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”

GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021)

The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.Continue reading “GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021)”

GST Revenue collection for July 2021 : Rs. 1,16,393 crore gross GST revenue collected in July

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore (including ₹ 27,900 crore collected on import of goods) and Cess is ₹ 7,790 crore (including ₹ 815 crore collected on import of goods).The above figure includes GST collection received from GSTR-3B returns filed betweenContinue reading “GST Revenue collection for July 2021 : Rs. 1,16,393 crore gross GST revenue collected in July”

Functionality to check and update bank account details (GST Portal update 29 July 2021)

How to add bank account in GST registration details. A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required toContinue reading “Functionality to check and update bank account details (GST Portal update 29 July 2021)”