Officials from the Directorate General of GST Intelligence (DGGI) in Coimbatore have apprehended an individual involved in a massive fake input tax credit (ITC) scam. This person was found to have availed fake ITC amounting to ₹37.2 crore and further passed on ₹65.42 crore of fraudulent ITC. In an official press release, the DGGI stated … Continue reading Fraudulent GST Input Tax Credit Scheme Uncovered— One Arrested
Category: news
Ruling on Instant Flour Mixes: Key Insights and Implications
Instant Flour Mixes and GST ClassificationThe Gujarat Appellate Authority for Advance Ruling (GAAAR) recently clarified that instant flour mixes for dosa, idli, and khaman cannot be classified as chhatua or sattu. Consequently, these mixes are subject to an 18% GST. Case BackgroundKitchen Express Overseas Ltd, based in Gujarat, contested the GST advance authority’s ruling. They … Continue reading Ruling on Instant Flour Mixes: Key Insights and Implications
Everything You Need to Know About Getting a Virtual Credit Card
Virtual credit cards (VCCs) are revolutionizing digital transactions in India. Offering enhanced security for online purchases, VCCs serve as a digital counterpart to your physical credit card. Issued by banks, they provide a temporary card number linked to your actual credit card account, offering an additional layer of protection. How to Obtain a Virtual Credit … Continue reading Everything You Need to Know About Getting a Virtual Credit Card
Paytm UPI Shares Consistently Decline—A Financial Freefall
In January, Paytm faced a major setback when the Reserve Bank of India (RBI) ordered Paytm Payments Bank Ltd. (PPBL), its banking affiliate, to cease operations. This regulatory blow has significantly impacted Paytm, leading to a 55% drop in its shares. Furthermore, RBI mandated the removal of Renu Satti as the chief executive of PPBL, … Continue reading Paytm UPI Shares Consistently Decline—A Financial Freefall
GST Rate Rationalization— An Analytical Outlook
Introduction The advent of a new coalition government has introduced complexities to the anticipated economic reform centered around GST rate rationalization. This pivotal reform faces potential delays, driven by concerns over inflationary impacts and the delicate balance of political interests. Nonetheless, a segment of experts maintains cautious optimism regarding the reform’s future. Committee Dynamics A … Continue reading GST Rate Rationalization— An Analytical Outlook
Noida Police Invoke Gangsters Act Against 33 in Multi-Crore GST Scam
In a significant crackdown on financial crime, the Noida police have invoked the stringent Uttar Pradesh Gangsters and Anti-Social Activities (Prevention) Act against 33 individuals linked to a massive GST scam. This decisive action follows the arrest of 45 suspects involved in this elaborate scheme. The GST scam, which surfaced in June 2023, involves a … Continue reading Noida Police Invoke Gangsters Act Against 33 in Multi-Crore GST Scam
5% or 18% GST on Baby Food Products
The Rajasthan Authority for Advance Rulings (AAR) has determined that baby food products containing ingredients other than milk may be subject to an 18 percent Goods and Services Tax (GST). This contrasts with the 5 percent GST rate that applies to milk products. This ruling, which could set a precedent, came in response to an … Continue reading 5% or 18% GST on Baby Food Products
GST Probe wing widens scrutiny of Pharma Companies
The Directorate General of GST Intelligence (DGGI) is ramping up its investigation into potential tax evasion within the pharmaceutical sector. Notices have been issued, and many more are expected, targeting companies suspected of underpaying GST. The focus includes GST on brand transfer sales, fraudulent input tax credit (ITC) claims on expired drugs, business support services, … Continue reading GST Probe wing widens scrutiny of Pharma Companies
Early GST Recovery— New CBIC Instructions for Enhanced Compliance
The Central Board of Indirect Taxes and Customs (CBIC) has issued new instructions to expedite the recovery of GST dues. This initiative aims to ensure prompt tax compliance while maintaining a fair and transparent system. Key Points of the New GST Recovery Instructions Authority for Early Recovery Typically, recovery proceedings are initiated by the jurisdictional … Continue reading Early GST Recovery— New CBIC Instructions for Enhanced Compliance
GST Collection in May 2024— Indicators of a Stable Economy
The Finance Ministry reported that GST collections in May 2024 stood at ₹1.73 lakh crore. Although this figure is lower than April’s ₹2.10 lakh crore, it surpasses the ₹1.57 lakh crore collected in May of the previous year. This suggests stable economic growth and a robust GST framework. Key Insights into GST Collection The May … Continue reading GST Collection in May 2024— Indicators of a Stable Economy