GOODS AND SERVICES TAX (GST)

11.05.2023

CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers.

During the recent review of the performance of the Central Board of Indirect Taxes & Customs (CBIC), Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman had given directions to roll out an Automated Return Scrutiny Module for GST returns at the earliest.

In order to implement this non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week.  This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System.

In the module, discrepancies on account of risks associated with a return are displayed to the tax officers. Tax officers are provided with a workflow for interacting with the taxpayers read more »

01.05.2023

GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore.

Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs. 1,67,540 crore, in April 2022

GST revenues for April 2023 are 12% higher than the GST revenues Y-o-Y

Highest tax collected on a single day ever at Rs. 68,228 crore through 9. 8 lakh transactions on 20th April 2023

The gross GST revenue collected in the month of April, 2023 is Rs. 1,87,035 crore of which CGST is Rs. 38,440 crore, SGST is Rs. 47,412 crore, IGST is Rs. 89,158 crore (including Rs. 34,972 crore collected on import of goods) and cess is Rs. 12,025 crore (including Rs. 901 crore collected on import of goods).

The government has settled Rs. 45,864 crore to CGST and Rs. 37,959 crore to SGST from IGST. The total revenue of Centre and the States in read more »

04.04.2023

Imports stuck at ports due to payment glitches.

Import consignments are stuck at ports and terminals across the country, impacting several sectors since April 1, due to glitches in the new payment system.

Highlighting the issue of non-payment of customs levies on the newly launched portal, an industry body representing the western region – Brihanmumbai Custom Brokers Association – has sought government help. In a letter to the directorate general of systems & data management, customs & central excise, it said there has been difficulty in making customs duty payments since challans are not visible on ICEGATE.

“All import consignments, including those of food and medicines which have a short shelf-life, are affected, with agents not being able to take delivery. This is creating hardship for patients and chaos in general,” an industry executive said.

The government acknowledged that there were problems. “CBIC (Central Board of Indirect Taxes and Customs) has read more »

01.04.2023

Rs. 1,60,122 crore gross GST revenue collected for March 2023.

Second highest collection ever, next only to the collection in April 2022

Monthly GST revenues more than Rs. 1.4 lakh crore for 12 months in a row, with Rs. 1.6 lakh crore crossed for the 2nd time since inception of GST

GST revenues clock 13% growth Year-on-Year

Total gross collection for 2022-23 stands at Rs. 18.10 lakh crore; average gross monthly collection for the full year is Rs. 1.51 lakh crore

Gross revenues in 2022-23 were 22% higher than that last year

The gross GST revenue collected in the month of March 2023 is Rs. 1,60,122 crore of which CGST is Rs. 29,546 crore, SGST is Rs. 37,314 crore, IGST is Rs. 82,907 crore (including Rs. 42,503 crore collected on import of goods) and cess is Rs. 10,355 crore (including Rs. 960 crore collected on import read more »

13.12.2022

Classification of Goods under Customs Tariff.

1. Introduction:

1.1. The important Customs related functions include the collection of Customs duties on imports and exports as per the Customs Act, 1962 and the Customs Tariff Act, 1975. In relation to collection of customs duties on imports and exports, goods are assessed under the provisions of Section 17 read with Section 2(2) of the Customs Act, 1962. The said assessment includes interalia the tariff classification of such goods as determined in accordance with the provisions of the Customs Tariff Act, 1975. Classification of goods is the primary part of assessment followed by the levy of duties and implementation of foreign trade policy. The process of classification has been explained in the ongoing paras.

1.2. In this age of liberalization, several relaxations have been provided for import and export of goods. These include clearance of goods without manual assessment. Inspite of such relaxation, import and export read more »

06.11.2022

Three rates better than one flat rate.

After our Prime Minister made out a strong case against a flat rate of tax in GST, the debate on this issue has assumed more importance. Rahul Gandhi has said recently that if Congress comes to power, it will make one flat rate for GST. 

Flat rate vs multiple rate has been a raging controversy all along. There are supporters on both sides.  Some countries do have flat rates like Australia, Cambodia, Chile, Denmark, Israel, Japan, South Korea, Nepal, New Zealand, Taiwan, and mostly African countries. But we notice that these countries are not having so much disparate strata of people and are also not federation. Inequality of income is not so rife in these countries. 

Now let me mention some countries with different rates. Belgium - 21, 6, 12. Brazil - 25, 18, 12, 7. Canada - 7 as central GST but there are 7 read more »

01.11.2022

Rs. 1,51,718 crore gross GST revenue collected for October 2022.

Second highest collection ever with, next only to the collection in April 2022. 

Monthly GST revenues more than Rs. 1.4 lakh crore for eight months in a row, with Rs.  1.5 lakh crore crossed for the 2nd time since inception of GST

September 2022 sees generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August 2022

The gross GST revenue collected in the month of October 2022 is Rs. 1,51,718 crore of which CGST is Rs.  26,039 crore, SGST is Rs. 33,396 crore, IGST is Rs. 81,778 crore (including Rs. 37,297 crore collected on import of goods) and Cess is Rs. 10,505 crore (including Rs. 825 crore collected on import of goods), which is second highest till date.

The government has settled Rs. 37,626 crore read more »

01.10.2022

Rs. 1,47,686 crore gross GST revenue collected in the month of September 2022.

Monthly GST revenues more than Rs. 1.4 lakh crore for seven months in a row

Revenues for the month of September 2022 are 26% higher than the GST revenues in the same month in 2021

Another milestone crossed in September with more than 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), generated without any glitch on the GST Portal run by NIC on 30th September 2022

The gross GST revenue collected in the month of September 2022 is Rs. 1,47,686 crore of which CGST is Rs. 25,271 crore, SGST is Rs. 31,813 crore, IGST is Rs.  80,464crore (including Rs. 41,215 crore collected on import of goods) and Cess is Rs. 10,137 crore (including Rs. 856 crore collected on import of goods).

The government has settled read more »

24.09.2022

Noida: CGST inspector arrested for sending obscene messages to Deputy Commissioner and threatening her.

The issue arose after the Deputy Commissioner had some disagreement with one of her subordinates. The subordinate was angry with his superior and ended up sending her inappropriate messages. Once a case was registered against him, he was on the run for a few days before he was arrested by the police.

Noida: A woman working as a deputy commissioner of central goods and services tax (CGST) has alleged that one of her subordinates, a man of the rank of an inspector has been sending her inappropriate text messages on her Wahttsapp. The woman also alleged that the inspector has also been threatening her with dire consequences if she mentioned about this to anyone.

According to the police they received a complaint from the IRS officer, who is a resident of Sector 121, earlier this week and registered a read more »

01.09.2022

Rs. 1,43,612 crore gross GST revenue collected in the month of August 2022.

Revenues for the month of August 2022 28% higher than the GST revenues in the same month in 2021

Monthly GST revenues more than the Rs. 1.4 lakh crore for six months in a row

The gross GST revenue collected in the month of August 2022 is

Rs. 1,43,612 crore of which CGST is Rs. 24,710 crore, SGST is Rs. 30,951 crore, IGST is Rs. 77,782 crore (including Rs. 42,067 crore collected on import of goods) and cess is Rs. 10,168 crore (including Rs. 1,018 crore collected on import of goods).

The government has settled Rs. 29,524 crore to CGST and Rs. 25,119 crore to SGST from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is Rs. 54,234 crore for CGST and read more »