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A tax demand of approx INR 429.05 crore from the Deputy Commissioner of State Tax, Maharashtra has been received by ICICI Prudential Life Insurance Company Ltd. ICICI Prudential in a stock filing cited that the GST demand comprises Rs 208.02 crore, Rs 200.22 crore in interest, and Rs 20.80 crore in penalties. ICICI Prudential mentioned, […]
The writ petition has been rejected by the Orissa High Court contesting the jurisdiction ruling that the Deputy commissioner can block Input Tax Credit ( ITC ) under Rule 86A of Orissa GST ( Goods and Services Tax ) Rules, 2017. The applicant, Atulya Minerals, aimed to quash the letters issued by the Deputy Commissioner […]
The Madras High Court has quashed the suspension order of a commercial tax officer who issued refunds to bogus exporters without verification. The bench of Justice N. Anand Venkatesh remarked that as a quasi-judicial authority if the applicant has satisfied all the needs that are furnished under the pertinent act and the circular that by […]
An updated advisory has been issued by the Goods and Services Tax Network ( GSTN ) on the new statement titled RCM Liability/ITC Statement on the Goods and Services Tax ( GST ) portal to assist the assessees in precisely reporting the Reverse Charge Mechanism ( RCM ) transactions. The same statement has the objective […]
It was ruled by the Allahabad HC that the production of tax invoice, e-way bill, GR, or payment details is not enough to show the actual physical movement of the transaction for the objective of claiming the ITC u/s 16 of the Goods and Service Tax Act, 2017. Section 16 of the Goods and Service […]
Over 20,000 notices have been issued by the investigation arm of the GST authority all across India for the AY 2017-18 to AY2021-22, which comprises of tax demand of over Rs 80,000 crore, under the estimation. For distinct issues, the Directorate General of GST Intelligence has furnished the notices along with the alleged shortfalls in […]
The Directorate General of GST Intelligence (DGGI) has noticed tax evasion of Rs 1.2 trillion using fake input tax credits, since 2020 to date, with the focus being laid on recognizing and comprehending the masterminds and disrupting syndicates, operating in the country, the finance ministry cited. The Goods and Services Tax (GST) intelligence department has […]
Order Section 73 of the Goods and Service Tax Act, 2017 cannot be passed to a company under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, the Allahabad High Court ruled. Section 73 of the Goods and Service Tax Act, 2017 designates a proper officer to start proceedings if he […]
Parliament informed that central GST officers’ bogus ITC claims detection has surged to 51% to Rs 36,374 crore in 2023-24. The Minister of State for Finance Pankaj Chaudhary has shared the information about the bogus ITC cases booked by Central Tax formations during the 2022-23 and 2023-24 fiscals. In 2022-23, the central officers have booked […]
