17 Aug 2024 06:13 PM
New

Superintendent Sentenced in Bribery Case; GST Officers Under Probe

Source: https://taxguru.in/goods-and-service-tax/superintendent-sentenced-bribery-case-gst-officers-probe.html

The Special Judge for CBI Cases in Ahmedabad has sentenced Hashmukh Chhaganbhai Rathod, the former Superintendent of Service Tax, Range, Nadiad, to five years of rigorous imprisonment and a fine of Rs. 30,000. Rathod was convicted for soliciting a bribe of Rs. 2,000 to grant a Registration Certificate (Service Tax Code) to a complainant’s firm. The bribe was solicited on April 24, 2014, and Rathod was caught red-handed on April 25, 2014, following a CBI sting operation. The investigation led to his arrest and subsequent sentencing. Additionally, the CBI has registered a case against two officers from the GST Commissionerate in Hyderabad, including a Superintendent and an Inspector. The officers are accused of demanding Rs. 5 lakh as bribe from a complainant, threatening to impose GST and seizing the complainant’s iron scrap shop. They allegedly demanded an additional Rs. 3 lakh to release the seized premises. Searches conducted by the CBI in Hyderabad resulted in the recovery of incriminating documents, and the investigation is ongoing.

16 Aug 2024 05:58 PM
New

DGGI sends over 1,000 tax notices to businesses before 5 August cut off date

Source: https://www.livemint.com/economy/gst-tax-evasion-theft-e-way-bills-fake-input-tax-credits-goods-services-tax-compliance-cetral-gst-act-11723720279122.html

The notices were issued across industries and states as the extended statutory period for issuing notices for short payment of taxes or fraudulent use of tax credits, wilful misstatement or suppression of facts was coming to an end on 5 August

15 Aug 2024 04:34 PM
New

Capital gains, GST, TDS: Understanding tax implications in joint development agreements

Source: https://www.livemint.com/money/personal-finance/capital-gains-gst-tds-tax-implications-joint-development-agreements-real-estate-property-construction-property-developer-11723637900705.html

Landowners looking to develop their property often turn to joint development agreements (JDAs) as a means to share construction burdens with a builder. In this arrangement, the landowner provides the land in exchange for completed flats and potential additional compensation. While the concept is simple, the tax implications can be intricate.

15 Aug 2024 04:28 PM

Seven economic moments to remember since 1947

Source: https://www.livemint.com/economy/mint-primer-seven-economic-moments-to-remember-since-1947-independence-day-manmohan-liberalisation-green-revolution-11723646840035.html

India’s economy has come a long way since Independence. This has been possible due to some path-breaking economic decisions taken along the way. As India celebrates its 78th Independence Day, Mint looks at some of those decisions that fuelled the country’s economic growth and made its economy the fifth largest in the world.

14 Aug 2024 06:01 PM

GST on insurance premium: Council could meet next month to debate

Source: https://www.livemint.com/news/india/gst-on-insurance-premium-council-could-meet-in-september-to-debate-it-gst-council-11723556787858.html

GST on insurance premium: Council could meet in September to debate. Details here
Union Minister of Road, Transport and Highways Nitin Gadkari had urged Finance Minister to remove the 18 per cent GST on life and medical insurance premiums

13 Aug 2024 06:44 PM

DGGI to scrutinize Infosys tax liabilities year by year, to take up FY19 next

Source: https://www.livemint.com/companies/news/infosys-gst-dggi-tax-dispute-gst-liability-tax-demand-gst-council-integrated-gst-gst-on-services-11723482921946.html

This follows ₹32,400 crore tax dues claimed by the DGGI for the five years ended FY22.
The dispute hinges on whether reimbursements by Infosys' Indian headquarters to its overseas units constitute taxable service import.

13 Aug 2024 06:53 PM

Next GST Council Meeting on September 9: Key issues the apex body will discuss, and all you need to know

Source: https://www.livemint.com/economy/next-gst-council-meeting-on-september-9-key-issues-the-apex-body-will-discuss-and-all-you-need-to-know-11723533689074.html

Finance Minister Nirmala Sitharaman announced that the GST Council meeting will be held in September, 2024, in New Delhi to discuss rate rationalisation.

13 Aug 2024 06:41 PM

GST Council likely to meet in early September, discuss dispute resolution, rate rejig

Source: https://www.livemint.com/economy/gst-council-meeting-dispute-resolution-rate-rejig-tax-structure-indirect-tax-nirmala-sitharaman-11723470365557.html

The GST Council aims to minimize tax disputes by issuing clarifications and addressing industry-specific issues, particularly in sectors like software exports and airlines

13 Aug 2024 06:50 PM

Govt to launch all-India drive to weed out fake GST registrations from 16 August

Source: https://www.livemint.com/economy/gst-input-tax-credit-fake-invoice-tax-evasion-fake-gst-registrations-bogus-businesses-goods-and-services-11723532489865.html

The two-month-long drive will detect suspicious or fake GST registrations and do a thorough verification to weed out entities engaging in fake invoicing

12 Aug 2024 06:01 PM

Batchmates hail appointment of ‘disciplinarian’ Somanathan as cabinet secretary

Source: https://www.livemint.com/politics/batchmates-hail-appointment-of-disciplinarian-somanathan-as-cabinet-secretary-11723363051864.html

New Delhi: The appointment of senior IAS officer T.V. Somanathan as the new cabinet secretary of India has been hailed by many of his colleagues and batchmates as the right choice to lead the country's bureaucracy.