GST News

Finance companies urge RBI to avoid GST by not renaming penal interest as 'charges'

16 May 2023 at 08:45

The Finance Industry Development Council, a representative body of NBFCs in India, has requested the Reserve Bank of India (RBI) not to classify penal interest as 'charges' due to potential tax implications.

Posted in GST | 4530 Views

Online gaming companies in limbo as GST authorities struggle to take action after Gameskraft probe

16 May 2023 at 08:45

Dark clouds loom over the post-probe move against online gaming companies by GST Authorities after a ruling by Karnataka High Court in the Gameskraft matter.

Posted in GST | 5247 Views

Automated GST Scrutiny to trigger notices in cases of data mismatches

15 May 2023 at 08:38

The central government's rollout of automated scrutiny of Goods and Services Tax (GST) returns this week could lead to assessees getting notices in cases where there are data mismatches between different types of tax returns, said experts.

Posted in GST | 7008 Views

Business community applauds crackdown on fake GST registrations

15 May 2023 at 08:38

Industrialists, who had been asking GST departments to take action against the rising menace of bogus billing, have welcomed the central government’s move on holding a special all-India drive

Posted in GST | 4056 Views

24 major importers evade Rs 11,000 crore GST payments

13 May 2023 at 08:48

The Directorate General of GST Intelligence (DGGI) and Directorate of Revenue Intelligence (DRI) have detected alleged Integrated GST evasion to the tune of ₹11,000 crore by 24 large importers.

Posted in GST | 2907 Views

Tax authorities investigate shell firms for fraudulent ITC claims

12 May 2023 at 08:50

According to a report officials have prepared a detailed list of entities and their beneficiaries that allegedly created multiple shell firms to represent fake transactions and the tax authorities will target such entities during the next two months.

Posted in GST | 3582 Views

Automated Return Scrutiny Module rolled out for GST returns in ACES-GST backend application

12 May 2023 at 08:50

CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers

Posted in GST | 5526 Views

CBIC reduces e-invoicing limit from 10 crore to 5 crore w.e.f. 1st August 2023

11 May 2023 at 08:59

CBIC has reduced the e-invoicing limit to 5 crore from the current limit of 10 crore starting from 1st August 2023.

Posted in GST | 1 comments | 19836 Views

CBIC extended deadline to opt for Forward Charge option by GTAs to 31st May 2023

11 May 2023 at 08:55

CBIC has issued notification to provide that the option for the Financial Year 2023-2024 to pay tax under Forward Charge by Goods Transport Agency shall be exercised on or before the 31st May, 2023.

Posted in GST | 6909 Views

Clarification on online gaming, cement rates likely at GST Council meeting in June

09 May 2023 at 08:43

The much-awaited clarity on online gaming tax rates is expected at the next meeting of the GST Council, which is likely next month. The council is also set to decide on revising the rates for millets and cement at the meeting.

Posted in GST | 4704 Views