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In the ongoing drive against fake billing operations, the officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East, have unearthed a multi-layered network of fictitious firms being used by their operators to generate and pass on fake ITC. Through the use of extensive data analytics, officers of Delhi East GST were able to…
The gross GST revenue collected in the month of January 2021till 6PM on 31.01.2021 is ₹ 1,19,847 crore of which CGST is ₹ 21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) and Cess is ₹ 8,622 crore (including ₹ 883crore collected on import of goods). The total number of GSTR-3B…
Read More “GST Revenue collection for January 2021 almost touches ₹1.20 lakh crore” »
With the implementation of GST, 2017 saw a complete change in the way we used to pay our taxes. Scroll down for more details on how the government of India gets it money and pick the trend you want to see: personal income tax, corporate taxes, service tax, excise or customs duties. SOURCES OF REVENUE…
The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total number of GSTR-3B…
Read More “Recorded GST Revenue Collection for December 2020” »
Document certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoice’). Details from such e-invoice are be auto-populated in respective tables of GSTR-1, and GSTR-1 is a part of GST. Due to some unanticipated issues, there has been delay in auto-population…
Read More “GST auto-population of e-invoice details into GSTR-1” »
Government efforts to revive the economy after the lockdown opens, seem to be getting results. Earlier in October too, the GST collection was Rs 1,05,155 crore. In the midst of the Corona crisis, good news has come for the government for the second consecutive month on the economic front. The collection of Goods and Services…
Document Who can opt for the scheme: Following registered person (here in after RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses…
Read More “Quarterly Return Filing with Monthly Payment of taxes!” »
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established syndicate was being operated by floating seven different fake firms…
Another process of filing GST returns has been made easier for small traders. GST Network (GSTN) has started the facility of filling quarterly returns through SMS for composition taxpayers on which liability is NIL. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which 20 percent ie 3.5 lakh taxpayers…
Read More “Small relief to small traders in GST, tax returns will be filled with just one SMS” »
Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY…
Read More “Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19” »