2023-11-08 16:09:03 NEW DELHI: The robust goods and services tax (GST) collection in October was driven by strong economic activities and improved compliances, and not by any mop-up from tax notices sent to online gaming companies, Central Board of Indirect Taxes and Customs (CBIC) chairman Sanjay Kumar Agarwal said on Wednesday. Speaking on the sidelines … Read more
2023-10-18 16:51:38 In a recent announcement, the Finance Ministry has disclosed that GST Intelligence Officers have uncovered a staggering GST evasion totaling Rs 1.36 lakh crore during the current fiscal year. The revelation underscores the persistent challenge of tax evasion in the country’s fiscal landscape. The ministry issued a statement highlighting the rigorous efforts to … Read more
2023-10-18 18:14:58 New Delhi: The Directorate General of GST (goods and service tax) Intelligence (DGGI) has detected tax evasion of ₹1.36 lakh crore in the first six months of the current financial year (FY24) and received ₹14,108 crore as voluntary tax payment. The ₹1.36 lakh crore included 1,040 fake Input Tax Credit (ITC) cases involving … Read more
2023-07-11 07:24:23 The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman … Read more
2023-07-09 06:02:38 The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer, sources said. They said the Law Committee, comprising tax officers from Centre and states, has … Read more
2023-06-29 15:56:29 Now taxpayers under the Goods and Services Tax (GST) will be able to explain the mismatch in their inward and outward supply filed in tax return on the GST portal itself, without risking a notice from the tax authorities. The Centre Board of Indirect Taxes and Customs (CBIC) has developed a functionality in … Read more
2023-06-15 17:39:02 The Gurugram Zonal Unit of Directorate General of GST Intelligence has busted a major fraudulent Input tax Credit (ITC) racket involving 461 fake entities, which had passed on fraudulent ITC of Rs. 863 crore. “Huge number of forged/ morphed/ fake soft copies of documents like rent agreements, electricity bills, aadhar card, driving license, … Read more
2023-05-10 05:59:13 The government has extended the deadline to May 31 for Goods Transport Agencies to exercise the option of paying GST on forward charge basis for current fiscal. Under GST, Goods Transport Agencies have the option to collect and pay GST on forward charge basis. If they do not opt to do so, the … Read more