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GST Council to discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June
Business

GST Council to discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June

The CBIC said late fee is imposed to ensure that the taxpayers file return in time and pay taxes on the amount collected from buyers and due to the government.

Govt extends last date for filing annual GST return for FY19 by 3 months till September
Business

Govt extends last date for filing annual GST return for FY19 by 3 months till September

The government has extended the last date for filing annual GST return for the financial year 2018-19 by three months till September 2020

Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract
Business

Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract

With aviation and hospitality sectors seeing mass cancellation of bookings following Covid-19 outbreak, the CBIC has allowed businesses to claim refund of GST in cases where invoice was generated but was subsequently cancelled

Coronavirus Outbreak: CBIC launches e-gate passes to expedite import clearance process
Business

Coronavirus Outbreak: CBIC launches e-gate passes to expedite import clearance process

The revenue department has launched electronic delivery of gate passes and final bills of entry to customs brokers and importers with an aim to further simplify the import clearance process by reducing human interface and help tackle the scourge of Covid-19

Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns
Business

Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns

The Sabka Vishwas Scheme, which became operational on 1 September 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.

CBIC asks DGFT to tighten accreditation process of star exporters for curbing tax fraud
Business

CBIC asks DGFT to tighten accreditation process of star exporters for curbing tax fraud

The Central Board of Indirect Taxes and Customs (CBIC) has asked the Directorate General of Foreign Trade to make the accreditation system for star exporters more robust to curb tax fraud

Govt extends last date for Sabka Vishwas scheme till 15 January for settling disputes of service tax, central excise
Business

Govt extends last date for Sabka Vishwas scheme till 15 January for settling disputes of service tax, central excise

The Finance Ministry on Tuesday extended the 'Sabka Vishwas Scheme', a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, by 15 days till 15 January

Nirmala Sitharaman holds first pre-Budget consultations with representatives of digital economy, startups
Business

Nirmala Sitharaman holds first pre-Budget consultations with representatives of digital economy, startups

Sitharaman is likely to present her second Budget for the Modi 2.0 government in Parliament on 1 February.

Govt compulsorily retires 21 more 'corrupt' tax officers in crackdown on corruption, malpractices
Business

Govt compulsorily retires 21 more 'corrupt' tax officers in crackdown on corruption, malpractices

With this, 85 officers including 64 high ranking tax officers, in which 12 officers were from CBDT, have been compulsorily retired under Fundamental Rule 56(J) this year so far.

Deadline for filing GST annual returns for FY18, FY19 extended; two forms to be simplified, says CBIC
Business

Deadline for filing GST annual returns for FY18, FY19 extended; two forms to be simplified, says CBIC

In another relief, it has also decided to simplify the two GST forms by making various fields of these forms as optional, the CBIC said in a statement.

Govt likely to extend deadline of GST retun filing date, audit report for FY19; tax body to meet on 20 September
Business

Govt likely to extend deadline of GST retun filing date, audit report for FY19; tax body to meet on 20 September

The government extended the due date of the GST return filing date for the FY18 as many as three times due to a slew of reasons including technical problems in furnishing returns.

Panel to take decision within 60 days under tax amnesty scheme; assessee to face action for false declaration: CBIC
Business

Panel to take decision within 60 days under tax amnesty scheme; assessee to face action for false declaration: CBIC

The dispute resolution component of the scheme is aimed at liquidating the legacy cases of central excise and service tax that are subsumed in GST and are pending in litigation at various forums.

Fight against corruption: CBIC gives marching orders to 22 senior tax officials facing graft charges
Business

Fight against corruption: CBIC gives marching orders to 22 senior tax officials facing graft charges

CBIC has compulsorily retired these officers of the rank of superintendent/AO under Fundamental Rule 56 (J) in public interest due to corruption and other charges.

Service providers with turnover of up to Rs 50 lakh may now opt for GST composition scheme till 31 July
Business

Service providers with turnover of up to Rs 50 lakh may now opt for GST composition scheme till 31 July

The tax department has extended by three months till 31 July the deadline for service providers with a turnover of up to Rs 50 lakh to opt for the composition scheme and pay six percent goods and services tax (GST)

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised
Business

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised

The CBIC said it has observed instances of availment of IGST refund using fraudulent input tax credit (ITC) claims by some exporters.

Businesses can apply for revoking cancellation of GST registration by 22 July after filing pending returns: CBIC
Business

Businesses can apply for revoking cancellation of GST registration by 22 July after filing pending returns: CBIC

Earlier this month, the CBIC had asked its field officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled.

Tax officials to scrutinise mismatch between ITR, service tax returns for 2015-16 and 2016-17 fiscals
Business

Tax officials to scrutinise mismatch between ITR, service tax returns for 2015-16 and 2016-17 fiscals

The mismatch in ITR and service tax returns has come to notice in respect of PANs that are either not at all registered under service tax or PANs which are registered but did not file service tax returns.

CBIC clarifies on levy of GST on sales promotion schemes; taxes to be paid on price recovered from customer
Business

CBIC clarifies on levy of GST on sales promotion schemes; taxes to be paid on price recovered from customer

Under the GST law, supply includes all forms of supply of goods or services including sale, transfer, lease or disposal made or agreed to be made for a consideration in course of furtherance of business.