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Showing posts from October, 2018

Deadline today of filing GSTR-1 Monthly and Quarterly, But GST site not working properly

Difficult to filing return and not possible to complete today because server down of GST site & not working also. Request to extend the date of GSTR-1 for filing return easily. If extended news comes, so we think that it will our diwali gift. The post Deadline today of filing GSTR-1 Monthly and Quarterly, But GST site not working properly appeared first on GST Station.

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GST: Karnataka govt signs up 21 companies to help SC/ST youth turn entrepreneurs

BENGALURU: The state government on Tuesday signed up 21 firms including Uber, Ola, Swiggy and Bata for its ambitious programme of creating 10,000 entrepreneurs annually over the next three years from among the SC/ST youth. Once skilled and certified by the partner enterprises, the youth will be free either to pick up a job or start a venture of their own with seed funding from the Social Welfare Department. The funding support will go up to Rs 10 lakh.he government has set aside Rs 800 crore for the programme it has named Samruddhi. “What we are doing is India’s most aspirational skilling and entrepreneurship programme. We are tying up with service as well as retail firms,” social welfare minister Priyank Kharge told ET. The seed fund approach, Kharge said, is a move away from the traditional business loans as the government saw a potential for misuse of loans. “The seed grants are secure and will directly reach the intended beneficiaries,” he said “I wrote to about 220 companies, of …

Updated Central Goods and Services Tax Rules, 2017 till 30.10.2018

This article have updated Central Goods and Services Tax Rules, 2017 which were initially released on 19th June 2017 and amended by various notifications issued from time to time. CGST Rules are updated with notifications issued till 30th October 2018. Details of Initial and Subsequent Notifications :- S. No. Notification No. and Date Title 1 […]

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GST Rule 142A Procedure for recovery of dues under existing laws

Extract of Rule 142A of Central Goods and Service Tax Rules, 2017 as inserted vide Notification No. 60/2018-Central Tax Dated 30th October, 2018. 142A. Procedure for recovery of dues under existing laws. – (1) A summary of order issued under any of the existing laws creating demand of tax, interest, penalty, fee or any other […]

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Rules, Pattern and Syllabus for GST Practitioners (GSTP) Examination

Examination of Goods and Services Tax Practitioners.- (1) Every person referred to in clause (b) of sub-rule (1) of rule 83 and who is enrolled as a goods and services tax practitioner under sub-rule (2) of the said rule, shall pass an examination as per sub-rule (3) of the said rule.

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Restoration of Provisional Attachment under GST- How to apply?

A. FAQs on Filing Application for Restoration of Provisional Attachment under GST Q.1 What is Restoration of Provisional Attachment? Ans: If proceedings are pending under section 62 or 63 or 64 or 67 or 73/74 i.e. (proceedings are yet to be concluded) and Commissioner/ Competent authority is of opinion that for the purpose of protecting […]

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Re-Assessment Order under Karnataka VAT after GST rollout is Valid

M/s. Prosper Jewel Arcade LLP Vs The Deputy Commissioner Commercial Taxes (High Court Karnataka) The Court further added that “therefore, the larger constitutional questions raised in the present writ petition and as sought to be canvassed by the learned Senior Counsel for the petitioner like the substitution of Entry 54 in List II, effect of […]

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Allow to amend TRAN-1 (CENVAT credit) if mistake is bonafide

OEN India Ltd. Vs Union of India & Others (Bombay High Court) HC directs Petitioners to file representation to CBIC. This representation would be considered by the CBIC for verification and the bona fides of the claim made by the Petitioners. If satisfied, Petitioners would be allowed to amend the Trans­1 form to reflect the […]

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Congress will bring single slab GST: Rahul Gandhi

INDORE: Congress president Rahul Gandhi on Tuesday said the country will have a single tax slab and basic need items will be exempted from the Goods and Services Tax (GST) purview once Congress comes to power. Talking to representatives from different walks of life including industry associations, advocates and academicians, Rahul said, “We are very clear that GST needs to be changed once Congress comes to power in Delhi with single tax slab and basic need items out of the tax purview.”Answering on waning business activities, Rahul said, “We did one mistake of suggesting the Bharatiya Janata Party (BJP) of keeping one slab in GST and phased roll out, not knowing that they will not consider our suggestions and do just opposite.Blaming BJP for killing SME’s and halting the growth of the country, Rahul said, “A country can grow only when monopolies break and this is what Congress does to aid the growth of the country but BJP supports monopoly to benefit a few large business houses”.Rahul…

