- 22 Oct 2021 01:21 PM
- New
IT system reforms in GST: GoM agrees to tackle fake invoicing menace
Deputy chief minister Ajit Pawar, who heads the Group of Ministers (GoM) on IT issues in GST, chaired the first virtual meeting on Thursday. The GoM agreed upon suitable checks and balances to tackle the menace of fake invoicing so as to regulate input tax credit (ITC) flow. Further, the GoM also decided to put in place mechanisms for better verification at the time of registration and weed out fake registrants using artificial intelligence (AI)/machine learning (ML)-based analytics focused on network analysis and leads for fraud detection.
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- 20 Oct 2021 12:56 PM
- New
Suggestions on GST Portal – Forms, Functionalities, Recent changes
1. The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on GST Portal. We shall be pleased to discuss these suggestions in the meeting scheduled to be held on 27th August, 2021 to illustrate the points made by us.
2. We look forward to contributing to the smooth implementation of GST laws in India.
3. In case any further clarifications or data is considered necessary, we shall be pleased to furnish the same. Our contact details are:
- 20 Oct 2021 11:48 AM
- New
Canteen services for employees out of GST net
In a recent ruling, the Gujarat Authority for Advance Ruling (AAR) said that GST is not applicable on the amount collected from the employees towards canteen charges.
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- 19 Oct 2021 02:21 PM
GSTN: Advisory for taxpayers on Form GSTR-2B
Source: https://tutorial.gst.gov.in/downloads/news/updated%20advisory_gstr_2b_12_10_2021.pdf
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated October 18, 2021 for taxpayers on Form GSTR-2B.
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- 19 Oct 2021 11:52 AM
Govt may weigh single tax for online gaming
Source: https://www.livemint.com/news/india/govt-may-weigh-single-tax-for-online-gaming-11634586494440.html
A final decision will be taken by the GST Council, the apex decision-making body on matters of the indirect tax
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- 19 Oct 2021 11:46 AM
Govt may ease GST norms on re-export of leased aircraft
The aim is to limit any objection to the re-export of an aircraft only to the extent of GST dues of the particular plane instead of an entire airline
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- 19 Oct 2021 11:40 AM
E-way bill generation steady in first fortnight of October
The daily average e-way bills generated upto 17 October stood at 2.17 million, against the daily average for the entire month of September of 2.26 million, data from GSTN showed
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- 19 Oct 2021 11:33 AM
Ahmedabad, Surat becoming bogus GST billing hubs: Govt
While Ahmedabad reported the highest Rs 971 crore of tax involved in bogus billing, in Surat it was Rs 789 crore. Both Ahmedabad and Surat saw involvement of 250 and 196 firms each, respectively.
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- 18 Oct 2021 06:35 PM
GSTN issued advisory for availability of Input Tax Credit of FY 2020-21
GSTN has issued advisory for taxpayers to ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021. It is informed that no taxpayer shall take input tax credit in respect records (invoices and debit notes) for Financial Year 2020-21 after the due date of furnishing the return of September 2021.
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- 18 Oct 2021 02:24 PM
No additional borrowing by Centre to meet GST compensation in FY22
The Centre will stick to its borrowing programme for FY22 and will not tap the market for more funds to meet the GST compensation shortfall for states.
Government officials said the current revenue position, where both direct and indirect tax kitty of the government had seen a sharp rise, will prevent it from additional borrowing even if it meets full GST compensation shortfall for states during FY22.