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Leading insurance companies under GST scanner for alleged fake invoicing

Notices have also been issued to vendors of these companies

Centre ready to bring petrol and diesel under GST: Hardeep Singh Puri

The Centre is ready for bringing petrol and diesel under the GST regime but it is unlikely that the states will agree to such a move, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday. For bringing the petrol and diesel under the GST, the states have to agree. If the states make the move, we are ready. We have been ready all along. That's my understanding. It is another issue how to implement it. That question should be addressed to the finance minister, Puri told reporters here. The minister, however, pointed out that it is unlikely that the states will agree to such a move as liquor and energy are revenue generating items for them. It is not difficult to understand, they (states) get revenue out of this. One who is getting revenue, why would he leave it? Liquor and energy are two things that generate revenue. It is only the Central government which is worried about inflation and other things, he added. The Union minister said the Kerala High Court had suggested

FM should clear the air on 'pre-import' matter

The Customs have started sending show-cause notices (SCN) to several exporters alleging violation of 'pre-import' condition in case of imports without payment of IGST under advance authorisations

E-commerce firm not liable to pay GST on cab service by third parties: AAR

Experts say Karnataka authority's ruling would not apply to Uber, Ola and other cab aggregators

GST evasion of Rs 55,575 cr detected in last 2 years, 719 persons arrested

GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST). "In the two years of the special drive, GST/ITC fraud worth Rs 55,575 crore has been detected. 719 persons have been arrested, which include 20 CA/CS professionals," the official told PTI. Voluntary deposits of Goods and Services Tax (GST) worth Rs 3,050 crore have been made during the period. The official did not disclose the recovery amount in these cases, but said it would be a "sizeable amount". "Credible intelligence, coordina

Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

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Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

Zoho Corp revenue hit $1 billion in 2021, India business grew 77%

Company plans to double investments in blockchain and AI

Live: PM Modi unveils the logo, theme and website of India's G20 Presidency

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Fadnavis directs GST officials to work with cyber dept to curb frauds

Maharashtra deputy chief minister Devendra Fadnavis on Monday asked state GST (Goods and Services Tax) department officials to work closely with the cyber security department of the home ministry to curb increasing cases of financial frauds and cyber crimes. Fadnavis, who also holds home and finance portfolios, issued the instruction after holding a meeting with GST officials as well as those of the state finance department. The review meeting was regarding the current functioning of the GST department, its achievements, growth in collection and intelligence network, among other issues. The deputy CM also held a meeting with officials of the Asian Development Bank (ADB) in Mumbai and sought support of the Philippines-based multilateral agency in various sectors. After the meeting, he said, We need more support from the ADB not only in funding but also in sharing best financial practices across the globe. The state is working to shift its entire public transport system on green ...

HC issues notice to Maharashtra GST dept for arrest over circular trading

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

GST law panel working with experts to define games of skill, chance

Centre and state GST officers are working with online gaming sector experts to define 'games of skill' and 'games of chance' with a view to design different taxation structures for them, sources said. The vexed issue of levying Goods and Services Tax (GST) on online games has been hanging fire for over a year now with many states pitching for a lower tax rate on those online games which require skill. They are of the opinion that games of skill should not be treated at par with games of chance. The absence of a clear definition often leads to tax notices being sent to online game portals and subsequent litigations. According to sources, the GST Council's Law Committee, which met in Bengaluru on Saturday, discussed the issues concerning definition for 'games of skill' and 'games of chance' with technical domain experts. As all states are not part of the law committee, the draft report on definition would be shared with all states for their views. Sources further said the GoM (Group

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Economic fundamentals strong, India best place for investment: PM Modi

Doing business in the country easier because of its democracy and reforms, he tells Karnataka investor summit

Define game of chance, game of skill to decide on taxation: GST law panel

The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

Growth of core sector output recovers to 3-month high in September

The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

LIVE updates: India logs 1,5674 new Covid cases, toll climbs to 529,008

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