In a good news, the Ministry of Finance on Sunday announced new relaxations for the goods and services tax (GST) taxpayers. Taking to Twitter, the Ministry said that taxpayers with Annual Aggregate Turnover (AATO) up to Rs 5 crore are not required to file the reconciliation statement in Form GSTR-9C for fiscal year (FY) 2020-21 onwards.
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Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilization of ITC against fake invoices without actual supply of goods.
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The central is planning to meet in first week of January with the GST council. The meeting is likely to discuss inverted duty structure for a few more items and will also serve as a platform for pre-budget discussion as reported by business standard.
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As per the recent tweet of Ministry of Finance, the Central Board of Indirect Taxes & Customs (“the CBIC”) has sanctioned IGST refund of Rs. 27,778 crore during F.Y. 2020 – 21 via a special drive to enhance liquidity.
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The GST Council, expected to meet later this month, is likely to take up the issue related with levy mechanism on ice cream parlour. Ice cream companies have urged for clarification on the applicability of GST at the rate of 18 per cent on parlour
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A GST Council meeting had decided against the inclusion of petrol and diesel under the GST in view of high revenue implications of such decision and fiscal constraints induced by the COVID pandemic, according to a statement filed before Kerala the High Court by the CBIC
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The CBIC issued Instruction No. 28/2021-Customs dated December 09, 2021 regarding testing of coumarin in imported Cinnamon.
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The officers of CGST Mumbai Central Commissionerate have smashed a racket of fake Input Tax Credit (ITC) generators, who had been passing this fake ITC to the tune of Rs. 35 crores to various entities. The officers have arrested the kingpin for generating and passing on this fake credit to more than 15 entities in and around Mumbai
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Aided by the robust GST receipts over the last few months, the Centre has recently transferred about Rs 44,000 crore to states towards their pending GST compensation dues for FY21, sources told FE.
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Do not judge a book by its cover this adage has obtained a whole new meaning
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In a comprehensive ruling, the GST Authority for Advance Ruling (GST-AAR), Maharashtra bench, has addressed a host of issues, typically faced by co-operative housing societies.
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A Parliamentary committee has recommended to the government to increase the subsidy on buying of private electric 3- and 4- wheelers as has been done for promoting the adoption of electric two wheelers under FAME-II.
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Central Board of indirect tax is happy to announce the launch of a redesigned tax information online, which will provide taxpayers with access to all indirect tax legislations, rules, regulations, and forms. This portal’s information is continually updated and enhanced in a progressive manner.
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As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States.
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Minister of State for Finance Bhagwat K Karad on Monday said there is no recommendation under consideration of the GST Council to reduce Goods and Services Tax on health insurance premium.
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E-commerce Operators (ECOs) in food delivery space like Swiggy and Zomato will not get input tax credit (ITC) under the new GST mechanism coming into effect from January 1. This will be included in the frequently asked questions (FAQs) expected to be released soon.
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In the 45th meeting of the GST Council held on September 17, 2021, the Council constituted a Group of Ministers (GoM) Committee to examine matters related to rationalisation of GST rates.
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The Hon’ble Customs, Excise & Services Tax Appellate Tribunal, Mumbai (“CESTAT”) in the matter of M/s Blue River Capital India Advisory Services LLP v. Commissioner of CGST & Central Excise, Mumbai East
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The spurt in both GST collections and issuance of e-way bills in November reaffirm economic recovery. GST revenues stood at over Rs 1.3 lakh crore, about 24% higher than those for November 2020
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Vodafone has filed an application with the Indian government to settle its tax dispute under the retrospective law, agreeing to indemnify it against any future claims, a top government official told ET
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The Goods and Services Tax Network (GSTN) has issued module wise new functionalities deployed on the GST Portal for taxpayers.
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