The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter. As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 must be deleted using RESET button before filing GSTR-1 for Jan-Mar-2021 quarter.
Goods and services tax (GST) revenue touched an all-time high in March, with the government collecting nearly Rs 1.24 trillion. It surpassed the Rs 1-trillion mark for the sixth straight month, and remained over the Rs 1.1-trillion mark for the fourth time in a row, revealed the government’s provisional data on Thursday. With this, the net tax collection is likely to have exceeded the Revised Estimates (RE) for the fiscal year, resulting in a fiscal deficit lower than 9.5 per cent of gross domestic product estimated for 2020-21 (FY21). The government has attributed the robust mop-up to closer monitoring against fake billing, deep-data analytics using data from multiple sources, including GST, income-tax and Customs information technology systems, and effective tax administration.
Read more about Tamil Nadu AAAR clears air over GST on vouchers, says taxable on redemption on Business Standard. As such, GST would be imposed on goods and services bought through vouchers
The Finance Ministry has released the final weekly instalment of Rs 4,104 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,086.97 crore has been released to 23 states and Rs 17.03 crore to 3 Union Territories with Legislative Assemblies. With the current release, 100 percent of the total estimated GST compensation shortfall of Rs 1.1 trillion for year 2020-21 has now been released to the states and UTs with Legislative Assemblies. Out of this, an amount of Rs 101,329 crore has been released to the states and Rs 8,879 crore to the 3 UTs with Legislative Assemblies. The Central government had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.1 trillion in revenue arising on account of implementation of GST. The borrowings are being done through this window by the Centre on behalf of the states and UTs.
Read more about GST fraud of Rs 20,124 cr detected during Nov 9-Jan 31: Sitharaman on Business Standard. A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit fraudulently is being carried out, FM said in a written reply to Rajya Sabha