The GST Mitra

Ahmedabad, Jul 25 A man was arrested here on Thursday for his alleged involvement in illegally utilising and passing Input Tax Credit of Rs 129.92 crore, an official said. With his arrest, the Preventive wing of the Central GST Ahmedabad-South Commissionerate busted the racket of issuance of fake invoices wherein huge amount of ineligible Input Tax Credit was fraudulently availed and utilised to evade the payment of GST, said Sachin Gusia, Joint Commissioner (Preventive), CGST, Ahmedabad-South. Aliasgar Vahidali Saiyed, 31, a resident of Ahmedabad, was arrested for availing wrong Input Tax Credit of Rs 129.92 crore on bogus invoices without the receipt of goods, he said. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The government on Thursday re-appointed Badri Narain Sharma as chairman of the National Anti-profiteering Authority (NAA) which ensures that consumers get benefit of reduced prices under the Goods and Services Tax (GST). An official order said that Sharma, who was due for retirement on next Wednesday, will continue as the NAA chairman for another two years. The Appointments Committee of Cabinet, chaired by Prime Minister Narendra Modi, cleared the name of Sharma, a 1985-batch IAS officer from Rajasthan, “for re-appointment for a period beyond July 31”, the order said. At present the NAA has three members — J C Chauhan, chairman, tax tribunal, Himachal Pradesh; and Indian Revenue Service officers R Bhagyadevi and Amand Shah. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The  GST Council  meeting, which would have taken up the issue of slashing of tax rates for electric vehicles, was on Thursday rescheduled for Saturday. Union Finance Minister Nirmala Sitharaman, the chairman of the Council, was busy with the ongoing Parliament session, officials said. The meeting, which was to be held through a video conferencing, had a single agenda to boost production of electric vehicles (EVs). The agenda included reduction in GST rate from 12 per cent to 5 per cent for electric vehicles and from 18 per cent to 12 per cent for their chargers. It was also to discuss GST exemption on hiring electric buses. All state finance ministers and officials were logged in for 15 minutes for the meeting at 3 pm before being informed of further delay and a possibility of deferment. In fact, a few finance ministers, mostly from Opposition-ruled states, questioned the urgency to call a meeting for a single point agenda. “What was the urgency to call a Council meeting for a

In an order that will offer some succour to exporters, the Gujarat High Court directed the Department of Revenue, Ministry of Finance to pay interest to a party at the rate of 9% per annum for delay in granting refund under the  Integrated Goods and Services Tax (IGST) Act. The petitioner, M/S Saraf Natural Stone, had approached the High Court seeking compensation and interest for the substantial delay in making payment of the refund of Integrated Tax paid on the export of goods. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The 36th GST Council meeting , which was to be held on thrusday through video conferencing has been rescheduled for July 27.  The meeting was to be held on 25.07.2019. According to sources, the meeting has two items to consider. First item is to consider gst rates for electric vehicles, chargers and hiring of EVs. Initially the proposal was to cut the rate on electric vehicles to 5 per cent from 12 per cent and on chargers to 5 per cent from 18 per cent, and on hiring to 5 per cent from 18 per cent. The second item is to extend the last date for enrolling under alternate composition scheme for service providers. The last date as of now is July 31. Decisions to be taken in 36th GST council meeting GST rates on electronic vehicles After several announcement for electronic vehicle(EV) sector including income tax exemption and reduction in custom duties for certain components, the government is now expected to push for a GST rate cut on EVs from 12% to 5%. Good sand services

The Divisional officer of CGST Commissionerat e in Coimbatore has nabbed a tax consultant for allegedly defrauding the department of  ₹ 36 lakh. The consultant, the department found, was running a firm to file GST returns and other liaison work on behalf of his clients. The issue came to light when the divisional officer found that the concerned GSTIN registrant had not paid the dues since March 2018 Summons were issued by the department to the GSTIN registrant notifying about the dues. According to a department official, “the receipts and supply details as declared in the respective GST returns showed nil payment of GST in GSTR 3B from March 2018 and showing the GST involved in supplies in GSTR 1.” It is learnt that the tax consultant would ask the GSTIN registrant to transfer the GST liability to his account, provide forged challans to the client and hold on to the money (without filing). Due to this fraudulent act of the consultant, the GSTIN registrant was compelled to re

Auto industry body SIAM has said that there is a need for a long-term unambiguous electric vehicles (EVs) road map while welcoming the reduction in GST on EVs and chargers and reiterated the need for government intervention to stimulate demand to enable the auto industry to overcome the current slowdown. Reacting to the GST council decision to reduce GST rate on EVs from 12 per cent to 5 per cent and EV chargers to 5 per cent from 18 per cent, Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said, “Over the years, this will help popularise electric vehicles and increase penetration in the country.” He further said, “the Government’s vision of increasing electric mobility in the country has been acknowledged by the GST council by significantly reducing GST rate on electric vehicles. We are thankful to the GST council for accepting these recommendations which were proposed by SIAM in our white paper which was released last year to promote the growth of electr

The 36th GST Council Meeting recommended that the GST rate on all electric vehicles is to be reduced from 12% to 5%. The GST rate on charger or charging stations for Electric vehicles is also to be reduced from 18% to 5%. Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities be exempted from GST. These changes shall become effective from 1st August, 2019. Good sandservices tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,

In a bid to pre-empt tax evasion under the Goods and Services Tax (GST), the government is looking at options to deal with taxpayers based on their risk profile. Assessees identified as ‘risky’ could face restrictions on issuing invoices, utilisation of input tax credit and sanctioning of refunds. The government has been grappling with evasion through fake invoice since the GST was launched two years ago. The indirect tax department has detected such frauds worth over Rs 12,000 crore. A tax official said the rule of the thumb indicated that detected frauds were only about 10% in value of actual frauds being committed, which would take actual evasion to nearly Rs 1.2 lakh crore. The GST Council, which is the apex decision-making body for the GST, has constituted a committee of officers (CoO) to suggest parameters for risk-based profiling so that a taxpayer could be categorised as risky in an automated manner. Further, the CoO will identify methods for assessing financial credibili