CGST RULES

Latest GST News, Information, Notifications & Announcements [Period 20/12/21 to 26/12/21]

Latest GST News, Information, Notifications & Announcements [Period 20/12/21 to 26/12/21]

Latest GST News, Information, Notifications & Announcements 1. CHANGES IN HSN CODES AS PER HS-2022 w.e.f 01.01.2022: The WCO has announced the New (Seventh) edition of HSN – HS-2022 w.e.f 01.01.2022. India being party to HS Convention will also align its First Schedule of Customs Tariff Act with HS-2022. The necessary changes required were already …

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Great News: CBIC Issues Guidelines For Disallowing Use Of Electronic Credit Ledger Under Rule 86A Of The CGST Rules 2017

Great News: CBIC Issues Guidelines For Disallowing Use Of Electronic Credit Ledger Under Rule 86A Of The CGST Rules 2017

CBIC, on 2nd November 2021, has issued guidelines for disallowing use of Electronic Credit Ledger under Rule 86A of the CGST Rules 2017. The board said, doubts have been raised by the field formations on various issues pertaining to disallowing debit of input tax credit from electronic credit ledger, under Rule 86A of the Rules. …

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gst Central Tax

CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21

The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the financial year 2020-21 and booked more than 7,200 cases involving fake ITC. This was stated by Union Minister of State for …

CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21 Read More »

7 clarifications issued by GST

Total 7 clarifications issued in GST: Dated the 17th June, 2021

List of SEVEN GST Circulars issued providing clarity on the following issues: Sr No  Circular No.     Subject Link 1 Circular No. 149/05/2021-GST Clarification regarding applicability of GST on supply of food in Anganwadis and Schools https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_149.pdf;jsessionid=1F334EF88A4D4E5E89D2F201081BF5FD 2 Circular No.150/06/2021-GST Clarification regarding applicability of GST on the activity of construction of road where considerations are received …

Total 7 clarifications issued in GST: Dated the 17th June, 2021 Read More »

2 GST Frauds Worth Rs. 445 Crore in Only 5 Days

It is apparent from the investigation conducted till date, that Shri Surender Kumar Gupta, Director of M/s. Mystic Exim Pvt. Ltd., M/s. Landmark Traders Pvt. Ltd. and Controller of M/s. JKM Impex forged documents to show receipt of goods in his above mentioned companies/firms from multiple fictitious/non-existent entities, which never existed at their given addresses. The entities of Shri Surender Kumar Gupta had further passed on the fake ITC to multiple exporter firms, who had further encashed such ITC through fraudulent IGST refunds.

Analysis of Proposed Amendments in Union Budget 2021-22

The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.

Budget 2021: Alarming Situation for Taxpayers Registered under GST

With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.

Reconciliation Between Books and GST Portal and Adjustments in GSTR-9 Annual Return

As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCITATION Yadav Vyapar Bhavan, Shivaji Road, 602, Shukarwar Peth, Pune 411 002 Phone No : 020-2447 0237.Website : http://www.wmtpa.org Email : thewmtpa@gmail.com ALL INDIA PROTEST CALL BY WMTPA On 29th Jan 2021, outside CGST Office in Each District/City of …

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GST Council to Meet Today for Some Most Important Issues

GST Council to Meet Today for Some Most Important Issues Matters to be discussed in meeting (as per sources) (1.) GST Fake Invoices and Fake ITC Fraud (2.) Implementing Some Other Provisions for GST Registration (3.) GST Compensation to States etc. Sources said that GST evasion worth Rs 93,642 crore has been unearthed and 408 …

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Tax Concept is Inviting Ideas/ Suggestions/ Proposals from Professionals Across the Country

Tax Concept is Inviting Ideas/ Suggestions/ Proposals from professionals across the country, so that we can submit these suggestions etc. to the Ministry of Finance on behalf of the Professional Community for the Union Budget 2021-22. The last date for the same is 25th November, 2020 (11.00 PM). To submit suggestions etc., please fill the …

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Auto-population of E-invoice Details into GSTR-1

Auto-population of E-invoice Details into GSTR-1 GSTN has informed on 13th November 2020 that E-invoice details will be auto-populated in GSTR-1. The full text is as follows : Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Upon successful …

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Auto-populated GSTR-3B from October 2020 Onwards

Auto-populated GSTR-3B from October 2020 Onwards GSTN has informed on 11th November 2020 that auto-populated GSTR-3B is now available on GSTN Portal from October 2020 onwards. The full text is as follows : GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of …

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Two Persons Arrested for Availing and Passing Fake Input Tax Credit (ITC) Worth Rs. 520 Crores and 209 Crores

Two Persons Arrested for Availing and Passing Fake Input Tax Credit (ITC) Worth Rs. 520 Crores and 209 Crores Main accused companies : M/s Sunil Hitech Engineering Ltd. and M/s Shree Oshiya Ferro Alloy Pvt. Ltd. Mumbai Zonal Unit of the Directorate General of GST Intelligence, CBIC has arrested Mr. Sunil Ratnakar Gutte, Director of …

Two Persons Arrested for Availing and Passing Fake Input Tax Credit (ITC) Worth Rs. 520 Crores and 209 Crores Read More »

Ahmedabad, Surat becoming bogus GST billing hubs: Govt

GST Officials Can Not Resort to Physical Violence While Conducting Search, Interrogation or Investigation : Telangana High Court

