03 Oct 2022 03:46 PM
New

GST data aids lenders’ decision on SME loans

Source: https://www.livemint.com/news/india/gst-data-aids-lenders-decision-on-sme-loans-11664734596927.html

NEW DELHI : The treasure trove of data captured in the GST framework about economic transactions is beginning to drive financial institutions’ lending decisions, especially to small and medium businesses, according to agencies that generate various statutory documents and invoices.

03 Oct 2022 03:54 PM
New

GST fraud worth ₹824 cr by insurance companies detected

Source: https://taxguru.in/goods-and-service-tax/gst-fraud-worth-%e2%82%b9824-cr-insurance-companies-detected.html

Directorate General of GST Intelligence, Mumbai Zonal Unit initiated investigations against sixteen insurance companies on the issue of availment of ineligible input tax credit. During the course of investigations, it has come to notice that these insurance companies have availed input tax credit on the basis of invoices issued by several intermediaries for providing services of advertising, marketing, brand activation etc., whereas no such services had actually been provided. Thus, in the absence of any underlying supply, the input tax credit availed by the said insurance companies, is not permissible under the GST law.

03 Oct 2022 03:58 PM
New

Monthly GST revenues more than ₹ 1.4 lakh crore for seven months in a row

Source: https://taxguru.in/goods-and-service-tax/monthly-gst-revenues-1-4-lakh-crore-months-row.html

Another milestone crossed in September with more than 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), generated without any glitch on the GST Portal portal run by NIC on 30th September 2022

03 Oct 2022 04:01 PM

Live Course on GST Audit & Assessment

Source: https://taxguru.in/goods-and-service-tax/live-gst-audit-assessment.html

This course covers all the provisions related to GST Audit & Assessment in a very easy and simple way with live practical examples including relevant rules. Through practical examples we can understand the law very easily and apply the same in practical cases. This course is completely based on practical tools of GST AUDIT & ASSESSMENT. Certificate from TaxGuru shall also be given after the completion of course

03 Oct 2022 04:05 PM

CBI Arrests GST Commissioner (Appeals), Guwahati in A Bribery case

Source: https://taxguru.in/goods-and-service-tax/cbi-arrests-gst-commissioner-appeals-guwahati-bribery-case.html

The Central Bureau of Investigation has arrested a Commissioner (Appeals), Central GST & CE, Guwahati and a middleman (private person) in an alleged bribery of Rs. 3.83 lakh.A case was registered against Commissioner (Appeals), Central GST & CE, Guwahati and three middlemen on a complaint. It was alleged that the complainant executed construction work related to N.F. Railway and raised bills. The Additional Commissioner, Central Goods & Service Tax, Dibrugarh raised a demand of Service Tax amounting to Rs. 48,43,034/-. Aggrieved with the order of Additional Commissioner, Central Goods & Service Tax, the Complainant preferred an appeal before the Commissioner (Appeals), CGST, Central Excise & Customs, Guwahati against the adjudication order. It was further alleged that during one of the hearing of the said appeal, the Commissioner demanded bribe of Rs. 4,50,000/- (i.e. @ of 10% of the demand of Service Tax) through middlemen, which was further negotiated to Rs. 3.83 lakh to settle the matter.

01 Oct 2022 03:00 PM

15 insurance companies evade GST to the tune of ₹824 crore

Source: https://www.livemint.com/news/india/15-insurance-companies-evade-gst-to-the-tune-of-rs-824-crore-11664470145131.html

Acting on specific inputs, GST Intelligence Officers in Mumbai searched the premises of a number of corporates -- insurance companies, intermediary marketing/branding companies, NBFCs and banks, in multiple cities. And during the investigations, many cases of availment and utilisation of ineligible input tax credit (ITC) without underlying supply of goods or services were detected.

01 Oct 2022 03:08 PM

Govt cuts borrowing target by ₹10k crore

Source: https://www.livemint.com/economy/govt-cuts-borrowing-target-by-10k-crore-11664476439763.html

BENGALURU : The government on Thursday cut its market borrowing plan for the fiscal year by ₹10,000 crore from what it projected in the February budget, as revenue remained robust.

01 Oct 2022 03:12 PM

16 insurers under DGGI probe for over ₹800 crore of tax irregularities

Source: https://www.livemint.com/economy/16-insurers-under-dggi-probe-for-over-rs-800-crore-of-tax-irregularities-11664552936841.html

Investigation has shown that the wrongful use of tax credit amounted to ₹824 crore, of which ₹217 crore has been ‘voluntarily’ paid by companies after the probe agency’s detection

01 Oct 2022 03:15 PM

GST collection rises 26% to over ₹1.47 lakh crore in September

Source: https://www.livemint.com/economy/gst-collection-rises-26-to-rs-1-47-lakh-crore-in-september-11664612284928.html

The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods).

01 Oct 2022 03:19 PM

Centre, states collect over ₹1.47 trillion in GST in September

Source: https://www.livemint.com/news/india/centre-states-collect-over-rs-1-47-trillion-in-gst-in-september-11664612708222.html

Central and state governments collected over ₹1.47 trillion in Goods and Services Tax (GST) revenue in September, said an official statement. GST collections have remained over ₹1.4 trillion mark in a row for seven months now.