News & Update

January 20, 2020
Input tax credit

Tax authorities to block ITC for firms caught using fake invoices

The Central Goods and Services Tax (CGST) administration has decided to block input tax credit (ITC) for taxpayers claiming credit against fake invoices, or against invoices without the receipt of […]
January 17, 2020
GST News

How non-existent firms, fake invoices, and credit fraud undermine GST?

In just over two years of the indirect tax regime, fake firms, fraudulently generated invoices, and false claiming of input tax credit have been the biggest problems for the Goods […]
January 16, 2020
GST Refunds

Over 1,200 exporters falsely claimed GST refunds of ₹350 Crore

Goods and Services Tax (GST) authorities using data analytics have detected fraudulent refund claims of worth ₹350 Crore made by over 1,200 exporters, who are now untraceable. The revenue department […]
January 15, 2020
GST Compliance

Anti-profiteering body to start GST compliance drive

In the next three months, the National Anti-profiteering Authority (NAA) is expected to issue a wave of orders, in line with the Centre’s drive to boost Goods and Services Tax […]
January 14, 2020
GST fraud cases

Government unearths 931 GST fraud cases with data analytics

With the rise in GST evasion, the Department of Revenue has started using data analytics and so far have unearthed 931 cases of fraudulent refund claims. Most of these cases […]
January 13, 2020
GSTR fraud

GST fraud of ₹110 Crore detected at six firms; one held

Six companies were found violating laws by the anti-evasion wing officials of the Central Goods and Services Tax (CGST). They were using unlawful means to earn undue profits, thereby causing […]
January 10, 2020
GST and KYC compliance

FinTech industry wants relief in GST and KYC compliance for small loans

Financial Technology (FinTech) industry plays a crucial role in improving access to financial services products across the country. Some of the factors responsible for the surge in the relatively new […]
January 9, 2020
GST Audit

Government to begin GST audit for FY18; first set of notices sent

For the first time, after almost three years of implementation of Goods and Services Tax (GST), authorities have started issuing notices for the audit of assessees to ensure the correctness […]
January 8, 2020
National GST Conference

2nd National GST Conference held for curbing evasion and augment revenue

Under the chairmanship of Revenue Secretary Ajay Bhushan Pandey, 2nd National GST Conference was held on Tuesday of the Chief Commissioners of Central Tax and Commissioners of State Tax. The state […]
January 7, 2020
e-wallet scheme

FIEO says the delay in e-wallet scheme is unfortunate

On Monday, the industry body Federation of Indian Export Organizations (FIEO) termed the delay in e-wallet scheme as unfortunate. The scheme has not been in operation yet, which was aimed […]
January 6, 2020
GST compensation

States to face revenue gap of over ₹1 trillion post GST compensation withdrawal

A report published by the economic think tank NIPFP says that the states might be facing a shortage of up to ₹1.23 Lakh Crore in consolidated revenue on account of […]
January 3, 2020
GST Compliance

Tax officers to discuss ways to boost compliance and plug leakages

Revenue Secretary Ajay Bhusan Pandey is to chair a day-long meeting on January 7 with top tax officials to discuss ways to streamline the Goods and Services Tax (GST) and […]
January 2, 2020
GST Revenue December

GST revenue mop-up crosses ₹1 Lakh Crore mark in December

After contracting for two consecutive months in September and October, Goods and Services Tax (GST) revenue mop-up in December crossed the ₹1 Lakh Crore mark, growing 8.9% on a year-on-year […]
December 31, 2019
GST Update

The center to discuss GST overhaul after presenting budget 2020-21

The center along with state governments will conduct fresh negotiations on GST (Goods and Services Tax) structure after presenting the Union Budget on 1 February, said one of the government […]
December 30, 2019
GST Refunds

Around 250 established export houses denied GST refunds

Amidst the dismal performance of country’s export sector – merchandise exports dipped 0.34% year-on-year in November, contracting fifth time in the past eight months – as many as 245 Star […]
December 27, 2019

Not filing GST returns could cost you your property, bank accounts

In a move aimed at improving compliance, the government has issued a set of instructions to field officers that could cost businesses their assets, as well as their tax registrations […]
December 26, 2019

GST Council to form grievance redressal committee for taxpayers

The Central Board of Indirect Taxes and Customs (CBIC) has directed the Goods and Services Tax (GST) Council to set up a grievance redressal committee for taxpayers at zonal and […]
December 24, 2019

GST compensation cess may see a shortfall of ₹63,000 Crore

Amidst the decline in revenue, the government is staring at a shortfall of ₹63,000 Crore in Goods and Services Tax (GST) compensation payout to states for FY20. The delay in […]
December 23, 2019

Government may give GST relief to companies under IBC process

The companies that are undergoing resolution under the Insolvency and Bankruptcy Code (IBC) are likely to pay current levies of Goods and Services Tax (GST), without the mandatory requirement to […]
December 20, 2019
GST Input Tax Credit

Cash flow to be hit further as GST Council lowers eligible credit

An analysis done by the Goods and Services Tax (GST) department revealed as much as 39% or ₹2.5 lakh crore of input tax credit (ITC) availed by taxpayers in FY2018 […]

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