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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 – […]
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 […]
Delhi High Court witnessed that providing the bogus invoices along with the e-way bills for the GST evasion counted as an economic offence that comprises the loss to the public exchequer that required to be viewed in a serious way. When refusing anticipatory release to a chartered accountant accused of fraud and GST evasion by […]
The movement of the seized vehicle carrying diesel was done without a proper invoice and transport document, which was against the Tamil Nadu Value Added Tax Act, 2006 (TNVAT Act), and the Madras High Court ordered the payment of Rupees one lakh as security penalty. The applicant, M/s.Kumutham Agencies has contended the impugned proceedings of […]
GST council in its forthcoming meeting dated 11th July would seem to address and authorize the revisions in the mechanism to fetch the bogus ITC claims. The revisions would have the listing of the risk profiling parameters of the entities comply with the physical verification. The GST Council will need to approve any modifications to […]
The drive conducted by the Central and State tax administrations where they reached out to enterprises door-to-door to detect fake and suspicious Goods and Service Tax Identification Numbers (GSTINs) registrations is turning out to be quite successful. The Excise and Taxation Department has detected an ample number of fake GST returns filed by local dealers. […]
The guidelines for the special all-India drive against the bogus GST registrations would have been issued by the Central Board of Indirect Taxes and Customs (CBIC). The department has released all details via Instruction No. 01/2023-GST. What is a Special All-India Drive Against Fake GST Registrations? The Central Board of Indirect Taxes and Customs (CBIC) […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
In a recent instance in which a car was seized on suspicion of fraudulent business operations and false ITC claims, the Orissa High Court ordered its release following payment of a penalty under Section 129(1) (b) of the GST Act, 2017. The directions would have been obtained by Sunil Mishra who is the Additional Standing […]