GST: Commercial taxes, registrations help State net higher revenue

Both heads record higher growth rate as compared with last yearThe State government, concerned about growing expenditure, has reason to feel relieved. Revenue collections from commercial taxes and registration of land documents during the first half of the current financial year have seen a higher rate of growth as compared to the corresponding period in the previous year.If this trend continues in the second half of the year, with no sudden spurt in revenue expenditure, the State may be able to bring down the revenue deficit.Even though indications of the current trend were evident in the previous year (2017-18), officials monitoring the revenue collections are also conscious of the rising revenue expenditure, due to a variety of factors.Drain on resourcesThe factors include the fallout of of the implementation of the Seventh Pay Commission’s recommendations, receipt of a large number of claims for pension revision, spillover in expenditure for schemes related to distribution of lapt…

Commerce Ministry to take up exporters’ complaints on GST refund with FinMin

Exporters say they must be allowed to switch from duty drawback to IGST refundNEW DELHI: The Commerce Ministry has taken note of exporters’ complaints that the input duty refund under the duty drawback scheme claimed by some last year was much lower than the IGST (Integrated Goods & Services Tax) refunds due to them and it may ask the Finance Ministry to address the issue.“Exporters have said that they are willing to pay back the drawback with interest and they should be instead given IGST refund which is a much higher amount. The DGFT is likely to take up the matter with the Customs Department,” a government official told BusinessLine.Last year, when the GST regime was implemented, exporters were given the option of continuing with the popular duty drawback scheme (at a higher rate for some items) for three months (July-September) if they agreed to forego refund of IGST paid by them.After a number of exporters opted for the duty drawback option, they discovered that the IGST paid…

GST: National Anti-profiteering Authority dying a natural death

Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or input tax credit to the consumers.Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or input tax credit to the consumers. The three-tier anti-profiteering mechanism is proving unequal to the costs and labour required to run it. While the government had set an initial two-year lifespan for the authority, it looks increasingly clear that it won’t get an extended term. Meanwhile, NAA’s constitutional validity is also being challenged.The government was vocal at the start that NAA’s approach would be non-intrusive and that it would take up only such cases that have a ‘mass impact’.The bureaucracy,…

Centre contemplating to bring petrol, diesel under GST: Athawale

The Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said here on Tuesday. “We have done so much work, but there is some problem pertaining to petrol and diesel prices. The issue persists even though the prices have fallen a bit. But the Centre is contemplating to bring petrol and diesel under the ambit of GST,” the Union Minister of State for Social Justice and Empowerment said at a news conference here.“If petrol and diesel are brought under GST, it will help bring down their prices by Rs 20-30, which will provide relief to people of this country including the middle class and common masses,” he added.Athawale said the states should also cut the taxes on petrol and diesel to provide some relief to people.In the past, the opposition parties have demanded that petroleum products be brought under GST.Asked about the Congress pointing fingers at the Modi government over the Rafale jet dea…

Centre, states divide Rs 320 bn IGST in Oct; states to get over Rs 150 bn

As much as Rs 290 bn was settled in September, Rs 120 bn in August, Rs 500 bn in June and Rs 350 bn in February this yearAs much as Rs 320 billion lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October.The states’ share would be over Rs 150 billion, the official told PTI.The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for October. The total revenue collection figures for the month would be released on November 1.This is the fifth time that IGST funds have been divided between the centre and states.As much as Rs 290 billion was settled in September, Rs 120 billion in August, Rs 500 billion in June and Rs 350 billion in February this year.When some substantial amount accrues to IGST pool it is apportioned between the centre and states so that it does not lie idle with the centre, the official said, adding Rs 320 billion had been apportioned this month.Unde…

18% GST on Supply of minerals & erection work as work contract services

In re Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited (GST AAR Madhya Pradesh) As per the Memorandum of Association of the Company, Main objects to be pursued by the Company on its incorporation is to carry on the business of purchasing, selling, importing, exporting, selling, trading of electrical energy, including formulation of tariff, billing […]

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5% GST payable on Royalty to Govt for right to use minerals

In re Pioneer Partners (GST AAR Haryana) The services for the right to use minerals including its exploration and evaluation, as per Sr. No. 257 of the annexure appended to notification no. 11/2017-CT (Rate), dated 28.06.2017 is included in group 99733 under heading 9973. The royalty/dead rent paid/payable to the Government by the applicant is […]

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18% GST payable on Construction of residential flats for MPPGCL

The activity in question definitely does not have any relation to the principal work of power generation entrusted by the state government to MPPGCL, and therefore the works contract service of construction of residential quarters would attract GST @18% (9% CGST + 9% SGST) in terms of Notification No.11/2017-CT Rate dtd.28.06.2017 and corresponding notification under MPGST Act 2017.

