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Showing posts from December, 2019

UTGST: RCM on renting of motor vehides – req.

Notification No. 29/2019-Union Territory Tax (Rate)- To amend notification No. 13/ 2017- Union Territory Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) New Delhi Notification No. 29/2019-Union Territory Tax […]

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UTGST exemption on certain services | 38th GST Council meeting

Notification No. 28/2019- Union Territory Tax (Rate)– To amend notification No. 12/ 2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) New Delhi Notification No. 28/2019- Union Territory Tax (Rate) Dated: 31st […]

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Reverse Charge Mechanism (RCM) on renting of motor vehides – req.

Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC.

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IGST: New service under reverse charge mechanism

Notification No. 28/2019-Integrated Tax (Rate)– To amend notification No. 10/2017-Integrated Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 28/2019- Integrated Tax (Rate) New Delhi, the 31st December, […]

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IGST exemption on certain services | 38th GST Council meeting

Notification No. 27/2019-Integrated Tax (Rate) – To amend notification No. 9/2017-Integrated Tax (Rate) so as to exempt certain services as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 27/2019-Integrated Tax (Rate) New Delhi, the 31st December, 2019 G.S.R…… (E).- In exercise […]

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New service under reverse charge mechanism | 38th GST Council meeting

Notification No. 29/2019-Central Tax (Rate)- To amend notification No. 13/2017- Central Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 29/2019- Central Tax (Rate) New Delhi, the 31st […]

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CBIC exempts certain services as per 38th GST Council meeting

Notification No. 28/2019- Central Tax (Rate)- To amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 28/2019- Central Tax (Rate) New Delhi, the 31st December, 2019 G.S.R….. (E).- […]

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UTGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 27/2019-Union Territory Tax (Rate)– Seeks to further amend notification No. 01/2017-Union Territory Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. Government of India Ministry of Finance Department of Revenue Notification No. 27/2019-Union Territory Tax (Rate) New Delhi, the 30th December, […]

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IGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 26/2019-Integrated Tax (Rate)- Notification No. 01/2017-Integrated Tax (Rate) amended to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 26/2019-Integrated Tax (Rate) New Delhi, the 30th December, 2019 G.S.R. (E).- In exercise of […]

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CGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No.27/2019-Central Tax (Rate)- Seeks to further amend notification No. 01/2017-Central Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 27/2019-Central Tax (Rate) New Delhi, the 30th December, 2019 G.S.R. (E).- In […]

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GST intel arrests former exec in fake invoice fraud

HYDERABAD: The Director General of GST Intelligence on Friday arrested the former Managing Director and Chief Financial Officer of MSR India that manufactures Dr Copper, a popular brand of copper bottles in a GST fake invoice scam.Sources in GST Intelligence said that the accused, KV Rajashekar Reddy, former MD of MSR India Limited had quit the company after a GST case was registered in March 2019. The principal allegation against the accused is that they took fake invoices to bloat balance sheets of the company.A total of Rs 38 crore fraud has been detected by DGGI where it was found that Rs 19 crore of Input Tax Credit had been fraudulently obtained and another Rs 19 crore had been passed on by the company to others. MSR India has got contracts from the defence and aviation sectors.Dr Copper units are located in Bachupally, Jeedimetla and Chetlapotharam areas in the city. The company currently has four directors. The company was incorporated in 2002.In March 2019, DGGI sleuths arres…

Joint Development Agreement- A GST perspective

Vidya Khanna 1. Introduction The real estate industry is one of the most important pillars of the Indian economy. Real estate industry contributes approximately between 6-8% to India’s Gross Domestic Product (GDP) and it stands second after IT industry in terms of employment generation. In the era of globalization and development, there has been a […]

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इनपुट क्रेडिट के 10 % के प्रतिबन्ध  का प्रावधान- अब व्यापार एव उद्योग के लिए बड़ी परेशानी खड़ी करने वाला है

जीएसटी में टैक्स का भुगतान करने  का एक तरीका है जिसके अनुसार डीलर्स अपनी बिक्री पर कर एकत्र करते हैं और इसका भुगतान करते समय अपनी खरीद पर चुकाए गए कर को घटाकर शेष बचे हुए कर का भुगतान  करते हैं . जो कर डीलर्स एकत्र करते हैं उसे आउटपुट टैक्स कहते हैं और जो […]

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IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending

