The Central Board of Indirect Taxes and Customs (CBIC) has told field officers to be just and fair in enforcing the new goods and services tax (GST) compliance norms that came into force from January 01, 2022.
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The Goods and Services Tax Network (“GSTN”) has issued Advisory dated January 04, 2022 regarding reporting of supplies notified under Section 9(5) /5(5) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) by E-commerce operator (“ECO”) in GSTR-3B.
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The Goods and Services Tax Network (“GSTN”) has issued Advisory dated January 03, 2022 regarding the implementation of Rule 59(6) of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) i.e., GSTR-1 filing-restriction for non-filing of GSTR-3B for previous one month (earlier two), on GST Portal for the taxpayers.
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It's the beginning of a new year, and there are a few money changes this month that are likely to impact your wealth.
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The GST Mumbai East Commissionerate of Mumbai Zone, while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. The Commissionerate has also recovered Rs 49.20 Crores in Cash pertaining to GST evaded, interest and penalty.
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Enforcement officials of the Delhi GST Department unearthed a Rs 347 crore fake GST billing scam on January 1, 2022. The total tax evasion in the chain is expected to be close to Rs 40 crore.
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Electricity minister V Senthil Balaji on Sunday clarified that the Goods and Services Tax (GST) wasn’t levied on the electricity consumption charges and it was applicable only on application fees and some other services.
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Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022
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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).
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The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday.
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E-commerce cuts across various sectors. Therefore the provisions of various laws such as Foreign Exchange Management Act, 1999, Information Technology Act, 2000, Competition Act, 2002, Companies Act, 2013, Consumer Protection Act, 2019 among others are attracted for regulating the sector.
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No Input Tax Credit (“ITC”) would be available for Corporate Social Responsibility activities excluded from normal course of business.
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GST leviable on reimbursement of electricity and water charges and to be included in the value of supply
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Come January and the government is empowered to send its recovery officials to your premises to collect GST without notice, if your tax liability shown in the requisite form is less than what invoices, mentioned in the outward supply form, should draw.
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Know Top 10 changes in GST Law effective from January 1st, 2022
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The Reserve Bank of India (RBI) vide circular dated February 05, 2021 and May 05, 2021, has allowed Scheduled Commercial Banks (SCBs) to deduct the amount equivalent to credit disbursed to New MSMEs.
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The GST Council has not recommended bringing petroleum products under the reformed taxation regime even as certain representations have been made to the government to include petrol and diesel in GST, Parliament was informed on Tuesday.
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The CBIC vide Notification No. 39/2021–Central Tax dated December 21, 2021 notified the below mentioned amendments made vide Section 109 of the Finance Act, 2021 w.e.f. January 01, 2022:
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The GST Council in it’s 45th meeting inter alia made recommendations regarding Aadhaar authentication of registration to be made mandatory for being eligible for filing refund claim and application for revocation of cancellation of registration under GST.
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In its recent order, the GST-Authority for Advance Rulings (AAR), Maharashtra bench, has held that partial recovery of transport costs from its employees by a private company is not a “supply” and hence not subject to the goods and services tax (GST).
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The telecom department has asked the finance ministry to consider refunding input tax credits (ITC) that telcos have accumulated under the goods and services tax regime, two officials aware of the matter said. Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.
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