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Clues by NC Team • 19 Jul 2019, Friday

The total GST collection of the states/UTs for 2018-19 stood at Rs 5,18,447 crore, up from Rs 2.91 lakh crore collected in nine months of 2017-18, Finance Minister Nirmala Sitharaman said. Besides, the central government has released Rs 81,177 crores compensation to states during 2018-19, as against Rs 48,178 crore during July-March period of 2017-18 fiscal. GST was rolled out from July 1, 2017. 

Read More at The Economic Times
Clues by NC Team • 17 Jul 2019, Wednesday

Tax officials detected Rs 37,946 crore worth of tax fraud in FY 2018-19 and Rs 6,520 crore in the April-June period of the current financial year after the GST implementation, the Finance Ministry said. Besides, cases of input tax credit availment by issue of fake invoices were of Rs 11,251 crore in 2018-19 and Rs 2,805 crore in April-June of the current fiscal. Just 5 cases of ITC availment by fake invoicing were detected by Central GST officials in FY18 involving an amount of Rs 12.67 crore. 

Read More at The Economic Times
Clues by NC Team • 10 Jul 2019, Wednesday

In a major relief to exporters, the Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. As per industry, there is a huge difference in the amount claimed, state goods and services tax (SGST) sanction amount received from central tax authority and the amount actually disbursed. The exporter files refund application at the portal, takes a printout along with acknowledgement, and submits it to GST authorities in hard copy along with required documents. The physical interface adds to the transaction time and cost. 

Read More at The Economic Times
Clues by NC Team • 10 Jul 2019, Wednesday

The income tax department is working on a PAN/TAN Processing Centre (RTPC) for the allotment of e-PAN through Aadhaar based e-KYC on a real-time basis (in less than 10 minutes) to further reduce the time required to allot PAN. Permanent Account Number (PAN) is a 10-digit alphanumeric code issued by the I-T department to uniquely identify tax payers.

Read More at Moneycontrol
Clues by NC Team • 8 Jul 2019, Monday

The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh. It proposed to amend section 139 of the Income Tax Act to ensure that persons who enter into certain high-value transactions have to furnish their return of income. Those required to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank account or paying electricity bill of more than Rs 1 lakh in a year.

Read More at Moneycontrol
Clues by NC Team • 4 Jul 2019, Thursday

Haryana finance minister Captain Abhimanyu said that more than 200,000 new registrations have been recorded under GST in the state since its nationwide rollout in July 2017, adding to the existing base of 225,000 taxpayers under the erstwhile VAT system. Rs 36,815 crore was collected from the state under state GST, CGST, IGST and cess for the eight months of GST implementation during 2017-18. In 2018-19, the state collected Rs 55,231 crore under these heads.  

Read More at The Economic Times
Clues by NC Team • 4 Jul 2019, Thursday

The Finance Ministry clarified that any mismatch in GST monthly sales return and outward supply details will have to be reported in annual return form and due taxes should be paid. The ministry said information in form GSTR-1, GSTR-3B and books of accounts should be in sync and the values should match across different forms and the books of accounts. If the same does not match, there can be broadly two scenarios, either tax was not paid to the government or tax was paid in excess. Further, no input tax credit can be reversed or availed through the annual return. 

Read More at The Economic Times
Clues by NC Team • 1 Jul 2019, Monday

The GST Network has developed a system whereby SMSes are being sent to promoters, directors and proprietors automatically in case of default in payment of tax, filing of returns or mismatch in ITC claims. Once the GST system generates "red flag" alerts, the information is also shared with the revenue department to alert taxmen to take appropriate steps. The system generated "red flags" include default in payment of tax and non-filing of GSTR-3B, and mismatch in the input tax credit (ITC) claimed by businesses vis-a-vis the returns filed by the supplier.

Read More at Moneycontrol
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