GOODS AND SERVICES TAX (GST)

06.09.2023

ED says IRS officer Sachin Sawant gifted Rs 1.75-lakh anklet to Malayalam actor Navya Nair.

The ED makes the claim in its chargesheet filed against the officer accused of having amassed wealth disproportionate to his known sources of income.

The Enforcement Directorate, in its chargesheet filed against IRS officer Sachin Sawant, has referred to a statement to claim that he had visited Kochi 15-20 times to meet Malayalam actor Nayva Nair and also gifted her a gold anklet worth Rs 1.75 lakh.

Sawant, additional commissioner of customs and GST who has also served as a deputy director of the ED in Mumbai, has been named in the chargesheet along with his father, brother, chartered accountant and a company allegedly linked to them. He was arrested in June by the ED in a money-laundering case where it claimed he had assets disproportionate to his income and that the proceeds of crime were around Rs 4.11 crore.

01.09.2023

Centre, states collect Rs. 1.59 trillion in GST in August.

Monthly GST collection was at Rs. 1.65 trillion in June, the same as the average monthly GST collection projected for this fiscal by policy makers.

New Delhi: Central and state governments collected Rs. 1.59 trillion in Goods and Service Tax (GST) revenue in August, an increase of 11% year-on-year, but lower than the mop-up in June, data from finance ministry showed on Friday.

Monthly GST collection was at Rs. 1.65 trillion in June, the same as the average monthly GST collection projected for this fiscal by policy makers.

Compared to the receipts in July, GST revenue in August showed moderation in the tax collected by the Centre (CGST), states (SGST) and the revenue from imports and inter-state sales (IGST) but experts said the slight fluctuation in monthly tax figures do not suggest anything of concern about India’s consumption read more »

06.08.2023

CBIC mulls organisational restructuring to make it more effective, do away with overlapping.

Extensive use of big data analytics, introduction of faceless assessment in Customs and electronic filing of various documents, claims and payment of taxes have made this organisational restructuring a necessity, an official said.  

The CBIC is mulling a comprehensive restructuring of the organisation, set up 6 decades ago, to make it more effective and remove overlapping, if any, as many of its functions have undergone transformation following introduction of new technologies, abolition of service tax and roll-out of GST which has subsumed several levies.

The Central Board of Indirect Taxes and Customs or CBIC (formerly known as Central Board of Excise and Customs) was set up in 1964.

Last in 2014, a cadre restructuring and reorganisation of field formation was undertaken under which 23 central excise zones, 4 service tax zones, 11 customs zones, 60 appeal read more »

01.08.2023

Rs. 1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth.

Gross GST collection crosses Rs. 1.6 lakh crore mark for 5th time since inception of GST

Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year

The gross GST revenue collected in the month of July, 2023 is Rs. 1,65,105 crore of which CGST is Rs. 29,773 crore, SGST is Rs. 37,623 crore, IGST is Rs. 85,930 crore (including Rs. 41,239 crore collected on import of goods) and cess is Rs. 11,779 crore (including Rs.  840 crore collected on import of goods).

The government has settled Rs. 39,785 crore to CGST and Rs. 33,188 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after regular settlement is Rs. 69,558 crore for CGST and Rs. 70,811 crore for the SGST.

The revenues read more »

01.07.2023

Rs. 1,61,497 crore gross GST revenue collected for June 2023; records 12% Year-on-Year growth.

Gross GST collection crosses Rs. 1.6 lakh crore mark for 4th time since inception of GST; Rs. 1.4 lakh crore for 16 months in a row; and Rs. 1.5 lakh 7th times since inception.

Average monthly gross GST collection for Q1 of FY2021-22 is Rs. 1.10 lakh crore; FY2022-23 is Rs. 1.51 lakh crore; and FY2023-24 is Rs. 1.69 lakh crore, respectively

The gross GST revenue collected in the month of June, 2023 is Rs. 1,61,497 crore of which CGST is Rs. 31,013 crore, SGST is Rs. 38,292 crore, IGST is Rs. 80,292 crore (including Rs. 39,035 crore collected on import of goods) and cess is Rs. 11,900 crore (including Rs.  1,028 crore collected on import of goods).

