07 Feb 2024 05:39 PM
New

Government’s Crackdown: Rs. 44,000 Crore Fake GST Claims Uncovered

Source: https://taxguru.in/goods-and-service-tax/government-crackdown-fake-gst-claims.html

The Ministry of Finance’s recent revelation regarding fake input tax credit claims in the Goods and Services Tax (GST) system has sparked significant attention. This article delves into the details of the uncovered fraudulent activities, implications for the GST framework, and the measures implemented to address these issues.

07 Feb 2024 05:33 PM
New

Need stable GST regime for EVs: Mercedes-Benz India

Source: https://www.livemint.com/companies/news/need-stable-gst-regime-for-evs-mercedes-benz-india-11707243077623.html

NEW DELHI : A commitment from central and state governments to keep taxes on electric vehicles (EVs) low for a long timeframe will be necessary to ensure their continued adoption, a top official at Mercedes-Benz India, the country’s largest luxury carmaker, said.

06 Feb 2024 05:46 PM
New

Banking system liquidity deficit down to ₹1.40 lakh crore: Report

Source: https://www.livemint.com/news/india/banking-system-liquidity-deficit-down-to-rs-1-40-lakh-crore-report-rbi-monetary-policy-inflation-gst-banks-11707209808866.html

RBI has been keeping liquidity tight in the banking system in tune with the “withdrawal of accommodation” monetary policy stance to ensure that inflation progressively aligns with the target while supporting growth.

05 Feb 2024 05:49 PM

DGGI Unearths 1,700 Fraudulent ITC Cases Worth Rs. 18,000 Crore

Source: https://taxguru.in/goods-and-service-tax/dggi-unearths-1700-fraudulent-itc-cases-worth-rs-18000-crore.html

In the ongoing Financial Year 2023-24 (up to December 2023), the Directorate General of GST Intelligence (DGGI) has made significant strides in detecting fraudulent Input Tax Credit (ITC) cases, unearthing 1,700 instances amounting to Rs. 18,000 crore. This proactive action has resulted in the apprehension of 98 fraudsters and masterminds.

05 Feb 2024 05:44 PM

Will stop abuse of GST flexibility by buyers and sellers: Revenue secretary

Source: https://www.livemint.com/economy/will-stop-abuse-of-gst-flexibility-by-buyers-and-sellers-revenue-secretary-11707066486472.html

NEW DELHI : The government will take steps to prevent evasion of Goods and Services Tax (GST) by entities abusing the flexibility given to businesses to correct errors in transaction, revenue secretary Sanjay Malhotra said in an interview.

This will be done by proper validation of transactions and claims without affecting genuine tax payers. The move is part of efforts to ensure that tax revenue collection grows faster than economic growth rate in nominal terms.

05 Feb 2024 05:41 PM

Karnataka fixes uniform fare for taxis including Uber, Ola: Check new fare structure here

Source: https://www.livemint.com/news/india/karnataka-fixes-fare-for-taxis-uber-ola-check-new-fare-structure-here-11707049108605.html

The Karnataka Transport Department announced new fare structure for city taxis and those operating through app-based aggregators like Uber and Ola on Saturday.

As per the new order released by the department, fares for app-based cab aggregators, as well as city taxis, would be uniform. Also, the revised fares would be applicable across the state with immediate effect, news agency PTI reported.

05 Feb 2024 05:38 PM

Pan masala, gutka, and similar tobacco product makers to face ₹1 lakh penalty, if…

Source: https://www.livemint.com/news/india/pan-masala-gutka-and-similar-tobacco-product-makers-to-face-rs-1-lakh-penalty-if-11707031318916.html

New Delhi, Feb 4 (PTI) Manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to ₹1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1.

03 Feb 2024 06:11 PM

GST revenue to outpace GDP growth till high compliance: CBIC chair

Source: https://www.livemint.com/economy/gst-revenue-to-outpace-gdp-growth-till-high-compliance-cbic-chair-11706899338953.html

NEW DELHI : Goods and Services Tax (GST) revenue collection of central and state governments will continue to grow at a faster pace than nominal GDP growth rate till very high tax compliance level is achieved, after which, the tax on consumption will grow in sync with the rate of economic expansion, Central Board of Indirect Taxes & Customs (CBIC) chairman Sanjay Kumar Agarwal said in an interview.

02 Feb 2024 06:31 PM

Budget in 5 minutes

Source: https://www.livemint.com/economy/budget-in-5-minutes-11706848155581.html

On 1 February, finance minister Nirmala Sithamran presented her sixth budget. Her budget speech was all of 5,244 words and shorter in comparison to the five speeches she gave before this one. Notwithstanding the shorter duration of the speech, the interim budget did have its interesting points. Mint examines a few major ones.

02 Feb 2024 06:44 PM

Average Monthly Gross GST Collection Doubles To Rs. 1.66 Lakh Crore

Source: https://taxguru.in/goods-and-service-tax/average-monthly-gross-gst-collection-doubles-rs-1-66-lakh-crore.html

In a significant announcement during the Interim Budget 2024-25, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, highlighted the remarkable success of the Goods and Services Tax (GST) regime in India. The minister emphasized the positive impact of GST on trade and industry, reducing compliance burdens and optimizing supply chains.