In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 ‘star exporters’NEW DELHI: The revenue department on Monday said that IGST worth over Rs 1.12 trillion has been refunded to exporters and only Rs 3,604 crore is pending with the customs department.The Central Board of Indirect Taxes and Customs (CBIC) said while the focus is on quick disbursal of pending refunds to exporters, data analytics has been used to identify “risky” exporter entities that take input tax credit (ITC) fraudulently and monetise it by paying IGST and taking refund thereof or taking refund of the accumulated ITC.“Exporters have already been paid IGST (Integrted-GST) refund of over Rs 1.12 trillion and over 83,500 exporters have been benefited by these refunds.“This shows that the government’s efforts to fast track refunds under the GST especially to exporters are yielding results,” it said.The CBIC further said refunds of only Rs 3,604 crore are pending, …

GST facelift: Electronic invoicing, new returns to be introduced in 2020

In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal.NEW DELHI: Two things that will change the way transactions are reported under the goods and services tax (GST) system in 2020 are electronic invoicing and new returns.While both of these will be introduced mandatorily from April 1, e-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs500 crore from January 1. Those with an annual turnover of over Rs100 crore can use e-invoicing from February 1. Finally, those with annual turnover of over Rs100 crore will have to use e-invoicing system from the beginning of the next financial year.In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal. Two procedures are required in e-invoicing system — generation of invoices in standard format and reporting it on to a central portal system.T…

New GST Returns- GST RET-1 v/s GST RET-2 v/s GST RET-3

Introduction : Under the new GST return, there will be 1 main form viz. GST RET-1 (Normal), / GST RET-2 (Sahaj)/ GST RET-3 (Sugam) (i.e. the taxpayer will have to file any of the above forms) and two Annexures namely GST Anx-1 & GST Anx-2. Date of Applicability of New GST Returns: 01/04/2020 GST RET-1 […]

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Statutory and Tax Compliance Calendar -Year 2020

STATUTORY AND TAX COMPLIANCE CALENDAR – YEAR 2020 Heading on to the new year 2020, you need to fill your calendar with a few important dates. As when it comes to a business and corporate management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage […]

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Last Chance to Join Online GST & Income tax Certification Courses

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]

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File ITR upto 31st December, 2019 to avoid additional penalty

Rules are getting tough day by day and taxpayers must be active and punctual now to avoid any unnecessary penalties. The new forms require to disclose much more information about income ranging from break-up of salary to quoting of gross receipts as per GST returns.

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Rule 86A /Central Goods & Services Tax (Ninth Amendment) Rules, 2019

Central Goods and Services Tax (Ninth Amendment) Rules, 2019 as notified by Notification No. 75/2019–Central Tax dated: 26th December, 2019. Above rules shall come into force on their date of Publication in Official Gazette. In CGST Rules, 2017: With effect from 1/01/2020: 1). Under Rule 36(4): Instead of 20% ITC on invoices reflected in GSTR-2A, […]

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Refunds of only Rs. 3,604 Crores are pending with Customs: CBIC

Exporters have already been paid IGST refund of over Rs.1.12 lakh Crores and over 83,500 exporters have been benefited by these refunds. This shows that the government’s efforts to fast track refunds under GST especially to exporters are yielding results. Refunds of only Rs. 3,604 Crores are pending with Customs and out of about 185,000 […]

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Substantive input tax credit cannot be denied on procedural grounds

Jay Bee Industries Vs. Union of India (Himachal Pradesh High Court) It has been held that GST is a new progressive levy. One of the progressive ideal of GST is to avoid cascading taxes. GST Laws contemplate seamless flow of tax credits on all eligible inputs. The input tax credits in TRAN-1 are the credits […]

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GST on Discounts

In any tax law, tax has to be paid on the value which is subject to tax. In case of GST, valuation principles are relevant. (a) To arrive at the fair value of consideration, to take out the effect of all the factors which could lead to suppression of value. (b) To arrive at the […]

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New Year at last brings revised GST Audit Form

After many delays the utility for GST Audit was released by GSTN. The utility for GSTR-9C was updated as per notification issued on 14th November, 2019.  The year 2017 is about to end while awaiting for the audit report form. Now in the year 2020, audit of the year 2017-18 and 2018-19 will be uploaded due to GSTN Portal and Audit forms technical issues.

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NAA held Johnson & Johnson guilty of Profiteering of Rs. 230 Cr.

