GOODS AND SERVICES TAX (GST)

01.05.2022

GST Revenue collection for April 2022 highest ever at Rs. 1.68 lakh crore.

Gross GST collection in April 2022 is all time high, Rs. 25,000 crore more than the next highest collection of Rs. 1,42,095 crore, just last month

The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which CGST is Rs.  33,159 crore, SGST is Rs.  41,793 crore, IGST is Rs.  81,939 crore (including Rs.  36,705 crore collected on import of goods) and cess is Rs.  10,649 crore (including Rs.  857 crore collected on import of goods).

The gross GST collection in April 2022 is all time high, Rs 25,000 crore more than the next highest collection of Rs. 1,42,095 crore, just last month.

The government has settled Rs. 33,423 crore to CGST and Rs. 26962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April read more »

17.04.2022

GST Fraud detections in the recent past.

? CGST Raigad Commissionerate has detected tax evasion of nearly Rs. 700 Crore and recovered Rs. 405 Crore and arrested 9 persons, in the financial year 2021-22.

(News on 06-03-2022)

? Goods and Services Tax (GST) officials of the Mumbai zone have booked more than 625 tax evasion cases and detected evasion worth ?5,500 crore in the last five months, the finance ministry has said in a statement.

(News on 03-02-2022) 

? The government has detected evasion of Goods and Services Tax (GST), which also includes Central Excise and Service taxes prior to 2017, to the tune of Rs 93,375 crore. This was revealed in a RTI reply by the Directorate General of GST Intelligence’s (DGGI) various zonal units in major cities across India, including Delhi, Mumbai, Pune, Ahmedabad, Chandigarh and others.

01.04.2022

All time high Gross GST collection in March, 2022, breaching earlier record of Rs. 1,40,986 crore collected in the Month of January 2022.

Rs. 1,42,095 crore  gross GST revenue collected in the month

The gross GST revenue collected in the month of March 2022 is Rs.  1,42,095 crore of which CGST is Rs.  25,830 crore, SGST is Rs. 32,378 crore, IGST is Rs.  74,470 crore (including Rs. 39,131 crore collected on import of goods) and cess is Rs. 9,417 crore (including Rs. 981 crore collected on import of goods). The gross GST collection in March, 2022 is all time high breaching earlier record of Rs.  1,40,986 crore collected in the Month of January 2022.

The government has settled Rs. 29,816 crore to CGST and Rs.  25,032 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs. 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this read more »

03.03.2022

CBIC cautions against sharing Aadhaar, PAN details without valid reasons.

"Protect your personal data which may be used for creating fake entities in GST for evasion of taxes," the CBIC tweeted

The CBIC on Thursday cautioned the public against sharing Aadhaar and PAN details without a valid reason or for monetary gains, saying that the information could be misused by fraudsters for GST evasion.

In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said Aadhaar and PAN details can be used for creating fake entities in GST for evasion of taxes and hence people should refrain from sharing these without a valid reason.

"Protect your personal data which may be used for creating fake entities in GST for evasion of taxes," the CBIC tweeted.

Over the past years, Goods and Services Tax (GST) officers have busted several bogus firms, which were read more »

01.03.2022

Rs 1,33,026 crore Gross GST Revenue collected for February 2022 - GST collection crossed Rs 1.30 lakh crore mark for the 5th time.

Revenues for the month of February 2022 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020

The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).

The government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.

The revenues for the month of read more »

03.02.2022

Budget 2022 Live Updates: Focus of Budget on providing basic amenities to poor, middle class, says PM Modi.

Budget 2022 India Live, FM Nirmala Sitharaman Speech Live Updates : Modi further said the Budget proposes to make a four-fold increase in public investments as compared to those in the UPA regime and that the measure will open up immense opportunities.

Budget 2022 Live Updates: The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, Prime Minister Narendra Modi said on Wednesday, and asserted that it is imperative that India becomes self-reliant. Addressing BJP workers at ‘Aatmanirbhar Arthvyavastha’ event, Modi termed Budget 2022 as a step towards a modern and self-reliant India. Modi further said the Budget proposes to make a four-fold increase in public investments as compared to those in the UPA regime and that the measure will open up immense opportunities. Earlier on Tuesday, the Prime Minister had hailed the Union Budget as “people-friendly” read more »

03.02.2022

GST collection for January climbs to record Rs. 1.40 lakh crore.

“Gross GST collection in January at record Rs. 1,40,986 crores; this has been possible due to rapid economic recovery,” finance minister Nirmala Sitharaman said while presenting the Budget in the Lok Sabha.

The Goods and Services Tax (GST) collection in January, 2022 was more than Rs. 1.40 lakh crore, the first time it clocked in this high, Union finance minister Nirmala Sitharaman said during her Budget speech on Tuesday.

The finance minister and experts said the figure represented a robust recovery in the economy, which has been battered over the last two years by the Covid-19 pandemic.

“Gross GST collection in January at record Rs. 1,40,986 crores; this has been possible due to rapid economic recovery,” she said while presenting the Budget in the Lok Sabha.

Prior to this, the highest amount collected as part read more »

01.01.2022

Rs. 1,29,780 crore gross GST Revenue collection for December 2021.

The gross GST revenue collected in the month of December 2021 is Rs. 1,29,780 crore of which CGST is Rs. 22,578 crore, SGST is Rs. 28,658 crore, IGST is Rs. 69,155 crore (including Rs. 37,527 crore collected on import of goods) and cess is Rs. 9,389 crore (including Rs. 614 crore collected on import of goods).

The government has settled Rs. 25,568 crore to CGST and Rs. 21,102 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of December 2021 after settlements is Rs. 48,146 crore for CGST and Rs. 49,760 crore for the SGST.

The revenues for the month of December 2021 are 13% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in December 2019. During the month, revenues from read more »

23.12.2021

DGGI recovered 150 crore cash.....counting still going on.

Commodity: Pan Masala/Scented Tobacco 

Brand: Shikhar of Trimurti Fragrance Pvt. Ltd., Kanpur

Detection: Rs. 10 crores (preliminary estimate)

Recovery: Rs. 3.09 crores (cash)

Cash recovered: > Rs 150 crores (approx)

On specific intelligence, officers of DGGI, Ahmedabad initiated searches in Kanpur at the factory premises and the premises belonging to the transporter who was involved in transportation of goods under the cover of fake invoices, without generating E-way Bills. 

The transporter used to generate multiple invoices in the name of nonexistent firms, all below Rs. 50,000/- for one truck load, to avoid generation of E-way Bills. 

The officers successfully intercepted and seized 4 such trucks outside the factory premises. 

More than 200 fake invoices used in the past for transportation without payment of read more »

23.12.2021

Karnataka High Court upholds COFEPOSA detention for misdeclaring value of goods for fraudulent tax refund.

The Court reasoned that the order did not suffer from any legal infirmity and the petitioner had a propensity to engage in offences.

The Karnataka High Court has dismissed a plea seeking quashing of a detention order of a person resulting from misdeclaring the description and value of goods for export to fraudulently claim duty drawback and IGST refund benefits [Asses Punjee Kaur Kochhar vs Union of India].

The plea heard by Justices Alok Aradhe and Anant Ramanath Hegde was filed by the sister of the detenue, seeking the quashment of a detention order passed under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA).

The detenue was an exporter of 'Indian Hand Knotted Silk Carpets’ whose detention order was passed on February 23, 2021 and served to him on July 3.

read more »