GST Ready India

GST Ready India’s Latest News and Updates

The threat to GST revenue from transitional credit claims

Mar 30, 2018

The threat to GST revenue from transitional credit claims

The trend of revenue inflows under the goods and services tax (GST) regime remains unimpressive and erratic. Data shows revenue collection for the month of February stood at Rs85,174 crore, a marginal dip from the previous month (see chart).

Following the reduction of GST rates on numerous goods and services in January, and February being a shorter month, tax experts were expecting this. They foresee an improvement in March on account of sales push by companies to meet their financial year-end targets. Click to read more

E-way bill mandatory for inter-state movement of goods from Sunday

Businesses and transporters moving goods worth over Rs 50,000 from one state to another will have to carry an electronic or e-way bill from April 1.

Touted as an anti-evasion measure that would help boost tax collections by clamping down on trade that currently happens on cash basis, the e-way bill provision of the goods and services tax (GST) was first introduced on February 1. Click to read more

Government cracks down on GST evaders

The government has launched a crackdown on goods and services tax (GST) evaders ahead of the end of the fiscal year, signalling it will pursue tax dodgers.

The Directorate General of GST Intelligence, the apex intelligence unit under the Central Board of Excise and Customs (CBEC), has, in an all-India operation that began on Tuesday, detected tax evasion to the tune of Rs440 crore, a person privy to the development said on condition of anonymity. Click to read more

Economy disrupted by lingering impact of demonetisation, GST roll-out

Call it disruption or structural reform, demonetisation (or note ban) did have dampening effects on the economy. However, even as its negative impact was fading by the time 2017-18 began, the announcement of another reforms or “disruption” — the goods and services tax (GST), which was to be implemented by July 1, 2017, shock the economy and businesses. Click to read more

GST Collections Fall In February After Stabilising For Two Months

The government revenue from the Goods and Services Tax declined in February after remaining stable for the previous two months.

Tax collections for the month fell to Rs 85,174 crore as on March 26, the Finance Ministry said in a statement. That compares with Rs 86,318 crore collected in January and Rs 88,929 crore in December. Collections for December were revised upwards by the government from Rs 86,703 crore. Click to read more

Auditor Hired By PNB To Look Into Nirav Modi’s Firms Faces Rs 13.5 Crore GST Evasion Charges

According to The Indian Express’ report, on February 27, Punjab National Bank appointed BDO, a Belgian-based consultancy, to conduct forensic audits on the firms of Nirav Modi. The twist in the tale starts when the firm itself is under the scanner for alleged tax evasion.

Officials told The Indian Express, BDO India and its partner MSKA & Associates are allegedly under the scanner for not paying the Goods and Services Tax (GST) to the government even though they have collected it from their customers. Click to read more

2 lounges, 3 consultancy firms found collecting GST but not depositing

Preliminary investigations have revealed that the firms engaged in chartered accountancy and consulting services collected GST worth Rs 13.5 crore from their customers and not deposited it with the government. During the searches, GST worth Rs 2 crore was recovered from them on the spot,” the DGGSTI stated. Click to read more

Fix GST at 5 pc, rationalise stamp duty, land rates for affordable housing: PHD Chamber

PHD Chamber of Commerce and Industry on Wednesday urged the GST Council to consider further reduction of GST at a slab of 5 per cent from prevailing 8 per cent for affordable housing, arguing that conformant of infrastructure status on affordable housing would only serve the intended cause.

With GST slab staying onto 8 per cent for affordable housing would partly defeat the efforts to provide for housing for all by 2022 in this category, therefore, it has become imperative to curtail it at 5 per cent slab, contended the Chamber. Click to read more

24 Schemes of Insurance exempted from GST

The Insurance Regulatory and Development Authority of India ( IRDAI ) has exempted 24 schemes of insurance from Goods and Services Tax ( GST ) regime for reinsurance and entrusted the insurance firms to pass those benefit to the customers.

During the 25th GST council meet held at New Delhi introduced the proposal of exempting reinsurance schemes in respect of insurance from GST based on a condition that the benefit of exemption should be passed to those beneficiaries by giving reduced premium. Click to read more

CBEC unearths GST evasion of Rs 400 crore

The Central Board of Excise and Customs (CBEC) has detected good and services tax (GST) evasion amounting to more than Rs 400 crore in a country-wide crackdown at more than 100 premises.

Among the top alleged defaulters identified by Directorate General of Goods and Services Tax Intelligence (DGGI) on March 27 are Sarvana, a multibrand retailer (evasion of Rs 55 core), Vishnu Cars (Rs 45 crore evasion) and Narayani Ispat (Rs 40 crore evasion), director general John Joseph told ET. Click to read more

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