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The main reasons for the rise in GST-related offences in the nation today are tax evasion, fake invoices for goods that haven’t been delivered, cyber frauds using Goods and Services Tax (GST) identification numbers, creation of shell companies, fabrication of business transactions, failure to deposit required taxes with authorities, and illegitimately claiming input tax credit […]
A new feature has been added to the GST Portal by the Goods and Services Tax Network (GSTN), which is the technological foundation of the GST system in India. With the use of a mapping tool, this function enables taxpayers to geocode their primary business address, which transforms the address into geographic coordinates (latitude and […]
In the three months since it assumed responsibilities under the Goods and Services Tax (GST) system, the Competition Commission of India (CCI) has not been able to resolve a single anti-profiteering complaint. An official source claims that the CCI’s work is being hampered by the lack of a quorum because meetings at the organization require […]
The trader was detained by the Central Goods and Service Tax (CGST) Commissionerate of Coimbatore officers for issuing invoices without the supply of goods under GST in order to evade taxes for more than 5 crores. However, sources claim that the total tax evasion amounts to Rs. 10.42 crores, and the investigation is still ongoing […]
Understanding the Invoice Registration Portal (IRP) IRP is the official portal introduced by the Indian Government for businesses to generate e-invoices under GST. To get a unique IRN (Invoice Reference Number), taxpayers can register their B2B invoices and export them. In the absence of an IRN number, an invoice is considered invalid. The Goods and […]
According to officials, a gang of merchants who would set up fictitious companies to provide a legal cover for their unlawful trade in timber and related products and escape Goods and Services Tax (GST) amounting to crores of rupees have been caught by Uttarakhand tax authorities using digital tracking and electronic surveillance. According to them, […]
The Punjab and Haryana High Court declared that Chartered Accountants (CAs) or Attorneys who support businesses but aren’t engaged in the bogus latter commits shouldn’t be detained. In a case where a chartered accountant and an attorney for a firm of exporters were called in and detained, the court issued this decision. They had petitioned […]
The income tax department produced a “tax calculator” on Monday to assist taxpayers in determining whether the new income tax regime introduced in the Budget is best for them or if the previous one is preferable. The income tax department’s portal has a live version of the tax calculator. As per the tax department, “Tax […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
