In FY23, a good 56% of individual annualized premium equivalent (APE) for the company was from the bank channel. Going ahead, it plans to increase the number of policies for improving APE growth.
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Mumbai: HDFC Life on Friday said that it has received a notice from tax authorities related to a demand for ₹942 crore towards Goods and Services Tax (GST) dues between July 2017 to FY22.
Source: https://taxguru.in/goods-and-service-tax/dgg-gurugram-busts-fake-entities-racket-tax-fraud.html
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit recently conducted intelligence-based operations that exposed two major fraudulent activities. In the first instance, a large-scale racket comprising 539 fake entities was uncovered, which had fraudulently claimed Input Tax Credit (ITC) amounting to Rs. 1,124.66 crore. The second operation revealed a network of 19 fake entities involved in GST evasion amounting to Rs. 97.44 crore. Let’s delve into the details of these operations and their significant outcomes.
Read MoreSource: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-may-2023.html
₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collected on import of goods).
The Directorate General of GST Intelligence (DGGI) in Coimbatore, a law enforcement agency under the Ministry of Finance, conducted a search operation on 15th June 2023 targeting a mastermind and certain firms involved in a fake invoicing racket in the scraps trade. The operation aimed to uncover the issuance of fake invoices and the fraudulent availing of Input Tax Credit (ITC) without actual supply or receipt of goods.
Read MoreSource: https://taxguru.in/goods-and-service-tax/recent-recent-updates-gst-portal-june-2023.html
The GST portal has introduced several new features and updates to enhance the user experience and streamline various processes. This article highlights the recent changes, including geocoding of the principal place of business, user ID generation for unregistered persons supplying to e-commerce operators, detailed reason for registration cancellation, AATO enablement, annual return filing, changes in Form GST APL-01, and updates to the amnesty scheme.
Read MoreThe finance minister called for a nation-wide campaign to explain the objectives of the special drive to weed out fake entities
Read MoreThe 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
Read MoreCentral 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
Read MoreSource: 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:-
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