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input tax credit

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The new rule said the registered person should not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of tax liability, in cases where the value of taxable supply in a month would exceeds Rs 50 lakh.(PTI FILE)

Mandatory 1% GST payment not to affect small companies: Official

New Delhi, Hindustan Times | By Rajeev Jayaswal
PUBLISHED ON DEC 26, 2020 02:37 PM IST
According to a statement issued by the GST Council Secretariat on December 23, the government took several measures to curb fraudulent claims of input tax credit through fake invoices. One of the measures was mandatory 1% GST payment by those who show unusual large turnovers
Singh and his wife had moved the high court for anticipatory bail apprehending arrest in connection with the fraud(HT Photo)
Singh and his wife had moved the high court for anticipatory bail apprehending arrest in connection with the fraud(HT Photo)

HC refuses pre-arrest bail to trader booked for claiming fraudulent input tax credit of Rs 63.50 cr

Hindustan Times, Mumbai | By Kanchan Chaudhari
UPDATED ON AUG 19, 2020 02:24 PM IST
Justice Sandeep Shinde rejected the pre-arrest bail plea of Ashok Kumar Chandrapal Singh, a partner in M/s. Sheela Sales Corporation.
Five firms in Chandigarh had allegedly issued fake bills to companies in Punjab, Haryana, Himachal Pradesh and Delhi, which were then used to claim input tax credit from the government.(Getty Images/iStockphoto)
Five firms in Chandigarh had allegedly issued fake bills to companies in Punjab, Haryana, Himachal Pradesh and Delhi, which were then used to claim input tax credit from the government.(Getty Images/iStockphoto)

Chandigarh excise department exploring options to make arrests under GST Act

Munieshwar A Sagar, Chandigarh | By Munieshwer A Sagar, Chandigarh
PUBLISHED ON DEC 11, 2019 12:54 AM IST
The department’s move comes in the aftermath of the delay in registration of five FIR in the 70 crore bogus GST bill scam by the police
The Central GST collection fell short of the budged estimate by nearly 40 per cent during the April-November period of 2019-20(PTI)
The Central GST collection fell short of the budged estimate by nearly 40 per cent during the April-November period of 2019-20(PTI)

CGST falls short of budget estimate by 40 % in April-November

New Delhi | By Indo Asian News Service
UPDATED ON DEC 10, 2019 07:23 AM IST
The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months, Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha on Monday.
The all-powerful GST Council on Friday more than doubled the tax on caffeinated beverages to 40 per cent and slashed the rate on hotel room tariffs.(ANI Photo)
The all-powerful GST Council on Friday more than doubled the tax on caffeinated beverages to 40 per cent and slashed the rate on hotel room tariffs.(ANI Photo)

GST Council hikes tax on caffeinated beverages, cuts rates on hotel tariffs

Hindustan Times, Panaji | By Gerard de Souza
UPDATED ON JUL 02, 2020 02:43 PM IST
Briefing reporters after a meeting of the panel, Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages has been hiked to 28 per cent plus additional cess of 12 per cent as against the current rate of 18 per cent.
A nationwide operation spanning 15 states and 336 locations was conducted on exporters fraudulently claiming input tax credit under the GST regime(AFP File Photo)
A nationwide operation spanning 15 states and 336 locations was conducted on exporters fraudulently claiming input tax credit under the GST regime(AFP File Photo)

‘Biggest’ nationwide joint operation exposes exporters claiming bogus refunds

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON SEP 12, 2019 10:30 PM IST
Some exporters were exporting goods out of India on payment of IGST, done almost entirely out of the Input Tax Credit availed on the basis of “ineligible/fake” supplies and claiming it as refund on export.
Sanjay Mangal, commissioner, central GST-Gurugram, said they have arrested Anil Kumar of Hisar, Bhikaram of Delhi and Kuldeep Sharma of Sonepat.(Hindustan Times)
Sanjay Mangal, commissioner, central GST-Gurugram, said they have arrested Anil Kumar of Hisar, Bhikaram of Delhi and Kuldeep Sharma of Sonepat.(Hindustan Times)

Central GST arrests three businessmen in fake invoice case

Gurugram | By Leena Dhankhar
UPDATED ON JUL 25, 2019 03:32 AM IST
The officials said further investigation in the matter is in progress and more people involved in the case will be arrested soon.
The new rates are applicable to all projects which commenced on or after April 1, 2019 as well as for on-going projects(Sunil Ghosh / Hindustan Times)
The new rates are applicable to all projects which commenced on or after April 1, 2019 as well as for on-going projects(Sunil Ghosh / Hindustan Times)

Revised GST for under-construction flats explained

Hindustan Times, Lucknow | By HT Correspondent
PUBLISHED ON MAY 26, 2019 10:21 AM IST
The new rates came into force from April 1 after the GST Council in March approved the proposal in this regard with a view to boosting demand in real estate sector.
GST on construction service relating to residential and related commercial apartments has gone through a sea change.(Digpu)
GST on construction service relating to residential and related commercial apartments has gone through a sea change.(Digpu)

