Page 11 - Banking Finance September 2019

GST UPDATE

GST

NEWS
NEWS
NEWS
NEWS
NEWS

GST Intelligence arrests 1 Avalara introduces GST annual return filing feature for

in GST scam from Nagpur GSTR-9
The Directorate General of GST In- Avalara, Inc, a provider of tax compliance automation software for businesses
telligence of all sizes, has announced the launch of Avalara TrustFile
(DGGSTI) GST annual return compliance feature for GSTR-9 return
arrested filing to help businesses and tax practitioners easily achieve
one person and maintain compliance with the country's current Goods
and Services Tax (GST) law implemented on 1 July 2017.
from the
Nagpur in Avalara TrustFile GST is a secure cloud-based software that
the context of issuing fake invoices enables businesses and consultants in India to prepare and file timely GST re-
to the tune of over Rs600 crore in all, turns. The annual return compliance feature of Avalara TrustFile GST makes
enabling businesses across the coun- GSTR-9 return filing process easier, faster, and more accurate. The software
try to claim wrongful input tax credit auto-populates almost the entire GSTR-9 form by pulling the necessary infor-
(ITC) from the GST liability. mation from the GSTN as well as previously filed returns by the business, thus
helping accounting teams and tax professionals achieve increased productivity
The accused person was identified as
and more accurate tax compliance.
Pawan Lal, an accountant in M/s
New Age False Ceiling Pvt Limited
located at Kalmeshwar in Nagpur. MSMEs will receive pending GST refunds within 30
The directorate has released a press days, says Sitharaman
release stating a company director, The Finance Minister Nirmala Sitharaman has announced that all pending GST
Manoj Gupta, is at large and a search refunds will be paid within 30 days to ease GST related woes
is on. for the MSME sector. She further stated that all future GST
Around 400 have been arrested so refunds will be sorted out in 60 days hoping that this will ease
far throughout the country in similar the working capital burden on MSMEs.
cases, with this being the first in “This is clearly time bound now. Everything that is pending
Nagpur region of DGGSTI that cov- since the time of introduction of GST till today and have a re-
ers Vidarbha, Marathwada, Nashik fund pending will be sorted out in 30 days. The government
and Khandesh. The press release has worked to clear it in the next 30 days. For every future GST refunds, every
stated that the company was found matter will be sorted out in 60 days,” she added. Sitharaman added, “MSMEs
to have taken fraudulent ITC to the do not have to be worried about money being stuck.” According to M S Mani,
tune of Rs4.63 crore based on 133 Partner, Deloitte India, “Expediting GST refunds would significantly benefit busi-
fake invoices. nesses having refunds in improving their working capital in the short term.”

BANKING FINANCE | SEPTEMBER | 2019 | 11