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‘Militry Malai Mithai’ classifiable as ‘Sweetmeat’: GST AAR

The product 'Militry Malai Mithai' as described in the Application will merit classification under Chapter Heading 2106 90 of the GST Tariff as 'Sweetmeat' and would be chargeable to 5% GST

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Creation of GST Helpdesks for MSME sector to support MSMEs

Government of India is launching a program on 02nd November, 2018 at Vigyan Bhawan to support MSMEs and to reach out to them wherein Department of Financial Services will be the nodal agency to monitor overall progress.

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No action can be taken if no specific evidence of profiteering: NAA

Sh. Raman Khaira Vs M/s. Yum Restaurants India Pvt. Ltd. (National Anti-Profiteering Authority) We have carefully considered the Report filed by the Applicant No. 2 as well as the submissions made by the Respondent No. 1 and it is obvious from the narration of the facts stated above that the investigation conducted in the matter […]

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Manual Refunds In GST- Standard Operating Procedure

Introduction: Refund module is currently not operational on the common portal of the GSTN causing delay in filing and processing of application for refund electronically. Manual filing of applications/documents/forms pertaining to refund claims has been prescribed to overcome this difficulty and, such applications shall also be processed manually by the jurisdictional proper officers till further […]

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How to file GST DRC 06 against GST Determination Proceedings

A. FAQs on Filing FORM GST DRC-06 against Proceedings initiated by Tax Officer u/s 73 and 74 Related to Determination of Tax Q.1 What is Section 73 & 74 of CGST Act 2017? Ans: Section 73: Covers determination of tax not paid or short paid or erroneously refunded on ITC availed or utilized for any reason […]

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How to reply GST DRC 06 issued for GST collected but not paid

A. FAQs on Filing reply to Form GST DRC-06 against proceedings initiated for tax collected but not deposited with Government Q. 1. When can a Tax Official conduct Assessment/ Adjudication on a taxable person for collecting the tax but not depositing with the Government? Ans: Any person whether registered or unregistered who had collected any […]

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GST ITC mismatching in Form GSTR1, GSTR 2A, GSTR 2 and GSTR 1A

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Demand and Recovery under GST

Burden of proof in case a person claim that he is eligible for input tax credit under GST shall lie on the person who claims it. Hence an onerous duty is caste on the taxpayer to prove his credits failing which presumption of wrong availment or wrong utilization can be drawn. However in all other cases tax authorities need to prove that tax has not been paid or short paid or erroneously refunded.

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Centre, states apportion Rs 32,000 crore IGST in October

NEW DELHI: As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the Centre and states in the month of October. The states’ share would be over Rs 15,000 crore, the official told PTI.The apportionment would add to the goods and services tax (GST) revenue of both the Centre and states for October. The total revenue collection figures for the month would be released on November 1.This is the fifth time that IGST funds have been divided between the Centre and states.As much as Rs 29,000 crore was settled in September, Rs 12,000 crore in August, Rs 50,000 crore in June and Rs 35,000 crore in February this year.When some substantial amount accrues to IGST pool it is apportioned between the Centre and states so that it does not lie idle with the centre, the official said, adding Rs 32,000 crore had been apportioned this month.Under GST, the tax levied on consumption of goods or rendering of service is split 50:50 between the Centr…

GST: Diwali gold sales may be same as last year’s

KOLKATA: Gold sales this festival season are expected to be at last year’s level or if not more, as industry executives said demand for light-weight jewellery and safehaven buying would help offset the impact of rising international price and weak rupee. Also, in play would be the base effect, as last year’s sales were hit by GST-related issues, they said. With Dhanteras approaching, traders’ predictions range from flat to as much as 10-20 per cent growth in jewellery sales in the festival stacked last quarter of the calendar year. The recent crash in stock prices is expected to drive investment demand.Jewellery sales on Dussehra, which sets the tone for the festive season buying, had not been encouraging this time, with local gold price touching Rs 32,625 per 10 grams. On Monday, the yellow metal was trading around Rs 32,850 in the national capital, inching towards the Rs 33,000-mark.“As the gold price has crossed the Rs 32,000-per-10-gram mark on Dussehra day, thanks to the sliding …

