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
Category: GST
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
Govt can cut excise duty on petrol, diesel by Rs 8.5 a litre without hurting revenues – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/energy/oil-gas/govt-can-cut-excise-duty-on-petrol-diesel-by-rs-8-5-a-litre-without-hurting-revenues/articleshow/81310993.cmsSynopsis Petrol and diesel prices hover at a historic high following a relentless increase in rates over the past nine months. There have been
GST officers arrest person for defrauding exchequer Rs 13.76 crore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/politics-and-nation/gst-officers-arrest-person-for-defrauding-exchequer-rs-13-76-crore/articleshow/81278982.cmsSynopsis The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested a resident of Muzaffarnagar in UP, Pradeep Jain, who is director
Govt extends last date for annual GST filing till March-end for FY 20 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/govt-extends-due-date-for-filing-fy20-gst-annual-returns-till-march-31/articleshow/81259223.cmsSynopsis “In view of the difficulties expressed by the taxpayers in meeting this time limit, government has decided to further extend the due date
GST reconciliation & the credit dilemma – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/gst-reconciliation-the-credit-dilemma/2202862/ The issue of whether the recipient of services can be penalised for non-compliance by the vendor remains open and unanswered However, while that
GST Dynamic QR Code for B2C invoices: All you need to know to stay compliant – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-dynamic-qr-code-for-b2c-invoices-all-you-need-to-know-to-stay-compliant/articleshow/81240268.cms Synopsis–The concept of UPI QR code is being followed by digital payment processors and is also available under the Income Tax Law. It’s
The economics of petrol pricing – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/the-economics-of-petrol-pricing/2202830/ The excise rate, levied on a per-unit basis, has been in the range of Rs 18-20 for 2018, 2019 and the first half
Indirect Taxes: FM Sitharaman’s Budget attempts a delicate balancing act | Business Standard News
Clipped from: https://www.business-standard.com/budget/article/indirect-taxes-fm-sitharaman-s-budget-attempts-a-delicate-balancing-act-121020202031_1.html The focus has been on smoothening the GST structure and removing anomalies, as well as closing loopholes to curb fraudulent practices Even before
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