Times of India |
Mumbai: Vikhroli businessman, four others held for Rs 440-crore GST credit fraud
MUMBAI: Five people, including the director of a Vikhroli-based company, have been arrested by central GST officials for fraudulently claiming Rs 441 core as input tax credit with the help of forged invoices and shell companies. The accused also allegedly took Rs 146-crore in loans from various cooperatives banks after manipulating documents. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ "During investigation, we learnt that the accused had taken bank loans with the help of fabricated balance sheets. We will ask the banks to file separate criminal cases against the accused," said Raghavendra Pal Singh, joint commissioner, CGST. The traders bought fake bills, which they used to claim input tax credit on supply that never occurred. Input tax credit is an option that allows taxpayers to claim credit for taxes paid on purchase. In this case, the accused were buying goods from manufacturing companies, but would also obtain fake invoices in the name of different companies associated with them without the movement of any goods. The accused made fake invoices worth Rs 1,000 crore, officials said. Recently, CGST officials got specific intelligence that Uday Desai, director of the Vikhroli company Reena Tinaaz was defrauding tax authorities with the help of fake transactions. Kiran Verma, CGST commissioner, Navi Mumbai, ordered a raid of eight premises in Mumbai, including at Vikhroli and Andheri, on Tuesday. Officials learnt that Desai had floated several other companies in the names of former and current employees. The arrested men include Jignesh Patel, Vinayak Tawhare, Shekhar Mudaligar and Krunal Desai, all proprietors of companies involved in Desai's crime. |
Showing posts with label gst india - Google News. Show all posts
Showing posts with label gst india - Google News. Show all posts
Sunday, October 28, 2018
Business Standard |
GST Council met 30 times, took 918 decisions in 2 yrs: FinMin report card - GST NEWS
The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country's first 'federal institution'. "Till date, GST Council has taken 918 decisions related to GST laws, rules, rates, compensation, taxation threshold etc. More than 96 per cent of the decisions have already been implemented through 294 notifications issued by the Central Government," the ministry said in a statement. The remaining decisions are under various stages of implementation. Almost equal number of corresponding notifications have been issued by each state, it added. The working of GST Council has ushered in a new phase of cooperative federalism where the Central and state governments work together to take collective decisions on all issues relating to indirect tax regime of the country, it said. Besides, tax officers of the Centre and states met ahead of the GST Council meetings to enable the council members to fully discuss the issues under consideration. The Council has held discussions in a "harmonious and collaborative spirit" in the 30 meetings that have taken place so far, it added. The detailed agenda notes for the 30 GST Council meetings ran into 4,730 pages, while the minutes of the meetings ran into 1,394 pages, the statement said. After 17 tumultuous years, a nationwide GST was rolled out at the stroke of the midnight hour on July 1, 2017, overhauling India's convoluted indirect taxation system. The GST, which replaced 17 central and state levies including factory-gate, excise duty, service tax and local sales tax or VAT, is India's biggest tax reform in 70 years of independence and will help modernise Asia's third largest economy. |
source:- Business Standard
Financial Express |
GST council took 918 decisions in 30 meetings in 2 years, 96% already implemented - GSTNEWS
The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country’s first ‘federal institution’. “Till date, GST Council has taken 918 decisions related to GST laws, rules, rates, compensation, taxation threshold etc. More than 96 per cent of the decisions have already been implemented through 294 notifications issued by the Central Government,” the ministry said in a statement. The remaining decisions are under various stages of implementation. Almost equal number of corresponding notifications have been issued by each state, it added. The working of GST Council has ushered in a new phase of cooperative federalism where the Central and state governments work together to take collective decisions on all issues relating to indirect tax regime of the country, it said. Besides, tax officers of the Centre and states met ahead of the GST Council meetings to enable the council members to fully discuss the issues under consideration. The Council has held discussions in a “harmonious and collaborative spirit” in the 30 meetings that have taken place so far, it added. The detailed agenda notes for the 30 GST Council meetings ran into 4,730 pages, while the minutes of the meetings ran into 1,394 pages, the statement said. After 17 tumultuous years, a nationwide GST was rolled out at the stroke of the midnight hour on July 1, 2017, overhauling India’s convoluted indirect taxation system. The GST, which replaced 17 central and state levies including factory-gate, excise duty, service tax and local sales tax or VAT, is India’s biggest tax reform in 70 years of independence and will help modernise Asia’s third largest economy. |
