Page 27 - Gst

States demand extension of GST compensation for another 5 years

The GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax Goods and Services Tax (GST) will end in June next year

Reports of UP businessman's Rs 52-cr tax settlement 'speculative': DGGI

DGGI said the entire recoveries are kept in the safe custody of State Bank of India pending further investigation

Delhi govt supports traders' protest against GST hike: Sisodia

Several markets dealing with garment business remained shut in national capital on Thursday to oppose the central government's move to hike GST rates on textile

Businessman Piyush Jain ready to pay penalty, wants his money back

Kanpur-based businessman Piyush Jain has asked the Directorate General of GST Intelligence (DGGI) to return the huge stash of cash seized from his premises after deducting tax and penalty.

Govt extends FY'21 GST annual return filing deadline till Feb 28

The government on Wednesday extended till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs. 5 crore.

GST Council meet on Dec 31, to discuss rate rationalisation

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation

Cash recovered from 2 underground bunkers at Peeyush Jain's residence

An official witness, accompanying the DGGI raid team at businessman Peeyush Jain's residence in Kannauj, has claimed that the money was recovered from the two underground bunkers on the premises.

GST officers arrest Kanpur perfume trader, seize Rs 177 cr unaccounted cash

GST officers have arrested perfume trader Peeyush Jain and seized more than Rs 177 crore unaccounted cash from his house in Kanpur, the Finance Ministry said on Monday

ED to lodge PMLA case against Kanpur businessman Piyush Jain

The Intelligence Unit of GST had raided the premises of Piyush Jain on Sunday

DGGI arrests businessman Piyush Jain after recovery of Rs 187 crore

Directorate General of GST Intelligence (DGGI) Ahmedabad has arrested businessman Piyush Jain under Section 67 of the CGST Act and recovered unaccounted cash over Rs 187 crores

Can the Modi government shed its Nehruvian approach to taxation?

The Budget must focus on the income effect by taking steps to put more money in the pockets of those who are still earning.

Avoid policy adventurism

New provisions will hurt the GST system

Host of changes in GST law to come into effect from January 1, 2022

The GST regime will see a host of tax rate and procedural changes coming into effect from January 1, including liability on e-commerce operators to pay tax on services provided through them by way of passenger transport or restaurant services. Also, the correction in inverted duty structure in footwear and textile sectors would come into effect from Saturday wherein all footwear, irrespective of prices, will attract GST at 12 per cent while all textile products, except cotton, including readymade garments will have 12 per cent GST. While the passenger transport services provided by auto rickshaw drivers through offline/ manual mode would continue to be exempt, such services when provided through any e-commerce platform would become taxable effective January 1, 2022, at 5 per cent rate. The procedural changes that would come into effect include e-commerce operators, such as Swiggy and Zomato, being made liable to collect and deposit GST with the government on restaurant services ...

GST officers unearth Rs 150 crore cash at UP businessman house

GST officers on Friday searched residences of partners of UP-based Odochem Industries and unearthed over Rs 150 crore cash, along with factory premises of Shikhar brand Pan Masala manufacturer and a transporter on charges of under-invoicing and tax evasion. The factory premises of Trimurti Fragrance Pvt Ltd, manufacturers of Shikhar brand Pan Masala and Tobacco products, and office/godowns of transporter Ganpati Road Carriers were searched and "tax dues" of over Rs 3 crore was recovered, the finance ministry said in a statement. Residential premises of Kannauj-based Odochem Industries, who were supplying perfumery compound, mostly in cash, were also searched on suspicion that the sale proceeds in cash were secreted in the premises. During the search proceedings at the residential premises, huge amount of cash, wrapped in paper, has been found. The process of counting of cash has been initiated with the help of officials of State Bank of India, Kanpur, which may continue till Friday

Hiking GST on handlooms, textiles will ring death knell for industry: TRS

: The working president of ruling TRS in Telangana K T Rama Rao on Friday claimed that the enhancement of GST on handlooms and textiles from five to 12 per cent would be a death knell for the industry. Rama Rao, State Minister for Industries, urged Prime Minister Narendra Modi to intervene in the matter to save weavers. "Hon'ble @narendramodi Ji, on the national handloom day you had talked of strengthening #Vocal4Handmade. Contrary to the idea, your govt has enhanced GST on Handlooms & Textiles from 5 to 12 % which will be a death knell for the industry. Request you to intervene & save weavers," Rama Rao, son of Chief Minister K Chandrasekhar Rao, tweeted.

Govt working to bring changes in GST Act, public platforms: Jayant Sinha

The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday. "Public platforms such as UPI and Aadhaar are very important platforms. Even then, for us to leapfrog, we have to do more in terms of public platforms," Sinha said while speaking at the Assocham e-summit on 'Non-Banking Finance Companies & Infrastructure Financing: Transforming the Financial Lending Landscape'. When the Factoring Bill came to the Standing Committee on Finance, the government was opening up factoring to more non-banking financial companies and enabling more NBFCs to participate in that. "But even as we were doing that we were not addressing some important platform and data related issues. That is why we suggested that anything that is on GST as an invoice should automatically be gone to TReDS as well. Then it can be used on TReDS ..

From scrapping retro tax law to record GST mop-up: 2021 for revenue dept

A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax admin

New provision from Jan 1: GST officials to make surprise recovery visits

Those with an annual turnover of up to Rs 5 crore can file quarterly returns, if they choose so

Taxmen can directly start recovery for mismatch in sales in GSTR-1, 3B

Come January 1, GST officers can directly initiate recovery action against errant businesses that show higher sales in monthly return GSTR-1 but under-report it while tax payment in GSTR-3B

Cheeseballs, eggs and other food items caught in disputes over GST rates

The problem is exacerbated as new products get introduced in the market. Since they didn't exist when GST classification was done initially, putting them in an appropriate category will now take time