GST shortfall: Chhattisgarh latest to settle for Rs 1.1 lakh crore option

Chhattisgarh follows Punjab, West Bengal and Kerala which had chosen the option last week. This leaves only Jharkhand, which has yet to pick any option for meeting the GST compensation shortfall. Go to Source

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Pen makers face GST problem amid fall in demand due to COVID- 19 pandemic

“The industry witnessed nearly 50 per cent fall in demand as the educational institutions remain closed and have opted for the work-from-home concept,” Calcutta Pen Manufacturers and Dealers Association president Naresh Jalan said. Go to Source

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Fake ITC: Officials arrest 25, book 350 cases in nationwide crackdown

“The actual amount of fake ITCs involved is being ascertained. Searches and investigations are on to identify and apprehend other people who were involved in the racket and also the beneficiaries who used fake invoices to evade goods and service tax (GST), income tax and for carrying out money laundering,” an official said. Go to Source

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GST e-invoicing mandatory from January 1, 2021 if turnover exceeds Rs 100 cr

The changes will bring a large number of medium enterprises under the ambit of e-invoicing. It is expected that it will be made available to all taxpayers for B2B transactions from 1st April 2021. Go to Source

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Tax department cannot block import export code (IEC): Bombay High Court

The court was hearing a matter where the indirect tax department after investigations found that an exporter was using fake input tax credit to set off GST liabilities. Input tax credits are essentially part of the tax paid by a company that can be used to set off future tax liability. Go to Source

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GST borrowing quantum has to be reasonable, will continue to request states to join: Finance Secretary

He said while extending the loan, the Centre would take authorisation from states that repayment would be made only from the GST compensation cess which is being collected and repayment schedule will be set in such a manner that the collections in cess pool post June 2022 would be enough to repay the interest arising out of borrowing. Go to Source

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