GOODS AND SERVICES TAX (GST)

01.10.2020

GST Revenue collection for September, 2020 – Rs. 95,480 crore gross GST revenue collected in September.

The gross GST revenue collected in the month of September, 2020 is Rs. 95,480 crore of which CGST is Rs. 17,741 crore, SGST is Rs. 23,131 crore, IGST is Rs. 47,484 crore (including Rs. 22,442 crore collected on import of goods) and Cess is Rs. 7,124 crore (including Rs. 788 crore collected on import of goods).

The government has settled Rs. 21,260 crore to CGST and Rs. 16,997 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of September, 2020 is Rs. 39,001 crore for CGST and Rs. 40,128 crore for the SGST.

The revenues for the month are 4% higher than the GST revenues in the same month last year. During the month, the revenues from import of goods were 102% and the revenues read more »

16.09.2020

Chennai man arrested for Rs. 107-crore GST fraud.

The GST and Central Excise Department, Chennai Outer on Wednesday said it has arrested a 56-year old person from the Kodungaiyur area of Chennai for committing a GST credit fraud of Rs107 crore.

The arrest was made after carrying out detailed investigation and conducting searches to gather evidence.

According to a press release issued by the Principal Commissioner GST and Central Excise, Chennai Outer, the arrested person along with some others had registered in the name of other persons on non-existent addresses, using doctored documents.

“The purpose of floating such fictitious companies is to commit GST credit frauds. These fictitious companies issued tax invoices to various business entities without supplying any goods or services read more »

13.09.2020

CBIC suspends licences of 56 customs brokers linked with fraudulent exporters.

"Licences of 56 customs brokers including those of 37 from Delhi have been suspended since August 2019 till date," the CBIC said in a statement. 

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday said it has suspended licences of 56 customs brokers linked with fraudulent exporters. The Directorate General of Analytics and Risk Management (DGARM) had carried out data analytics of customs brokers linked with fraudulent/unscrupulous exporters and the findings have resulted in suspension of licences of 56 customs brokers.

“Licences of 56 customs brokers including those of 37 from Delhi have been suspended since August 2019 till date,” the CBIC said in a statement. Upon investigation on 62 customs brokers, it was found that they had handled more than 15,290 export consignments of 1,431 untraceable exporters.

In one particular case, a customs broker has handled exports of 99 read more »

05.09.2020

Excise and taxation officials today announced that they would proceed on a two-day mass leave.

Excise and taxation officials today announced that they would proceed on a two-day mass leave on September 7 and 8 for alleged witch-hunting in the Goods and Services Tax (GST) evasion ‘scam’. The Vigilance Bureau (VB) had informed Chief Minister Capt Amarinder Singh that the entire fraud was turning out to be a multi-layered scam, spanning across northern states.

The VB had arrested eight officials of the Excise and Taxation Department after registering an FIR against its 15 personnel.

Reacting sharply to the VB’s claims, the Confederation of Associations of Officers (Excise and Taxation) decided that all officials (from the Excise and Taxation Inspectors to the Additional Commissioners) would proceed on a two-day mass leave.

The Confederation of Associations of Officers said during these two days, no work would be done in any of the offices related to the GST read more »

18.08.2020

FinMin, PMO to discuss fresh overhaul of basic customs duties; 300 items likely on the table.

The Ministry of Finance and the Prime Minister's Office (PMO) will soon discuss a fresh overhaul for basic customs duties across categories this week, sources told CNBC-TV18.

These discussions, are primarily to consider the on-going exercise to hike customs duties in line with the 'Atmanirbhar Bharat' program, to support and encourage domestic manufacturing, sources said, who did not want to be named.

'Atmanirbhar Bharat' is a vision announced recently by Prime Minister Modi to make India a self-reliant country.

These discussions are likely to be on more than 300 items and an immediate hike is likely to be approved for “textiles, electronic goods such as cameras and laptops, solar modules, solar panels, and solar inverters.”

Besides, some import restrictions could also be put in place for some steel and aluminium products, sources added.

