12 Feb 2024 06:09 PM
New

Beware of Fake GST Summons: How to Verify – Ministry of Finance Advisory

Source: https://taxguru.in/goods-and-service-tax/beware-fake-gst-summons-verify-ministry-finance-advisory.html

In an important announcement made by the Ministry of Finance on 10th February 2024, taxpayers have been cautioned against an alarming trend of receiving fake and fraudulent summons for GST violations. The Directorate General of GST Intelligence (DGGI) and the Central Board of Indirect Taxes and Customs (CBIC) have observed that fraudsters are targeting taxpayers with counterfeit summons that may appear legitimate at first glance. These notices even feature Document Identification Numbers (DIN), albeit fake ones, attempting to exploit the trust between the taxpayers and the regulatory bodies.

09 Feb 2024 04:58 PM
New

From RBI's MPC meet, budget sessions to Gyanvapi Verdict: Here are key events of February 8 to watch out for

Source: https://www.livemint.com/news/from-rbis-mpc-meet-budget-sessions-to-gyanvapi-verdict-here-are-key-events-of-february-8-to-watch-out-for-11707352932553.html

India is set to witness a series of important diplomatic, political, judicial and financial events today, February 8. As the country celebrates Valentine week with Propose Day today, important events like budget sessions in different states, Pakistan elections to Gyanvapi Verdict will take place on February 8. Mint brings you a list of important events of the day to watch out for.

07 Feb 2024 06:35 PM
New

GST Input Tax Credit: Issues, Settlements and Government Measures

Source: https://taxguru.in/goods-and-service-tax/gst-input-tax-credit-issues-settlements-government-measures.html

The availability of GST input tax credit (ITC) has been a subject of concern for traders in India. Questions have arisen regarding limitations, settlements, and government measures to address related issues. This article delves into the details of these matters, providing clarity on the provisions, challenges faced by traders, and the steps taken by the government to resolve them.

07 Feb 2024 06:31 PM

Elimination of Inequality in Income & Living of Citizens by GST Implementation

Source: https://taxguru.in/goods-and-service-tax/elimination-inequality-income-living-citizens-implementation-gst.html

The Goods and Services Tax (GST) implementation in India aimed to simplify the indirect tax system, create a unified market, and eliminate cascading tax effects. However, questions arise regarding its impact on income equality and living standards. This article delves into whether GST has fulfilled its objective of reducing inequality, analyzes tax collection improvements, and examines official data.

07 Feb 2024 05:53 PM

Aadhaar-Based Authentication For GST Registration

Source: https://taxguru.in/goods-and-service-tax/aadhaar-based-authentication-gst-registration.html

The Lok Sabha recently raised queries regarding the implementation of Aadhaar-based authentication for GST registration in Andhra Pradesh. In response, the Ministry of Finance provided insights into the pilot project’s progress, data analytics mechanisms, and training initiatives for GST officials in the state.

07 Feb 2024 05:44 PM

Government Uncovers 4,153 Bogus Firms in GST Evasion Scandal

Source: https://taxguru.in/goods-and-service-tax/government-uncovers-gst-bogus-firms.html

The Ministry of Finance’s recent disclosure regarding the involvement of bogus firms in the evasion of input tax credit (ITC) under the Goods and Services Tax (GST) system has raised significant concerns. This article explores the details of the detection, implications, and government actions to prevent such financial crimes.

07 Feb 2024 05:39 PM

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

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

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.