source:- Financial Express
Saturday, October 27, 2018
THE WEEK |
Cracking the GST puzzle - GST NEWS
The new indirect tax system, GST, which is just over a year old, still foxes many an expert. Innumerable WhatsApp jokes had done the rounds in the last one year, espousing the various complexities of GST. But then, GST - Explained for Common Man by former Central Board of Excise and Customs chairman Sumit Dutt Majumder, was not yet published a year back. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ Recalling Majumder's contribution in the rollout of the indirect tax system, former president and finance minister Pranab Mukherjee thanked him for explaining why a constitutional amendment bill needs to be moved and the centre-state dual structure of GST. Launching Majumder's book on Friday, Mukherjee said that GST in India has been 'broadly successful' as the GST has made the country a 'truly common economic market'. Mukherjee, however, also highlighted the pains of MSME sector, who he said did not have a good experience with GST. This new book, or rather very purposeful handbook, is authored by India's former CBEC chairman, who remained active in ushering of the GST process. Sumit Dutt Majumder has done justice to the subject in this book, capturing the essence of a maze of laws, bye-laws and amendments into just 458 pages and 32 chapters. The volume is first of its kind which explains GST, the concepts of dual GST and how it came about. Also, the working of the GST Council and many other tax topics have been presented in a lucid readable form. The short pieces would espouse greater understanding for any student of the new indirect tax system. Millions of GST professionals can be greatly benefit with his book. The several business processes under GST, from registration to return filing, have been lucidly described by the author. Majumder's mastery over the subject is evident from the simplicity in his explanation of these processes in this book. The book also provides a glimpse into the best indirect tax practices followed across the world. More importantly, it clearly draws out the line between what is and what is not taxable under GST. Interestingly, for those looking for answers to sector-specific GST queries, the author has devoted a special FAQ section which deals into the issues specific to a number of sectors. Taking note of the various appeal processes in GST is also important. Dutt Majumder has done this by presenting insights from a treasure trove of appeals and revisions and advance rulings available to him of various cases. All in all, this book is greatly recommended for the bookshelf of any financial professional having to deal with GST for both academic pursuits or for work-related reasons. |
source:- THE WEEK
FICO organises GST workshop for industrialists - GSTNEWS
Ludhiana: The Federation of Industrial and Commercial Organisation (FICO) organised a workshop on goods and services tax (GST). The programme was conducted by taxation professionals including chartered accountant Bimal Jain who explained details about the law to the businessmen. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ Jain also said if a GST practitioner is well aware of rules and regulations, only then he can explain the same to the industrialist in a convincing way. Meanwhile, advocate Vivek Sharma explained about the mistakes made while submitting the GSTR-1 and GSTR-3B forms and advised the businessmen to keep a check over their GST dashboard and find the mistakes if any, so that they can be corrected timely. Other experts also spoke about TDS, e-commerce operations. Gurmeet Kular, president, FICO, said, “Our association is continuously organising such programmes to keep our members updated about the latest rules and regulations which in turn help them to carry out their business activities smoothly without having to worry about the changes in any laws.” Others who attended the programme included Varinder Sharma, vice chairman (north) All India Federation of Tax Practitioners; advocate Vishal Sharma; and Harkesh Mittal. |
SOURCE:- Times of India
Financial Express |
GST 'work in progress', hope rates will be rationalised further, says Pranab Mukherjee - GST NEWS
Terming the GST as ‘work in progress’, former President Pranab Mukherjee Friday expressed hope that rates under the indirect tax regime will be further rationalised and the issues of the MSME sector would be resolved in due course of time. The implementation of Goods and Services Tax (GST) has been “broadly successful” as the country has become a “truly common economic market”, he said at a function to launch a book on ‘GST: Explained for Common Man’ written by Sumit Dutt Majumder, former chairman Central Board of Indirect Taxes and Customs (CBIC). ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ “Considering the different income groups of people, there have been four rates of GST. Hopefully, in course of time this will be further rationalised,” Mukherjee said. Currently, GST has a 4 tier rate structure at 5, 12, 18 and 28 per cent. He said the MSME sector, particularly the small businesses, did not have good experience with GST. “This is worrisome owing to the criticality of this sector in terms of employment, export and various other economic activity. Hopefully, corrective actions will be taken to alleviate their problem,” Mukherjee said. He said but for certain initial hiccups, the GST implementation has been broadly successful and the credit goes largely to the GST Council which has the Union Finance Minister as chairman and comprise finance ministers of all states. As a result of GST implementation, the cascading of taxes has been minimised by facilitating credit almost in entire supply chain of goods, and compliance cost has also come down. “Another good thing about GST implementation is that GST Council has been frequently meeting and taking corrective decisions on a continuous basis. Thus, GST implementation, at this stage, can be described as work in progress and the Council has worked in true spirit of cooperative federalism,” Mukherjee said. After 17 tumultuous years, a nationwide GST was rolled out from July 1, 2017, overhauling India’s convoluted indirect taxation system. The GST, which replaced 17 central and state levies including factory-gate, excise duty, service tax and local sales tax or VAT, is India’s biggest tax reform in 70 years of independence and will help modernise Asia’s third largest economy. The 115th Constitution Amendment Bill for bringing GST was tabled in the Lok Sabha on March 22, 2011, by Mukherjee when he was the Finance Minister in the UPA II government. Later with change in government in 2014, a new constitutional amendment bill was approved by Parliament. As President of India, Mukherjee launched the GST at a midnight function in the Central Hall of Parliament. |
source:- Financial Express
Friday, October 26, 2018
Business Standard |
GST likely to have three-slab rate structure in future: Bibek Debroy - GST NEWS
The current four-slab GST rate structure is likely to be reduced to three as the process of rationalising India's new indirect tax regime proceeds further, the Prime Minister's Economic Advisory Council (PMEAC) Chairman Bibek Debroy said on Friday. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ In his address at the launch here of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of "dual GST" (Goods and Services Tax) whose "terminal role from an economists point of view is to have a single tax structure." "Only a few countries have actually implemented GST," Debroy said. "Only very few..two or three, including India, Canada and perhaps Australia have dual GST, while the rest have a single, unitary tax," he said. Noting that a multiple tax structure makes GST implementation an "extremely difficult" process, he said the consensus on this overhaul of India's indirect tax regime was that the reform, although not perfect, should be rolled out and "it (GST) could be tweaked as we go along". He pointed out that countries had taken as long as 10 years for their GST systems to stabilise. "Going ahead, we in India will probably have three rates, instead of the current four," Debroy said. In his address earlier, former President Pranab Mukherjee recalled how the "biggest reform of India's indirect tax system" had been proposed by the previous Finance Minister P Chidamabaram in the Union Budget in 2006, but the process of political consensus building had stalled it around 2011. He said that cooperative federalism had finally been institutionalised through the Committee of State Finance Ministers, which later became the GST Council that has taken all its decisions unanimously in its 30 meetings held so far since new tax regime was rolled out in July 2017. |
source:- Business Standard
Thursday, October 25, 2018
Financial Express |
GST cess question: What is the legal permissibility of levying a cess over and above the tax - GST NEWS
The legal permissibility of levying a cess over and above GST has been a source of constant debate, which has amplified in importance and relevance in the past few weeks. To begin with, the Supreme Court (SC) recently passed a judgment upholding the constitutional validity of GST Compensation Cess and observed that the Centre has the power to levy such a cess. Though, at present, no other cess is imposed over GST, a Group of Ministers (GoM) has been constituted to examine the feasibility and legality of levying a cess to compensate Kerala for the loss caused due to floods. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ While the Court’s decision has upheld the constitutionality of the compensation cess, the reasoning adopted and its interpretation of various Constitutional provisions raise many other issues regarding the interface of the Constitutional framework and GST. In this article, we examine the implications of the SC’s judgment, on the legality of any cess that may sought to be imposed in the future over and above GST. In the case of Union of India v. Mohit Minerals Pvt. Ltd., while declaring the levy of compensation cess to be legally permissible, the SC relied on multiple provisions. First, reference was made to Article 270 of the Constitution that deals with distribution of taxes between Centre and state to conclude that the Parliament is authorised to levy cess. Secondly, the SC held that the Centre’s power to tax goods and services under Article 246A of