List Headline Image
Updated by HostBooks Limited on Feb 18, 2020
30 items   1 followers   30 votes   8 views

Latest GST News & Updates | HostBooks

GST News & Updates - Get the latest Goods and Services Tax (GST) news, GST council meeting news, updates, announcements, information, & stories in India. Stay updated with all the current notifications.


Vivad se Vishwas scheme introduced to settle income tax disputes | HostBooks

Vivad se Vishwas scheme was announced in the budget to provide a procedure for taxpayers to settle pending income tax disputes. It is expected to cover two kinds of appeals – those filed by taxpayers and those filed by the I-T Department.

GST Council to discuss states compensation, review tax structure | HostBooks

The GST Council is likely to meet soon to discuss compensation paid to states for the loss of revenue after GST implementation and a limited review of the tax structure.

DGGI arrests one for issuing bogus GST invoices worth ₹268 crores | HostBooks

The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit, Haryana, has busted a firm for the issuance of bogus invoices of worth more than ₹268 crores.

Officials to recover ₹46,000 crores as late GST payment interest | HostBooks

The Central Board of Indirect Taxes and Customs (CBIC) has asked tax officials to collect almost ₹46,000 crores as interest on account of the delayed payment of GST.

GST compensation of ₹81,043 crore given to states for April-Sept | HostBooks

Minister of State for Finance Anurag Singh Thakur said in a written reply to Rajya Sabha that the Centre has released ₹81,043 crore as GST compensation to states for April-September 2019.

Amnesty scheme for taxpayers to settle dues of the pre-GST era - HostBooks

To collect disputed taxes of pre-GST era such as VAT, central sales tax and entry tax, the Bengal government has introduced an amnesty scheme. According to the industry and tax experts, the scheme will provide multiple benefits to the taxpayers. The central government had announced a similar amnesty scheme – Vivad Se Vishwas – in the Union Budget 2020 on 1st February.

Non-compliance, evasion causing loss of ₹5 trillion in GST revenue | HostBooks

According to the Fifteenth Finance Commission (FFC), the government may be losing ₹5 trillion in GST revenue a year, amounting to 40% of its GST collection target, due to defaults and evasion.

Tax authorities to block ITC for firms caught using fake invoices | HostBooks

The CGST administration has decided to block ITC for taxpayers claiming credit against fake invoices, or against invoices without the receipt of goods or services, or both.

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

In just over two years of GST implementation, fake firms, fraudulently generated invoices, and false claiming of input tax credit have been the biggest problems for the tax administration.

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

With the help of data analytics, GST authorities have detected fraudulent refund claims of worth ₹350 Crore made by over 1,200 exporters, who are now untraceable.

Anti-profiteering body to start GST compliance drive | HostBooks

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 (GST) compliance.

Government unearths 931 GST fraud cases with data analytics | HostBooks

With the rise in GST evasion, the government has started using data analytics and have so far unearthed 931 cases of fraudulent refund claims, in the Kolkata region, Delhi, Jaipur, and Panchkula (Haryana).

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

Six companies were found violating laws and using unlawful means to earn undue profits, causing a loss of revenue of worth more than ₹110 Crore to the government.

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

After almost three years of GST implementation, authorities have started issuing notices for the audit of assessees to ensure the correctness of tax paid and claimed tax credit.

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

2nd National GST Conference held under the chairmanship of Revenue Secretary Ajay Bhushan Pandey of the state and central tax officials to take action on streamlining Goods and Services Tax (GST) system and plugging revenue leakages.

FIEO says the delay in e-wallet scheme is unfortunate | HostBooks

Industry body Federation of Indian Export Organizations (FIEO) termed the delay in e-wallet scheme as unfortunate which was aimed at easing liquidity problem in the wake of GST implementation in 2017.

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

The states might be facing a shortage of up to ₹1.23 Lakh Crore in consolidated revenue on account of the withdrawal of compensation by the central government after the five-year GST transition period which ends on June 30, 2022.

Tax officers to discuss ways to boost compliance and plug leakages | HostBooks

Revenue Secretary Ajay Bhusan Pandey is to chair a day-long meeting on January 7 with top tax officials to discuss ways to streamline GST and plug revenue leakages.

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

After contracting for two consecutive months in September and October, GST revenue mop-up in December crossed the ₹1 Lakh Crore mark, growing 8.9% on a year-on-year basis.

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

The next agenda after the budget would be “GST overhaul” for both the Centre and the States. Finance ministers of Central and State governments will discuss the restructuring of the GST slabs and rates with an aim to fix the flaws that have resulted in revenue leakages.

Govt sets ₹1.1 Lakh Cr as monthly GST mop-up target for tax officials | HostBooks

The government has urged tax officials to step up their efforts to meet the average monthly GST collection target of ₹1.15 Lakh Crore in the remaining four months of this fiscal.

Government releases ₹35,298 Crore in GST compensation to states | HostBooks

The central government released ₹35,298 Crore as GST compensation to states and union territories. The compensation amount was fixed at 14% on top of revenue in the base year of 2016-17 and was to be released after every two months.

Businesses seek continuation of four-digit HSN code | HostBooks

In their feedback to the government, businesses are seeking continuation of the use of a four-digit level harmonized system of nomenclature (HSN) code and staggered implementation of new GST returns.

GST revenue decline increasing Centre's payout to states | HostBooks

The decline in GST revenue has led to an increase in the compensation paid by the central government to states on account of the nation-wide implementation of the indirect tax.

GST authorities detected under-reporting of e-commerce sales | HostBooks

Tax authorities have unearthed instances of under-reporting of online sales by several companies that sell goods on e-commerce platforms compared to the tax collected at source (TCS) data furnished by the marketplaces.