The government has settled Rs. 36,224 crore to CGST and Rs. 30269 crore to SGST from IGST. The total read more »

11.05.2023

CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers.

During the recent review of the performance of the Central Board of Indirect Taxes & Customs (CBIC), Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman had given directions to roll out an Automated Return Scrutiny Module for GST returns at the earliest.

In order to implement this non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week.  This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System.

In the module, discrepancies on account of risks associated with a return are displayed to the tax officers. Tax officers are provided with a workflow for interacting with the taxpayers read more »

01.05.2023

GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore.

Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs. 1,67,540 crore, in April 2022

GST revenues for April 2023 are 12% higher than the GST revenues Y-o-Y

Highest tax collected on a single day ever at Rs. 68,228 crore through 9. 8 lakh transactions on 20th April 2023

The gross GST revenue collected in the month of April, 2023 is Rs. 1,87,035 crore of which CGST is Rs. 38,440 crore, SGST is Rs. 47,412 crore, IGST is Rs. 89,158 crore (including Rs. 34,972 crore collected on import of goods) and cess is Rs. 12,025 crore (including Rs. 901 crore collected on import of goods).

The government has settled Rs. 45,864 crore to CGST and Rs. 37,959 crore to SGST from IGST. The total revenue of Centre and the States in read more »

04.04.2023

Imports stuck at ports due to payment glitches.

Import consignments are stuck at ports and terminals across the country, impacting several sectors since April 1, due to glitches in the new payment system.

Highlighting the issue of non-payment of customs levies on the newly launched portal, an industry body representing the western region – Brihanmumbai Custom Brokers Association – has sought government help. In a letter to the directorate general of systems & data management, customs & central excise, it said there has been difficulty in making customs duty payments since challans are not visible on ICEGATE.

“All import consignments, including those of food and medicines which have a short shelf-life, are affected, with agents not being able to take delivery. This is creating hardship for patients and chaos in general,” an industry executive said.

The government acknowledged that there were problems. “CBIC (Central Board of Indirect Taxes and Customs) has read more »

01.04.2023

Rs. 1,60,122 crore gross GST revenue collected for March 2023.

Second highest collection ever, next only to the collection in April 2022

Monthly GST revenues more than Rs. 1.4 lakh crore for 12 months in a row, with Rs. 1.6 lakh crore crossed for the 2nd time since inception of GST

GST revenues clock 13% growth Year-on-Year

Total gross collection for 2022-23 stands at Rs. 18.10 lakh crore; average gross monthly collection for the full year is Rs. 1.51 lakh crore

Gross revenues in 2022-23 were 22% higher than that last year

The gross GST revenue collected in the month of March 2023 is Rs. 1,60,122 crore of which CGST is Rs. 29,546 crore, SGST is Rs. 37,314 crore, IGST is Rs. 82,907 crore (including Rs. 42,503 crore collected on import of goods) and cess is Rs. 10,355 crore (including Rs. 960 crore collected on import read more »

13.12.2022

Classification of Goods under Customs Tariff.

1. Introduction:

1.1. The important Customs related functions include the collection of Customs duties on imports and exports as per the Customs Act, 1962 and the Customs Tariff Act, 1975. In relation to collection of customs duties on imports and exports, goods are assessed under the provisions of Section 17 read with Section 2(2) of the Customs Act, 1962. The said assessment includes interalia the tariff classification of such goods as determined in accordance with the provisions of the Customs Tariff Act, 1975. Classification of goods is the primary part of assessment followed by the levy of duties and implementation of foreign trade policy. The process of classification has been explained in the ongoing paras.

1.2. In this age of liberalization, several relaxations have been provided for import and export of goods. These include clearance of goods without manual assessment. Inspite of such relaxation, import and export read more »