HC allows release of goods on furnishing security for Tax & Penalty

Krishna Enterprises Vs State of U.P. & Ors. (Allahabad High Court) Heard Shri Aditya Pandey, learned counsel for the petitioner and the learned Standing Counsel on behalf of the State-respondents. The goods of the petitioner under transportation along with the vehicle have been seized vide order dated 08.05.2018 passed under Section 129(1) of UP GST […]

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Despite call to revise GST grant, Nagpur Municipal Corporation gets only Rs 52 crore

NAGPUR: With its coffers virtually empty, the beleaguered Nagpur Municipal Corporation (NMC) suffered another jolt on Monday. The ruling party leaders expected the state government to revise NMC’s monthly GST share to Rs 80-90 crore, but with the government releasing Rs 52.57 crore, its hopes of honouring financial commitments came crashing down.On Monday, the urban development department issued a government resolution releasing Rs 1,436.16 crore for 26 municipal corporations.Standing committee chairmen Virendra Kukreja, who has been demanding Rs 88.63 crore per month for the last one year, said if GST grant is hiked, NMC’s financial crisis will be resolved.A senior official from accounts and finance department said NMC’s financial health is critical. He said its committed expenditure, including salaries, pension grants, electricity, raw water bill, payment to Orange City Water, petrol, diesel, telephone bills, security, repayment of loan, garbage lifting etc is over Rs 93 crore per m…

GST: CBIC prescribes procedures for returning expired drugs

NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has laid down detailed procedure for returning time-expired drugs or medicines under the Goods & Services Tax (GST) regime. The same procedure can be used for other sectors too, where goods are returned under similar situations. The common trade practice in the pharmaceutical sector is that the drugs or medicines are sold by the manufacturer to the wholesaler and by the wholesaler to the retailer on the basis of an invoice or bill of supply. After the expiry date, unsold quantities are returned to the manufacturer. Since, taxes are already paid on such medicine, the issue was how to get back taxes paid on unsold quantity under GST regime. The CBIC has now issued a circular detailing the procedure.Harpreet Singh, Partner at KPMG, said the circular clarifies options available for returning the expired medicines.As an alternative to issuing a credit note by supplier, the circular clarifies that the return of medicines …

Jayant Sinha asks FM to bring ATF under GST as rupee, oil woes hit airlines

The Ministry of Civil Aviation and Petroleum Ministry have asked the Ministry of Finance and all the states to consider bringing ATF under the GST frameworkMinister of State for Civil Aviation Jayant Sinha Monday urged Finance Minister Arun Jaitley to bring aviation turbine fuel (ATF) under the ambit of GST.Despite being one of the fastest growing domestic aviation markets in the world, local carriers have been facing tough business conditions, especially with surging oil prices and depreciation of the rupee. As players look to woo more passengers with cheap fares, airlines have not been fully able to increase ticket prices.“The Ministry of Civil Aviation and Petroleum Ministry have asked the Ministry of Finance and all the states to consider bringing ATF under the GST framework. We would like that to happen. So we discussed that matter as well,” Sinha told reporters after meeting Jaitley.The final call, however, would be taken by the GST Council, he added.ATF constitutes approximatel…

GST Return of Time Expired Drugs or Medicines – Critical Analysis of Recent Circular

1. Circular No. 72/46/2018-GST dated 26.10.2018 has been issued clarifying the procedure in respect of return of time expired drugs or medicines. Said circular clarifies that the time expired drugs or medicines can be returned either by issuance of credit note or by treating the said goods return as fresh supply and hence on an […]

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Online GST Crash Course by TaxGuru & GST Professionals

TaxGuru and GST Professionals announces its Online GST Crash Course Covering GST Audit & Reconciliation Statements, Filing of Annual GST Returns, Handling GST Assessments and Comprehensive analysis of GST Amendment Acts with recent case laws and Relevant Advance Rulings. Our faculty for the Course will be CA Raman Singla and Online GST Crash Course will […]

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GST Council decision on empowering Officers to initiate action against errant tax payer is causing panic: AITAF

NEW DELHI: The All India Tax Advocates Forum (AITAF) has expressed serious concern over GST Council decision empowering officers of both Central and State to enter into the domain of tax payer irrespective of the administrative assignment of the taxpayer to any authority is causing panic and utter confusion among the trading community. “Because of such decision of the GST Council, the trader has now to face double wraths—one of the Central Tax Officers and the other of State Tax Officers thus amplifying the scope for harassment. Besides, such a decision will give impetus to corruption,” the AITAF President M K Gandhi—a noted tax consultant– said in a statement issued here.Illustrating concern of traders Gandhi cited a scenario where on one day Central Tax Officer can initiate enforcement action against a trader and the very next day State Tax Officer can do the same.“The trading community is not asking the Government that no enforcement action should be taken against the trader if he …

Have you not availed any ITC of F.Y. 2017-18? What to do?

