 2021
GST
Dated:- 15-3-2021

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

= = = = = = = =

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

= = = = = = = =

vided among all the States as per their GST compensation shortfall. With the current release, the proportionate pending GST shortfall with respect to borrowing under both 5 years tenure and 3 year tenure has been concluded for 23 States and 3 UTs with legislature. Remaining 5 States doesn't have any GST compensation shortfall.
The amount released this week was the 20th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 4.9288%. The total amount of ₹ 1,10,208 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8473%.
In addition to providing funds through the special borrowing window to meet the sh

= = = = = = = =

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

= = = = = = = =

percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 15.03.2021
(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
2311.00
2
Arunachal Pradesh*
143
0.00
3
Assam
1869
994.00
4
Bihar
3231
3905.00
5
Chhattisgarh
1792
3109.00
6
Goa
446
840.00
7
Gujarat
8704
9222.00
8
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

= = = = = = = =

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

= = = = = = = =

GSTN Webinar on e-invoicing for taxpayers
GST
Dated:- 12-3-2021

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, GST

= = = = = = = =

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

= = = = = = = =

DGGI Gurugram officials arrest man for input tax credit fraud of more than 43 crore
GST
Dated:- 11-3-2021

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

= = = = = = = =

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

= = = = = = = =