Advisory on sequential filing of GSTR-1

Oct 27, 2022

The Central Government has amended Section 37 & Section 39 of Central Goods & Service Tax Act (CGST), 2017 vide Notification No. 18/2022–Central Tax dated 28th September, 2022 with effect from 01 October, 2022. According to section 37(4) of CGST, Act, a taxpayers shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and as per sec 39(10) a taxpayer shall not be allowed to file GSTR-3B if GSTR-1 for the same tax period is not filed.

GST

GST Council says recurring show-cause notices must only be issued by jurisdictional tax authorities

• Oct 27, 2022
  
  

• The Goods and Services Tax (GST) Council has said only the so-called jurisdictional tax authorities must issue recurring show-cause notices to those under investigation even if the initial one is issued by another authority, which could be central or state officials. The clarification eases the compliance burden for both the tax authorities as well as the taxpayers. The GST, implemented in July 2017, faced several initial hiccups as businesses adapted to greater compliance requirements for a nation-wide uniform levy. The tax authorities have also taken measures to ease the burden on taxpayers.

GST

GST slabs unlikely before 2024 general elections

• Oct 28, 2022
  With inflation likely to remain elevated for a longer period and key state elections due in 2023, the Narendra Modi 2.0 government may choose not to restructure the Goods and Services Tax (GST) slabs before it demits office in May 2024, according to official sources. After state assemblies elections in Himachal Pradesh in November this year and Gujarat in December, as many as nine states will go to polls in 2023 including Karnataka, Chattisgarh, Madhya Pradesh, Rajasthan and Telangana. Then the tempo for the 2024 general elections will pick up.
  

GST

GST collection for October at Rs 1.51 lakh crore, second highest after April 2022 revenue

• Nov 02, 2022
  
  
• The Goods and Services Tax (GST) collection for the month of October came in at Rs 1.51 lakh crore, marking the second highest monthly collection after the domestic revenue collections registered in April this year, the Ministry of Finance said in a statement. The October collections continue to maintain the streak for three quarters now when the GST revenue has been above the Rs 1.4 lakh crore mark. The upward trend in the GST collections is pegged to an improved business activity and the recently-culminated festive season.
  

GST

Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers

• Nov 08, 2022
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• The implementation of the GST law in India has been prefaced with the narrative of national ambition and that of a global exception. The government has been striving to ease the overall GST framework for India Inc., by amending the reporting methodology to make GST a “Good and Simple Tax” so that only non-compliant assesses are questioned or held liable and the diligent ones are not affected.One such change has been recently notified by the government vide Notification No. 14/2022 – Central Tax dated July 5, 2022, in Table 4 of GSTR 3B, meant for Input Tax Credit (ITC) related information. The said changes have been made available on the GST portal since September 1, 2022. In brief, the government has majorly changed the following two aspects :

  
  

GST

GST dept steps up anti-evasion drive

• Nov 09, 2022
  Stepping up its anti-evasion drive, the goods and services tax (GST) wing of the Central Board of Indirect Taxes and Customs (CBIC) has started a process of issuing show-cause notices to thousands of entities for alleged evasion or under-payment of tax. It has already issued notices in about 20,000 cases among 34,000 scrutinised for tax evasion in 2017-18, the year in which the comprehensive indirect tax was rolled out, sources said. The tax department reckons that evasion by the entities in the year were to the tune of Rs 2,000 crore. It is also sending out notices to another lot of 35,000 cases for the year 2018-19, the sources added.
  
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GST

GST Evasion Of ? 55,575 Crore Detected In Last 2 Years

• Nov 10, 2022
  GST authorities have detected GST fraud of ? 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST). "In the two years of the special drive, GST/ITC fraud worth ? 55,575 crore has been detected. 719 persons have been arrested, which include 20 CA/CS professionals," the official told PTI.

GST

CBIC Issues Guidelines For Verification Of GST Transitional Credit Claims

Nov 11, 2022

The CBIC on Thursday issued guidelines for verification of GST transitional credit claims and said taxpayers will not be permitted to file revised returns for availing such credit. When Goods and Services Tax (GST) was rolled out on July 1, 2017, taxpayers were allowed to file Form TRAN-1 and TRAN 2 and avail credit on the taxes paid in the pre-GST regime. The Supreme Court had in July directed the revenue department to open GST portal for two months to enable taxpayers to file/revise Form TRAN-1 and TRAN-2.

GST