GST Ready India

GST Ready India’s Latest News and Updates

GST fraud: Fake bills used to claim input tax credit worth Rs 450 crore

May 22, 2018

Catering services provided to offices and industry canteens to attract 18% GST

Clearing the cloud on the rate of GST for supply of food services to canteens at offices and factories, the Gujarat Authority for Advance Ruling (AAR) has said such services would attract 18% GST and not 5% that the industry was normally following.

The AAR has opined that catering services provided to offices and industry canteens, (which is supply of food services to canteens at offices/ factories) would be taxable at the rate of 18% under the category of outdoor catering in terms of Sr.7(v) of Notification no. Click to read more

GST fraud: Fake bills used to claim input tax credit worth Rs 450 crore

The GST-Intelligence Unit has unearthed a racket which used fake bills to claim input tax credit worth Rs 450 crore, the Financial Express reported today.

The government has started issuing summons to those traders or business houses that produced counterfeit bills to claim tax credits.

In one such notice, the intelligence unit has asked the traders to provide evidence of transactions – sale/purchase – truthfully and produce the documents and record for the examination. Click to read more

Put jet fuel in GST, aviation to finance ministry

The aviation ministry is pushing for inclusion of aviation turbine fuel in Goods and Services Tax (GST). Jet fuel prices have risen 40 per cent from January 2017 to this month.

Aviation secretary R N Choubey will meet revenue secretary on Tuesday to make this request as higher jet fuel prices are impacting airlines — and in turn passengers through rising fares — dearly.

The aviation ministry will cite the example of bunker oil which was carved out of the oil basket to be put in GST. Click to read more

Four years of Narendra Modi: From Jan Dhan Yojana to GST, nine economic policies that defined PM’s tenure

On 25 May 2018, Narendra Modi will complete four years as prime minister. During this time, the Modi government has taken several decisions on economic policy, of which nine are key.

From financial inclusion to identity and attack on black money to corporate insolvency, these policies have dominated the discourse over the past 48 months. Some of these policies are extensions of past ideas, a work in progress taken forward — Aadhaar or the Goods and Services Tax (GST), for instance. Others, like demonetisation and the Insolvency and Bankruptcy Code, are new ideas. Click to read more

GST, service tax fraud may cross 300 crore

The Directorate General of Goods and Services Tax Intelligence (DGGSTI) is estimating the latest alleged service tax and goods and services (GST) fraud in city to cross over ₹300 crore, making it one of the biggest evasion cases in recent history.

Sources said the intelligence agency has decided to contest the bail application of the director of Horizon Outsource Solutions Private Limited, Amit Upadhyaya, and Asad Anwar Sayed of Best Computer Solutions Private Limited. Click to read more

GST: Country-wide intra-state e-way bill system mandatory from 3 June

The e-way bill for moving goods within a state will become mandatory from 3 June, with the country-wide roll out of the mechanism.

The government had launched the electronic-way or e-way bill system from 1 April for moving goods worth over Rs 50,000 from one state to another.

The same for intra or within the state movement has been rolled out from 15 April. Click to read more

Maharashtra contractors to meet on May 30 over lack of work, GST woes

The Maharashtra State Contractors Association, an umbrella body of over two lakh small contractors registered with the state government, has called for a meeting on May 30 to chalk out a plan of action over their woes.

The meeting, to be held in Raigad district, will deliberate on the lack of government projects for them as well as hurdles in the clearance of their dues after the implementation of the Goods and Services Act, said its functionaries. Click to read more

Petroleum products should come under GST: IOCL Chairman

Indian Oil Corporation Limited (IOCL) Chairman, Sanjiv Singh on Tuesday stressed on bringing petroleum products under the Goods and Services Tax (GST) in order to provide relief to common people from the ongoing spurt in fuel prices across the nation.

“There is no directive from the government as far as the retail price is concerned. The retail prices are driven by the last 15 days based on the global prices of the products. The government should bring all the petroleum products under GST – we will continue to stress upon it,” ANI quoting IOCL Chairman said here. Click to read more

Petroleum products need to be brought under GST: IOCL Chairman

Indian Oil Corporation Limited (IOCL) Chairman on Tuesday stressed on bringing petroleum products under the GST to provide relief to common people from spurt in fuel prices.

“There is no directive from the government to control fuel price. Spikes (in prices) were happening earlier and we decided to hold the prices for 19 days. All the petroleum products should come under GST,” ANI quoting IOCL Chairman said. Click to read more

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