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The State Goods and Services Tax (GST) department in Gujarat recently carried out extensive investigations into 79 mobile phone dealers situated in various cities, including Ahmedabad, Vadodara, Surat, Rajkot, and Bhuj. These investigations unveiled a significant case of tax evasion totalling Rs 22 crore, primarily stemming from unjustifiable rebate claims made by these companies. Senior […]
The Allahabad High Court’s recent ruling stipulates that an assessee is ineligible to claim input tax credit unless they successfully demonstrate unambiguous proof of the actual transaction and the physical movement of goods. Referring to Sections 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal stated that “it is […]
According to a statement from the finance ministry, the Directorate General of GST Intelligence (DGGI) has discovered a case of GST evasion amounting to ₹57,000 crore between April 2020 and September 2023. This evasion involved more than 6,000 instances of fraudulent input tax credit (ITC) claims, leading to the arrest of 500 individuals. Starting from […]
In a recent legal case, the Kerala High Court ruled in favour of the petitioner, Goparaj Gopalakrishnan Pillai, by stating that the excess Input Tax Credit (ITC) claimed in Form GST-3B, which was not reflected in GSTR-2A, should not be a reason for denying the right to claim Input Tax Credit (ITC). Mr Pillai, a […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
The issue faced by the small-scale dealers at the initial time of GST execution in learning the provisions of the GST act, Kerala High Court addressed. The orders of the assessing authority have been set aside by Justice Dinesh Kumar Singh disallowing the ITC claims of the petitioners and followed accordingly, The period involved is […]
In the midst of India’s prolonged decline in exports, the Goods and Services Tax (GST) Council has implemented several measures aimed at stimulating foreign trade. One of these measures involves granting tax credits to service exporters who receive payments in Indian rupees. This move is particularly significant for trade with nations like Iran and Russia, […]
The GST Council is set to clarify the input tax credit for life insurers, addressing a recent demand of Rs. 290 crore imposed on the Life Insurance Corporation (LIC). The state-owned giant is expected to get relief with this development. The complexity surrounding GST occurs in relation to traditional life policies or endowment plans, where […]
A Show Cause Cum Demand Notice by the Commissioner of GST Intelligence in Gautam Budh Nagar, Greater Noida, has been served to Sheela Foam Ltd, the renowned manufacturer brand of the popular Sleepwell mattress brand, on Wednesday (October 4), the company revealed that. On October 4, 2023, a notice was issued under Section 16 of […]