Trade & Industry was in the panic situation and confusion on various interpretation of law of availing the ITC on or before due date of filing GST Return for the month of Sept 2018. Majority of the consultants have advised their clients to avail the credit before filing the Sept Return, so as to avoid […]

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Appointment of GST Auditor – 10 FAQs

1. Can a company secretary can be appointed as a GST Auditor? 2. Can a member who has not obtained certificate of practice, can conducts GST Audit? 3. Can a member who is in part time practice can perform GST Audit? 4. Can registered person to appoint two or more chartered accountants as joint auditors?

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Vacancy for Chartered Accountants in Indirect Tax (GST)

Mumbai Based well known Firm of Chartered Accountants needs CAs to work in field of recently enacted GST Act, 2017 and in the field of Audit (Statutory, Internal, Tax) with post qualification experience from 0 to 10 Years.

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Request to extend last date of Annual Return Form 10A-VAT- Rajasthan

As Members are occupied in Tax Audit Report under the Income Tax Act, 1961 (due date is 31.10.2018) and also in GST Reconciliation and Rectification work, we hereby request your good self to kindly extend the due date of filing Annual Return under VAT in Form 10A (Period ending 30-June-2017) for the dealers who moved to GST Regime from 31st October' 2018 to 31st December' 2018, as members is finding it difficult to cope up with the work pressure.

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GST authorities detect fake companies in cotton trade

The Central Goods and Services Tax (CGST) authorities have detected a scam by three shell firms which sold cotton to five firms of Ludhiana. The firms based in Ludhiana later claimed the input credit tax (ICT) to the tune of Rs 7.5 crore from the authorities. After detecting the fraud, the CGST, Hisar, reported the matter to their counterpart in Ludhiana to cancel the ICT claim of these firms.A CGST official said the man who floated the three shell firms and worked as an agent to sell off cotton worth about Rs 150 crore to Ludhiana firms was behind bars in a criminal case.“After detecting the fraud, we needed to interrogate the person in whose name the firms were registered, for further action under the GST Act. Since the man is in jail, our investigation has got stuck”, the official said.Dinesh Bishnoi, Assistant Commissioner of CGST, said they would seek a report from the Ludhiana office in this connection. They would summon the man who had registered the three firms – Ankush Cotton…

Patanjali charged with profiteering Rs 150 cr from GST cuts

Charged with profiteering to the tune of over Rs 150 crore, the company may soon have to cough up penalties as well as return the amount to consumers, sources said. The investigation report of the Director General of Anti-Profiteering (DGAP) is likely to be submitted to the apex body National Anti-Profiteering Authority (NAA) this week for a hearing. NAA’s final order is expected within three months, sources said.“The company has been found to have profiteered from the tax rate cuts announced by the government for consumers on a wide range of products on November 15, followed by another round of tax cuts in January. The company instead of passing on the benefits of tax cuts to consumers kept the profits to itself. Nearly 100 products were under the scanner,” sources said.Haridwar-based swadeshi brand Patanjali is the country’s third-biggest fast-moving consumer goods (FMCG) company in terms of market share after HUL and ITC. It sells from soaps, shampoos, toothpaste, hair oil to honey…

GST Council Took More Than 900 Decisions Since Its Constitution

Till date, the Goods and Services Tax (GST) Council has taken 918 decisions related to GST laws, rules, rates, compensation and taxation threshold etc. More than 96% of the decisions have already been implemented through 294 Notifications issued by the Central Government and the remaining are under various stages of implementation. Almost equal number of corresponding SGST Notifications have been issued by each State. The GST Council Members under the Chairpersonship of the Union Finance Minister have spent long hours discussing the broad contours as well as the nitty-gritty of the new GST regime in a harmonious and collaborative spirit. Till now, 30 GST Council Meetings have taken place. Detailed Agenda Notes were prepared before every GST Council Meeting and discussed in the preparatory Officer’s Meeting to enable the Council Members to fully appreciate the issues under consideration. The Detailed Agenda Notes for the 30 GST Council Meetings ran into 4730 pages. The discussions in t…

