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CBIC cautions against fake GST summons, asks to check communications

The CBIC on Saturday cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to taxpayers who may or may not be under investigation by the DGGI. "The fake summons that are being sent out might look real because they have a Document Identification Number (DIN), but these DIN numbers are not issued by DGGI in the case of these entities. To deal with this issue, DGGI has been taking serious steps by informing and filing complaints with the Police against those involved in creating and sending fake and fraudulent summons," an official statement said. Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY ..

Centre impartial in distribution of funds to state govts: Nityanand Rai

Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief. Replying to a question on flood relief to Tamil Nadu, Rai dismissed the allegations that the non-BJP-ruled states were being discriminated against while disbursing disaster relief funds. "In fact, Prime Minister Narendra Modi is very sensitive to the need of the state governments during any natural disaster and the central government provides all kinds of help during any crisis," he said, dismissing the allegation that Tamil Nadu was being discriminated against. He also informed that Rs 2013 crore was still lying with the Tamil Nadu government under SDRF which it is free to spend for flood relief. He said under the present government, inter-ministerial central team is being dispatched even before a request from the state government comes. Rai said a total provision of Rs 33581 crore was made

GST officials detect 14,597 tax evasion cases in Apr-Dec: Govt informs LS

GST officers are using data analytic and artificial intelligence tools like Business Intelligence and Fraud Analytics to identify risky taxpayers suspected of passing or availing fake input tax credits, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said a total of 14,597 cases of Goods and Services Tax (GST) evasion have been registered by central tax officers during April-December 2023. A maximum number of such cases was registered in Maharashtra (2,716), followed by Gujarat (2,589), Haryana (1,123) and West Bengal (1,098). "Various data analytic and artificial intelligence tools such as NETRA (Networking Exploration Tools for Revenue Augmentation), BIFA (Business Intelligence and Fraud Analytics) & ADVAIT (Advanced Analytics in Indirect Taxation) are being used to identify risky taxpayers, suspected of passing or availing fake input tax credit, including in the State of Andhra Pradesh," Chaudhary said. GST .

System in place to fix reconciliation row over tax payments: Revenue secy

Malhotra speaks of the Paytm probe, goods and services tax on online gaming companies, and revenue projections

FinMin's DGGI busts 1,700 fake Input Tax Credit cases, nabs 98 fraudsters

GST intelligence officers have detected fake Input Tax Credit (ITC) cases worth Rs 18,000 crore from April to December in the current fiscal and arrested 98 people, the finance ministry said on Saturday. In the current financial year, the Directorate General of GST Intelligence (DGGI) has laid special emphasis to identify and apprehend the masterminds of fake Input Tax Credit (ITC) and disrupting syndicates, operating across the country. "In the current financial year (up to December 2023), 1,700 fake ITC cases involving Rs 18,000 crore have been detected and 98 fraudsters/masterminds have been apprehended," a statement said. DGGI has unravelled cases using data analysis aided by advanced technical tools, leading to the arrest of tax evaders. These tax syndicates often use gullible persons and enticed them with jobs/commission/bank loan, etc, to extract their Know Your Customers (KYC) documents, which were then used to create fake/shell firms/companies without their knowledge and .

Govt aims to collect $1.7 billion revenue from online gambling tax in FY25

The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investor

Average monthly GST collection may touch Rs 1.7 trn in FY25: CBIC chairman

Customs duty collection may go up if global activities improve but targets can be pegged on the basis of trends only, he says

Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy

The government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year, Revenue Secretary Sanjay Malhotra said on Friday. In a post-Budget interview with PTI, Malhotra also said the incorporation date for startups to avail of tax benefits for three years out of 10 have been extended by a year till March 31, 2025. He also said the customs duty cut in mobile spare parts and components to 10 per cent is intended to simplify tax structure, reduce classification disputes and should further spur investment in mobile manufacturing. Finance Minister Nirmala Sitharaman in her 2024-25 interim Budget speech had said the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly Goods and Services Tax (GST) collection has crossed Rs 1.70 lakh crore in three months this fiscal, taking the average monthly mop-up to Rs 1.67 lakh crore in current fiscal. "GST collections are expected to g

Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'

The underlying nominal GDP growth assumption of 10.5 per cent for the Budget and tax collection estimates are realistic

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

January GST collection rises 10.4% to Rs 1.72 trn, second-highest ever

RE for CGST may be higher than BE in the interim Budget today

Budget wishlist: Mercedes-Benz India expects long-term GST plan on EVs

Currently, all electric vehicles (EVs) benefit from a concessional GST rate of five per cent, while vehicles running on internal combustion engines (ICE) are charged a 28 per cent GST

GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. "The gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

GST on health insurance must be cut in Budget: Niva Bupa Health Insurance

Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told ANI that 18 per cent GST rate "does not make the product more affordable."

Delhi HC upholds validity of anti-profiteering provisions under GST

The court held that anti profiteering provisions pertain to commensurate reduction of prices when gst rates are reduced or due to input tax credit and hence these provisions are in public interest

Cos to submit bank details to GST officers in 30 days of registration: GSTN

Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST. "Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per .

Games24x7 thrives amid new GST, explores innovative business models: CEO

'Despite GST, 2023 was best year for our fantasy sports, rummy platforms,' says Games24x7 CEO

Best of BS Opinion: GST cess as opportunity, the rural push & more

Here is the best of Business Standard's opinion pieces for today

GST cess as an opportunity

India's economy should benefit from an early termination of the compensation cess

Tax buoyancy may give headroom for higher social sector budget: Report

The increased tax buoyancy as reflected in both income tax and GST monthly collection data will provide headroom to the government to allocate more funds for farmers and social sector schemes in the forthcoming interim budget, without sacrificing fiscal prudence, sources said. The focus in the interim budget, which will be the last major economic document of the Modi 2.0 Government ahead of the general elections, is likely to be on the issues being faced by poorer sections of the society, especially in rural areas. According to sources, collections from income and corporate taxes have been showing buoyancy in the current fiscal, and the total direct tax mop-up is likely to exceed budget estimates by about Rs 1 lakh crore. The government had budgeted to collect Rs 18.23 lakh crore from direct taxes in this fiscal. Till January 10, the mop-up stood at Rs 14.70 lakh crore, which is 81 per cent of budget estimates. On the Goods and Services Tax (GST) front, Central GST revenues are ...