GST
Govt to resume E-way bill blocking for non-compliant taxpayers
E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by the Goods and Service Tax Network (GSTN).
Healthy data, global cues buoy indices; realty stocks' gain
Besides, IMD's latest forecasts, which showed that 2021 monsoon appears set to exceed the long period average supported the market's upmove. The equity markets had a gap up opening due to positive global cues and investors' optimism over healthy Q1FY21 results. Sector-wise, realty, oil and gas, auto and IT indices gained the most.
GST revenue collection for July at over Rs 1.16 lakh cr
Out of the total revenue collected CGST was Rs 22,197 crore, SGST was Rs 28,541 crore, IGST was Rs 57,864 crore -- including Rs 27,900 crore collected on import of goods -- and Cess was Rs 7,790 crore -- including Rs 815 crore collected on import of goods. The government has settled Rs 28,087 crore to CGST and Rs 24,100 crore to SGST from IGST as regular settlement.
DG GST Intelligence empowered to issue summons to taxpayers
The order has established what constitutes 'proper officer' who are selected by the CBIC for issuing summons in matters where inconsistencies are found in IGST refund claim or wrongful claim of input tax credit by the taxpayers. The high court said that there is no delegation of power as the CBIC, within its powers, assigned the officers of DGGI the functions of a poper officer.
GST payable only on profit earned from resale of gold jewellery
The ruling was made in reference to the application filed by Aadhya Gold Pvt Ltd seeking clarity whether goods and services tax (GST) is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if the applicant purchases used or second-hand gold jewellery from individuals.
Centre releases Rs 75K cr to states as GST compensation shortfall
This year, the shortfall amount over GST compensation is expected at Rs 1.59 lakh crore. This would be over and above the compensation in excess of Rs 1 lakh crore (based on cess collection) that is estimated to be released to states and UTs with legislature during this financial year. The sum total of Rs 2.59 lakh crore is expected to exceed the amount of GST compensation accruing in FY 2021-22.
Service rendered without element of any charge may not qualify for GST
The Kerala Authority of Advance Ruling (AAR) has ruled that no GST is payable on payment of examination fee made on behalf of students as a pure agent without any element of service charge for such service, either from the students or the agency where the fee is being routed. The order has wider ramifications as it would make several other facilitation services provided in various sectors tax free.
8,000 cases involving fake ITC of over Rs 35K cr booked in FY21
CBIC officers are using latest IT tools, digital evidence and also collecting information from other government departments to catch the fraudsters. Along with legislative and procedural changes in the law, the nationwide drive has contributed to better compliance and revenue collection. During the drive, cases of fake ITC availment against some well-known companies were also booked.
CGST officials bust network of 23 firms over bogus ITC claims
A finance ministry statement said that the modus operandi involved floating of multiple firms with the intent to avail or utilise and passing on of inadmissible credit. The firms involved in this network are Girdhar Enterprises, Arun Sales, Akshay Traders, Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with intent to pass on fraudulent ITC without paying actual GST to the government.
Airbus India put under 18% GST for services supply to French parent
Airbus Group India went to Karnataka bench of AAR seeking clarity on whether the services rendered by it to its holding company in France qualified as export of services and hence treated as zero rates supply not liable to GST. Airbus Group India Pvt Ltd is a subsidiary of Airbus Invest SAS, France (Holding Company) and its ultimate holding company is Airbus SE, Netherlands.
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