Goods and Services Tax Council – Journey so far

GST Council met 30 times, took 918 decisions since its Constitution; 96% of decisions already been implemented through 294 Notifications Till date, the Goods and Services Tax ( GST) Council  has taken 918 decisions related to GST laws, rules, rates, compensation and taxation threshold etc. More than 96% of the decisions have already been implemented […]

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ITC Q2 results 2018-19: Smoke signals don’t bring good news

While the cigarette business seems to have shrugged off the effects of GST, impact of new packaging and a further increase in taxes are threats for ITCA long road lies ahead of ITC Ltd. Its shares have risen by a mere 4.5% in the past year, while Hindustan Unilever Ltd’s (HUL’s) shares have gained by 22.5%. Its Q2 results indicate this gap may remain for some time to come.Consider its cigarettes business, which contributed to 41% of sales and 85% of segment profit. Sales rose by 10.4% which was good, and while the company does not reveal volume numbers, analysts estimate volume growth at about 5-6%. Ordinarily, this should have been good. But then, its segment profit margin declined by 1 percentage point over a year, even though it rose by 1.8 percentage points sequentially. The company said that floods in Kerala damaged inventory and the shift to new graphics from 1 September resulted in higher costs. Why margins increased sequentially is unclear as also whether the entire decline in…

GST: Rising fuel price is key worry for transport sector

Stakeholders hope the Centre willbring petrol/diesel under GST umbrellaJAIPUR: Availability of working capital for the road transport sector is slowly being addressed, thanks to the intervention by the RBI.Earlier, there were restrictions on bank lending to NBFCs (Non-Banking Financial Companies), which in turn lend to transporters. However, the Reserve Bank of India has increased the Liquidity Coverage Ratio (that limits bank lending) to 13 per cent from the earlier 11 per cent. Slowly, the gap in working capital availability is being addressed due to this easing of norms, said Anil Menon, National Business Head, Commercial Vehicle Loans, YES Bank.“Also, the RBI is purchasing US dollars periodically to arrest the rupee’s fluctuations. This, in turn, leads to liquidity infusion into the market. With this two-pronged strategy by the RBI, there should not be any concern among transporters on working capital availability,” he said participating in a panel discussion on the ‘Road Ahead’ f…

CBIC to focus on behavioural patterns of taxpayers to improve GST compliance

Soon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax lawsSoon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion.The Central Board of Indirect Taxes and Customs (CBIC) has set up a ‘Nudge Team’ to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes, an official said.The plan is based on ‘behavioural interventions’ or ‘non-deterrence approach’ adopted by countries like the UK, Australia and Mexico to frame policies and increase tax collections.“On the basis of the behavioural pattern, the department will segregate taxpayers into different categories like ‘disengaged’, ‘resisters’, ‘triers’ and ‘supporters’,” the official told PTI.Elaborating on the plan, the official said in cases of non-wilful defaulters, th…

DGGI detects GST fraud, says could be ‘tip of iceberg’

The Directorate General of GST Intelligence’s (DGGI’s) Pune zonal unit has unearthed a Rs 80 crore “fraud” which is suspected to have been perpetuated through procurement of “bogus invoices” from markets and arrested one person from Mumbai. Modsingh Padamsingh Sodha was arrested Friday and found to be operating over 10 dummy companies that had issued fraudulent invoices worth Rs 415 crores, the DGGI Pune zonal unit said in a release here Sunday.The officials suspect that the bogus invoices might have been utilised to get enhanced credit limits from banks, “thereby laying foundation of a future banking fraud”.“No goods were supplied and all transactions were on paper. GST fraud of around Rs 80 crore has been detected in this case, which was paid through set-off of fraudulently availed Input Tax Credit on the basis of invoices procured through market without receipt of goods,” it stated.It said GST of Rs 2.18 crore was recovered from these dummy companies in the first round of searches.…

Despite GST hiccups, construction equipment demand up 24% in FY18: Assocham

The study noted that highway construction has been one of the key drivers for equipment growthThe demand for construction equipment grew by 24 per cent in 2017-18 as against 13 per cent in 2015-16 on account of increase in infrastructure expenditure, says a study.The industry grew despite the hiccups of GST while demonetisation also had a negligible effect on the sector’s growth, the joint-study by ASSOCHAM-Feedback Consulting said.The government is the largest end-customer accounting for nearly two-thirds of the demand for construction equipment, it added.The study noted that highway construction has been one of the key drivers for equipment growth.“The Indian construction, mining equipment industry continues to be highly dependent on the demand for Backhoe loaders and Hydraulic Excavators,” the report highlighted.Source- Business Standard. The post Despite GST hiccups, construction equipment demand up 24% in FY18: Assocham appeared first on GST Station.

