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GST | Year End Activities for FY 2020-21

Year End Activities in GST for Financial Year 2020-21 We are in the penultimate week of Financial year 2020-21. It calls for some activities to be carried out under GST and laws for smooth transition to Financial Year 2021-21. We have listed down certain important activities for the said transition/ closure of Financial Year 2020-21 - Important Changes applicable for FY 2021-22 (April 2021) Accounting Software - As per MCA Notification - every Company shall use Accounting Software ha..

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ITC related compliance as on 31st March 2021

In this article, we have discussed about the ITC compliances and procedure that has to be followed by the registered taxpayers under the provisions of the GST Law as on March 31, 2021.   Topic Particulars Date ITC related compliance as on March 31, 2021 Reversal of ITC in case of non-payment As per Section 16(2) of the CGST Act, where payment against purchase of goods or services o..

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CGST Commissionerate, Ghaziabad arrests two persons in case of issuance of fake invoices

CGST COMMISSIONERATE, GHAZIABAD ARRESTS TWO PERSONS IN CASE OF ISSUANCE OF FAKE INVIOCES OF RS. 93 CRORES(APPROX.) BY CREATING 25 FAKE FIRMS AND PASSING OF INADMISSIBLE INPUT TAX CREDIT OF RS. 16 CR.(APPROX.) 1 On the basis of information shared by the Chief Commissioner's Office, CGST & Custom, Meerut Zone, Meerut, officers of CGST Commissionerate Ghaziabad, conducted a saris of search. on 10.03.2021 at 18 places located at Ghaziabad, Noida, Meerut, Sambhal and Delhi.  2. Thi..

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Reversal of ITC or Payment of additional Tax - Form GST DRC 03

Annual Return is a form where any assessee is required to fill it with department annually but assessee has also given chances to correct the output tax liability and input tax through filing of form annual return GSTR-9. Annual Return GSTR-9 is not sufficient if we have filled and reversed the INPUT Tax and shown additional output liability. The assessee is required to further fill DRC-03 online where assessee is also required to verify DRC-03 through DSC or EVC code. DRC-03 is used for b..

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Delhi East CGST Officials arrest man for ITC fraud of Rs 38.91 crore

In the ongoing drive to counter the menace of fake billing operators, information from analytics tool NETRA (Network Exploration Tool for Revenue Augmentation), was developed by the officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi East to unearth a network of fictitious firms used to generate and pass on fake Input Tax Credit (ITC) of Goods and Service Tax (GST). Investigation revealed that the multilayered network was being operated by one Shri Nihaluddin who has ..

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Whether tax paid on intra-state inward supply in one state can be used to pay output tax liability in another state

INTRODUCTION Many Businessman come across the transaction where he received the Intra state supply and paid GST (i.e. CGST & SGST) in a state where he does not have GST Registration. Now Question is raised that whether ITC of such GST paid (i.e. CGST & SGST) in other state can be used for pay output liability in a state where is has a registration? E.g.:- A businessmen registered in Maharashtra would book a hotel in Gujarat for attending a business meeting and pay CGST and Gujar..

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How to Calculate Common Credit (ITC) under GST?

Introduction One of the much talked about features of the Goods and Services Tax Law (GST) is seamless input tax credit. A registered person is eligible to take input tax credit charged on any supply of goods or services or both which are used or intended to be used in the course or furtherance of his business. In many cases, businesses use the same assets and inputs for both business & personal use. The total input tax credit available on purchases of all such purchases is called common ..

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CGST Delhi officials arrest 4 in 3 different cases of ITC fraud of Rs 178 crore

In the ensuing initiative to counter the menace of fake billing operations, the officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi North, on the basis of intelligence developed through extensive data analytics, have unearthed a network of fictitious firms to generate goods-less invoices and pass-on fake Input Tax Credit to multiple beneficiaries. In all, four individuals were arrested in three different cases in terms of Section 69(1) of the CGST Act, 2017 for commission of..

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DGGI Gurugram arrests man for fraudulently availing ITC of more than Rs 69 crore

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shei Surender Kumar Gupta resident of New Delhi on charges of availing and passing on fake input tax credit by way of receipt/issuance of invoices without any actual supply of goods or services. It is apparent from the investigation conducted till date, that Shri Surender Kumar Gupta, Director of M/s. Mystic Exim Pvt. Ltd., M/s. Landmark Traders Pvt. Ltd. and Controller of M/s. JKM Impex for..

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DGGI Gurugram arrests man for fraudulently availing ITC of Rs 376 crore through 7 fake firms

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Ritesh Aggarwal, resident of Bahadurgarh, Haryana on charges of passing and availment of fake ITC while operating dummy, fake and non-existent firms and encashing this unduly availed input tax credit (ITC) through IGST refund mode by showing export of cigarettes. It became apparent from the investigation that Shri Ritesh Aggarwal , the proprietor of M/s SR Impex was de-facto controller of ..

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Rule 86B under GST | Restriction on Utilisation of ITC in Electronic Credit Ledger

INTRODUCTION Input tax credit plays a very important role in GST by avoiding cascading effect of taxation. The ITC available in the electronic credit ledger could always be fully utilised for discharging the output tax liability. The new Rule 86B has limited the use of ITC balance for paying its output tax liability. Once ITC availed as per Section 16 of CGST Act, 2017 (Rule 36) is credited to electronic credit ledger. Once ITC credited in electronic credit ledger it can be used for paymen..

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One held by CGST Delhi officials for fraudulently passing on fake ITC of Rs 14.30 crore

In the ongoing campaign against fake/bogus invoices and resultant availment of inadmissible ITC, officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have detected a case of issue of fake bills of Rs. 79.5 crore (approx). The syndicate was being operated by Sh. Nitin Jain, C.A by floating three firms i.e M/s Anshika Metals, M/s N.J Trading Co. and M/s A.J Enterprises using the identity of his family members, with the intent of passing of inadmissible ITC. Sh. Nitin Jain..

Posted in news |   1 comments |   3729 Views

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