News

16 Nov 2023

#gstnews #gst #news #arrest #taxevasion

Important News: Govt considering revoking arrests for GST evasions below Rs 3 crore

India is contemplating a significant hike in the threshold for arrests and criminal prosecutions in cases of Goods and Services Tax (GST) evasion, as per a report by The Economic Times. The proposal aims to elevate the threshold to Rs3 crore from the existing Rs2 crore, as part of an initiative to decriminalise certain aspects of tax evasion, reducing undue pressure on businesses and fostering a more favourable environment for conducting operations, it added.

MNC arms pay Rs 1,800-cr GST for services from kin abroad

16 Nov 2023

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MNC arms pay Rs 1,800-cr GST for services from kin abroad

The Indian subsidiaries of as many as 80-90 multinational corporations (MNCs) have together paid around Rs 1,600 crore as Goods and Services Tax (GST) on serviced availed from offshore related companies, an official aware of the matter told FE. The taxes paid by the MNCs in the last few months are for the transactions made between FY18 – FY22.

GST & Customs Pavilion at 42nd International Trade Fair, Emphasizes Education and Engagement

16 Nov 2023

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GST & Customs Pavilion at 42nd International Trade Fair, Emphasizes Education and Engagement

Shri Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes & Customs (CBIC), inaugurated the “GST & Customs Pavilion” at the 42nd India International Trade Fair with the theme of “CBIC-Uniting Markets, Bridging Borders” in the presence of Ms. V. Rama Mathew, Member (IT & Taxpayer Services), CBIC, Ms. Renu K. Jagdev, D.G Taxpayer Services, other senior officers, taxpayers and public in general in New Delhi, today i.e. November 15, 2023.

India to become third largest economy by 2027: FM Sitharaman

16 Nov 2023

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India to become third largest economy by 2027: FM Sitharaman

The Finance Minister Nirmala Sitharaman on Wednesday said India is expected to overtake Japan and Germany to emerge as the third largest economy in the world by 2027.

Divi’s Labs receives Rs 82-crore GST demand notice

16 Nov 2023

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Divi’s Labs receives Rs 82-crore GST demand notice

Divis Labs has received a goods and service tax (GST) demand notice of Rs 82 crore demand, the Hyderabad-based pharma company told exchanges on November 16, 2023.

16 Nov 2023

#gstnews #gst #news #business #newgstrule

New GST rule may affect business

All Kerala GST practitioners association said on Wednesday that input tax credit (ITC) reversal on account of the Rule 37A will dampen businesses as it puts the burden of tax liability on the buyer if the seller doesn’t pay the tax.

GST revenue up due to economic activity, not notices: CBIC Chairman

10 Nov 2023

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GST revenue up due to economic activity, not notices: CBIC Chairman

The rise in Goods and Services Tax (GST) collections in October has been on account of economic activity and not due to notices being issued by tax authorities, Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said Wednesday. He also said the department will soon start sending advisories to businesses who are non-compliant in issuing e-invoices to their B2B customers.

GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

10 Nov 2023

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GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

Exemptions or lower rate of taxation sought by industry on some items breaks the input tax credit (ITC) chain, leading to complexity in the goods and services tax (GST) structure, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal said on Wednesday.

Madras HC sets aside Tamil Nadu govt’s ban on online rummy, poker; firms welcome move

10 Nov 2023

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Madras HC sets aside Tamil Nadu govt’s ban on online rummy, poker; firms welcome move

India’s real-money gaming industry associations have welcomed Madras High Court’s verdict that restricts Tamil Nadu’s recent online gambling law to only “games of chance”.

Wants to bring petrol under GST: Sitharaman slams Cong on double standards

10 Nov 2023

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Wants to bring petrol under GST: Sitharaman slams Cong on double standards

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting "double standards" on the issue.