Director General of Anti-Profiteering Vs Johnson & Johnson Private Limited (National Anti-Profiteering Authority) Profiteered amount is determined as Rs. 2,30,40,74,132/- as per the provisions of Rule 133 (1) of the above Rules as has been computed vide Annexure-13 of the Report dated 24.06.2019. Accordingly, the Respondent is directed to reduce his prices commensurately in terms […]

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Penalties, Late Fees And Interest Under GST-Overview 

Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence. Section 122 to 138 of the GST Act defines Offences and Penalties under GST. Article explains about Late Fee for delayed or non filing of GST Return, Interest for Late […]

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Restrictions on Input Tax Credit under GST

Central Board of Indirect Taxes and Customs issued Notification bearing No. 75/2019 Central Tax dt.26-12-2019 amended the Rule 36(4) of CGST Rules, 2017 and further added New Rule 86A which empowers the GST Department to restrict the utilisation or set off from the Electronic Credit Ledger. The said Notification authorises the Commissioner or an officer […]

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GST overhaul next on agenda after budget

NEW DELHI: The Narendra Modi administration and state governments will hold fresh negotiations to overhaul the goods and services tax (GST) after the Union budget is presented on 1 February, said a government official familiar with the development.Finance ministers of central and state governments will discuss restructuring GST slabs and rates as well as ways to handle a revenue shortfall and the GST compensation to states in the year starting 1 April, the official said on condition of anonymity.The discussions between the Centre and states will revolve around finding a middle ground to fix the structural flaws that have resulted in a significant shortfall in tax collections. Tax cuts and exemptions granted in several rounds since the rollout of GST have made it revenue-deficient rather than revenue-neutral, as was originally planned. Tax cuts on consumer goods have also led to a situation where businesses are paying more taxes on raw materials than on finished products and subsequent…

Tax officials eavesdrop on calls of bigwigs to increase GST collections

Since GST was introduced in the country, there is not much collections of tax from eligible persons and there is tremendous pressure on the tax department officials to reach their targets.HYDERABAD: Taxman is out there, reportedly tapping your phones to assess how much tax you have evaded. If you are a businessman or a celebrity, the risk is even higher. The Goods and Service Tax  (GST) sleuths are after you, keeping tabs on your business by allegedly eavesdropping on your phone conversations and even WhatsApp chats.Since GST was introduced in the country, there is not much collections of tax from eligible persons and there is tremendous pressure on the tax department officials to reach their targets. To get clues about tax evaders, tax officials, who are authorised to intercept devices, have swung into action of selected tax evaders, based on the data given at the time of GST certificates for the purpose of running their business establishments.Sources said that the Ministry of Home …

GST woes: Nearly 250 Star Export Houses denied refunds

FIEO has estimated that about 5,000 relatively small exporters have been red-flagged so far which account for about 7% of MSMEs.Amid the country’s dismal exports performance — merchandise exports shrank 0.34% year-on-year in November, the fifth contraction in the past eight months — as many as 245 Star Export Houses and over 5,000 other exporters remain deprived of their goods and services tax (GST) refunds due to alleged overreach by the taxman. A new system designed to identify ‘risky exporters’ — those who are suspected to be claiming excessive input tax credits — involves a long verification process by the tax officers, and this has resulted in substantial amounts of legitimate refunds being withheld.Though the size of the withheld funds is not immediately clear, according to several sources in the exporters’ community, the fact that established trading houses with Star Exporter tag are also among those identified for verification of refund claims shows the system is deeply flawed…

New procedures in GST system may be challenged in courts, say experts

Experts said under the pre-GST state-level value-added regime, cancellation of registration rarely happenedExperts say the new procedures in the goods and services tax (GST) system that enable officials to attach properties, including bank accounts, and cancel registration for non-filers of returns were harsh and might be challenged in courts. “It is quite possible that these may be challenged in courts,” said Abhishek Rastogi, partner at Khaitan & Co, who is arguing many GST-related cases in courts.He said attachment of bank accounts and cancellation of registration for non-compliance were harsh for the industry grappling with teething issues.Source- Business Standard.The post New procedures in GST system may be challenged in courts, say experts appeared first on GST Station.

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AAR cannot admit application where question raised is already pending or decided

In re Ashok Rubber Industries (GST AAR West Bangal) 1st proviso to section 98(2) prohibits this Authority from admitting any application where the question raised is already pending or decided in any proceedings in the case of the applicant under any provisions of the GST Act. It does not distinguish between stages or nature of […]

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Blocking of input tax credit-New Rule 86A introduced under GST

Rule 86A in the CGST Rules vide notification No 75/2019 has been introduced w.e.f. 26.12.2019 to empower the revenue to impose additional condition/restriction on use of amount of input tax credit available in the electronic credit ledger. This rule has given drastic powers to the Department to restrict the credit of any person in certain […]

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GST input tax credit restriction new rules- Accounting perspective

GST input tax credit restriction new rules- Accounting perspective The CBIC imposed the restriction on availment of input tax credit (ITC) under GST in respect of invoices or debit notes, the details of which not have been uploaded by the supplies under sub section (1) of section 37 of CGST act. CBIC inserted the new […]

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Join us to be an expert in GST and Income tax?

