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The government ensures non-banking financial companies (NBFCS) that it will inspect the concerns around the charge of goods and services tax (GST) on their co-lending arrangements with banks. As per the officials, a clarification can be furnished after the problem is seen into. Banks and NBFCs ask for the issue of GST authorities serving notices, […]
The Telangana GST department needs to issue policies for the note of caution issued by the Central Board of Indirect Taxes and Customs (CBIC) establishing the dos and don’ts but is yet to do so. The rules were issued to ease tax investigations, summons, and searches with a direct focus on streamlining business procedures and […]
New trouble has emerged for Patanjali Group companies led by Baba Ramdev. Directorate General for GST Intelligence (DGGI) is comprehended to have issued two show-cause notices to Patanjali Group companies Patanjali Ayurved and Patanjali Foods. As per the sources, DGGI (Directorate General for GST Intelligence) has sent 2 SCN before Patanjali group companies Patanjali Ayurved […]
A detailed standard operating method for officials of the Directorate General of GST Intelligence (DGGI) is been approved by the Central Board of Indirect Tax and Customs (CBIC) accompanying certain instructions for their conduct at the time of the tax investigation, summons, and searches to rectify the simplicity of business procedure and to avert any […]
The bogus claims for the tax credits called ITC fraud challenge India’s GST heads. It arrives even as the department takes on distinct Goods and Services Tax frauds, including bogus registrations and tax evasion. Authorities till now in the ongoing FY (2023-24), have noticed nearly ₹19,690 crore in bogus ITC claims across 1,999 cases – […]
The Rajasthan High Court, Jaipur Bench, ruled that issuance of summons is not initiation of proceedings referable to under Section 6(2)(b) of the CGST Act. The bench of Justice Pankaj Bhandari and Justice Shubha Mehta noted that the extent of Section 6(2)(b) and Section 70 of the CGST Act is different and distinct, since the […]
A network of 232 fake money-changing companies has been excavated by the Income Tax Department and detected tax evasion amounting to ₹1,000 crore via fraudulently generated Input Tax Credits under the Goods and Services Tax (GST) regime. Furnishing the information of the bogus process, the Chairman of the Central Board of Indirect Taxes and Customs […]
The Central Board of Indirect Taxes and Customs (CBIC) is planning to make a list of products that end up in litigation because of classification issues. The fitment committee seems to look into these items in which there is a minor difference in composition but the tax slabs are different, creating confusion in tax obligation, […]
The Delhi High Court asked the respondent department to forfeit or remit the cash charged from the premises of the applicant to the petitioner comprising interest. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has noted that ‘cash’ is excluded from the definition of the term ‘goods’ and would counted within the definition […]