the Constitution is a specific power that has a wide import. From a combined reading of these two provisions, the Court concluded that the Centre is empowered to levy a cess on supply of goods and services. Section 18 of the Constitution (Hundred and First Amendment) Act, 2016, which requires the Centre to compensate states on account of loss caused due to the introduction of the GST regime was also considered by the SC. Lastly, as a response to the respondent’s submissions claiming that a cess would violate the intent of the Hundred and First Amendment, the court clarified that that amendment was enacted to subsume various cesses, however, there was no bar imposed on the fresh levy of cesses over and above the GST. Thus, from a holistic reading of all these provisions, the SC upheld the constitutionality of compensation cess. Though the observations of the Court were with respect to the compensation cess, the reasoning behind the court’s decision could lead to the conclusion that any cess can now be levied on supply of goods and services by exercising powers under Article 246A read with Article 270. However, such an interpretation of the judgment is likely to open the Pandora ‘s Box to numerous similar levies in the future that may undermine the coherence and uniformity aimed through GST. For starters, the Court has not stated that the power to levy cess is restricted to only specific circumstances. There is also no similar restriction in the bare text of Article 246A. Thus, if the reasoning applied in the Mohit Minerals case is adopted, it seems like the Centre and states have a carte blanche to levy cess over and above GST and may not even need prior approval of the GST Council. The resultant situation is likely to contradict the spirit of the GST framework and revert the economy back to the previous regime where multiple levies and consequent cascading were prevalent. The GST was aimed at eliminating these problems to formulate a single nationwide market. In fact, various amendments were made to the Constitution that further underlined the intent of maintaining a ‘one nation one tax’ policy. Articles 271 and 248 were amended to restrict the government’s power to levy a surcharge and invoke residuary provisions to impose a further tax on goods and services covered under the GST. Before resorting to Article 246A and Article 270 to validate future levies of cess, it is important to acknowledge that the SC’s judgment in the Mohit Minerals case is specific to the levy of compensation cess. There is a specific provision that mandates the Centre to compensate states for loss caused due to implementation of the GST i.e., Section 18 of the Constitution (Hundred and First Amendment) Act, 2016. While it is true that the aforementioned provision did not significantly contribute to the SC’s decision, there is no definitive answer as to whether the outcome will change in case of other levies that may not be supported by a constitutional mandate. Therefore, in our view, the debate surrounding the legality of cess over GST is far from over. |
source:- Financial Express
Financial Express |
Bharti Airtel boss Sunil Mittal says telecom taxed like tobacco; high GST, fees hurting Modi's Digital India - GST NEWS
India Mobile Congress 2018: India’s telecom sector attracts high levies just “like tobacco industries” and this issue needs to be resolved as soon as possible, Bharti Airtel Chairman Sunil Mittal said Thursday. High spectrum, GST and license charges are the biggest roadblocks to Modi ‘Digital India’ mission, he added. Speaking at the inaugural session of India Mobile Congress 2018, Mittal also said, “There is also one overarching objective of previous policy and also enshrined in NDCP that revenue maximisation is not the objective…Then why operators and Department of Telecom are under litigation for revenue maximisation.” ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ There is a consolidation in the telecom space globally and in India too, there was a need for consolidation in the sector, he expressed. Since this industry is capital intensive, the companies need new deal which encourages the industry to roll out new technology, he added. Thespectrum charges need to become more reasonable and affordable, he also said. Meanwhile, at the same event, Reliance Industries’ Chairman Mukesh Ambani expressed confidence in country’s data-led growth and said digital revolution would help meet four ambitious goals of Prime Minister Narendra Modi, namely – doubling farmers’ income, Ayushman Bharat Scheme, quality education and employment generation. “With world-class digital infrastructure in place… India is now ready to not only embrace… but actually lead the Fourth Industrial Revolution. This is because, each one of the 130 crore people of India… can now productively participate in the Fourth Industrial Revolution. We can solve the largest unsolved problems facing humanity… right here in India,” he said. |
source:- Financial Express
Tata Sons may get GST bill of Rs 1600 crore, taxman reckons $1.2 billion payment to Docomo is 'supply of services' - GST NEWS
