- 01 Oct 2022 03:00 PM
- New
15 insurance companies evade GST to the tune of ₹824 crore
Acting on specific inputs, GST Intelligence Officers in Mumbai searched the premises of a number of corporates -- insurance companies, intermediary marketing/branding companies, NBFCs and banks, in multiple cities. And during the investigations, many cases of availment and utilisation of ineligible input tax credit (ITC) without underlying supply of goods or services were detected.
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- 01 Oct 2022 03:08 PM
- New
Govt cuts borrowing target by ₹10k crore
Source: https://www.livemint.com/economy/govt-cuts-borrowing-target-by-10k-crore-11664476439763.html
BENGALURU : The government on Thursday cut its market borrowing plan for the fiscal year by ₹10,000 crore from what it projected in the February budget, as revenue remained robust.
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- 01 Oct 2022 03:12 PM
- New
16 insurers under DGGI probe for over ₹800 crore of tax irregularities
Investigation has shown that the wrongful use of tax credit amounted to ₹824 crore, of which ₹217 crore has been ‘voluntarily’ paid by companies after the probe agency’s detection
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- 01 Oct 2022 03:15 PM
GST collection rises 26% to over ₹1.47 lakh crore in September
The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods).
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- 01 Oct 2022 03:19 PM
Centre, states collect over ₹1.47 trillion in GST in September
Central and state governments collected over ₹1.47 trillion in Goods and Services Tax (GST) revenue in September, said an official statement. GST collections have remained over ₹1.4 trillion mark in a row for seven months now.
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- 01 Oct 2022 03:24 PM
Government collects Rs 1,47,686 cr GST revenue in September
GST collections in September rose 26 per cent to over Rs 1.47 lakh crore, the finance ministry said on Saturday. Goods and Services Tax (GST) mop-up has been over Rs 1.40 lakh crore for seven months in a row.
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- 01 Oct 2022 03:43 PM
ICAI Suggestions on Draft Form GSTR-3B
Source: https://taxguru.in/goods-and-service-tax/icai-suggestions-draft-form-gstr-3b.html
Para 2 (a) of the instructions contained in Annexure-B of the concept paper mentions that figures will be auto-populated from Table – 4, 6, 8, 11 and proposed Table 14 of FORM GSTR-1 other than row (f) which will be partly auto-populated from GSTR-2B and partly user entry. However, in respect of the proposed Table-14 of GSTR-1, no details have been released in the public domain till date. Therefore, clarification is required on the same.
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- 29 Sep 2022 05:30 PM
Govt mulls to decrimnalise certain offences under GST, lower compounding charges
Aiming to decriminalise offences under GST, the government is working on a provision to raise the threshold limit for launching prosecution and lower charges for compounding of offence, an official said on 28 September.
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- 29 Sep 2022 05:38 PM
Key GST changes to take effect from 1 October
Accordingly, the due date for availing input tax credit pertaining to the previous financial year has been extended from the due date of filing of GST return for September to 30 November. Also, the due date of issuance of credit notes and declaration in the returns has been extended from 30 September to 30 November.
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- 29 Sep 2022 05:43 PM
Surge in GST collections more due to higher inflation: India Ratings
The surge in goods and services tax collections is more due to higher inflation than higher consumption, said India Ratings and Research in a note on Thursday. It said that higher GST collections should not be construed as an indication of a rise in consumption demand.
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