The Goods & Services Tax (GST) collection for May 2023 surged to Rs 1.57 lakh crore, marking a 12% annual increase.
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CBIC issues SoPs for scrutiny of GST returns for FY20 onwards
This Tax Alert summarizes the recent Instruction issued by CBIC prescribing SOP for scrutiny of returns under GST for FY 2019-20 onwards.
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GST collection grows 12% YoY at Rs 1.57 lakh crore in May
The revenue collected from the Goods & Services Tax (GST) in May 2023 witnessed a 12% annual increase, amounting to Rs 1.57 lakh crore. The Finance Ministry disclosed that the GST collection for April 2023 reached an all-time high of Rs 1.87 lakh crore. According...
CBIC issues SoPs for scrutiny of GST returns for FY20 onwards
The Central Board of Indirect Taxes and Customs (CBIC) has released guidelines outlining the standard operating procedure (SoP) for reviewing tax returns under the Goods and Services Tax (GST) regime, starting from the financial year 2019-20. According to the CBIC,...
Crackdown on Fake GST Registrations: 10,000 Frauds Detected in First week
During the first week of a collaborative operation, officials from the central and state goods and services tax departments identified approximately 10,000 fake GST registrations. Before taking any action, these officials are currently engaged in door-to-door...
Special drive to check fake GST registrations- MyGST Refund
The Central and State tax administrators shall be launching Special All-India Drive from May 16, 2023 to July 15, 2023 to identify fictitious GST numbers and transferring of Input Tax Credit (‘ITC’) based on invoice without physical movement of goods. The Special...
Karnataka High Court Quashes GST Show Cause Notice to Gameskraft Technologies
The Karnataka High Court has invalidated a show cause notice that was issued by the Directorate General of GST Intelligence (DGGI) to Gameskraft Technologies, an online gaming platform. This was despite a court stay on a previous tax demand claim of Rs 21,000 crore....
India’s Exports Expected to Reach $900 Billion In This FY24
According to a leading representative of a group of exporters, India's exports of goods and services are projected to reach $900 billion in the current fiscal year, which is an increase from $770 billion in the previous year. Despite global challenges, India's exports...
GST evasion detection nearly doubles to Rs 1.01 lakh cr in FY23
An official has reported that GST evasion detection by tax officers has almost doubled year-on-year, reaching over Rs 1.01 lakh crore during the just concluded 2022-23 fiscal year. During the previous fiscal year, officers of the Directorate General of GST...
GSTN issues Advisory: New Time Limit for Reporting Invoices on IRP Portal
The Goods and Services Tax Network (GSTN) has released an advisory on the time limit for reporting Goods and Services Tax (GST) invoices on the Invoice Registration Portal (IRP). The advisory stated that the government has imposed a time limit on reporting old...
Indian Government Uses AI and Big Data to Enhance Tax Administration
According to a written reply from Union Minister of State for Finance Shri Pankaj Chaudhary in Lok Sabha, the Indian government is utilizing data analytics, big data, and artificial intelligence/machine learning to make tax administration more efficient, unbiased, and...
OPPO Finance Manager Arrested By Bhiwandi Commissionerate On 19 Crore GST ITC Fraud
On March 22, 2023, Mr. Mahendra Kumar Rawat, the Authorized Signatory and Manager-Finance & Accounts of M/s. Oppo Mobiles India Private Limited was arrested by the Anti-evasion wing of CGST Bhiwandi Commissionerate for fraudulently availing Input Tax Credit (ITC)...