Realty players need to make the big decision on GST rates

UPDATED ON MAY 16, 2019 01:22 PM IST
For the ongoing projects, builders have to decide either to continue with 12 % GST slab with ITC (8 % for affordable housing) or opt for 5% GST rate (1 % for affordable housing) without ITC.
The Union finance ministry is finally ready to move ahead with the single monthly return system for the Goods and Services Tax (GST), a move that will simplify the process of filing returns and also getting input tax credit.(Arun Sharma/HT File PHOTO)
The Union finance ministry is finally ready to move ahead with the single monthly return system for the Goods and Services Tax (GST), a move that will simplify the process of filing returns and also getting input tax credit.(Arun Sharma/HT File PHOTO)

Quicker one-form GST filing process ready for roll-out

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON MAY 16, 2019 10:40 AM IST
That move was delayed while the back-end, the GST network (GSTN), was being made ready for this. Now, government officials directly familiar with the matter say the simplified form is ready, and could be launched by July, soon after the new government takes over.
According to real estate experts, at the moment developers don’t have scope to move prices upward.(HT FIle Photo)
According to real estate experts, at the moment developers don’t have scope to move prices upward.(HT FIle Photo)

GST on real estate: What it means for the homebuyer

Hindustan Times, Mumbai | By Vivina Vishwanathan, Mumbai
PUBLISHED ON MAR 25, 2019 10:07 AM IST
In case you see a change in real estate pricing, it is largely due to the GST reduction that happened in February this year and also depends on the market environment.
New Delhi, India - Dec. 1, 2016: New 2000 rupee currency note. (Photo by Sonu Mehta/ Hindustan Times)(Sonu Mehta/HT PHOTO)
New Delhi, India - Dec. 1, 2016: New 2000 rupee currency note. (Photo by Sonu Mehta/ Hindustan Times)(Sonu Mehta/HT PHOTO)

Govt detects Rs 20,000 cr GST evasion in April-Feb FY’19

Press Trust of India | By Press Trust of India
UPDATED ON FEB 27, 2019 06:20 PM IST
The earlier GST rate on under-construction apartments and affordable housing was 12 per cent and eight per cent with input tax credit (ITC), respectively.
According to officials, this is one of the biggest GST frauds detected in recent times(Representational photo)
According to officials, this is one of the biggest GST frauds detected in recent times(Representational photo)

Man arrested for 110-crore GST fraud near Mumbai, search for aide on

Hindustan Times | By Pratik Salunke, Mumbai
UPDATED ON FEB 25, 2019 01:01 AM IST
The 40-year-old accused allegedly issued fake invoice of more than 650 crore and availed input tax credit of 110 crore, without the actual supply of goods
Three men have been arrested for generating fake bills worth Rs 1,200 crore under the new Goods and Services Tax (GST) regime.(REUTERS)
Three men have been arrested for generating fake bills worth Rs 1,200 crore under the new Goods and Services Tax (GST) regime.(REUTERS)

Bengaluru I-T dept busts Rs 1,200 crore fake GST invoice scam

Hindustan Times, Bengaluru | By Vikram Gopal
PUBLISHED ON NOV 15, 2018 12:26 PM IST
According to the I-T department, the three men had obtained GST registrations for non-existent companies that were trading iron and steel scrap and had circulated the fake invoices on the payment of a commission to some iron and steel manufacturers, who availed input tax credit based on this.
Raids were conducted on 68 firms on the basis of the input gathered by the departmental intelligence monitoring unit .(Representative image)
Raids were conducted on 68 firms on the basis of the input gathered by the departmental intelligence monitoring unit .(Representative image)

Lucknow: Commercial tax dept to lodge FIRs against 63 bogus firms caught during raids

Hindustan Times, Lucknow | By Brajendra K Parashar, Lucknow
PUBLISHED ON OCT 17, 2018 02:48 PM IST
The commercial tax department is gearing up to lodge FIRs against the 63 bogus firms that have been caught issuing fraudulent invoices (Bills) for around Rs 400 crore turnover evading tax and illegally claiming input tax credit (ITC) on the sale of goods—the sale that never happened.
During investigation the DGGI found that these businessmen heading Mica Industries had floated two entities namely Galaxy Metal Products, Delhi and Sri Ram Industries, Delhi for issuing fake invoices.(AP File Photo)
During investigation the DGGI found that these businessmen heading Mica Industries had floated two entities namely Galaxy Metal Products, Delhi and Sri Ram Industries, Delhi for issuing fake invoices.(AP File Photo)