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]

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Book on ‘Complete Analysis of GST- Coupon Code- TAXGURUEDU20

We are happy to announce the release of our thoroughly revised detailed book on GST titled A Complete Analysis on GST – November 2019 Edition

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Observations in Respect of GSTR-9C (FY 2017-18)

Disclosure 1 in GSTR 9C: Reconciliation and not assurance on overall compliance ♣ It has been clarified by the CBIC vide press release dated 03.07.2019 that the scope of the audit is restricted to provide reasonable assurance on the correctness of the reconciliation given in Part A of this Form and auditor is not required […]

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New Alert For Tax Payers – CGST Rule 86A

Government vide notification No. 75/2019 dated 26.12.2019 inserted Rule 86A indicating conditions of use of amount available in Electronic Credit Ledger . 1. Rule 86A : Rule 86A has empowered the Department to impose restrictions on use of available Input Tax Credit of recipients in certain cases. The commissioner or an officer authorised by him […]

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Permit petitioner to file TRAN-1 Forms either electronically or manually: HC

Kalpaka Distrbutors Pvt Vs Union of India (Kerala High Court) On a consideration of the facts and circumstances of the case and the submissions made across the bar, I find that since it is not in dispute that the petitioner herein did attempt to upload the necessary details in the system maintained by the respondents, […]

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Refund of Excess Balance in Electronic Cash Ledger

Article explains What Is Electronic Cash Ledger, How To Transact In Electronic Cash Ledger, Reason For Excess Balance In Electronic Cash Ledger, How To Claim Refund Of Excess Balance In Electronic Cash Ledger, Manual On GST Refund Of Excess Balance In Electronic Cash Register, Salient Features Of Claiming Refund Of Excess Balance In Electronic Cash […]

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Constitution of Grievance Redressal Committees on GST related issues

GST Council has approved constitution of ‘Grievance Redressal Committee’ at Zonal/State level consisting of both Central Tax and State Tax officers, representatives of trade and industry and other GST stakeholders.

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E-Invoicing under GST- Important Points

Article Explains about E-Invoice Under GST, Misconception About E-Invoice Under GST, E-Invoice Scheme, Benefits From E-Invoice under GST, E-Invoice Portal [Invoice Registration Portal – (IRP)], Steps of Generation of E-Invoice under GST, QR Code, Modes of Generation of E-Invoice under GST and Other Important points of E-Invoices under GST. Detailed Note is as follows:- 1. […]

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GST: Solution for licence fee, spectrum usage charge issue may lie outside budget

The finance ministry turned down telcos’ demands for reducing their cost of fund, but advised them to go back to the telecom department, giving a possible ray of hope that some of their issues may be addressed outside the purview of budget,NEW DELHI: The finance ministry has turned down telecom companies’ requests to reduce their licence fee, spectrum usage charge, universal services obligation fee and other levies in the upcoming Union budget, people privy to the development said.The ministry also turned down telcos’ demands for reducing their cost of fund, but advised them to go back to the telecom department, giving a possible ray of hope that some of their issues may be addressed outside the purview of budget, the sources said.“The issues will not be taken up in the Union budget, but there can be mechanisms for addressing the issues separately,” said a person aware of the developments. “The issues need to be followed up with the concerned ministry (IT and telecom), that can then s…

NAA held ‘Caroa Properties’ Guilty of Profiteering

Potnoor Naveen Vs Caroa Properties LLP (National Anti-Profiteering Authority) It is also evident from the perusal of the facts of the present case that the Respondent has denied benefit of ITC to the buyers of the flats and the shops being constructed by him in his Project ‘Godrej City Panvel Phase-I’ in contravention of the […]

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GST on mobilization advance for works contract- Date of Supply

In re Siemens Limited (GST AAAR  West Bengal) Whether mobilization advance for works contract is supply on the date on which it stands credited on the supplier’s account The appellant argued that the lump sum amount was received by them on 24.06.2011 and they have determined the applicability of taxes on the same as per […]

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Pooja oil classifiable under Chapter sub-heading 1518 00 40: AAAR

In re S.K. Aagrotechh (GST AAAR Karnataka) Having concluded that Pooja Oil is classifiable under sub-heading 1518 00 40 of the Customs Tariff as inedible mixtures or preparations of vegetable fats or oils or of fractions of different fats or oils of this Chapter, not elsewhere specified or included, let us now determine the GST […]

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Power of GST Appellate Authority to condone delay in filing appeal

It is evident that this Appellate Authority being a creature of the statue is empowered to condone a delay of only a period of 30 days after the expiry of the initial period for filing appeal. As far as the language of Section 100 of the CGST Act is concerned, the crucial words are "not exceeding thirty days" used in the proviso to sub-section (2).

