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Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods
ByTeam Editorial September 20, 2018

Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore on the taxable value of concocted supplies of Rs.450 crore. Gurugram Zonal Unit of the Directorate General…

Read More Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods
IRCON IPO subscribed over 9.5 times; IPO to bring Rs 466 crore revenue to the Government
ByTeam Editorial September 19, 2018

The Initial Public Offering (IPO) of CPSE IRCON has been subscribed 9.5 times. In the IRCON IPO, the Government is selling 10.5 percent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees. The Government is expected to raise Rs 466 crore from the issue. The issue received bids for 9.4 crore…

Read More IRCON IPO subscribed over 9.5 times; IPO to bring Rs 466 crore revenue to the Government
Justice Ranjan Gogoi appointed as next Chief Justice Of India
ByTeam Editorial September 14, 2018

Justice Ranjan Gogoi appointed as next Chief Justice of India The President of India has appointed Justice Ranjan Gogoi as the next Chief Justice of India. He will assume the office of Chief Justice on 3rd October, 2018 after the retirement of the current Chief Justice, Justice Dipak Misra. Born on 18th November, 1954, Justice…

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Charitable trust liable to pay GST in Maharashtra- AAR (Authority of Advance ruling)
ByTeam Editorial September 6, 2018

Advance Ruling Mechanism in GST An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further,…

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GST Day – 1st July 2018 to be celebrated as “GST day” – #GST “ONE NATION, ONE TAX, ONE MARKET”
ByTeam Editorial June 30, 2018

1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation Government of India is celebrating the 1st Anniversary of the Goods and Services Tax (GST) coming into force, here tomorrow. GST was launched on the 1st July, 2017 in a majestic ceremony held in…

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Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018
ByTeam Editorial April 27, 2018

GST Revenue Collections for the Financial Year 2017-18 Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 . During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore…

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E-Way Bill System for Inter State movement of goods across the country introduced from today 1st April 2018
ByTeam Editorial April 1, 2018

E-way bill operations are available for inter-state movement of goods. Presently, e-way bill operations are not available for intra-state (within the state) movement of goods, except for Karnataka State. E-way bill operations for intra-state (within the state) will be made available in a phased manner, as and when instructed by GST Council. The e-way Bill…

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GST Fraud in Mumbai – Two Businessman arrested for creating fake Invoices
ByTeam Editorial March 2, 2018

Enforcement Action for Fraud in GST Mumbai – Two Businessmen arrested by Officers of CGST, Mumbai for creating fictitious invoices and availing ineligible credit. Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The persons have been arrested for availing input tax credit on the basis of fraudulent…

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GST Revenue Collection of January 2018 is Rs.86,318 Crores from 1.03 Crore Dealers
ByTeam Editorial February 27, 2018

GST Statistics of Jan 2018 – GST Revenue Collections stand at Rs.86,318 crores for the month of January 2018 (received in January/February upto 25th February 2018). More than 10 Million Dealers registered till 25th February 2018 – As per data provided by PIB, 1.03 crore taxpayers have been registered under GST so far till 25th…

Read More GST Revenue Collection of January 2018 is Rs.86,318 Crores from 1.03 Crore Dealers
Tax Treaty with Iran to prevent Double Taxation and Fiscal Evasion
ByTeam Editorial February 19, 2018

India and Iran signed in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect to taxes on income. India and Iran signed here in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect…

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GST Council recommends relief in GST on Circus, Dance and Theatrical Performances
ByTeam Editorial February 15, 2018

Threshold Exemption under GST for admission to such cultural and sports events in the country increased from Rs. 250 to Rs. 500 per person In its Meeting held on 18th January, 2018, the GST Council has recommended that for the purpose of GST exemption, the threshold price limit of Admission Ticket for circus, dance,theatrical performances including…

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Resident Welfare Associations (RWA) are liable to pay GST if monthly subscription from its members is more than Rs.7500 Per Month
ByTeam Editorial February 10, 2018

GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWAs) to their Members. Threshold Exemption Limit under GST for monthly contributions made by members for services provided by RWAs raised from Rs. 5,000 to Rs. 7,500 per month per person. n its 25th Meeting held on 18th January, 2018, the…