GST Officials Can Not Resort to Physical Violence While Conducting Search, Interrogation or Investigation : Telangana High Court In the case of M/s Agarwal Foundries Private Ltd. vs Union Of India [Writ Petition No. 28268 of 2019], the Telangana High Court has provided its judgement, some highlighted lines of which are quoted as under : …

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GSTN Portal Started Showing Annual Aggregate Turnover for Previous Financial Year

GSTN Portal Started Showing Annual Aggregate Turnover for Previous Financial Year Recently, GSTN has launched many new features on GSTN portal. One of its feature is that GSTN portal is now showing aggregate annual turnover for previous F.Y. after logging in to portal. The screenshot of which is attached here : The methodology to calculate …

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Mastermind Arrested for Availing Fake Input Tax Credit (ITC) Worth Rs 1278 Crore

Mastermind Arrested for Availing Fake Input Tax Credit (ITC) Worth Rs 1278 Crore

Mastermind Arrested for Availing Fake Input Tax Credit (ITC) Worth Rs 1278 Crore Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST), Commissionerate, Delhi (East) have busted a major racket for the generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). …

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Indirect Tax Planning and Management

Indirect Tax Planning and Management

Indirect Tax Planning and Management Planning for Indirect Taxes is an effective way to reduce Cash Payouts for taxes, avoid outflow for Penalties and Interests and to Prevent Litigations and its related expenditure. Given below are few aspects to foster a robust Indirect Tax Planning and thereby benefiting the organization in terms of cost-saving and …

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CA Final Student Creates 115 Fake Companies and Availed Fake ITC worth Rs 50 Crore

CA Final Student Creates 115 Fake Companies and Availed Fake ITC worth Rs 50 Crore

CA Final Student Creates 115 Fake Companies and Availed Fake ITC worth Rs 50 Crore Prince Manish Khatri, a CA final student was arrested by CGST-II, Vadodara for claiming fake Input Tax Credit (ITC) of Rs. 50.24 Crore by creating 115 fake companies. According to GST officials, Manish Khatri used identities of villagers to create …

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Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers

Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers

Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers Vide Notification No. 74/2020- Central Tax and 75/2020- Central Tax (Dated 15.10.2020), the CBIC has prescribed due dates for filing GSTR-1 by quarterly and monthly regular taxpayers under the GST Act. GSTR-1 Due Dates for quarterly regular taxpayers : Quarter Due Date October, 2020 – …

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Tax Concept'

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST Date : 11.10.2020 Ref.: TC/20-21/1 To, Hon’ble Prime Minister, Government of India, New Delhi Subject : To attract your kind attention on Serious Issues regarding GST Hon’ble Sir, GST was introduced in India to simplify the Indirect Tax Structure and to promote Ease …

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Is Blocking of ITC on Non-Filing of GSTR-3B by Supplier Correct??

Is Blocking of ITC on Non-Filing of GSTR-3B by Supplier Correct??

Is Blocking of ITC on Non-Filing of GSTR-3B by Supplier Correct?? The government has inserted Rule 86A in the CGST Rules, 2017 vide Notification No. 75/2019- Central Tax dated 26.12.2019 This rule lays down the conditions for availment of Input Tax Credit (ITC) by a taxpayer. One of the condition prescribed in this rule states …

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Is it right to stop the buyer from taking ITC under the guise of law?

In this article, i will discuss the decisions made by the government on Availment of ITC and will correlate with the financial position of taxpayers and Indian Constitution. So let’s start. On 9th October, 2019, the government inserted Rule 36(4) in the CGST Rules, 2017 by Notification No. 49/2019- Central Tax which prescribes that :“(4) …

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HC Accepts Writ Petition on Blocking of ITC due to Non Filing of GSTR-3B

HC ACCEPTS WRIT PETITION ON BLOCKING OF ITC DUE TO NON FILING OF GSTR-3B

HC Accepts Writ Petition on Blocking of ITC due to Non Filing of GSTR-3B Petitioner: M/s Kalpsutra Gujarat Respondent: The Union of India Issue Involved: Blocking of ITC due to non filing of GSTR-3B Case Description: By this writ application under Article 226 of the Constitution of India, the writ applicant, a partnership firm through …

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V-shaped pattern of recovery seen in several highfrequency indicators: FM Nirmala Sitharaman

ADDITIONAL FEATURES ADDED IN GSTN PORTAL

Additional Features Added in GSTN Portal (1.) Invoice wise Information of Input Tax Credit for the F.Y. 2018-19 : Table 8A of GSTR – 9 Taxpayers were facing a problem of Auto-populated figures under Table 8A of Form GSTR-9 which were not matching with the GSTR-2A. The details of the auto-populated figures was also not …

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11 E-BOOKS ON GST OFFERED BY THE ICAI FOR FREE

11 E-BOOKS ON GST OFFERED BY THE ICAI FOR FREE

11 E-Books on GST offered by the ICAI for Free For enhancing knowledge of professionals and to keep them update, ICAI releases 11 E-Books on GST. ICAI President CA Sh. Atul Kumar Gupta’s some words on these books : The GST alongwith its challenges has brought in various benefits also like creation of National market …

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FUNCTIONALITY TO TRANSFER ITC THROUGH FORM ITC-02A ENABLED ON GSTN PORTAL

FUNCTIONALITY TO TRANSFER ITC THROUGH FORM ITC-02A ENABLED ON GSTN PORTAL

Functionality to Transfer ITC through Form ITC-02A enabled on GSTN Portal : As per Rule 41A of the CGST Rules, where taxpayer has obtained seperate registration for multiple place of busines in single state and where he wants to transfer part of full unutilized ITC to such newly registered place of business then functionality to …

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