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EVM is beyond the scope of RTI Act : Delhi HC

Election Commission Of India Vs Central Information Commission (Delhi High Court) An EVM which is sought for by this RTI application is not miniature/replica and hence cannot said to be a model. It cannot be termed to be information within the meaning of Section 2(f) of the Act. It is manifest that Section 3 of the […]

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FinMin notifies norm limiting ITC to 10% in case of GST details mismatch

Tax authority given the right to restrict the use of balance in electronic credit ledgerIn an effort to curb the menace of fake invoices and tax evasion, the Finance Ministry has notified a new norm of limiting the input tax credit to 10 per cent in case of GST details mismatch.Experts feel that this will force businesses to restrict themselves to matched details and ignore the mismatched ones and thus incur losses, which could go into crores for big companies, due to complexities involved.The change in the norm, the second in three months, has been initiated following a decision by the GST Council. Earlier, in October, the government limited ITC in case of details not uploaded by suppliers to 20 per cent which has now been halved. According to a new notification to be effective from January 1, ITC to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers, shall not exceed 10 per cent of the eligible credit…

2 held for ‘posing as CBI chief, threatening Income Tax officials’

The accused allegedly saved a mobile number as that of CBI Director R K Shukla and used phone software to fake a landline number of the agencyThe CBI has arrested two people for allegedly posing as the agency director and threatening income-tax officials on behalf of companies that are being probed by tax authorities.According to the FIR, the accused allegedly used simple techniques to pose as CBI Director R K Shukla. They saved a mobile number as that of Shukla and used phone software to fake a landline number of the agency.The imposters were staying at a four-star hotel in central Delhi from where they were arrested, officials said. “In a swift operation, CBI arrested two conmen posing as senior officers of the agency. Searches were conducted in this regard. Further investigating is on,” CBI spokesperson Nitin Wakankar said.This is the second such case in two months. Another group of imposters posing as CBI officers threatened a Mumbai-based businesswoman in October about an ongoing…

Steeply falling revenue risks fiscal parameters, could be a challenge: RBI

What is more pertinent is the divestment revenue. Of the Rs 1.05 lakh crore budgeted for the year, only 17 per cent have been achieved so farThe Reserve Bank has flagged falling government revenue as a threat to the overall fiscal numbers — with tax and non-tax revenues lagging way behind targets — saying this along with weaker private consumption and investment could prove to be a challenge.The central bank, however, said amidst all these negatives the nation’s financial system remains resilient with the asset quality of banks improving (NPAs remaining stable at 9.3 per cent as of September as same as March 2019) thanks to the efforts of both banks and companies to clean up their balance sheets.The warning assumes importance from many angels as revenue mop-up has been falling and budgeted expenditure (fiscal deficit) has crossed 107 per cent as of November, putting a big question mark on the government ability to meet the 3.3 per cent fiscal targets.The negative comments are also pre…

GST returns filing: Tax officials can attach property, freeze your bank account if you don’t file on time

With around one crore GST-registered businesses failing file their returns in due time, the new set of norms will allow (GST) authorities to either attach their property or freeze their bank accounts, if the entities do not file their tax returns despite repeated remindersGoods and Services Tax (GST) authorities can freeze your bank account, attach your property, if you do not file your (GST) returns on time. A new set of regulations have authorised the (GST) authorities to ensure businesses furnish their returns on time.The government has directed the senior officials of the Central Board of Indirect Taxes and Customs (CBIC) to go strong against the defaulters, the Times of India reports. The CBIC issued the three-page standard operating procedure (SOP) on Tuesday.The SOP provides, “For the purpose of assessment of tax liability, the proper officer may take into account the details of outward supplies available in the statement furnished under section 31 (Form GSTR-1), details of sup…

32 Defects Fixed for Taxpayers on GST Portal as on 20.12.2019

CBIC fixes 32 Defects for Taxpayers on GST Portal as on 20.12.2019 which includes defect related to Adjudication, All Modules, Assessment & Adjudication, Assessment- Reply to SCN in cases of penalty, Assessment, Form ITC 04, New Return – Preparation of GST ANX 1 Online, Payment, Refund, Registration – Search Taxpayer, Registration- Adding a foreign Promoter, […]

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E-Invoicing under GST- 11 Things to know

In order to curb fake invoicing, tax evasion and to promote the tax payer services (pre-population of ANX-1 & II and reducing reconciliation problems) in better way, a much needed E-Invoicing finally going to be implemented in the phased manner.

