Trading community on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax (GST) Council to withdraw certain provisions of the new GST notification issued a few days back.
About 45,000 taxpayers, which equals to only 0.37 percent of the total businesses registered in the Goods and Services Tax System, will be required to fulfill the mandatory requirement of a 1% percent cash system of GST liability with effect from January 1.
The mandatory requirement of 1 percent cash payment of GST liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the Goods and Services Tax system, Revenue Department sources said on Saturday.
"The fact is that Modi Government has done nothing to help West Bengal. They are yet to release even a portion of the Rs 85,000 crore of outstanding dues that includes unpaid GST dues of Rs 8,000 crore," she added.
GST authorities have arrested as many as 140 persons, including five chartered accountants, in about a month's time on charges of issuing fake invoices, and have now trained their guns on entities transporting under-valued goods.
Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis.
The Supreme Court on Thursday upheld the levy of Goods and Services Tax (GST) on lotteries, betting and gambling, ruling that this doesn't violate any constitutional provision.
Central and state tax officials have suggested the option of online GST registration with live photo and use of biometrics to weed out the menace of fake firms claiming input tax credit, sources said.
GST investigation arm DGGI has arrested 25 persons over the last week for issuing fake invoices for goods like waste and scrap of non-ferrous metals, readymade garments, gold, silver and construction services.
This is the first time in the current financial year that the gross GST collections has crossed the Rs 1-lakh-crore-mark.
A Delhi resident was arrested by a team of Directorate General of GST Intelligence's (DGGI) Gurugram Zonal Unit on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit totalling over Rs 392 crore through issuance of invoices without actual receipts/supply of goods or services.
GSTR Filing FY19: The Central Board of Indirect Taxes & Customs (CBIC) has extended the deadline for filing GST annual returns (GSTR-9) and Reconciliation Statement (GSTR-9C) for FY 2018-19 by two months till December 31, 2020.
“Having come half way through for amicable settlement on issue of who should borrow, centre now should take initiative to settle remaining issue: How much to borrow?” Isaac tweeted.
The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall.
In August, the Centre gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the Reserve Bank of India or Rs 2.35 lakh crore from the market. It had also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022 to repay the borrowing.
The authority was approached by ID Fresh Food (India) Pvt. Ltd, a food products company involved in the preparation and supply of a wide range of ready to cook, fresh foods including idli and dosa batter, parotas, chapattis.
The Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with an annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.
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