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GST Officers Arrest Man For Input Tax Credit Fraud Of Rs 50.03 crore

The Central Goods and Services Tax (CGST) officers have uncovered a network of fake companies used by their regulators to produce and distribute fraudulent Input Tax Credit (ITC) of Goods and Services Tax (GST). How did he carry out his fraudulent ...

Gst Officials Arrest Man For Input Tax Credit Fraud Of Rs 50 03 Crore

Deadline For Filing Annual GST Return Extended To March 31, 2021

The government has extended the due date for furnishing annual GST or goods and services tax returns for the financial year 2019-20 to March 31, 2021. GST (Goods and Services Tax) is an indirect tax that replaced a slew of indirect ...

GST Compensation Shortfall Released to States Reaches Rs 1 Lakh Crore

The Ministry of Finance on Friday announced the 17th weekly installment of Rs 5,000 crore to the States to fulfill the GST reimbursement shortfall. Out of this, an amount of Rs. 4,730.41 crore has been released to 23 States and an ...

GST Alert! Discrepancies in GST may Cost Registration

The Central Board of Indirect Taxes and Customs (CBIC) notified the Standard Operating Procedure (SOP) for the implementation of suspension of registrations in case of discrepancies, indicating a breach of GST laws. In India, the introduction of the Goods and Services ...

GST Officials Arrest 46 Firms in Fake ITC of Rs 82.23 Crore

The Central Goods and Services Tax (CGST) officers in Delhi East have exposed a multi-layered network of fictional companies that their operators use to produce and distribute fake input tax credits (ITCs). Input Tax Credit or ITC is the tax charged ...

Govt's GST Collection May Have Fallen Short By Rs 1.44 Lakh Crore This FY: SBI Report

The Indian government's fiscal deficit has already reached 135% of Budget Estimate (BE) till November, owing to weaker revenues. The State Bank of India (SBI) in a report said that there could be an overall shortfall in GST collection of Rs ...

GST Revenue Hits New All-Time High In December

Goods and Service Tax (GST) collections cross Rs 1.15 lakh crore for the first time ever in the month of December, a finance ministry statement said on 1 January. The gross GST revenue collected in the month of December 2020 ...

Centre Mulls Levying 18% GST On Bitcoin Trade

The centre is mulling over a proposal to impose 18% GST on bitcoin trades, which are estimated to be close to Rs. 40,000 crore on an annual basis. For this, the finance ministry's arm the Central Economic Intelligence Bureau ...

Businesses With Monthly Turnover Over Rs. 50 Lakh To Clear 1% GST Liability In Cash

In a bid to check evasion by fake invoicing, the finance ministry said that businesses with monthly turnover of more than Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash. ...

7 Changes That Will Kick-Off From January: Know All About Them

As we are about to usher in the New Year after an unprecedented 2020, there are going to be few changes in some areas including cheque payment, GST, UPI payment etc. that need to be noted by you:...

Auto-Population Of GSTR-3B Returns Forms Enabled By GSTN

On Sunday, GST Network said that businesses will now get complete auto-populated monthly sales return form GSTR-3B. "For ease of taxpayers, now the system will auto-populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B ...

QRMP Scheme Launched For Small GST Taxpayers

Under the GST system, the government has unveiled the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers. Eligibility: Taxpayers with aggregate turnover of up to Rs. 5 crore in the previous fiscal year and those who ...