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GST Return Defaulter – Last Opportunity for Dealers

Dear Readers, in this coolest winter season, now the government is planning to give some heat to the GST Return Defaulters. This time the government is not in the mood of giving any further opportunity to GST Return Defaulters. To penalize these defaulters GST Department has issued back to back notification number 74/2019-Central Tax, Notification […]

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Blocking of GST Credit and Restriction of ITC to 10% of GSTR 2A

The GST Council in its 38th Meeting held on 18th December, 2019 at New Delhi decided to take certain measures to curb the issue of ITC being availed on fake invoices as well as fall in monthly GST revenue collection. Input tax credit to the recipient in respect of invoices or debit notes that are […]

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Compliance procedure for GST Returns – Non Filers/defaulters

Compliance procedure for GST Returns (As mentioned in Circular No. 129/48/2019–GST) Extract of Circular Procedure to be followed by GST officers: Following guidelines are hereby prescribed to ensure uniformity in the implementation of the provisions of law across the field formations: i. Preferably, a system generated message would be sent to all the registered persons […]

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Amendments in CGST Rules Vide GST Notifications Dated 26.12.2019

Recently CBIC has amended CGST Rule 2017 , Waived Late fees for late filing of GSTR-1 and Extended the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for FY 2017-18. 1. Waiver of late fees for late filing of GSTR-1 for the period July 2017 to November 2019 if filed during […]

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Offline tool of GSTR-9C- Issue in auditor’s certificate

Updated version of the Offline tool of GSTR-9C (Version 1.5) was made available on the portal on 24-12-2019. A minor issue has come to notice in auditor's certificate issued in Part-B(ii) . The issue will be fixed shortly.

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Tough time is coming for Non-filers of GST Return

Upon recommendation of 38th GST Council meeting held of 18.12.2019, CBIC has recently released Circular No. 129/48/2019 dated 24.12.2019, define Standard Operating Procedure to be followed in case of non-filers of GST Return under section 39, 44 and 45 of CGST Act 2017.  It provides for – > Sending system generated massage to registered person […]

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Reduce GST rates for Service Industry & Not Individual Tax Slabs

The Indian economy is going through one of the toughest times where a reform measure has failed to get the Indian economy back on GDP growth track. In the last 4 months, there have been a flood of various reforms strategies but the economy is not in the mood of getting into a GDP growth […]

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GST Grievance Redressal Mechanism for Taxpayers

The GST Council will set up a grievance redressal mechanism for taxpayers as decided in the 38th meeting of the GST Council held on December 18. 1. It was decided that a structured grievance redressal mechanism should be established for the taxpayers under GST to tackle grievances on GST-related issues of specific and general nature […]

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Respected Gst Law Makers- Please Listen And Solve

I have Listed some of the shortcomings which I feel while dealing with GST at ground level which need to be solved along with the need of simplification of the GST and request your good self to consider the same so the Indian Trade and Industry and professionals will give their full capacity cooperation for the betterment of the Economy of our country.

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Circular versus ruling pronounced by Appellate Authority for Advance Ruling

The provisions of the GST Law allows a person to apply for advance ruling to get specific points clarified from the Authority for Advance Ruling (AAR). The AAR is expected to clarify the question(s) raised in the application. However, if the Applicant or his jurisdictional officer is not satisfied with the ruling pronounced by the […]

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Form GSTR 9 / GSTR 9C Date for FY 2017-18 extended till 31.01.2020

CBIC extends last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for FY 2017-18 till 31.01.2020. Order No. 10/2019-Central Tax Dated: 26th December, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Order No. 10/2019-Central Tax New Delhi, the 26th December, 2019 S.O.(E).––WHEREAS, sub-section […]

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Form GSTR 7 date extended for Assam, Manipur and Tripura

CBIC extends the due date for furnishing of return in FORM GSTR-7 for registered persons in Assam, Manipur or Tripura for the month of November, 2019 vide Notification No. 78/2019 – Central Tax Dated: 26th December, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. […]

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Form GSTR 3B date extended for Assam, Manipur and Tripura

CBIC extends the due date for furnishing of return in FORM GSTR-3B for registered persons in Assam, Manipur, Meghalaya or Tripura for the month of November, 2019 vide Notification No. 77/2019 – Central Tax Dated: 26th December, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification […]

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Form GSTR 1 Date extended for Nov 19 for Assam, Manipur & Tripura

CBIC extends the due date for furnishing of return in FORM GSTR-1 for registered persons in Assam, Manipur or Tripura having aggregate turnover more than 1.5 crore rupees for the month of November, 2019 vide Notification No. 76/2019 – Central Tax Dated: 26th December, 2019. Government of India Ministry of Finance (Department of Revenue) Central […]

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Rule 86A Conditions of use of amount available in electronic credit ledger

