Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)

Refer YouTube video link https://youtu.be/H0VJVlQoYrU Aadhaar authentication of registration to be made mandatory for being eligible for filing refund claim and application for revocation of cancellation of registration. Late fee for delayed filing of FORM GSTR-1 to be auto-populated and collected in next open return in FORM GSTR-3B. Refund to be disbursed in the bank account, which is linked withContinue reading “Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)”

DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore (Ministry of Finance Press Release dated 15th Sept 2021)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested 3 persons including a CA on charges of creating and operating multiple fictitious firms on forged documents and passing large amounts of fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods orContinue reading “DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore (Ministry of Finance Press Release dated 15th Sept 2021)”

GST Revenue collection for August 2021₹ 1,12,020 crore of gross GST revenue collected in August

Ministry of Finance Press Release dated 01 Sept 2021 The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore of which CGST is ₹ 20,522 crore, SGST is ₹ 26,605 crore, IGST is ₹ 56,247 crore (including ₹ 26,884 crore collected on import of goods) and Cess is ₹ 8,646 crore (including ₹ 646 crore collected on importContinue reading “GST Revenue collection for August 2021₹ 1,12,020 crore of gross GST revenue collected in August”

Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act (GST notification 33/2021,34/2021 dated 29 Aug 2021)

The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.  The last date to avail benefit of the lateContinue reading “Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act (GST notification 33/2021,34/2021 dated 29 Aug 2021)”

Advisory on HSN and GSTR-1 Filing (GST Update 27 Aug 2021)

GST Portal 26/08/2021 1.In accordance with Notification No. 78/2020 – Central Tax, dated October 15, 2020, taxpayers need to declare Harmonised System of Nomenclature (HSN) Code of Goods and Services supplied by them on raising of tax invoices, with effect from 1st April, 2021 on the below mentioned lines.S.NoAggregate Turnover in the preceding Financial YearNumberContinue reading “Advisory on HSN and GSTR-1 Filing (GST Update 27 Aug 2021)”

01 सितम्बर 2021 से GSTR-1 फाइलिंग पे रोक II Implementation of Rule-59(6) on GST Portal w.e.f. 01st Sept 2021

Dear Sir, Please find below YouTube video link on GST Updates01 सितम्बर 2021 से GSTR-1 फाइलिंग पे रोक II Implementation of Rule-59(6) on GST Portal w.e.f. 01st Sept 2021 RegardsBipul Kumar

2 more arrested by DGGI Gurugram Unit for input tax credit fraud (MOF Press Release dated 25 Aug 2021)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has earlier busted a case wherein total fake ITC of  Rs 176 crore has been fraudulently passed on by Sh. Sanjay Goel, Prop of M/s. Redamancy World, and Sh. Deepak Sharma, the de–facto controller of 8 non-existent firms. Accordingly Sh. Sanjay Goel, Prop. of M/s. RedamancyContinue reading “2 more arrested by DGGI Gurugram Unit for input tax credit fraud (MOF Press Release dated 25 Aug 2021)”

2 held by CGST Officials for input tax credit fraud of more than Rs 10 crore

Ministry of Finance Press Release dated 11th Aug 2021 The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd.,  Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods. On the basis of the investigation conducted till date, the saidContinue reading “2 held by CGST Officials for input tax credit fraud of more than Rs 10 crore”

CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21

The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the financial year 2020-21 and booked more than 7,200 cases involving fake ITC. This was stated by Union Minister of State forContinue reading “CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21”