GST officers arrest 2 businessmen for Rs 79.21 crore tax evasion

Press Trust of India | By Press Trust of India
UPDATED ON SEP 21, 2018 12:04 AM IST
The case involves fraudulent issuance of ITC invoices without actual supply of goods, involving evasion of Rs 79.21 crore on the taxable value of concocted supplies of Rs 450 crore.
Booklets on GST distributed by the Central Board of Direct Taxes. The government has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws.(PTI)
Booklets on GST distributed by the Central Board of Direct Taxes. The government has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws.(PTI)

GST Act amendments: Employers may get to claim input tax credit on food, transport

New Delhi | By Press Trust of India
UPDATED ON JUL 09, 2018 07:00 PM IST
The government has invited stakeholders comments on the draft proposals for amending GST laws by July 15, 2018.
GST officers have pointed out discrepancies and have asked taxpayers to claim the input credit or refund in the returns of the subsequent month.(PTI Photo)
GST officers have pointed out discrepancies and have asked taxpayers to claim the input credit or refund in the returns of the subsequent month.(PTI Photo)

Notices shot off to businesses for less IGST input credit claim

Press Trust of India | By Press Trust of India
UPDATED ON JUN 08, 2018 05:32 PM IST
The notices have been sent to dealers and businesses who have claimed less IGST Input tax credit (ITC) in summary returns GSTR-3B than what they have passed on or is reflected in GSTR-2A.
The gang was also involved in generating GST registration numbers in the names of dead people by using fake address documents.(File/AFP)
The gang was also involved in generating GST registration numbers in the names of dead people by using fake address documents.(File/AFP)

Fake GST bills racket busted in Jaipur, 3 arrested

Hindustan Times, Jaipur | By HT Correspondent
UPDATED ON MAY 21, 2018 10:56 PM IST
The Directorate General of GST Intelligence Jaipur zonal unit has busted a racket of generating fraudulent bills and invoices to claim input tax credit without depositing the actual GST amount with the government
Officials said incriminating documents, unaccounted cash and laptops were seized after simultaneous search operations were conducted at 21 business and residential establishments in Rajasthan, Madhya Pradesh, Uttar Pradesh and Delhi.(AFP/Photo for representation)
Officials said incriminating documents, unaccounted cash and laptops were seized after simultaneous search operations were conducted at 21 business and residential establishments in Rajasthan, Madhya Pradesh, Uttar Pradesh and Delhi.(AFP/Photo for representation)

Three arrested for generating fake bills and evading Rs 58 cr GST

Hindustan Times, New Delhi | By HT Correspondent
PUBLISHED ON MAY 21, 2018 10:53 PM IST
The Directorate General of Goods and Services Tax Intelligence arrested three people for generating fraudulent bills to claim tax credit without depositing the actual GST amount to the tune of Rs 58 cr with the government.
Indian Oil Corporation chairman Sanjiv Singh during the press conference in Chennai on Thursday.(PTI)
Indian Oil Corporation chairman Sanjiv Singh during the press conference in Chennai on Thursday.(PTI)

Freeze on fuel prices coincidental, not linked to Karnataka elections, says IOC chief

Press Trust of India, Chennai | By Press Trust of India
PUBLISHED ON MAY 10, 2018 10:44 PM IST
Before prices were stabilised, there were daily spikes varying from 25 paise to 35 paise, resulting in change in fuel prices by Rs 2 or Rs 3 every 15 days, IOC chairman Sanjiv Singh said.
At present, the real estate sector is plagued with low sales and the main reason is lack of affordability.(HT FILE)
At present, the real estate sector is plagued with low sales and the main reason is lack of affordability.(HT FILE)

GST offers no respite, realty prices remain high in Mumbai

Hindustan Times | By Naresh Kamath
UPDATED ON APR 18, 2018 03:03 PM IST
Many builders have complained that there is still lack of clarity on how to pass the 12% GST imposed on them on to the homebuyers
The investigation in this case was initiated after a complaint was lodged against a fictitious firm opened by the duo in Sector 40 at the Sadar police station on February 17.
The investigation in this case was initiated after a complaint was lodged against a fictitious firm opened by the duo in Sector 40 at the Sadar police station on February 17.

Paper, digital trail helps SIT nab CA, clerk involved in 50 cr GST fraud

hindustan times | By Abhishek Behl, Gurugram
UPDATED ON APR 16, 2018 10:53 PM IST
The accused faked purchases to claim input tax credit worth 50 crore
An Indian consumer goods trader shows letters GST representing "Goods and Services Tax" (GST)at his shop in Hyderabad.(AFP File Photo)
An Indian consumer goods trader shows letters GST representing "Goods and Services Tax" (GST)at his shop in Hyderabad.(AFP File Photo)

CBEC sanctions Rs 12,700 crore GST refund claims

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON APR 01, 2018 01:07 PM IST
The Central Board of Excise and Customs (CBEC) had organised refund facilitation camps in field offices between March 15-31 to assist exporters in filling up refund claim forms and correct errors.
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