CBIC amends CGST Rules and restricted the amount of eligible Input Tax credit to 10% from earlier 20% in case of Mismatch. It also inserted new 86A. Conditions of use of amount available in electronic credit ledger. CBIC further added a clause to rule 138E. (Notification No. 75/2019 – Central Tax Dated: 26th December, 2019- […]

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CBIC waives late fees for non- filing of FORM GSTR-1

CBIC waives late fees for non- filing of FORM GSTR-1 from July, 2017 to November, 2019 vide  Notification No. 74/2019 – Central Tax Dated: 26th December, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 74/2019 – Central Tax New Delhi, the 26th December, 2019 […]

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How to get Input Tax Credit if it is Time Barred u/s 16 of CGST Act, 2017

Is there is any way to take Input tax Credit beyond the due date of return for the month of September? If no, what are other ways to get it? Let take two scenario to understand legal approach to take Tax benefit: 1. Taxpayer not claimed Input Tax credit of Supplier Invoices for FY18-19, till […]

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Consequences of non-filing of returns under GST

CGST Act (Section 46) read with CGST Rules (Rule 68) requires issuance of a notice in FORM GSTR-3A to a registered person who fails to furnish return i.e. GSTR-3B under section 39 or Annual return or final return (defaulter) requiring him to furnish such return within fifteen days. Further section 62 provides for assessment of […]

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GST on Job Work – Things to Know

Article explains What is Job work, Whether Job worker should be registered under GST, ITC on goods sent for job work (Section 19),  Documentation for removal of goods without payment of taxes, When goods are sent from one job worker to another job worker, Direct Dispatch of goods from job work premises and  E-way bill […]

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Job Work under GST – Detailed Analysis

The term ‘Job Work’ is very important subject under the GST. Though there is no tax under GST upon goods supplied for the purpose of job work to the Job Worker and returned back from the Job Worker after completion of job work to the Principal even then the Legislature has framed full fledged provisions […]

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SMEs requires timely action of GST Council, Ministry of Finance

SMEs requires timely action of GST Council, Ministry of Finance – Few suggestion for budget 2020 Two years have been passed, since the implementation of Goods and Services Tax Act, 2017. In this article I’m just trying to convey some common practical difficulties that are facing by the SMEs (Small & Medium Enterprises) in their […]

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GST Notifications issued by CBIC dated on 26.12.2019

GST Notifications issued by CBIC dated on 26.12.2019 given below:Notification No. Downloads Subject 78/2019-Central TaxDownload PDFSeeks to extend the due date for furnishing of return in FORM GSTR-7 for registered persons in Assam, Manipur or Tripura for the month of November, 2019.77/2019-Central TaxDownload PDFSeeks to extend the due date for furnishing of return in FORM GSTR-3B for registered persons in Assam, Manipur, Meghalaya or Tripura for the month of November, 2019.76/2019-Central TaxDownload PDFSeeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Assam, Manipur or Tripura having aggregate turnover more than 1.5 crore rupees for the month of November, 2019.75/2019-Central TaxDownload PDFSeeks to carry out changes in the CGST Rules, 2017.74/2019-Central TaxDownload PDFSeeks to waive late fees for non- filing of FORM GSTR-1 from July, 2017 to November, 2019.The post GST Notifications issued by CBIC dated on 26.12.2019 appeared first on…

GST is All About Reconciliations

During preparation and filing of GST Annual Return (GSTR-9) and GST Audit (GSTR-9C), we all have experienced about reconciliation of sales reported in GST returns and sale / income reported in Balance Sheet. Moreover, reconciliation of Input Tax Credit (ITC) availed in GSTR-3B and ITC reflected in GSTR-2A. Apart from such sales and purchases reconciliation […]

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Anti-Evasion wing of CGST Delhi detects GST fraud of Rs 241 crores

Anti-Evasion wing of CGST Delhi detects GST fraud of Rs 241 crores, one held The Anti-Evasion wing of CGST Delhi South Commissionerate has discovered here today yet another case of fake invoicing and GST fraud alongside a new modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. […]

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Constitution of Advance Ruling authority in Union Territories amended

CBIC notifies Change in constitution of the Authority for Advance Ruling in the Union Territories (without legislature) of Daman and Diu and Dadar and Nagar Havel vide Notification No. 06/2019-Union Territory Tax Dated 24th December, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 06/2019-Union Territory Tax New Delhi, the 24th December, 2019 G.S.R. 948(E).—In […]

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Two brother arrested for GST fraud involving Rs. 41 crores

The Anti Evasion Wing of CGST, Gandhinagar commissionerate has arrested Shri Darshan Dinesh Patel and Shri Akshay Dinesh Patel both directors of M/s. Zikshoo Impex Pvt Ltd, who were found involved in generating fake invoices and fraudulently passed/ availed Input Tax Credit amounting to Rs 40 Crores (approx.) through assistance of web chain of various entities with total invoice value of Rs. 604 Cr.

