Clipped from: https://www.businesstoday.in/money/tax/deadlines-extended-for-income-tax-filing-gst-compliance-check-out-full-details/story/426509.html The government has extended various tax compliance deadlines, including Income Tax Returns, tax audit reports and declaration under ‘Vivad Se Vishwas Scheme, in
Category: GST
gst: New Year calendars, pens, bags, diaries gifted or given for brand promotion now under GST – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/new-year-calendars-pens-bags-diaries-gifted-or-given-for-brand-promotion-now-under-gst/articleshow/79992596.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Input tax credit on any brand promotion item (goods) where name of a company is mentioned would attract GST, Karnataka Authority for Advance
Rule of 1% GST liability payable in cash may impact 45,000 units – The Hindu
Clipped from: https://www.thehindu.com/business/Industry/rule-of-1-gst-liability-payable-in-cash-may-impact-45000-units/article33426834.ece Input tax credit may be used for up to 99% of GST due; rule meant to check fraud The mandatory requirement of 1%
FinMin backs new GST rule, says it’s not for MSMEs, certain I-T payers | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/finmin-backs-new-gst-rule-says-it-s-not-for-msmes-certain-i-t-payers-120122700511_1.html Asserts that the move to ask companies above a threshold to pay one per cent of GST liability in cash targets fake invoicing
Traders’ body CAIT to FM Sitharaman: Defer Rule 86B in GST to ease compliance burden – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-traders-body-cait-to-fm-sitharaman-defer-rule-86b-in-gst-to-ease-compliance-burden/2158480/ Ease of Doing Business for MSMEs: The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in GST that restricts
MSMEs, small dealers not to be affected by mandatory 1 pc cash GST payment rule – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/msmes-small-dealers-not-to-be-affected-by-mandatory-1-pc-cash-gst-payment-rule/articleshow/79976256.cmsSynopsis Sources said the rule applies only to about 45,000 taxpayers out of the GST taxpayer base of 1.2 crore and genuine dealers and
Payment of at least 1% of GST liability in cash: FinMin issues clarification – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/apprehension-on-mandatory-payment-of-at-least-1-per-cent-of-gst-liability-in-cash-rule-unfounded-finance-ministry/article33422838.ece?homepage=true Says rule applies to only 0.37 per cent of 1.2 crore assessees Finance Ministry on Saturday clarified the mandatory payment of at least
GST on lottery: SC’s recent judgement is a setback for the industry, but has a ray of hope – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-on-lottery-scs-recent-judgement-is-a-setback-for-the-industry-but-has-a-ray-of-hope/articleshow/79935007.cmsSynopsis After much hue and cry from the lottery industry recently, a single rate of 28% has been introduced by the exchequer on all
CAIT urges FM to defer rollout of Rule 86B in GST – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cait-urges-fm-to-defer-rollout-of-rule-86b-in-gst/articleshow/79954779.cmsSynopsis The Central Board of Indirect Taxes and Customs has introduced Rule 86B in Goods and Services Tax (GST) which restricts use of input
GST registration: All about the new norms – The Hindu BusinessLine
GST registration: All about the new norms – The Hindu BusinessLine https://www.thehindubusinessline.com/multimedia/audio/gst-registration-all-about-the-new-norms/article33401678.ece The Finance Ministry has notified a new set of norms for GST registration.
Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/businesses-with-monthly-turnover-of-over-rs-50-lakh-to-pay-at-least-1-gst-liability-in-cash/articleshow/79918001.cmsSynopsis “… The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess
Govt must focus on alignment of provisions with GSTN processes | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/govt-must-focus-on-alignment-of-provisions-with-gstn-processes-120122100026_1.html There is a conscious attempt from the top echelons of the government to promote digitalisation and substantially reduce physical interface between the administrators
Taxman’s right to arrest: Several promoters knock doors of various high courts – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/taxmans-right-to-arrest-several-promoters-knock-doors-of-various-high-courts/articleshow/79791898.cmsSynopsis The indirect tax department had carried out nationwide searches and investigations suspecting several companies for availing fake input tax credit under GST. Mumbai:
GST evasion of over ₹11,500 cr detected in special drive; 114 arrested – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/gst-evasion-of-over-11500-cr-detected-in-special-drive-114-arrested/article33278520.ece Law Committee of GST Council has suggested a two-pronged strategy to curb fake invoices GST officials have detected fake invoices of GST amounting
gst: Government extends timeline for concluding anti-profiteering investigations under GST framework – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/government-extends-timeline-for-concluding-anti-profiteering-investigations-under-gst-framework/articleshow/79737783.cmsSynopsis “The government has further extended timeline for anti- profiteering authorities to complete their investigations, and as such any investigations required to be closed
RoDTEP rates not decided, MEIS for exports may continue till end-March 2021 | Business Standard News
Clipped from: https://www.business-standard.com/article/sme/rodtep-rates-not-decided-meis-for-exports-may-continue-till-end-march-2021-120121400788_1.html Any registered user under GST who wishes to generate IRN needs to register on e-invoice system using his GSTIN The government had said
Exporters must carefully study GST notifications | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/exporters-must-carefully-study-gst%E2%80%88notifications-120121400015_1.html The exporters need not give in to the unreasonable demands of the DRI. In response to my last Monday article (‘Notifications on GST exemptions puzzle
Tax authorities cancel 1.63 lakh GST registrations in October-November due to non-compliance – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/tax-authorities-cancel-1-63-lakh-gst-registrations-in-october-november-due-to-non-compliance/articleshow/79683403.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Further, 28,635 taxpayers who have not filed their GSTR-3B returns for more than six months as on December 1, have been identified and
MSME taxpayers may file GSTR via SMS: CBITC chief – The Financial Express
Clipped from: https://www.financialexpress.com/economy/msme-taxpayers-may-file-gstr-via-sms-cbitc-chief/2145120/ There have been demands from the taxpayers, mostly in the MSME sector, that GST be charged on receipt of payment instead of the
Notifications on GST exemptions puzzle exporters | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/notifications-on-gst-exemptions-puzzle-exporters-120120600854_1.html On January 23, 2018, the exporters were barred from exporting on payment of IGST under refund claim if the supplier to the AA
