26 May 2022 06:48 PM
New

Uttar Pradesh tops in GST registrations; small businesses dominate

Source: https://www.livemint.com/economy/uttar-pradesh-tops-in-gst-registrations-small-businesses-dominate-11653565883883.html

NEW DELHI: Uttar Pradesh is home to the largest number of businesses in the country registered for paying Goods and Services Tax (GST), with small businesses accounting for the chunk. This makes the most populous state in the country a hub for small entrepreneurs, show official data.

26 May 2022 06:57 PM
New

Gurugram GST Refund case: Trial Court dismisses Bail application of Sunil Mehlawat

Source: https://taxguru.in/goods-and-service-tax/gurugram-gst-refund-case-trial-court-dismisses-bail-application-sunil-mehlawat.html

It is argued by the learned counsels for the applicant/accused that the applicant/accused has been practicing as C.A. since past 6 years and has been falsely implicated with the allegations that UDIN number, ID and password of the applicant has been misused by co-accused Gaurav Dhir. It is further averred that even as per the allegations in the complaint, the applicant is not accused of misappropriation of a single rupee. It is further argued that the case of the prosecution is that the applicant was unaware of submission of the request by co-accused Gaurav Dhir in the GST department and even from perusal of the statement, the role as described by the prosecution, no offence under Section 132 (b), (c), (d) of GST is made out against the applicant/accused and further nothing is to be recovered from the applicant/accused. With these submissions it is prayed that applicant/accused may be granted concession of bail.

26 May 2022 07:11 PM
New

Gurugram GST Refund case: Trial Court dismisses Bail application of Gaurav Dhir

Source: https://taxguru.in/goods-and-service-tax/gurugram-gst-refund-case-trial-court-dismisses-bail-application-gaurav-dhir.html

It is argued by the learned counsel for the applicant/accused that the applicant/accused has no concern with the alleged offence and he has been falsely implicated with the allegations that co-accused Sunil Mehlawat had shared his UID number, ID and Password with the applicant/accused and the same has been misused by the applicant/accused. It is further argued by learned defence counsel that nothing is to be recovered from the applicant/accused and the case of the prosecution is fake and fictitious and the applicant/accused is not a previous convict and having good antecedents. With these submissions it is prayed that applicant/accused may be granted concession of bail.

25 May 2022 04:00 PM

India's GDP to grow at 8.2% in FY23, seen at 9% next fiscal: ICICI Securities chief economist

Source: https://www.livemint.com/news/india/indias-gdp-to-grow-at-8-2-in-fy23-seen-at-9-next-fiscal-know-more-11653470549930.html

India's lowering of borrowing requirement is expected to push private investment which will cushion the country's economic growth to 8.2% in the current financial year FY23. ICICI Securities' chief economist expects the GDP to further accelerate by 9% in fiscal 2023-24.

24 May 2022 01:21 PM

ICAI vs CBIC: two officials suspended

Source: https://www.livemint.com/news/india/icai-vs-cbic-two-officials-suspended-11653320878971.html

Sitharaman held a meeting with a delegation from the ICAI led by the Institute’s vice president Aniket Sunil Talati Saturday to discuss various issues, including ongoing investigations by CGST Gurugram into alleged role of their members in fraudulent GST refunds.

24 May 2022 01:27 PM

GST rate revision may get delayed

Source: https://www.livemint.com/economy/gst-rate-revision-may-get-delayed-11653332146125.html

NEW DELHI : The plan to rationalize goods and services tax (GST) rates to boost revenue collection for central and state governments may get delayed because of the sudden deterioration in macroeconomic conditions, including slowing economic growth and surging inflation.

24 May 2022 01:45 PM

ICAI discusses arrest of 2 CAs by CGST Gurugram with FM, Officers Suspended

Source: https://taxguru.in/goods-and-service-tax/icai-discusses-arrest-2-cas-cgst-gurugram-fm.html

Smt Nirmala Sitharaman, Minister of Finance and Corporate Affairs held a meeting with Institute of Chartered Accountants of India (ICAI) delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various issues, including ongoing investigations by CGST Gurugram into alleged role of their members in fraudulent GST refunds.

23 May 2022 11:59 AM

GST Council may modify monthly tax payment form, summary return for better input tax credit reporting

Source: https://www.livemint.com/news/india/gst-council-may-modify-monthly-tax-payment-form-summary-return-for-better-input-tax-credit-reporting-11653198743322.html

The Goods and Services Tax (GST) Council is expected to propose modifying the summary return and monthly tax payment form, GSTR-3B, at its meeting in June - with the goal of detecting bogus input tax credit (ITC) claims and expediting the settlement of real ones, according to an official.

23 May 2022 12:15 PM

GST taxpayers alert: 2 days left to file GSTR-3B return for Apr. Check steps

Source: https://www.livemint.com/news/india/gst-taxpayers-alert-2-days-left-to-file-gstr-3b-return-for-apr-check-steps-11653223991426.html

The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing the GSTR-3B return for April month till May 24.

23 May 2022 12:42 PM

The potential impact of the Supreme Court’s GST Council ruling

Source: https://www.livemint.com/opinion/online-views/potential-impact-of-the-apex-court-s-gst-council-ruling-11653238611459.html

The Supreme Court, while dealing with a case of the levy of Goods & Service Tax (GST) on ocean freight, delivered an important ruling last week covering the scope, power and limitations of the GST Council.