Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax.CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores.Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement.Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of its due ...
CGST Mumbai Zone has arrested a Navi Mumbai-based firm's director that allegedly availed and passed on Input Tax Credit of Rs 81 crore using bogus invoices to the tune of Rs 479 cr, an official said.
The CGST Mumbai Zone has arrested the director of a Navi Mumbai-based firm that allegedly availed and passed on Input Tax Credit of Rs 81 crore
Proposed changes in GST will increase friction
One of the prime objectives of Goods and Services Tax (GST) regime is to provide seamlinpuess input tax credit (ITC) and thus reduce the cascading effect of taxes
The CGST officials arrested the owner of Al-Marwah Traders on Tuesday for allegedly availing, utilising and passing on fraudulent ITC on bogus invoices of over Rs 60 crore
Revenue Secretary's comment comes at a time when a 5% tax is levied on restaurant services, irrespective of whether it is air-conditioned or non-AC, without the benefit of the input tax credit
The petitioner, which is engaged in renting and leasing movable and immovable properties, challenged section 17(5)(c) of Central GST Act and the same section in the Maharashtra GST Act
Here's how to claim a refund of the excess duty paid
A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.
The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation
CBIC says a company incorporated in India and a body corporate incorporated by or under the laws of a country outside India are separate legal entities
Matter relates to industries facing inverted duty structure
Submit copies of correspondence with the buyer to the bank explaining the reasons for the inward remittance
Regardless of whether it is incurred for employees or social causes, Input Tax Credit (ITC) being the backbone of GST is a major matter of concern for taxpayers incurring COVID-19 related expenditure
Recently, the Uttar Pradesh AAR had held that CSR spend by companies is eligible for input tax credit
The petitioners' counsel submitted that TDS is nothing but tax and the TNVAT Act makes this position clear
Last month, companies told court that NAA was not following due process of law and was even launching probe against them when there was no cut in GST rates
They are worried that the two proposals would make it difficult to seek refunds under indirect tax laws
Sources say the GST authorities have been using deep data analytics, integrated data-sharing to unearth input tax credit utilisation frauds via fake invoicing and bogus firms