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Soon, GST taxpayers will get 'risk scores'

Soon, GST taxpayers will get 'risk scores'

An extensive plan is being worked out even though annual return filings has been postponed by two months to August 31.

Anti-profiteering investigation: Mock purchases, premise visits planned to check B2B invoices

Anti-profiteering investigation: Mock purchases, premise visits planned to check B2B invoices

GST officials likely to identify top 20 suppliers in their jurisdiction.

GST council extends tenure of anti-profiteering body

GST council extends tenure of anti-profiteering body

The 35th Council meeting was the first to be chaired by the new finance minister Nirmala Sitharaman.

Sitharaman's first GST Council meet to decide on NAA extension, single point refund system

Sitharaman's first GST Council meet to decide on NAA extension, single point refund system

The Council is likely to discuss a mechanism for single point sanctioning and processing GST refunds.

GST has led to inequity in tax treatment of Indian shipping cos vs their foreign counterparts

GST has led to inequity in tax treatment of Indian shipping cos vs their foreign counterparts

In a high-volume, low margin business like shipping, even a 5 percent cost disadvantage can dent the competiveness of domestic shipping businesses significantly.

I-T returns: 3,500 exporters under lens

I-T returns: 3,500 exporters under lens

"Traders who have clean transactions have nothing to fear and will not face any hardship," a tax official said.

Bogus IGST refund claims: Government to verify exporters' claims before sanctioning

Bogus IGST refund claims: Government to verify exporters' claims before sanctioning

Tax experts said the move to verify the refund claims would delay the process of refund issuances to exporters.

GST on electric vehicles may be reduced to 5%

GST on electric vehicles may be reduced to 5%

The GST Council is set to take up the proposal at its June 20 meeting, said a govt official aware of the development.

ClearTax launches Quick GSTR-9 for speedy filing

ClearTax launches Quick GSTR-9 for speedy filing

It has a specifically tailored reduced version of ClearTax’s 5-point checklist to help a faster review for a CA.

Centre rules out bringing oil products under GST for now

Centre rules out bringing oil products under GST for now

The Centre is of the view that the state govts may not support such a move as petroleum products are among a handful of items on which states still have control after the introduction of GST.

GST return filing: These are the major changes in the process from July

GST return filing: These are the major changes in the process from July

Large taxpayers will continue to file the GSTR-3B during the months of October and November 2019, after which they will have to start filing FORM GST RET-01.

New GST return system for taxpayers: Here are all the details

New GST return system for taxpayers: Here are all the details

The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.

More items likely to go off highest GST slab

More items likely to go off highest GST slab

Some states fear slowdown may get entrenched, reach out to Centre; GST Council may meet on June 20.

CPI preparing a memorandum on GST rates to save MSME

CPI preparing a memorandum on GST rates to save MSME

The Micro, Small and Medium Enterprises (MSME) sector was seriously affected due to the higher GST rates in India, particularly Tamil Nadu.

Exporters want benefits of Capital Goods Scheme under GST regime

Exporters want benefits of Capital Goods Scheme under GST regime

Move Supreme Court against government which has set conditions for exporters to avail benefits of the scheme.

IGST credit accrued in FY18 won't lapse even if not availed in that fiscal: Finance Ministry

IGST credit accrued in FY18 won't lapse even if not availed in that fiscal: Finance Ministry

The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data.

Companies to take GST audit exam; Experts want no penal action

Companies to take GST audit exam; Experts want no penal action

The audit is significant because this is the first time that GST returns and the accounts of companies will be scrutinised for compliance levels.

Govt probes I-T and GST mismatch in crackdown against evaders

Govt probes I-T and GST mismatch in crackdown against evaders

One of the most glaring gaps noticed by tax officials is the use of shell companies to make bogus claims. In several cases of fraudulent claims, identity theft was also noticed.

GSTN move to give leg-up to software product firms

GSTN move to give leg-up to software product firms

Six firms to offer software free of cost to the targeted 8 million small businesses.

Benefits from lower GST rate must be passed on to home buyers: NAA

Benefits from lower GST rate must be passed on to home buyers: NAA

The NAA after considering the legal provisions and facts of the case, held that the contention of the developer that computation of the benefit/ loss could not be done before completion of the project is not tenable.

GST: Post-supply discounts or distress?

GST: Post-supply discounts or distress?

Considering the fact that the full amount of GST as applicable on the original transaction value remains paid to the government, there is no revenue loss to the exchequer.

GST: Why businesses must prepare GSTR-9 without any delay

GST: Why businesses must prepare GSTR-9 without any delay

Some businesses are yet to draw reconciliations, between GSTR-1, GSTR-2A and GSTR-3B. Too many changes in the process of filing have kept some away from compliance with GSTR-9.

Government likely to introduce electronic invoice system under GST

Government likely to introduce electronic invoice system under GST

This sub-group will examine and recommend the business process, policy and legal aspects for generation of e-invoice.

GST: From anti-profiteering to fixing GSTN glitches, issues that need immediate attention

GST: From anti-profiteering to fixing GSTN glitches, issues that need immediate attention

The Government should consider taking appropriate measures to further strengthen the GST portal, to facilitate compliance with GST law amendments and to ensure GST portal’s easy access to the taxpayers.

GST Council may consider national bench of AAAR next month; move to give certainty to taxpayers

GST Council may consider national bench of AAAR next month; move to give certainty to taxpayers

The AARs in different states have passed about 470 orders, while AAARs have disposed of around 69 cases till March 2019.

GST anti-profiteering body may get fresh lease of life

GST anti-profiteering body may get fresh lease of life

Final decision on NAA extension may be taken by the new govt after polls, said officials.

Automated GST refund for exporters by next month

Automated GST refund for exporters by next month

Currently, the facility of automatic refund is available only for those exporters who have paid Integrated Goods and Services Tax (IGST) while exporting goods

QR code option may be must for shops

QR code option may be must for shops

The move follows a goahead by the GST Council before the elections and now the details of the payment mechanism are being worked out.

Now, owners may have to pay different GST for identical flats

Now, owners may have to pay different GST for identical flats

Two people buying identical flats in the same complex but in different buildings, may end up paying different GST.

B2B invoices will have to be generated on govt portal by September to check GST evasion

B2B invoices will have to be generated on govt portal by September to check GST evasion

The e-invoice generation method will be similar to the one being followed for e-way bill on the 'ewaybill.nic.in' portal or payment of GST on the GSTN portal.

Why it may be premature to cheer the surge in April GST collection

Why it may be premature to cheer the surge in April GST collection

Most leading indicators show production and demand conditions have remained weak.

GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout

GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout

The number hit a record high on the back of high compliance and increased returns.

Tax dept to share ITR data with GSTN to detect tax evasion by business persons

Tax dept to share ITR data with GSTN to detect tax evasion by business persons

Before GST was introduced, the department could not reconcile the data filed by the business persons in his/her sales tax return/service tax return and ITR.

GST: What a novice exporter needs to keep in mind

GST: What a novice exporter needs to keep in mind

If compliances in terms of current taxation policy of the Government and do’s and don’ts for availing the benefits are not adhered to, it may lead to difficulty in exports or denial of precious export incentives.

E-invoicing may begin under GST

E-invoicing may begin under GST

The GST Council has taken a number of measures, such as the introduction of electronic way (e-way) bills, to clamp down on tax evasion.

You may be paying higher tax on annual maintenance bills

You may be paying higher tax on annual maintenance bills

Conflicting rulings on annual maintenance contracts have caused considerable confusion in the industry.

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