In a potentially controversial move that could extend the indirect tax department’s ambit to capital transactions and pit it against the income-tax wing, the former could soon ask the Tata Group to shell out some Rs 1,600 crore as 18% goods and services tax (GST) on the payment of $1.2 billion it made to Japanese telecommunication firm NTT Docomo — a former JV partner of Tata Teleservices — as damages following an arbitration. Official sources confirmed to FE that the Central Board of Indirect Taxes and Customs (CBIC) is currently examining if provisions of GST could be invoked for the transaction that took place a year ago. They added that since NTT Docomo is a foreign entity, the tax liability could fall on Tata Group (the liability is reversed from the supplier of service to the recipient, which in this case is Tata Teleservices). ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ The tax department is understood to have begun the investigation into the matter after getting the go-ahead from finance secretary Hasmukh Adhia earlier this year. However, Tata Sons are still to be served with notices as the probe report is being finalised. Cases involving transaction of shares or award of arbitration amount to a foreign company by a domestic firm have hitherto been treated exclusively under the direct tax provisions. In April last year, the Delhi High Court allowed Tata Sons to pay NTT Docomo $1.2 billion upon termination of their telecom JV. The HC had upheld the award passed by an arbitration court in London and declared the same as enforceable in India, despite the RBI challenging it on grounds of its rule against a fixed rate or return on existing a company. (When they formed the JV in November 2009, Docomo and Tata Tele had agreed that the latter could exit in five years by selling to a third party or the Tatas at a minimum of 50% of the acquisition price). In this case, a joint approach agreed upon by the JV partners to enable enforcement of the arbitral award is what the taxman thinks brought the transactions under GST. Tata Sons paid Docomo to ensure that the latter doesn’t lay hands on Tata Group assets in Tata Teleservices and withdraw other enforcement actions instituted by the former JV partner elsewhere. The GST Act says that, “agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act..” in lieu of payment would be considered as supply of services. The concept of forbearance was introduced in the service tax regime in 2012 but has rarely been used. This means that there is almost no precedent of such a case in domestic law and jurisprudence. Sources said that the matter was critical as Tata Teleservices was being liquidated currently with its assets being sold to different entities. This tax liability would be harder to recover once the company is fully liquidated. “GST is an indirect tax, which is to levied on the ‘supply of goods or services’. Extension of such levy to capital transactions including equity re-purchase agreement under the garb of agreeing to the obligation to refrain from an act, or to tolerate an act seems to be illogical and irrational,” Rajat Mohan, partner, AMRG & Associates said. The indirect tax department’s move comes at a time when a final hearing in Cairn Energy Plc’s challenge to a `10,247 crore retrospective demand for capital gains tax by India began in The Hague in August. An international arbitration tribunal will in February next year is expected to start hearing in Vodafone’s challenge to India’s `22,100-crore tax demand on the British telecom giant’s purchase of Hutch’s India assets.I |
source:- Financial Express
Wednesday, October 24, 2018
Financial Express |
Will India repeat last year's Ease of Doing Business success? World Bank to launch report on this day - GST NEWS
The World Bank will release its much-awaited 2019 edition of the Ease of Doing Business on October 31 (Wednesday) — and the question is: will India repeat its last year’s success? On the back of multiple reforms, minus the GST, India jumped 30 ranks last year to make its place in top 100 on the list. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ By adopting and implementing as much as 37 reforms, India even became one of the top ten improvers among 190 economies assessed by the World Bank for the elite list. Even as India was lauded for bringing reforms under the “Paying Taxes” category, the Goods and Services Tax (GST) was not included during the assessment last year. This year, however, the Ease of Doing Business report might as well play a crucial role in telling the world whether the implementation of the GST was a business-friendly move when it assesses the new indirect tax regime. Among key reforms, Insolvency and Bankruptcy Code (IBC) was featured by the World Bank as one of the most promising reforms, but it was the smaller ones that stole the show for India. World Bank said that India made starting a business faster by merging the applications for the Permanent Account Number (PAN) and the Tax Account Number (TAN) and by improving the online application system. In both Delhi and Mumbai, paying taxes was made easier by requiring payments to the Employees Provident Fund to be made electronically, and introducing administrative measures that make it easier to comply with corporate income tax regulations. This year too, India will be judged on ten crucial parameters: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. While praising India’s efforts, the World Bank also recommended areas where India needed improvement. The report said that even as India reduced the time needed to register a new business to 30 days from 127 days 15 years ago, the number of procedures — as many as 12 — was still cumbersome. India’s ranking is based on the study of the system in the two cities: Mumbai and New Delhi. The ease of doing business is an index created by the World Bank to measure regulations directly affecting businesses and overall environment such as market situations, infrastructure, inflation, crime etc. |