Solar read more »

23.07.2020

CBIC notification about e-invoice schema, mandatory e-invoicing to be released by next week.

MANGALURU: The Central Board of Indirect Taxes and Customs (CBIC) will in a week’s time come out with a notification about implementing e-invoicing, a form of electronically-authenticated invoices, from October 1 only for businesses with turnover of Rs 500 crore or more, a top official said at in ASSOCHAM webinar on Thursday.

“The QR codes are definitely not happening on October 1 but the e-invoice schema and Rs 500 crore turnover related notification should be out by next week and the industry can start working on as everything is ready, the FAQs, the circular will be issued at the earliest,” said Yogendra Garg, Principal Commissioner (GST-I), GST Policy Wing, CBIC in an ‘ASSOCHAM e-Conclave on 3 years of GST - Further streamline needed?’

He also stated that CBIC would improve the existing GST return filing system instead of rolling out a read more »

03.07.2020

Central agencies detect Rs 512 crore GST evasion in one year after raids in Indore.

The directorate general of GST Intelligence (DGGI), responsible for checking indirect tax evasion, claimed to have detected goods and sales tax (GST) evasion of approximately Rs 512 crore in the past one year leading to seizure of several bank accounts and properties in Indore apart from arrest of five persons, according to a Friday official release by the enforcement agency under the ministry of finance.

According to the agency, the tax evasion estimate may rise further after assessing the data related to more dummy firms that may have provided raw material to the firm that was raided in Indore.

“Operation Kark, (launched) to counter illicit sale of pan masala/ tobacco/ cigarettes, which was initiated on May 30, has till now detected GST evasion of about Rs 512 Crore in the last one year, while five persons have been arrested in this operation. In read more »

25.05.2020

Imported cigarettes worth Rs. 3 crore seized.

Officials of the Directorate of Revenue Intelligence (DRI) in association with SGST personnel seized a huge quantity of foreign cigarettes imported illegally. The stocks were being transported from New Delhi, the DRI officials said.

DRI Vijayawada unit officials intercepted a truck heading to a transport company office at P. Nainavaram village in Krishna district on Saturday and seized 29,99,600 cigarette packets of ‘Paris’ brand of Myanmar origin packed in 300 boxes.

“As the cigarettes were not legally imported and do not possess any health warning as per the requirements, stocks worth about ?3 crore have been confiscated under the provisions of the Customs Act, 1962,” the DRI officials said in a press release.

15.03.2020

GST Council asks Infosys to fix filing issues by July.

New Delhi: The GST Council on Saturday moved in with fresh checks, including getting information from banks, to plug evasion, while deciding to instruct Infosys to fix technical glitches to the filing system by July.

Finance Minister Nirmala Sitharaman said the Centre will explore the possibility of raising money from the markets to help generate funds for states that have been complaining of shortfall in compensation as several of them have seen less than 14% growth in collections.

A key theme of the meeting was to get Infosys to fix the filing problems that are being encountered by taxpayers for several months. With company executives failing to resolve the issue, the Council took the unprecedented step of asking the software company’s chairman and co-founder Nandan Nilekani to make a presentation, where he was asked to explain what triggers the problems. Sitharaman read more »

15.03.2020

Prices of mobiles set to go up as GST hiked from 12% to 18% - But Govt Says Hike May Not Result In Increase In Prices.

New Delhi: The GST Council on Saturday announced an increase in the levy on mobile phones to 18% from 12%, although the government said it may not result in a proportionate increase in prices.

The hike was aimed at correcting a situation where inputs face higher levies than the final product, resulting in problems and delays in refunds. Apart from mobile phones, footwear, fertilisers and textiles too were among the list of items with “inverted duty structure”, but after detailed deliberations, the panel comprising Union and state finance ministers decided to move ahead with an increase in the levy on handsets and some specific parts, finance minister Nirmala Sitharaman told reporters after the meeting. Correcting the rate structure for the other products will be taken up later, she added.

“The mobile manufacturers will do the calculations but it is not simple read more »