Page 40 - Gst

Uber, Ola face DG-GST Intelligence probe related to alleged tax evasion

Summons issued to officials of the two firms for hundreds of crores of alleged evasion

GST officials recover Rs 700 cr in 2 months, arrest 215 over fake invoices

The Directorate General of GST Intelligence and the CGST Commissionerates have recovered over Rs 700 crore and arrested 215 persons in the last two months in cases related to fake GST invoices

Bring natural gas under GST to push for gas-based economy: Industry

The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy, the industry has said

DGGI arrests firm's director, accountant for fraudulently availing ITC

SHRPL is believed to have have availed and utilised fraudulent ITC of Rs 21.56 crore on an invoice value of Rs 121.76 crore

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

Finance ministry releases 10th instalment of GST compensation to states

The Finance Ministry on Monday released the tenth weekly instalment of Rs 6,000 crore to the states to meet the Goods and Services Tax (GST) compensation shortfall.The Finance Ministry said in a release that out of this amount, a sum of Rs 5,516.60 crore has been released to 23 states and an amount of Rs 483.40 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states namely Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.Now, more than 50 per cent of the estimated GST compensation shortfall has been released to the states and UT with Legislative Assembly, the government said.The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are .

Delhi HC postpones hearing on pleas against anti-profiteering to Feb 15

Petitions were listed today before the division bench for hearing, but due to elevation of one of the judges, a change in the roster is expected

60.3 million GST e-invoices were generated in December 2020

As many as 60.3 million GST e-invoices were generated in December 2020, higher than 58.9 million in November

GST mop-up at record high, surges to Rs 1.15 trillion in December

The collection rose for the fourth consecutive month in December, indicating the reinstatement of normalcy in economic activity after months of disruption caused by the Covid-19 lockdown

FinMin backs new GST rule, says it's not for MSMEs, certain I-T payers

Asserts that the move to ask companies above a threshold to pay one per cent of GST liability in cash targets fake invoicing

Traders urge Finance minister, GST council to modify new GST notification

Trading community urged FM Nirmala Sitharaman and GST Council to withdraw certain provisions of the new GST notification issued a few days back

MSMEs, small dealers not to be affected by 1% cash GST payment rule

Small businesses and dealers will not be impacted by the new government rule of paying at least 1 per cent of GST liability in cash

45K entities to come under mandatory 1% cash payment of GST liability ambit

The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021

Clampdown on fake bills: Rs 50 lakh a month biz to suffer 1% GST in cash

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well

At least 1% GST dues to be paid in cash if monthly sales top Rs 5 mn

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

8th instalment of Rs 6,000 cr released to states to meet GST shortfall

The Ministry of Finance has released eighth weekly installment of Rs 6,000 crore to states to meet the Goods and Services Tax (GST) compensation shortfall.Of this, Rs 5,516.6 crore has been released to 23 states and an amount of Rs 483.4 crore has been released to the three union territories with legislative assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation, according to an official statement released on Monday.The government had set up a special borrowing window in October to meet the estimated shortfall of Rs 1.1 lakh crore in revenue arising on account of implementation of GST.The borrowings have been done in seven rounds. The amount has been borrowed this week at an interest rate of 4.1902 per cent. So far, an amount of Rs 48,000 crore has been borrowed by the Central government through the .

FICCI wants abolition of anti-profiteering provisions in GST law

This is to allow market forces to determine prices of goods and service

Govt extends deadline for completing GST anti-profiteering probe

The government has extended the deadline till March 31

Centre releases Rs 42,000 cr to states to meet GST compensation shortfall

The latest instalment of Rs 6,000 crore was released to the states on Monday

Exporters must carefully study GST notifications

The exporters need not give in to the unreasonable demands of the DRI.