Central and state tax officials have suggested the option of online GST registration with live photo and use of biometrics to weed out the menace of fake firms claiming input tax credit, sources said.
GST investigation arm DGGI has arrested 25 persons over the last week for issuing fake invoices for goods like waste and scrap of non-ferrous metals, readymade garments, gold, silver and construction services.
The quantum of borrowing to meet states' GST revenue shortfall has to be "reasonable" considering its economic impact and the Centre will continue to request the opposition-ruled states to opt for the proposed borrowing plan, Finance Secretary Ajay Bhushan Pandey has said.
This is the first time in the current financial year that the gross GST collections has crossed the Rs 1-lakh-crore-mark.
A Delhi resident was arrested by a team of Directorate General of GST Intelligence's (DGGI) Gurugram Zonal Unit on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit totalling over Rs 392 crore through issuance of invoices without actual receipts/supply of goods or services.
GSTR Filing FY19: The Central Board of Indirect Taxes & Customs (CBIC) has extended the deadline for filing GST annual returns (GSTR-9) and Reconciliation Statement (GSTR-9C) for FY 2018-19 by two months till December 31, 2020.
“Having come half way through for amicable settlement on issue of who should borrow, centre now should take initiative to settle remaining issue: How much to borrow?” Isaac tweeted.
The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall.
The GST Council met for the third time in a row to discuss the issue of funding the revenue shortfall of states. Earlier in the day, finance minister announced a slew of measures to boost consumer spending in the economy.
Finance Minister Nirmala Sitharaman said the employees could buy items that attract 12 per cent or more goods and services tax (GST). These purchases will have to be made in digital mode from GST-registered outlets.
Equity benchmark indices were up with a slight positive bias on Monday ahead of crucial Goods and Services Tax (GST) Council meeting to be chaired by Union Finance Minister Nirmala Sitharaman.
In August, the Centre gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the Reserve Bank of India or Rs 2.35 lakh crore from the market. It had also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022 to repay the borrowing.
As the GST compensation cess issue still remains unresolved with around 10 opposition-ruled states and Union Territories not agreeing with the Centre's borrowing proposals, the GST Council, consisting of all state Finance Ministers and headed by the Union Finance Minister, will meet today to discuss and try to reach to a consensus on the matter.
This year's compensation cess collected amounting to Rs 20,000 crores will be disbursed to the States tonight, Finance Minister Nirmala Sitharaman said.
The GST Council on Monday decided to extend the surcharge on taxes over luxury goods such as cars, and tobacco products beyond June 2022.
The authority was approached by ID Fresh Food (India) Pvt. Ltd, a food products company involved in the preparation and supply of a wide range of ready to cook, fresh foods including idli and dosa batter, parotas, chapattis.
The GST Council meeting on Monday may turn into a stormy affair, with non-BJP ruled states still being in disagreement with the Centre on the compensation issue.
The Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with an annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
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