Page 8 - Tax Evasion

Clampdown on fake bills: Rs 50 lakh a month biz to suffer 1% GST in cash

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well

I-T Dept finds Rs 700 cr unaccounted income in recent search in Tamil Nadu

Seizes cash amounting to Rs 21 cr in a search operation covering 15 premises at Erode and Chennai

Plea in SC seeks life imprisonment for offences like bribery, tax evasion

A petition has been filed before the Supreme Court seeking a direction to the Centre to ascertain the feasibility of confiscating black money, benami properties and disproportionate assets. The petition, which is likely to come up for hearing in the coming days, has also sought life imprisonment for offences such as bribery, black money, benami property, tax evasion, money laundering, profiteering, grain hoarding, food adulteration, human and drug trafficking, black marketing and cheating. The petition was filed by Ashwini Kumar Upadhyay in view of corruption watchdog Transparency International placing India at 80 in Corruption Perception Index earlier this year. Due to weak and ineffective anti-corruption laws, India has never been ranked even among top the 50 in the Corruption Perception Index but the Centre has not strengthened the laws to weed-out the menace of corruption, which brazenly offends rule of law as well as right to life, liberty and dignity guaranteed under Articles

DGGI's Mumbai Zonal Unit busts Rs 408-crore GST fraud, arrests 4

The Directorate General of GST Intelligence has arrested directors of four companies on charge of involvement in GST fraud totalling Rs 408 crore, an official said here on Thursday.

Tax records reveal how fame gave Donald Trump a $427 million lifeline

There was $500,000 to pitch Double Stuf Oreos, another half-million to sell Domino's Pizza and $850,000 to push laundry detergent.

SC declines to stay proceedings against D K Shivakumar in tax evasion case

The Supreme Court on Thursday declined to grant a stay on proceedings in the income tax evasion case against Congress' Karnataka unit President D K Shivakumar

CEOs not to be issued summons at first instance for GST evasion: DGGI

The officers have been asked to ensure that a summon for personal appearance is issued only when specifically required. This would imply that the personal presence of an individual is minimised

Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens

In a list of proposed measures to widen the tax base, in a tweet, government said no taxpayer should be left behind in the drive to ensure better compliance and transparency

GoM to take up proposal on gold e-way bills to check tax evasion, smuggling

A Group of Ministers (GoM) led by Kerala Finance Minister Thomas Isaac will take up the proposal - aimed at checking tax evasion and smuggling - on Friday

GST intelligence detects over Rs 17-cr tax evasion by MP cement firm

During the factory search on Saturday, the team of DGGI officials was surrounded by a mob of people who threatened and interfered with the official proceedings

Govt notifies e-invoicing for companies with Rs 500-crore turnover

The move comes as the government is looking at ways to plug evasion amid dismal GST collections with the pandemic driving economy towards recession

Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold

Govt considers amnesty scheme for citizens hoarding gold illegally

The government plans to ask people with unaccounted holdings of the metal to declare it to tax authorities and pay levies, and penalty

I-T dept to crack the whip on tax evaders, resume probe in pending cases

The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.

GST officials detect Rs 105-cr tax evasion by Indore-based cigarette maker

DGGI had conducted searches at the firm's premises that revealed that a secret exit had been set up on the rear side through which unaccounted raw materials were brought and finished goods cleared

GST body detects Rs 225 cr tax evasion, busts pan masala racket in Indore

The total duty implication in this fraud is estimated to be around Rs 400 crore, the statement issued by the DGGI said

CBI takes over investigation in Barak Valley coal scam case of Assam

The case was recommended for a CBI probe by Assam Chief Minister Sarbananda Sonowal in 2018

India saw Rs 6.14 trillion, or 3% of GDP, escape tax net in 2017: Report

The report said a staggering $8.8 trillion value gap was identified in trade between 135 developing countries and 36 advanced economies over the period of 2008-2017.

Govt's monthly GST lottery scheme to curb tax evasion to begin from April 1

Under the scheme, the revenue department will conduct monthly lucky draws which will have one bumper prize, while there would be second and third prizes state wise

Simplifying regime to make tax harassment 'a thing of the past': Modi

Until now, a process-centric tax system was predominant in India, but now it was being made public-centric, the prime minister added