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GST Council met 30 times, took 918 decisions in 2 yrs: FinMin report card

The GST Council has held discussions in a ‘harmonious and collaborative spirit’ in the 30 meetings that have taken place so far, FinMin said in a statementNEW DELHI: The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday.The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country’s first ‘federal institution’.“Till date, GST Council has taken 918 decisions related to GST laws, rules, rates, compensation, taxation threshold etc. More than 96 per cent of the decisions have already been implemented through 294 notifications issued by the Central Government,” the ministry said in a statement.The remaining decisions are under various stages of implementation. Almost equal number…

Master Guide on GST Annual Return and Audit

Master Guide on GST Annual Return and Audit, covering: How to Go Head with Annual Return and GST Audit, Analysis of GSTR 9 Form and How to fill the same, Analysis of GSTR 9C Form and How to fill the same

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Diwali Clean Up of P.Y Sales Invoices in GST before 31st October !

September month’s GSTR-1 would be the last chance to amend the invoices relating to period July 2017 to March 2018. After filing this return taxpayers would not be able to amend any details of invoices like date, invoice number, GSTIN, rate of tax, invoice value, taxable value etc.

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Reverse Charge on Services under GST

In the current article we will discuss about services On Which Goods and Service Tax (GST) Is Payable Under reverse charge Mechanism (RCM) in different scenarios. As per notifications given by government as on date there are various notified services on which GST has to be paid on reverse charge basis. SERVICES ON WHICH GST […]

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Compulsory Registration under GST

As per the section 24 of CGST Act 2017 there are certain cases when GST registration is required to be taken by the supplier of goods or services or both. In this section supplier has to get itself registered irrespective of the fact that it has aggregate turnover of 20 lakhs (10 lakhs in case […]

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All About E-WAY Bill

Article explains Objective of E-Way Bill under GST, why E – Way Bill Mandatory, Computation of Value of consignment for e-way bill, E Way Bill in case of Inter and Intra State Movement, Who can made E Way Bill , Types Of E Way Bill, Cancellation of E Way Bill, Validity of E Way Bill, Acceptance and Rejection of E Way Bill, Exemption in case of E Way Bill, Concept Of Consolidated E Way Bill and E Way Bill in case of use of Multiple Vehicle.

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Govt extends rectification facility for Shipping Bills to correct IGST refunds

Central Board of Indirect taxes and Customs (CBIC) has recently introduced several provisions and alternative procedures through which various errors due to the anomalies or mismatch between the Shipping Bill and the data recorded while GST return filing procedure with respect to the FORM GSTR-1 can be rectified in the system.

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Circular on Procedure of GST return of time expired drugs or medicines: Analysis

Analysis of Circular 72/2018 dated 26-10-2018 on Procedure in respect of return of time expired drugs or medicines The Circular puts forth following options and persuant actions: Options Value Return by Normal Registered Person Return by Composition Dealer Return by unregistered Person Amount to be reversed by Manufacturer Return to be treated as Fresh Supply […]

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Applicability Of GST Audit – FAQS

Article discusses Turnover for GST Audit if a Dealer in Registered in more than one State, Inclusion of Turnover of April to June 2017 for Calculation of Turnover Limit for GST Audit and Applicability of GST Audit of Audit is been carried out under other statutes like Companies Act, Income-tax Act, Co-operative Societies Act, etc.

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Consultancy & support services are composite supply in GST

In re Five Star Shipping (GST AAAR Maharashtra) In view of the above discussion, we hold that the entire gamut of services performed by the Appellant are in fact of the composite supply of the intermediary services, classified under the Service Accounting Code 999799, which is other miscellaneous services, and the accounting services under the […]

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Ensure hassle-free cancellation of GST registration: CBIC Chief

On the GST front, to facilitate the trade for a smooth and hassle-free cancellation of registration and to ensure uniformity in the implementation of the provisions of law across the field formations, CBIC has issued a SOP vide circular no. 69/43/2018 dated 26th October 2018.

