GST TAXPAYERS
Law amendments approved by GST Council to be incorporated in the Finance Bill: CBIC Chief
CBIC Chairman Sanjay Kumar Agarwal announced that decisions from the recent GST Council meeting, such as an amnesty scheme for initial GST rollout years and a sunset date for profiteering complaints, will be included in the upcoming Finance Bill to be presented alongside the Budget later this month. Speaking at the NACIN-Bhopal's GST flagship programme, Agarwal highlighted that the Council's 53rd meeting proposed rate rationalization for goods and services and issued clarifications where needed.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
GST brought relief to households with reduction in prices: FinMin
The Goods and Services Tax (GST) has completed seven years of implementation, resulting in cheaper household items, improved tax compliance among businesses, and a wider tax base, according to the finance ministry. Since its introduction on July 1, 2017, replacing 17 local taxes, the GST has reduced tax rates on many household goods, increasing affordability for consumers.
Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is "Sashakt Vyapar Samagra Vikas" (Empowered Trade Overall Growth).
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
Man arrested in Rs 10,000 cr GST fraud case after nine months on the run
A 31-year-old man, Babar Khan, evading police for nine months, was arrested in connection with a Rs 10,000-crore GST fraud across India. Khan allegedly set up fake firms using stolen or forged ID cards to fraudulently claim input tax credit. Noida police initially busted the gang last year, which operated by registering thousands of companies under false identities to generate e-way bills and claim government benefits.
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GST suppliers giving post-sale discount have to take undertaking from clients: CBIC
In a separate circular, Central Board of Indirect Taxes and Customs (CBIC) clarified that ITC is available to insurance companies in respect of motor vehicle repair expenses incurred by them in case of reimbursement mode of claim settlement.
What is AIS, how to download it and how it helps taxpayers in ITR filing?
What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.
Flour, TV, refrigerator, LPG become cheaper: PM Modi says GST resulted in 'significant savings' for poor, common man
Prime Minister Narendra Modi lauded the impact of Goods and Services Tax (GST) during its seven-year tenure, highlighting its role in improving the lives of 140 crore Indians. He noted GST's reduction in taxes on essential household items like flour and detergent, enhancing affordability for the common man.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council recommends reduction of GST on carton boxes from 18 pc to 12 pc
Industries Minister Harshwardhan Chauhan, representing the State, thanked the council for taking the decision unanimously on the proposal of the state. He said that the decision would also help the industry reduce working capital costs.
Taxpayers can amend sales return form before GST payment
GST taxpayers can now amend Form GSTR-1 with Form GSTR-1A before tax payment, ensuring accurate GSTR-3B filing. Partners like Abhishek Jain from KPMG appreciate the revision option, anticipating mechanisms like GSTR-2B for credit reconciliation. BDO India's Maulik Manakiwala highlights industry consultation, simplifying GST law and compliance, with exemptions for small taxpayers from GSTR-9/9A filings.
Less than 2% assessees under CGST gets notice, working to make taxpayers life easier: FM Sitharaman
Addressing the media post the GST Council meeting, the Minister said as of December 31, 2023, only 1.96 per cent of all active tax assessees have been sent notices from the Central GST (CGST). Around 1.14 lakh assessees have been sent notices by the CGST out of total 58.62 lakh assessees.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI
The Global Trade Research Initiative (GTRI) proposed several reforms to enhance India's Goods and Services Tax (GST) system on its 7th anniversary. Recommendations include raising the GST exemption limit to Rs 1.5 crore for firms (up from Rs 40 lakh), simplifying the tax structure by reducing slabs and eliminating state-wise registration requirements. GTRI highlighted GST's role as the world's largest indirect tax platform, with over 1.46 crore registrations.
Most of top-level executives have positive perception of GST: Deloitte survey
A Deloitte survey shows growing confidence in India's GST among C-suite executives, with 84% perceiving it positively in 2024, up from 72% in 2023. Key reforms suggested include rationalizing tax rates, improving dispute resolution, and enhancing automation and technology. The survey also highlights the need for further simplification and support for MSMEs.
Duty evasion up to Rs 1 crore may not lead to jail term
India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxation of tobacco and petroleum products, and operate in an automated online mode.
GST council may cut upfront payment for tax appeal to 7%
The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
GST authorities are developing a mechanism to address taxation and registration issues for shared warehouses used by e-commerce companies, where multiple suppliers store goods for last-mile delivery. This issue arises because suppliers have geo-tagged these warehouses as their 'additional place of business' under GST rules, raising concerns of potential fraudulent registrations and the risk of holding warehouses accountable for individual supplier defaults.
Five states show interest in implementing Aadhaar-based authentication for GST registration
Five states plan Aadhaar-based GST registration. Biometric authentication aims to curb fraud. April's record GST revenue of Rs 2.10 lakh crore was driven by economic growth and increased transactions. Maharashtra led in revenue collection.
Government adopted pro-poor approach in GST implementation, revenues reached pre-GST levels: Nirmala Sitharaman
Sitharaman's efficient tax administration highlighted in maintaining stable revenues with a pro-poor approach in GST implementation. Despite lower tax rates, revenues reached pre-GST levels, benefiting states. The turnover threshold rose, tax submissions reduced, and tax buoyancy improved post-GST implementation.
Petitions pile up as GST notices come after 3 years of returns filing
Many businesses, who were served with goods and services tax (GST) notices in December 2023 and January of this year following the extension of the notice issuance deadline, have taken their grievances to various high courts, contesting the legal legitimacy of the notices.
CBIC issues SOP for officials to prevent taxpayer harassment
The Central Board of Indirect Tax and Customs (CBIC) has approved a detailed standard operating procedure (SOP) for officials of the Directorate General of GST Intelligence (DGGI) to improve the ease of doing business and prevent harassment of taxpayers during tax investigations, summons, and searches.
FM Sitharaman asks GST officers to leverage tech to plug loopholes, better taxpayer services
Finance Minister Nirmala Sitharaman urged GST officers to leverage technology, share best practices, and ensure seamless coordination across states at the National Conference of Enforcement Chiefs of the State and Central GST Formations. She emphasized the need for clarity on the classification of related issues and stakeholder engagement.
DGGI cautioned taxpayers about fake summons
The Central Board of Indirect Taxes and Customs (CBIC) has issued a cautionary advisory to taxpayers regarding fake summons sent by fraudsters. Taxpayers are urged to verify the authenticity of any summons received by checking the official CBIC website and reporting suspicious notices to the jurisdiction office immediately. This advisory comes after the Directorate General of GST Intelligence (DGGI) observed instances of individuals sending fake summons to taxpayers, intending to commit fraud.
GST Council may consider pan-India rollout of biometric-based authentication for registration: CBIC
Goods and Services Tax (GST) authorities have so far been using OTP-based Aadhaar authentication to establish the identity of the applicants, seeking registration. Since the launch of GST on July 1, 2017, tax officers have detected fake ITC of Rs 1.42 lakh crore and recovered Rs 13,000 crore. As many as 1,350 people have been arrested for defrauding the exchequer.
Companies to submit bank details to GST officers within 30 days of registration to avoid suspension, says GSTN
"Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31.
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