The last five years of the GST trip have been analogous to the Samudra Manthan, which began with the unpleasant parts of change but gradually provided the honey of increasing income. Many of those who complained about GST’s early problems may have forgotten what the indirect tax situation was like before its implementation: the multiplicity…
Officials from the Maharashtra Goods and Service Tax (GST) department detained a Pune-based merchant for allegedly using false invoices worth Rs 36.34 crore and dodging tax of Rs 13.08 crore. Doulat Shivlal Choudhary, 26, reportedly used forged invoices to obtain tax credits worth Rs 6.54 crore and false input tax credits worth Rs 6.54 crore.…
The finance ministry said on Wednesday that GST authorities have detained one individual on accusations of fraudulently claiming Rs 52 crore in an input tax credit by generating phony invoices and dodging taxes. The Gurugram zonal unit of the Directorate General of GST Intelligence (DGGI) received information that AKS Electrical and Electronics Ltd, based in…
The Central Board of Indirect Taxes and Customs (CBIC) has notified the GST rate revisions based on the GST Council meeting last month in Chandigarh. The Board has issued many notifications to implement the GST Council’s recommendations on adjustments in GST Rates for Goods and Services. These modifications will take effect on July 18, 2022.…
E-Invoice under the GST regime refers to a mechanism in which GSTN electronically verifies B2B invoices for usage on the common GST site. Under the electronic invoicing system, the Invoice Registration Portal (IRP), controlled by the GST Network, will provide an identifying number for each invoice (GSTN). E-invoicing is a procedure in which invoices are…
Currently, 18 percent of GST is paid solely on crypto exchange services, classified as financial services. GST officials believe that cryptos, by definition, are akin to the lottery, casinos, betting, gambling, and horse racing, all of which are subject to a 28 percent GST on the total value. The Centre contemplates categorizing cryptocurrencies under the…
The Telangana State Authority for Advance Ruling ( AAR ) has held that Distillery Wet Grain Soluble (DWGS) and Distillery Dry Grain Soluble (DDGS) sold as Cattle feed attracts 5% GST. The applicant, M/s. Allied Blenders and Distillers Private Limited are primarily engaged in manufacture of alcohol. In the process of manufacturing alcohol, the applicant…
“Lalayet pancha varshani, dasha varshani tadayet.” This is a Sanskrit aphorism, sometimes ascribed to Kautilya/Chanakya. I have quoted the first half of the aphorism. “Nurture a child for the first five years and strike him with a rod for the next ten years.” GST was born on 1 July 2017, though a long period of…
Finance Minister Nirmala Sitharaman said in Rajya Sabha (RS) on Tuesday that Rs 96,756 crore had been disbursed to states as goods and service tax (GST) compensation, but Rs 53,611 crore was still pending. “The Centre is committed to release full GST compensation to states/Union Territories, according to the GST (Compensation to States) Act, 2017,…
Over Rs 53,600 crore of GST compensation for the current fiscal is yet to be released to the states, Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Tuesday. So far this fiscal, Rs 96,576 crore has been released to the states on account of GST compensation, and an additional Rs 1.59 lakh crore…