Page 48 - Gst

Under scanner: Insurance companies likely to soon face GST audits

Any mismatch in information across documents could raise a red flag

India Inc feels time ripe for next phase of GST reform: Deloitte Survey

A Deloitte survey revealed that Indian industries believe it's time to uncover the next phase of GST reforms to enhance the ease of doing business.

Rs 2 trillion outflows in sight, RBI's four-day VRR auction sails through

Banks expect more such auctions in June

Reserve Bank of India may need to pump in funds on liquidity crunch

GST payments and quarter-end credit demand may lead to such a situation

GST council may mull steps to prevent fake generation of ITC: Official

GST Council in its meeting next month, likely to discuss measures to ensure strict provisions for preventing fake generation of Input Tax Credit, aiming to prevent tax evasion, a senior official said

Shell cos to fake invoice: How firms trying to evade GST are getting caught

DGGI has unearthed number of modus operandi by which tax evasion has been done in the recent past

GST officers unearth 461 fake entities involved in Rs 863 cr ITC fraud

The GST Intelligence officers have unearthed a racket involving 461 shell/fake entities, which had passed on fraudulent input tax credit of Rs 863 crore. According to the Finance Ministry, the Gurugram Zonal Unit of the Directorate General of GST Intelligence busted the racket, which passed on fraudulent Input Tax Credit (ITC) through fake shell entities following a search operation. "Huge number of forged/ morphed/ fake soft copies of documents like rent agreements, electricity bills, Aadhar card, driving license, PAN card, etc. were detected in the laptops resumed from this secret office, which were used to create and operate their fake entities. "The forensic examination of the laptops, devices seized from this office led to the eventual detection of ITC fraud to the tune of Rs 863 crore, involving fake 461 entities and arrest of two key operatives," the ministry said on Thursday. The initial investigation indicates that the fraudulent ITC credit has eventually travelled to the

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CBIC to assign risk rating to GST applications, taxmen to verify documents

In order to check fake GST registration, CBIC will assign a risk rating to all applications and tax officers will cross-verify the documents submitted by the applicants with municipal records. The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday issued instructions to field offices after it came to light during the ongoing two-month special drive that fraudsters have misused PAN and Aadhaar numbers of people to obtain GST registrations. In the ongoing all-India drive, Centre and State GST officers have detected over 15,000 fake registrations and are initiating punitive action against the perpetrators. They are also trying to find out the mastermind who are the real beneficiaries. As per the instructions, the Directorate General of Analytics and Risk Management (DGARM) and GST Network would give a risk rating -- High, Medium and Low -- to each application for registration, based on data analytics and risk parameters. This will facilitate a "targeted approach in ..

50,000 cases to be taken up for GST audit in FY24, says CBIC chairman

Authority's target to be based on risk parameters

GST evasion carried out through 4,909 bogus establishments: Tax official

Authorities have detected GST evasion to the tune of more than Rs 8,100 crore and it has been found that the offence was carried out through 4,909 bogus business establishments spread in parts of the country, a tax official from Madhya Pradesh said on Wednesday. MP Commercial Tax Commissioner Lokesh Kumar Jatav said the state Goods and Services Tax (GST) Department got the initial clues of this big tax evasion during a month-long investigation of e-way bills of an establishment in Indore. "On a detailed analysis and scrutiny of the data, a total of 4,909 suspicious business establishments were found across the country. Of these, a maximum of 1,888 establishments are in Delhi, 831 in Uttar Pradesh, 474 in Haryana, 210 in Tamil Nadu, 201 in Maharashtra, 167 in Telangana and 139 in Madhya Pradesh," he said. Jatav said that these 4,909 establishments under investigation showed a turnover of about Rs 29,000 crore in GST returns during the financial years 2021-22 and 2022-23 and the ...

Top 18 Indian states to record revenue growth of 6-8% in FY24: CRISIL

The growth will be predominantly supported by the Goods and Services Tax (GST) collections, devolutions from the Centre and taxes & duties on liquor sales

GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered

The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations

GST spurts fiscal equality: tax-GSDP ratio higher in poorer states

One reason for their gain is the Centre has transferred them much higher amounts than to bigger states

Centre to come up with pre-filled GST return forms by year-end: Report

The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices

CBIC circular on pre-import violation cases

The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so

FinMin starts deciding process on convenor of GST rate rationalisation GoM

The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said. The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021. The finance ministry has initiated the process of consultation with other members of the panel. "Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told PTI. Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal. Usually, the senior-most member in a GoM is named as the convenor of the panel. Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate ...

Banks wary of liquidity on ahead of the advance tax outflow and GST

VRRR mop-up equals to value of 85% of Rs 2000 notes returned

HC upholds GST rules on taxing intermediary services for clients abroad

Bombay HC didn't make any observation on what type of tax would be levied on such services offered by intermediaries

'Headline management' with GDP numbers can't hide economic distress: Cong

Hitting out at the government, the Congress said on Tuesday that "no amount of headline management" with GDP growth numbers and GST revenues can hide the economic distress faced by a majority of Indians as it cited a surge in the demand for work under the MGNREGA scheme. Congress general secretary (communications) Jairam Ramesh said the only time the demand for work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was more was during the once-in-a-century pandemic, reflecting the economic distress in rural India. "The Modi government does a huge song and dance about 'record GST revenues', which is nothing but an expected mathematical reality...but you won't hear the drum-beaters talk about the record numbers of people demanding MGNREGA work in May -- more than 3 crore households," he tweeted. "No amount of headline management with GDP growth numbers and GST revenues can hide the economic distress faced by majority of Indians," he said. He said the rise in