17 Jun 2023 05:34 PM
New

DGGI Gurugram Exposes ITC Fraud Scheme Involving Shell Entities Worth Rs 863 Crore

Source: https://taxguru.in/goods-and-service-tax/dggi-gurugram-exposes-itc-fraud-scheme.html

Recently, the Directorate General of GST Intelligence’s Gurugram Zonal Unit has brought to light a substantial Input Tax Credit (ITC) fraud. This intricate scheme involves 461 fraudulent shell entities, all of which combined have claimed a shocking Rs. 863 crore. Preliminary investigations indicate that the fraudulent ITC credit from this operation has made its way into sectors notorious for tax evasion, particularly the metal, iron, and steel sectors. As the case unfolds, it underscores the urgent need for stricter regulations and oversight to prevent such massive financial frauds in the future. Relevant Press release is as follows:-

17 Jun 2023 05:19 PM
New

11,000 fake entities found in drive against tax evasion: Vivek Johri

Source: https://www.livemint.com/news/india/11000-fake-entities-found-in-drive-against-tax-evasion-vivek-johri-11686923044308.html

Central Board of Indirect Taxes and Customs (CBIC) Chairperson Vivek Johri said about 60,000 entities were identified based on certain risk parameters and the details were shared with field officers

17 Jun 2023 05:16 PM
New

GST council to hold meeting on 11 July - Here's what will be on the agenda

Source: https://www.livemint.com/politics/policy/gst-council-to-hold-meeting-on-11-july-heres-what-will-be-on-the-agenda-11686918323811.html

The council is likely to discuss GoM report on online gaming, casinos and horse racing and will circulate it to the states soon, and measures to curb fake registration and fraudulent generation of input tax credit, among others

16 Jun 2023 05:27 PM

GST intelligence officers unearth 461 fake companies in ₹863 crore ITC fraud, 2 arrested

Source: https://www.livemint.com/news/india/gst-intelligence-officers-unearth-461-fake-companies-in-rs-863-crore-itc-fraud-2-arrested-11686877951624.html

The Gurugram Zonal Unit of the Directorate General of GST Intelligence has uncovered a major fraud involving 461 shell and fake entities passing on fraudulent Input Tax Credit of INR 863 crore.

14 Jun 2023 05:22 PM

Corporate tax cut hasn’t pushed up private investment

Source: https://www.livemint.com/opinion/columns/corporate-tax-cut-hasn-t-pushed-up-private-investment-11686677473817.html

On 31 May, the Controller General of Accounts released the annual data for the accounts of India’s central government. As per this, in 2022-23, the government had collected corporate tax of ₹8.26 trillion, amounting to 3.03% of gross domestic product (GDP). The GDP is a measure of the economic size of a country during a given year.

14 Jun 2023 05:28 PM

Maharashtra, Gujarat, TN top in goods shipments

Source: https://www.livemint.com/economy/maharashtra-gujarat-tn-top-in-goods-shipments-11686682110502.html

NEW DELHI : Maharashtra, Gujarat, and Tamil Nadu lead in terms of the value of goods shipped within their respective states and those traded with the rest of the country, indicating their economic might, according to data on e-way bills from GSTN.

13 Jun 2023 05:28 PM

RTI reveals 54.57% GST Registration Applications rejected by Department

Source: https://taxguru.in/goods-and-service-tax/rti-reveals-54-57-gst-registration-applications-rejected-department.html

This article presents a detailed analysis of Goods and Services Tax (GST) Registration applications across multiple zones in India, providing insights into the rejection rates and the reasons behind them.

13 Jun 2023 05:39 PM

Mandatory 2-Factor Authentication for Taxpayers with AATO above 100cr

Source: https://taxguru.in/goods-and-service-tax/2-factor-authentication-taxpayers-aato-above-100cr.html

2 Factor Authentication for e-Way Bill and e-Invoice System will be made mandatory from 15/07/2023 for all the taxpayers with AATO above 100cr.

07 Jun 2023 05:37 PM

An Expenditure Council could help promote fiscal prudence

Source: https://www.livemint.com/opinion/columns/an-expenditure-council-could-help-promote-fiscal-prudence-11686073688771.html

The debate on governmental ‘freebies’—offering goods and services free of cost or at heavily subsidized rates even to the people who might not need them—has its roots in the issue of countries’ wasteful expenditure, which is a subtle yet potent deterrent of economic growth. Such spending may bring short-term benefits, but eventually, it risks upsetting fiscal balance, outcompeting productive investments, and amplifying income inequality. This issue draws an uncanny resemblance to the timeless wisdom imparted by Adam Smith in The Wealth of Nations, where he emphasized the judicious use of resources as an essential element of national wealth. Any deviation from this principle invites inefficiencies and can even instigate an economic downturn.

07 Jun 2023 05:26 PM

FlyBlade India introduces helicopter service for Tirupati

Source: https://www.livemint.com/companies/news/flyblade-india-introduces-helicopter-service-for-tirupati-11686058669381.html

NEW DELHI : FlyBlade India, a joint venture between Hunch Ventures and Blade Air Mobility Inc., has introduced same-day return helicopter services from Bengaluru for pilgrims visiting Tirumala Tirupati.