source:- Financial Express
News18 |
Vehicle Owners in India to Pay 18 Percent Under GST on Pollution Certificate - GST NEWS
Vehicle owners will have to pay a GST of 18 percent to get a pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said. The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on whether the service provided for issuing 'Pollution Under Control' (PUC) certificate on behalf of the state government is exempted from the Goods and Services Tax (GST). ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ "The activity of issuance of Pollution Under Control certificate for vehicles issued by the applicant is not covered under SAC (Services Accounting Code) 9991 and is covered under residual entry and hence, should be taxed @ 18 percent GST," the AAR said. Every vehicle plying on roads needs a PUC certificate, which indicates that the emissions are in alignment with pollution norms and are not harmful to the environment. The AAR said that the government has authorised the applicant to issue PUC certificate on payments. "It is the service provided by the applicant to the customers on payment of service charges. Since, the services of testing of pollution are provided on payment of service charge, GST is payable at applicable rate," the ruling said. |
source:- News18
Times of India |
GST evasion worth Rs 50 crore unearthed in Haridwar - GST NEWS
DEHRADUN: For the first time in Uttarakhand, the state’s sales tax department has detected GST evasion of Rs 50 crore by 15 Haridwar-based firms who imported goods from other states using the e-way bill system, but did not pay the required tax for it. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ The e-way bill system was rolled out in April this year for tracking the movement of goods from one state to another. Its details are linked with the GST network. The revelations were made after a team from the sales tax department conducted raids at multiple locations in Haridwar city on Sunday. What made the tax officials suspicious was the gross mismatch of the return figures reflected in the GST network and the volume of goods procured using the e-way bill system in the last six months. Haridwar zone's additional commissioner, sales tax, Rakesh Tandon, said: “These dealers and manufacturers were not updating their returns in the GST network despite having made e-way bills to the tune of Rs 50 crore. Our team made nine seizures during multiple searches that were carried out on October 21.” After scrutiny of the documents, the firms surrendered Rs 37 lakh on the spot, but given the large-scale purchases made by them a fine of Rs 5 crore might be imposed, Tandon said. “We are also examining more traders in the city who might be linked with GST evasion,” he added. Finance minister Prakash Pant told the TOI that the GST evasion would not be tolerated and more violators would be in the tax net. “Every transaction made by the traders has a digital footprint and there is no scope of hoarding or escaping. The traders and manufacturers will have to stick to the rules otherwise face action.” |
source:-Times of India
Times of India |
Delhi-based CA, two others arrested from Noida for Rs 50 crore GST evasion - GST NEWS
MEERUT: A Delhi-based chartered accountant (CA) and his two associates were arrested on late Monday night from their office in Noida Sector 63 for alleged evasion of Rs 50 crore Goods and Services Tax (GST). ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ On Tuesday, they were produced before special chief judicial magistrate court in Meerut, which sent them to jail. The accused were nabbed by sleuths of Ghaziabad-based regional unit of Director General of GST Intelligence (DGGI). They were booked under Section 132 (1) (A) of GST Act 2017, and were brought to Meerut headquarters the next day. According to Lakshay Kumar Singh, special public prosecutor, Customs, Excise and GST, “The accused are Akhilesh Sharma, a director in some bogus companies; Rahul Jain, an advocate, and Madhusudan Pandey, a Delhi-based chartered accountant. All three of them and around a dozen more were involved in fake billing of more than 20 companies.” According to officials, Pandey has confessed to crime and has said: “My partner Rahul Jain and I provided clients to Akhilesh Sharma for fake invoices. We all used to share the commission.” Explaining their modus operandi, an officer, who did not wish to be named, told TOI, “The accused, through these bogus companies which were actually registered with GST, issued tax invoices despite the fact that none of these companies dealt with or supplied any goods and services. “These fake invoices were sold to clients in need of such documents. This led to wrongful utilization of input tax credit. |
source:- Times of India
