GST News

GST collection for October 2021 registered the second highest since implementation of GST

01 November 2021 at 20:42

The gross GST revenue collected in the month of October 2021 is Rs. 1,30,127 crore of which CGST is Rs. 23,861 crore, SGST is Rs. 30,421 crore, IGST is Rs. 67,361 crore and Cess is Rs. 8,484 crore.

Posted in GST | 2637 Views

GoI releases Rs 44,000 crores to States and UTs in-lieu of GST compensation

29 October 2021 at 08:30

After taking into account earlier release of Rs. 1,15,000 crore, total amount released in the current financial year as back-to-back loan in-lieu of GST compensation is Rs. 1,59,000 crore.

Posted in GST | 1656 Views

Gurugram DGGI Unit arrests 3 persons for running fake firms and evading GST of more than Rs 48 crore

28 October 2021 at 08:28

Two persons were arrested from Delhi on 5th and 9th October 2021 on charges of orchestrating a fake billing racket involving more than 20 fake firms where more than Rs 22 crore of fraudulent ITC was taken thereby defrauding the exchequer.

Posted in GST | 2061 Views

Advisory for taxpayers on Form GSTR-2B

20 October 2021 at 08:38

Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 and GSTR-6.

Posted in GST | 9651 Views

Availability of Input Tax Credit (ITC) for FY 2020-21

18 October 2021 at 08:38

As per Section 16(4) of CGST Act, 2017, no taxpayer shall take ITC in respect to records (invoices and debit notes) for the supply of goods or services for FY 2020-21 after the due date of furnishing the return for the month of September 2021.

Posted in GST | 1 comments | 12030 Views

1 arrested by Delhi CGST Officials for fraudulently claiming ITC of Rs 134 crore

14 October 2021 at 06:09

Mr Chirag Goel masterminded a deep-rooted conspiracy to defraud the Government and committed offences specified under Section 132(1)(c) of the CGST Act, 2017 which are cognizable and non-bailable.

Posted in GST | 3765 Views

GoI releases Rs 40,000 crore to States/ UTs with Legislature in-lieu of GST compensation shortfall

08 October 2021 at 06:21

This release of Rs 40,000 crore is funded from borrowings of GoI in 5-year securities, totalling Rs 23,500 crores and 2-year securities for Rs 16,500 crore issued in the current FY, at a Weighted Average Yield of 5.69 and 4.16% p.a. respectively.

Posted in GST | 1575 Views

Resumption of Blocking of E-Way Bill (EWB) generation facility

05 October 2021 at 05:48

The blocking of EWB generation facility has now resumed on the EWB portal for all the taxpayers. Going forward, from the tax period August 2021 onwards, the System will periodically check the status of returns filed in Form GSTR-3B.

Posted in GST | 3228 Views

GST Revenue Collection for September 2021 shows a growth of 23%

01 October 2021 at 20:55

The gross GST revenue collected in the month of September 2021 is Rs. 1,17,010 crore of which CGST is Rs. 20,578 crores, SGST is Rs. 26,767 crores, IGST is Rs. 60,911 crores and Cess is Rs. 8,754 crores.

Posted in GST | 2181 Views

10 Important Changes in CGST Rules via CGST (Eighth Amendment Rules), 2021

25 September 2021 at 17:47

The CBIC has notified a new set of rules to amend the existing CGST Rules, 2017, which shall come into force as on the date of its publication in the Official Gazette (except provided otherwise).

Posted in GST | 10014 Views