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Planning to Invest in Bitcoin? – Finance Ministry & RBI cautioned people of India to do at their own risk – Bitcoin is not a Legal Tender
ByTeam Editorial December 29, 2017

There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets.Government Cautions People Against Risks in Investing in Virtual ‘Currencies’ – Says VCs are like “Ponzi Schemes”. The…

Read More Planning to Invest in Bitcoin? – Finance Ministry & RBI cautioned people of India to do at their own risk – Bitcoin is not a Legal Tender
Impact of GST on the Prices of Goods and Services
ByTeam Editorial December 28, 2017

Since GST bill has been introduced in the Parliament, economists across the country have started analyzing its impact on the economy. Recommended as the biggest reform of Indian economy, GST has a distinctive impact on every touch point from manufacturer and trader to buyer. Since it is about to proceed in the next couple of…

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Inter-State E-Way Bill compulsory from 1st February 2018 – GST Council Decided in its 24th Meeting
ByTeam Editorial December 28, 2017

The 24th GST Council Meeting held on 16th December 2017, through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018. The System to be ready by 16th of January, 2018; The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the…

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Frequently Asked Questions (FAQs) with answers on GST
ByTeam Editorial December 28, 2017

Question 1. What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will…

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Understanding the GST E-Way Bill – How Will It Work?
ByTeam Editorial December 27, 2017October 26, 2022

Under the newly introduced GST regime, the transporters are required to carry an electronic or e-way bill at the time of moving the goods from one location to another. It is a mandatory requirement and the transporters, consignors, and consignees must comply with it. This is an online version of the earlier accepted Way Bill…

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What is the Impact of GST on the Export of Services and Goods?
ByTeam Editorial December 27, 2017October 26, 2022

Previously, the export of services and goods was subject to a levy of indirect taxes. Excise tax, customs duty, VAT, service tax, etc. was standard taxes charged from an exporter. Under the GST regime, all these taxes are subsumed into one. However, customs duty is an exemption and still levied on importers as usual. Currently,…

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Who Can Be Taxable And Liable for Registration Under GST?
ByTeam Editorial December 27, 2017October 26, 2022

With the introduction of GST, there has been a lot of confusion about the different aspects of this tax regime that combined nine existing taxes into one. Here, we will discuss the taxable person who is liable to register under this law. Any person who carries any business at any location in India and is…

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GST Collection for the Period till 25th December 2017
ByTeam Editorial December 27, 2017October 26, 2022

Gross collection of GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017 Total Revenue Collection under GST: The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25thDecember 2017. 99.01 lakh taxpayers have been registered under GST so far till 25th…

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Vehicles that were bought and leased before July 1, 2017, would be subject to GST at a rate equal to 65% of the applicable GST rate
ByTeam Editorial October 21, 2017October 22, 2022

In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital took several decisions in respect of motor vehicles purchased and leased prior to 1st July, 2017. These decisions are as given below:- a) Leasing of vehicles purchased and…

Read More Vehicles that were bought and leased before July 1, 2017, would be subject to GST at a rate equal to 65% of the applicable GST rate
Penalty for Non-Filing of GSTR 3B
ByTeam Editorial September 3, 2017October 22, 2022

What is GSTR 3B – For the first two months of GST implementation, Every GST registered person have to file form GSTR 3B within the due date for each GSTN. If you have more than one GSTN, it would be required to file separate GSTR3B for each GSTN. However this form is temporary in nature, still…

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HOW WILL IT HELP CONSUMERS?
ByTeam Editorial September 2, 2017October 22, 2022

Today consumers have no idea about the extent of taxes they pay on goods. If you get a bill after buying merchandise which gives the extend of VAT you have paid, it is an understatement of the actual tax you have paid. Remember, well before merchandise reached the retail outlet, the central government has collected…

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HOW IS INDIA’S TAX SYSTEM STRUCTURED TODAY
ByTeam Editorial September 2, 2017October 22, 2022

The constitution divides taxation powers between center and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of…

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