FY19 closes on a happy note with record GST collections at Rs 1.06 trillion

FY19 closes on a happy note with record GST collections at Rs 1.06 trillion The financial year 2018-19 (FY19) ended on a happy note on the goods and services tax (GST) front. At Rs 1.06 trillion, the government has announced the highest monthly collection from GST in March since its roll-out 21 months ago. This … Read moreFY19 closes on a happy note with record GST collections at Rs 1.06 trillion

Fake invoices to evade GST pose a big challenge, tax officials looking at different strategies to curb menace

Fake invoices to evade GST pose a big challenge, tax officials looking at different strategies to curb menace Faced with the big challenge of tackling fake invoicing in GST regime, tax officials are looking at different strategies to curb this menace and shore up revenue collections. Central Board of Indirect Taxes and Customs (CBIC) Member … Read moreFake invoices to evade GST pose a big challenge, tax officials looking at different strategies to curb menace

GST officials detect tax fraud of Rs 224 cr by 8 companies

GST officials detect tax fraud of Rs 224 cr by 8 companies Officials of the Central GST have unearthed an alleged tax fraud of Rs 224 crore and detected fake invoices worth Rs 1,289 crore by a group of eight companies involved in the trade of iron and steel products. A key suspect involved in … Read moreGST officials detect tax fraud of Rs 224 cr by 8 companies

GST Council to clarify real estate concerns

GST Council to clarify real estate concerns The GST Council is likely to meet next week via video-conferencing to approve the rules related to under-construction buildings. It will clarify the grey areas governing the rule, according to a senior finance ministry official.In its last meeting, the council had reduced Goods and Services Tax (GST) rate … Read moreGST Council to clarify real estate concerns

New GST return forms released; compliance process simplified from April 1

New GST return forms released; compliance process simplified from April 1 The goods and services tax (GST) network released the revised return forms which businesses would need to comply with from this year. The new forms would be operated on a pilot basis from April 1, 2019, and would be mandated across the country from … Read moreNew GST return forms released; compliance process simplified from April 1

FinMin asks industry to be cautious while filing annual GST returns form

FinMin asks industry to be cautious while filing annual GST returns form The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available. In a statement, the ministry said the annual returns form is now available on the … Read moreFinMin asks industry to be cautious while filing annual GST returns form

Abbott fined Rs 96 lakh for profiteering from GST

Abbott fined Rs 96 lakh for profiteering from GST The anti-profiteering body has held that US pharmaceutical company Abbott Healthcare did not pass on the benefits of the goods and services tax to customers after the new regime started in July 2017 and the rate was further reduced in November that year. Abbott had instead … Read moreAbbott fined Rs 96 lakh for profiteering from GST

Input Tax Credit Removal On Select Items Goes Against The Very Spirit Of GST: Experts

Input Tax Credit Removal On Select Items Goes Against The Very Spirit Of GST: Experts The government last month slashed the Goods and Services Tax (GST) on the real estate sector, but along with that it also did away with the input tax credit (ITC), which experts and analysts feel goes against the very purpose … Read moreInput Tax Credit Removal On Select Items Goes Against The Very Spirit Of GST: Experts

Govt detects Rs 20,000 cr GST evasion in April-Feb FY’19

Govt detects Rs 20,000 cr GST evasion in April-Feb FY’19 The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said Wednesday. Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the … Read moreGovt detects Rs 20,000 cr GST evasion in April-Feb FY’19

With GST rate cut, you have another reason to buy a home

With GST rate cut, you have another reason to buy a home Demand for residential properties is expected to receive a major boost following the government’s decision to cut the goods & services tax (GST) rates for under construction projects to 5% from effective rate of 12%. In a major push to stated objective of … Read moreWith GST rate cut, you have another reason to buy a home