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CBIC News

12 Oct 2023

18% GST On Gangajal? Check What The Authority Says

The need for clarity regarding the GST imposed on Gangakjal arose as a result of many media stories claiming that the item was subject to an 18 percent GST.

Goods and Services Tax

01 Aug 2023

New GST Rule Kicks In From Today, Indian Companies Should Know THIS Threshold

Starting on today, companies with a B2B transactional value of over Rs 5 crore will be required to produce an electronic or e-invoice. For all B2B transactions, companies must currently generate an electronic invoice if their annual revenue is Rs. 10 crore or more.

Goods and Services Tax

31 Jul 2023

GST Rules Changing From Tomorrow, Lakhs Of Companies In India To Be Impacted

Starting on August 1, companies with a B2B transactional value of over Rs 5 crore will be required to produce an electronic or e-invoice. For all B2B transactions, companies must currently generate an electronic invoice if their annual revenue is Rs. 10 crore or more.

Goods and Services Tax

25 Jul 2023

GST Rules Changing From Next Week, To Impact Lakhs Of Companies In India

For major businesses with a revenue of more than Rs 500 crore, e-invoicing was initially adopted in 2020.

Goods and Services Tax

12 May 2023

GST Rules Changing From August 1, To Impact Lakhs Of Companies In India

New GST Rules: The Finance Ministry has issued a circular announcing reduction in threshold limit for GST E-invoicing.

05 May 2023

CBIC To Conduct 2-Month Special Drive To Weed Out Fake GST Registrations

Currently, there was 1.39 crore taxpayers registered under Goods and Services Tax (GST). The identification of fraudulent GST identification numbers (GSTINs) would be based on detailed data analytics and risk parameters.

Goods and Services Tax

06 Jul 2022

New GST rule 2022 notified by govt, to benefit lakhs of companies in India

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.

Goods and Services Tax

24 Jun 2022

Changes in monthly GST payment form GSTR-3B? GST Council to decide next week

The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability.

26 May 2022

Centre waives late fee till June for delayed filing of GST returns

The CBIC in a notification said that late fee shall be waived from May 1 to June 30, 2022, for delay in filing GSTR-4 for 2021-22 fiscal. GSTR-4 is filed annually by the taxpayers registered under the composition scheme. GST composition scheme can be opted by any traders whose turnover is less than Rs 1.5 crore.

25 May 2022

Good news! Edible oil prices to go down as govt takes THIS bold move

Govt has allowed the duty-free import of 20 L MT of crude soyabean, sunflower oil Edible oil prices are likely to go down after the govt's move

Goods and Services Tax

18 May 2022

GST filing deadline shifted to May – Companies, taxpayers read THESE points

GST Filing deadline has been extended due to technical glitch in the GST system, for which Infosys was awarded a Rs 1,380 crore.

Goods and Services Tax

01 Apr 2022

GST rules changing from today--Lakhs of companies in India to be impacted

New GST rules from today. Rules related to e-invoicing for B2B transactions. New GST rule is going to impact lakhs of companies in India.

Goods and Services Tax

29 Mar 2022

GST rules changing from April 1, to impact lakhs of companies in India

Companies with turnover of more than Rs 20 crore will have to generate B2B e-invoices.

Central Board of Indirect Taxes and Customs

19 Mar 2022

File GST returns by Sunday, or else…: CBIC reminds taxpayers about deadline

CBIC has urged non-resident GST taxpayers to file their monthly GSTR-5 returns by the due date. The remainder was for Online Information and Database Access or Retrieval (OIDAR) service suppliers.

03 Mar 2022

Don’t share Aadhaar, PAN details without valid reasons, CBIC cautions of fraud

The agency noted that the information could be used for creating fake entities in GST for evasion of taxes. CBIC said Aadhaar and PAN details can be used for creating fake entities in GST for evasion of taxes.

Goods and Service Tax

09 Jan 2022

Businesses to get reasonable time to explain reasons for mismatch in GSTR-1

CBIC has issued guidelines on the recovery proceedings. CBIC said that taxmen would give a "reasonable time" to businesses to explain the reasons for such a mismatch.

19 Sep 2021

Businesses defaulting on monthly returns won’t be allowed to file GSTR-1

These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST), which was launched on July 1, 2017. The Council decided to amend Rule 59(6) of the Central GST Rules with effect from January 1, 2022, to provide that a registered person shall not be allowed to furnish Form GSTR-1. The Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST registration with effect from August 21, 2020.

01 Sep 2021

GST on round papad, not on square one? Tax unit busts Harsh Goenka’s claim

The Central Board of Indirect Taxes and Customs (CBIC) clarified that Papad in any form has been exempted from GST. Many Twitter users called out Goenka, some even making fun of the successful businessmen.

04 Aug 2021

CBIC launches portal to provide info on customs procedures, compliance

The portal would also have information related to partner government agencies. These agencies include FSSAI, drug controller, etc. Another important feature of CIP is a pan-India map showing all the Customs seaports, airports, and land customs stations, etc.

24 Jul 2021

CBIC abolishes licence renewal requirement for customs brokers

The life-long validity of licenses/registrations is expected to promote the Ease of Doing Business in India. The amendments also provide that the licensee/registration holder can voluntarily come forward to surrender his license/registration if s/he wishes. These steps would prevent misuse of dormant licences/registrations.

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