Clipped from: https://economictimes.indiatimes.com/news/economy/policy/companies-opt-for-tax-settlement-scheme-face-probe/articleshow/81384578.cms SynopsisSabka Vishwas (Legacy Dispute Resolution) Scheme, or SVLDR, was introduced to clear the backlog of erstwhile indirect tax disputes for companies to get
Category: GST
Gujarat HC directs GST Authority to allow petitioner to rectify entries in Form GSTR-3B – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/gujarat-hc-directs-gst-authority-to-allowpetitioner-to-rectify-entries-in-form-gstr-3b/article34044452.ece Says the authority is in the habit of raising technical issues leading to ‘unnecessary litigations’ The Gujarat High Court has come down heavily
GST officers arrest 357 persons since mid-Nov for fake invoice fraud – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/politics-and-nation/gst-officers-arrest-357-persons-since-mid-nov-for-fake-invoice-fraud/articleshow/81413426.cmsSynopsis Since mid-November, 3,500 cases have been booked and 10,400 fake GSTIN entities have been unearthed by GST intelligence and Central GST officers so
Budget underestimates taxes for FY21 and FY22 – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/budget-underestimates-taxes-for-fy21-and-fy22/2210152/ The actual tax collection in FY21 could be of about Rs 21.25 lakh crore. This will have an impact on the budgeted estimates
GST fraud of Rs 20,124 cr detected during Nov 9-Jan 31: Sitharaman | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-fraud-of-rs-20-124-cr-detected-during-nov-9-jan-31-fm-121030901115_1.html A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit fraudulently is being carried out, FM said in
Tax notices, summons served to pre-GST, dispute resolution cases | Business News,The Indian Express
Clipped from: https://indianexpress.com/article/business/economy/tax-notices-summons-served-to-pre-gst-dispute-resolution-cases-7218646/ The summons have been sent under Section 70 of CGST Act, which provides powers to tax officers to summon persons to give evidence
After nearly four years, GST is still a work in progress | Deccan Herald
Clipped from: https://www.deccanherald.com/opinion/panorama/after-nearly-four-years-gst-is-still-a-work-in-progress-959381.html GST has its good points and its poor points, with the latter winning over the former In a few months, Goods and Services
2 held for passing bogus tax credit worth Rs 392 crore to Essel Group cos | Deccan Herald
Clipped from: https://www.deccanherald.com/national/2-held-for-passing-bogus-tax-credit-worth-rs-392-crore-to-essel-group-cos-958425.html Investigations indicate that a layer of genuine looking fictitious intermediary companies was created Representative Image. Credit: iStock Photo GST officers have arrested two
GST squads formed to prevent the illicit movement of goods – The Hindu
Clipped from: https://www.thehindu.com/news/national/tamil-nadu/gst-squads-formed-to-prevent-the-illicit-movement-of-goods/article34031754.ece According to an official release, all teams will keep a watch on warehouses registered in their respective jurisdictions and are authorised to prevent
Tax raids, and not just on Tapsee Pannu, are a bad idea – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/tax-raids-and-not-just-on-tapsee-pannu-are-a-bad-idea/2208659/ In the past, tax raids add just a small fraction to the assessee’s income, and even those cases often fail The Income Tax
Merchandise export receivables can’t be set off against service import dues | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/merchandise-export-receivables-can-t-be-set-off-against-service-import-dues-121030801164_1.html You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your
Regional Authority becomes redundant as DGFT goes online | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/regional-authority-becomes-redundant-as-dgft-goes-online-121030800008_1.html The prescribed processes for adjudication now require the exporter or importer to submit online the documents called for by the jurisdictional authority In
High Courts serve notice on Centre over IGST rebate by exporters | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/high-courts-serve-notice-on-centre-over-igst-rebate-by-exporters-121011901728_1.html Exporters were earlier entitled to import raw material without payment of IGST under the AA licence Exporters were earlier entitled to import raw
Reconsider disallowing IGST for exports: Commerce department to FinMin | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/reconsider-disallowing-igst-for-exports-commerce-department-to-finmin-121022600070_1.html The move to disallow IGST for exporters is aimed to plug large-scale frauds in the GST system Exporters have said that over time
Gujarat HC admits petition to review its order on IGST benefits | Business Standard News
lipped from: https://www.business-standard.com/article/economy-policy/gujarat-hc-admits-petition-to-review-its-order-on-igst-benefits-121030801019_1.html Petition was heard by a special bench that had given earlier order. Matter posted for hearing on April 9 The court also upheld
GST e-invoicing mandatory for turnover of Rs 50 cr and above from April 1 | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-e-invoicing-mandatory-for-turnover-of-rs-50-cr-and-above-from-april-1-121030801373_1.html The government had earlier planned to extend e-invoicing to all entities from April 1, 2021, but has refrained, taking care of interest of
GST evasion: CBIC asks field offices to exercise maximum caution, prudence in property attachment – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-evasion-cbic-asks-field-offices-to-exercise-maximum-caution-prudence-in-property-attachment/articleshow/81386619.cmsSynopsis In the guidelines the CBIC listed out types of cases where provisional attachment can be considered to be resorted to subject to specific
A proposed GST amendment may severely impact Indian exporters – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/a-proposed-gst-amendment-may-severely-impact-indian-exporters/articleshow/81360362.cms SynopsisAn amendment to Section 16 of the IGST Act may seem harmless, but is capable of having a deep and far-reaching implication for
Resolving seizure of goods, conveyance issue to be taxing – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/resolving-seizure-of-goods-conveyance-issue-to-be-taxing/article33968810.ece Lok Sabha to take up Finance Bill during post-recess session Settling matters related with seizure of goods and conveyance may prove troublesome once
Don’t cut fuel taxes | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/don-t-cut-fuel-taxes-121030201491_1.html Roll-back will increase fiscal risks The Union government is reportedly contemplating a possible cut in duties on petrol and diesel. While the desire
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