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GST relief for oil companies on outsourced work

In what could come as urgent relief for oil companies, revenue authorities have allowed refineries to pay GST only on value addition done by job workers against on the total valuation. Many oil refineries outsource some of the processes to job workers. These refineries provide the raw material to the job worker and a final product is then delivered. There were concerns that the tax authorities would impose GST on the total valuation of the final product against value addition by the job worker.The Kerala bench of Authority of Advance Ruling (AAR) on Friday ruled that the outsourced process be treated as job work.“The controversy with respect to the scope of job work activities gets settled to a very large extent by this pragmatic ruling, which has clearly held that the activities done in this case for the refinery would fall within the purview of job work,” said Abhishek A Rastogi, partner, Khaitan and Co, which represented the oil refineries.Petroleum products are beyond the purview …

Vikhroli businessman, four others held for Rs 440-crore GST credit fraud

MUMBAI: Five people, including the director of a Vikhroli-based company, have been arrested by central GST officials for fraudulently claiming Rs 441 core as input tax credit with the help of forged invoices and shell companies. The accused also allegedly took Rs 146-crore in loans from various cooperatives banks after manipulating documents. “During investigation, we learnt that the accused had taken bank loans with the help of fabricated balance sheets. We will ask the banks to file separate criminal cases against the accused,” said Raghavendra Pal Singh, joint commissioner, CGST.The traders bought fake bills, which they used to claim input tax credit on supply that never occurred. Input tax credit is an option that allows taxpayers to claim credit for taxes paid on purchase. In this case, the accused were buying goods from manufacturing companies, but would also obtain fake invoices in the name of different companies associated with them without the movement of any goods. The accus…

Ludhiana firecracker dealers protest against one-time tax over GST

Dealers have been asked to pay Rs 60,000 lump sum tax for taking temporary licenses for selling crackers through kiosks to be set up at Dana Mandi, while shopkeepers at main markets have to pay Rs 20,000.AMID concerns regarding air pollution and Supreme Court’s recent order limiting time to two hours for bursting crackers, Ludhiana wholesale cracker dealers’ association Friday protested outside the Deputy Commissioner’s (DC) office against one-time tax being levied by sale tax department, besides GST. The dealers across the state are also seeking permission to set up more kiosks.Dealers have been asked to pay Rs 60,000 lump sum tax for taking temporary licenses for selling crackers through kiosks to be set up at Dana Mandi, while shopkeepers at main markets have to pay Rs 20,000.Dealer Tribhuvan Thaper said last year they had agreed to pay lump sum tax as Goods and Services Tax (GST) had just been implemented. “We were yet to know its rules. Now, we have GST number, so we will pay the…

GST: E-filing of income tax returns rises 65% in Apr-Sept

Also, average tax paid by an individual filer came in at close to Rs 35,000 in H1, up from a little over Rs 27,000 in April-AugustEven after the deadline for filing income tax returns ended on August 31, the growth in taxpayers filing e-returns continued to grow robustly, and for April-September, a 65% growth was witnessed over the year-ago period, data from the Central Board of Direct Taxes (CBDT) showed. The growth in the April-August period was 70%. Moreover, the average tax paid by an individual filer came in at close to Rs 35,000 in H1, up from a little over Rs 27,000 in April-August. Industry experts said that the rise in the average tax paid was attributable to the second tranche of advance tax — 45% of the assessed advance tax was to be paid by September 15 — paid by larger assessees.As a result, personal income tax collected in September stood at Rs 49,354 crore — the highest monthly collection since April. FE had earlier reported that despite a growth in taxpayers filing ret…

Up 12% in Q2: Cigarette, FMCG & hotel business pushes ITC net up at Rs 2,955 crore

Largely in line with street estimates, cigarette-to-hotel major ITC on Friday reported close to 12% year-on-year growth in its standalone net profit at Rs 2,954.67 crore for the second quarter ended September 30, with gross revenue soaring 14.7% y-o-y.Largely in line with street estimates, cigarette-to-hotel major ITC on Friday reported close to 12% year-on-year growth in its standalone net profit at Rs 2,954.67 crore for the second quarter ended September 30, with gross revenue soaring 14.7% y-o-y. Revenues from cigarette, non-cigarette FMCG and hotels businesses during the July-September period posted double-digit growth. The diversified conglomerate had posted a net profit of Rs 2,639.84 crore in the second quarter of the last fiscal.“The company delivered a healthy performance during the quarter amidst a challenging business environment and continuing pressure on the legal cigarette industry,” the country’s largest cigarette maker said in a statement. On Friday, ITC’s scrip fell 2…