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input tax credit
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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
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.
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
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.
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.
‘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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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
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.
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.
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
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
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.