19 Jun 2023 05:18 PM
New

Use technology to strengthen GST registration: FM to officials

Source: https://www.livemint.com/news/india/use-technology-to-strengthen-gst-registration-fm-to-officials-11687002997873.html

The finance minister called for a nation-wide campaign to explain the objectives of the special drive to weed out fake entities

19 Jun 2023 05:35 PM
New

7 Recent recent updates on the GST portal – June 2023

Source: 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.

19 Jun 2023 05:39 PM
New

Crackdown on Fake Invoicing Racket in Scraps Trade: Mastermind Arrested for Issuing Fake Invoices Worth Rs.97.87 Crores

Source: https://taxguru.in/goods-and-service-tax/crackdown-fake-invoicing-racket-scraps-trade-dggi-arrests-mastermind.html

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.

17 Jun 2023 05:16 PM

GST council to hold meeting on 11 July - Here's what will be on the agenda

Source: https://www.livemint.com/politics/policy/gst-council-to-hold-meeting-on-11-july-heres-what-will-be-on-the-agenda-11686918323811.html

The 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

17 Jun 2023 05:19 PM

11,000 fake entities found in drive against tax evasion: Vivek Johri

Source: https://www.livemint.com/news/india/11000-fake-entities-found-in-drive-against-tax-evasion-vivek-johri-11686923044308.html

Central 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

17 Jun 2023 05:34 PM

DGGI Gurugram Exposes ITC Fraud Scheme Involving Shell Entities Worth Rs 863 Crore

Source: 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:-

16 Jun 2023 05:27 PM

GST intelligence officers unearth 461 fake companies in ₹863 crore ITC fraud, 2 arrested

Source: https://www.livemint.com/news/india/gst-intelligence-officers-unearth-461-fake-companies-in-rs-863-crore-itc-fraud-2-arrested-11686877951624.html

The Gurugram Zonal Unit of the Directorate General of GST Intelligence has uncovered a major fraud involving 461 shell and fake entities passing on fraudulent Input Tax Credit of INR 863 crore.

14 Jun 2023 05:22 PM

Corporate tax cut hasn’t pushed up private investment

Source: https://www.livemint.com/opinion/columns/corporate-tax-cut-hasn-t-pushed-up-private-investment-11686677473817.html

On 31 May, the Controller General of Accounts released the annual data for the accounts of India’s central government. As per this, in 2022-23, the government had collected corporate tax of ₹8.26 trillion, amounting to 3.03% of gross domestic product (GDP). The GDP is a measure of the economic size of a country during a given year.

14 Jun 2023 05:28 PM

Maharashtra, Gujarat, TN top in goods shipments

Source: https://www.livemint.com/economy/maharashtra-gujarat-tn-top-in-goods-shipments-11686682110502.html

NEW DELHI : Maharashtra, Gujarat, and Tamil Nadu lead in terms of the value of goods shipped within their respective states and those traded with the rest of the country, indicating their economic might, according to data on e-way bills from GSTN.

13 Jun 2023 05:28 PM

RTI reveals 54.57% GST Registration Applications rejected by Department

Source: https://taxguru.in/goods-and-service-tax/rti-reveals-54-57-gst-registration-applications-rejected-department.html

This article presents a detailed analysis of Goods and Services Tax (GST) Registration applications across multiple zones in India, providing insights into the rejection rates and the reasons behind them.