GST refund: Tax body asks officers to speed up things
Business | September 02, 2019 16:39 IST"We must endeavour to make this refund drive a grand success," CBIC Chairman Pranab K. Das wrote to tax officers across the country.
"We must endeavour to make this refund drive a grand success," CBIC Chairman Pranab K. Das wrote to tax officers across the country.
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.
With two children and his wife to support, the 35-year-old diamond artisan is clueless about his sustenance and has been on a job search for two months. He lost his job after serving for six years at a diamond factory, which now he doesn't want to name, saying it will bring bad luck.
He allegedly availed wrong Input Tax Credit of Rs 24.55 crore on the basis of bogus invoices for Rs 136.38 crore without the actual supply of goods, the official said.
GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.
GST Council meet concluded on Saturday with a decision to reduce GST rates on electric vehicles and charges. The GST Council has decided to reduce GST rate on electrical vehicles from 12 per cent to 5 per cent. The council has also approved an exemption from GST on hiring of electric buses by the local authorities.
The Finance Ministry on Monday said entities taking goods abroad for exhibitions or other export promotion events will not have to generate tax invoice for those goods which are brought back to India within six months.
A recent report suggests that there has been significant consolidation in the country's nine major real estate markets in the past few years on the back of financial distress, demonetisation, GST and the implementation of RERA.
Karnataka Chief Minister H.D. Kumaraswamy on Friday cried foul over the Union Budget's proposal to cut the state's share of Goods and Services Tax (GST) in fiscal 2019-20.
While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year.
Analysis of data released by Goods and Services Tax Network (GSTN) showed that while on an average, 50 percent of the registered taxpayers filed GSTR-3B within the due date in July 2017, the number increased to around 85 percent as on June 23, 2019.
As Monday marks the second anniversary of GST rollout, former Finance Minister Arun Jaitley in a blog has said that the Goods and Services Tax may become a two-tier tax. He further said that most items of consumer use have been brought under the 18 per cent, 12 per cent and even 5 per cent category.
At present luxury vehicles in India attract top GST slab of 28 per cent and additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking the total tax incidence to 48 per cent and 50 per cent, respectively.
The Government will organise an event on July 1, to celebrate the second anniversary of Goods and Services Tax (GST) roll out, which will be addressed by Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur.
The Directorate General of GST intelligence, which became functional in December 2018 has booked around 50 cases and detected GST evasion of about Rs 300 crore resulting in the recovery of approximately Rs 250 crore in six months.
In a tweet, Mahindra echoed calls from the auto industry to reduce goods and services tax (GST) on vehicles amid a prolonged sales slump, with passenger vehicle sales recording the steepest decline in nearly 18 years in May when it dropped by over 20 per cent.
The shop, known as ‘Mukesh Kachori', is located near Seema cinema hall and is a favourite among the locals. Mukesh, the owner of the shop begins selling ‘kachoris' and ‘samosas' in the morning and continues through the day. The line of customers never seems to end.
Continuing its crackdown on tax-evaders, the Directorate General of GST Intelligence (DGGI) on Friday arrested one more person for fraudulently claiming input tax credit (ITC) of over Rs 16 crore.
Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network.
The Central Board of Indirect Taxes and Customs (CBIC), in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.
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