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The government has received a notice from the Punjab and Haryana High Court regarding a plea that questions the extension of the limitation period under Section 168A of the GST Act. A bench comprising Justice G.S. Sandhawalia and Justice Lapita Banerji has temporarily halted the issuance of final orders in Section 73 cases related to […]
Last year, the GST intelligence unit exposed tax evasion amounting to over Rs 1.98 lakh crore and apprehended 140 individuals identified as masterminds engaged in defrauding the exchequer, as stated by the Ministry of Finance on Thursday. The Directorate General of GST Intelligence (DGGI) unearthed significant instances of GST evasion across various sectors in 2023, […]
The government is contemplating a heightened use of technology-driven advanced risk profiling to prevent input tax credit (ITC) fraud. They aim to halt suspected claims until undergoing thorough scrutiny. This move comes as Goods and Services Tax (GST) evasion, totalling over ₹4 lakh crore, has been unearthed in merely four years, with less than 30% […]
The GST-Authority for Advance Ruling (GST-AAR), Karnataka bench, assessed the GST implications linked to renting residential spaces to students and working women, including the provision of various amenities. Following a precedent set by GST-AAR in prior cases involving Srisai Luxurious Stay in Bengaluru and VS Institute and Hostel in Noida, the AAR determined that providing […]
Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
The contract between Airbus and the Tata Group company for aircraft supply to the defence ministry is a “composite supply”. It would draw a 5% goods and services tax (GST), Gujarat Authority for Advance Ruling (AAR) held. As per the contract, 16 of the 56 aircraft shall be supplied via Airbus from Spain to the […]
The central tax officials fetched the GST evasion surged to Rs 44,170 cr between April 2019 and October 2023, in Karnataka which directed the arrest of at least 30 people. But the recovery shall stand at only Rs 9,187 crore, accounting for only 20% of the evaded amount. As per the Ministry of Finance data, […]
Finance Minister Nirmala Sitharaman announced on Tuesday that during a special two-month drive, GST officers have uncovered 21,791 cases of fake GST registrations and suspected tax evasion totalling over 24,000 crore. In a written response to a question raised in the Rajya Sabha, the minister stated that instructions have been issued to GST officers to […]
The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a fresh portal aligned with the RERA Act and GujRERA rules, ensuring precision in project reporting. This revamped platform is a reliable source for the Income Tax and GST departments, preventing developers from manipulating information to alter their tax obligations. Previously, developers exploited loopholes, submitting outdated […]
