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