Advisory who missed the appeal filing deadline for the orders passed on or before March 31, 2023

10 Nov 2023

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Advisory who missed the appeal filing deadline for the orders passed on or before March 31, 2023

Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023

CII session on amendments in GST on Friday

10 Nov 2023

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CII session on amendments in GST on Friday

CII Mysuru has organised a session on the “Latest Trends and Amendments in GST” on Friday (November 10) from 2 p.m. to 6 p.m. at Hotel Regenta Central Herald here.

CBIC issued Circular to allow advance assessment of Courier Shipping Bills

09 Nov 2023

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CBIC issued Circular to allow advance assessment of Courier Shipping Bills

The CBIC issued Circular No. 28/2023-Customs dated November 08, 2023 to allow advance assessment of Courier Shipping Bills.

GST authorities to start sending advisories to non-complaint businesses

09 Nov 2023

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GST authorities to start sending advisories to non-complaint businesses

CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to businesses that are non-compliant on issuing e-invoices to their B2B customers.

Online real money gaming firms on govt’s radar for money laundering, tax evasion possibilities

09 Nov 2023

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Online real money gaming firms on govt’s radar for money laundering, tax evasion possibilities

A detailed examination of money flow to and from online real money gaming firms was recently conducted by top government authorities such as the Enforcement Directorate (ED), Income tax (IT), and GST departments, suggesting that these companies might be involved in illegal activities.

Proceedings Not To Be Initiated If Rectified Tax Invoices, E-Way Bills Produced Before Passing Order

09 Nov 2023

#gstnews #gst #news #seizure #detension #allhabadhighcourt #ruling

Proceedings Not To Be Initiated If Rectified Tax Invoices, E-Way Bills Produced Before Passing Order

The Allahabad High Court has held that once rectified/ correct tax invoices and e-way bills are produced before the authorities before passing of the detention/ seizure order, the proceedings under the Goods and Service Tax Act, 2017 ought not to be initiated.

Consumers paying “far less” tax than pre-GST regime: Sitharaman

09 Nov 2023

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Consumers paying “far less” tax than pre-GST regime: Sitharaman

The tax rates of essential goods and services have comedown since the inception of Goods and Services Tax (GST) in 2016, and consumers are paying “far less” taxes compared to what they used to pay pre-2016, Finance Minister Nirmala Sitharaman said on Tuesday.

Finance Ministry Needs To Focus On Including All Businesses Under GST Ambit: Nirmala Sitharaman

09 Nov 2023

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Finance Ministry Needs To Focus On Including All Businesses Under GST Ambit: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that the finance ministry’s focus is to include all businesses under the Goods and Services Tax (GST) regime and not just increase the revenue from the tax.

E-Way Bill System Mandates 2-Factor Authentication with AATO Rs 20 Crore and Above from Nov 20, 2023

07 Nov 2023

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E-Way Bill System Mandates 2-Factor Authentication with AATO Rs 20 Crore and Above from Nov 20, 2023

The GST, E-Way bill System issued an Update dated November 06, 2023 regarding the 2 Factor Authentication is mandatory for taxpayers with AATO Rs 20 Crore and above from November 20, 2023. Users are requested to register for 2FA and also create sub-users so that EWB activities are managed without any problem.

CBIC; GSTIN Amendment in the Bill of Entry After Out of Charge (OOC)

08 Nov 2023

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CBIC; GSTIN Amendment in the Bill of Entry After Out of Charge (OOC)

The Directorate General of Systems and Data Management, Central Board of Indirect Taxes and Customs (CBIC), issued Advisory No. 27/2023 dated November 7, 2023, regarding the amendment of Goods and Services Tax Identification Number (GSTIN) in the Bill of Entry after Out of Charge (OOC).

UltraTech Cement receives order for GST demand & penalty worth Rs 2.28 crore

08 Nov 2023

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UltraTech Cement receives order for GST demand & penalty worth Rs 2.28 crore

UltraTech Cement has received an order from the Assistant Commissioner, CGST & C. Ex Division 3, Bhavnagar raising demand for GST of Rs 1.14 crore together with interest and equivalent penalty for alleged non-payment of differential GST on royalty of mined limestone, the company said in a BSE filing.