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Join us to be an expert in GST and Income tax?

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]

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Cloud Computing Criminal nabbed by South Delhi Commissionerate

Anti Evasion wing of CGST Delhi South Commissionerate has discovered yet another case of fake invoicing and GST fraud alongside a novel modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. The investigations have unearthed a well organized racket of creating bogus firms, issuing fake invoices and bogus e-way bills to generate and encash tax credits.The main culprit was arrested on 26.12.2019 as per the provisions of section 69 of the CGST Act, 2017 and produced before judicial magistrate on 26th December, 2019 and remanded to 10 days of judicial custody. The racketeer had created several firms on the basis of unauthorized access to identity documents of various persons.The new modus operandi was uncovered by a team of investigators, who worked unceasingly over many weeks to uncover the maze of companies created across India. Incriminating electronic evidences have been recovered from the premises of the accused. Over 120 e…

Automated notice if Form GSTR 3B delayed for more than 5 days

Tough time for Non-filers. Automated SCNs shall be sent if 3B is delayed for more than 5 days Summary of Circular No. 129/48/2019 – GST Dated 24.12.2019 1. CBIC has mandated quoting of Document Identification Number (DIN) on all the communications including E-mails from its officers w.e.f. 24th Dec,2019. 2. Further, the board has also […]

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Download GSTIN bulk validation utility

GSTIN is a 15 digit unique code which is assigned to each taxpayer, which will be State-wise and PAN-based. The first 2 digits of GSTIN can range from 01-35 and indicate the state code for the registration as per the Indian Census of 2011. The next 10 digits are the PAN number of the GST […]

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Non-furnishing of GST Returns – SOP by Department

Central Board of Indirect Taxes (CBIC) has recently released a Circular No 129/48/2019 – GST dated 24th December, 2019 detailing Standard Operating Procedures (SOP) to be followed by Tax Authorities in case of non-filing of returns.  The key highlights of the Circular is as under – A. In case of failure to furnish return, GST […]

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Quarterly Filing of GSTR-1 Return: Is it really OPTIONAL?

In the existing GST return filing system, dealers with Turnover up to Rs.1.5 crore in the previous year or anticipating turnover up to Rs.1.5 crore in the current financial year, are eligible to file their GSTR 1 - returns on a Quarterly basis. The due dates being 31st July, 31st October, 31st January, 30th April.

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Job work under GST- an overview

Job work sector is an integral part of manufacturing process and contributing significant role in the Indian manufacturing industry, by its nature and importance GST gives the special attention on this sector and made some special provision related to Job work industry. Generally job work sector majorly consists of small scale industries, hence GST provision […]

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Sluggish GST collections also due to rate cuts and poor GDP

The rates can always be revisited a year or two down the line, after growth stabilises and starts ticking up.The October GST collections were encouraging, having risen 6% year-on-year (y-o-y) to Rs 1.03 lakh crore, albeit on a soft base and in a very festive month; collections in August-September were very weak, and fell 4% y-o-y. On a cash-accounting basis, October GST collections are estimated at just Rs 95,000 crore, implying an FY20 run-rate, so far, of around Rs 90,100 crore. That, then, pushes up the asking rate for the rest of FY20 to Rs 1.4 lakh crore per month. At the current run rate, there could be a shortfall of Rs 52,000 crore in CGST + IGST, and Rs 1.2 lakh crore in SGST collections.It is clearly crunch time. Not only is government staring at a shortfall in GST and direct tax collections, the compensation cess deficit in 2019-20 could be, by one estimate, as high as Rs 63,200 crore. The monthly run-rate for cess collections—used to ensure state-government revenues contin…

GST- Current Scenario

Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulatory oversight of NBFCs, monetary easing, […]

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GST: Compensating for the growth slowdown

Effecting a reform as significant as GST requires one to be patient, stakeholders must have a give and take approach, and realise that there is always a better way of doing things.The last GST Council meeting was a stormy affair—expected, with an increasing number of non-BJP ruled states and delays in disbursement of the compensation cess to the states. State finance ministers gave some interesting bytes.Kerala’s Thomas Isaac said that the GST Council, had in its minutes, received an assurance from the former finance minister Arun Jaitley, that in the case of a shortfall, the Council would honour its obligations by borrowing to pay the states.Can the Council borrow on its own or do the states want the Centre to borrow?Punjab’s Manpreet Badal said the delay in payment of assured compensation is a sovereign default. If only Badal could convince the CM to stop giving free power to farmers (app cost Rs 6,500 crore pa) and reduce the aggregate technical and commercial losses from over 30% …