GST FRAUD CASE
Law amendments approved by GST Council to be incorporated in the Finance Bill: CBIC Chief
CBIC Chairman Sanjay Kumar Agarwal announced that decisions from the recent GST Council meeting, such as an amnesty scheme for initial GST rollout years and a sunset date for profiteering complaints, will be included in the upcoming Finance Bill to be presented alongside the Budget later this month. Speaking at the NACIN-Bhopal's GST flagship programme, Agarwal highlighted that the Council's 53rd meeting proposed rate rationalization for goods and services and issued clarifications where needed.
Man arrested in Rs 10,000 cr GST fraud case after nine months on the run
A 31-year-old man, Babar Khan, evading police for nine months, was arrested in connection with a Rs 10,000-crore GST fraud across India. Khan allegedly set up fake firms using stolen or forged ID cards to fraudulently claim input tax credit. Noida police initially busted the gang last year, which operated by registering thousands of companies under false identities to generate e-way bills and claim government benefits.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
Flour, TV, refrigerator, LPG become cheaper: PM Modi says GST resulted in 'significant savings' for poor, common man
Prime Minister Narendra Modi lauded the impact of Goods and Services Tax (GST) during its seven-year tenure, highlighting its role in improving the lives of 140 crore Indians. He noted GST's reduction in taxes on essential household items like flour and detergent, enhancing affordability for the common man.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
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Customs department warns against new parcel fraud:'Drug was found in your parcel, will inform police'; how to save yourself from this fraud
New parcel scam: The Central Board of Indirect Taxes and Customs (CBIC) has stated that several people complained to them about a fake parcel scam being conducted in the name of customs. In this scam you get a call from a fake officer informing you that cocaine or other drugs have been found in a parcel with your name. Read to know more about this scam and how to stay safe.
Man files ITR, finds company with Rs 9 crore turnover opened in his name
Chandan Soni, a resident of Gwalior, discovered that his personal details – PAN card and Aadhaar card – had been misused to create a fraudulent GST number and a fake company in his name. This company, "MG SALES", even showed a fabricated turnover exceeding Rs 9 crore. Now, the Delhi Police's Economic Offences Wing is investigating this identity theft and potential financial crime.
Corporate affairs ministry bats for effective cost audits to curb corporate frauds
Corporate Affairs Ministry highlights the importance of cost audits in preventing manipulation by companies, such as misleading banks and evading taxes like GST. Compliance with the Companies Act, 2013 is crucial for monitoring cost records.
Supreme Court asks Centre to furnish data on notices, arrests done under GST Act
The Supreme Court has asked the Centre to provide information on notices and arrests made under the Goods and Services Tax, expressing concern over potential harassment. Justices are reviewing petitions challenging GST Act provisions, seeking clarity on arrest powers to prevent citizen mistreatment. Data on arrests and notices for defaults of Rs 1-5 crore in the last three years is required. The Court aims to protect citizens from undue hardship and may amend ambiguous provisions.
GST National Coordination meeting on Friday may discuss tightening noose on fake registrations
Central and state GST officers will convene to discuss various issues, including stricter registration norms to combat fake companies evading taxes. This meeting follows record-high GST collections of Rs 2.10 lakh crore in April, driven by economic momentum and enhanced scrutiny. Among the topics on the agenda are tightening GST registration to deter fraudulent companies and tracking the money trail of GST fraud masterminds.
Rs 15,000 crore GST fraud: How a businessman cheated via 3,300 shell companies, 35 fake firms and electricity bills
Delhi-based businessman Tushar Gupta has been arrested in connection with a Rs 15,000 crore GST fraud exposed last year. Gupta was part of a syndicate that used fake documents to establish over 3,300 shell companies, generating e-way bills for transporting goods or services and claiming input tax credit (ITC).
Karnataka officials bust fake ITC claim racket involving 100 firms with Rs 1,008 cr in turnover
The commercial taxes department in Karnataka, India, has arrested four individuals connected to a scrap goods racket that engaged in fictitious transactions to claim input tax credit (ITC). The network included about 100 firms with a turnover of INR 1,008 crore (about $133 million) and taxes of about Rs 180 crore ($23.7 million).
GST officials detect 14,597 tax evasion cases in Apr-Dec 2023
GST officers in India are using data analytic and artificial intelligence tools to identify taxpayers suspected of fake input tax credits. During April-December 2023, 14,597 cases of GST evasion were registered, with Maharashtra having the highest number (2,716). The use of NETRA, BIFA, and ADVAIT tools has helped detect fake ITC cases worth Rs 18,000 crore and arrest 98 fraudsters.
DGGI busts 1,700 fake ITC cases worth Rs. 18,000 crore in Apr-Dec, arrests 98
DGGI has busted 1,700 fake Input Tax Credit (ITC) cases worth Rs 18,000 crore and arrested 98 people. Using data analysis and advanced tools, DGGI apprehended tax evaders involved in creating fake firms and companies. In one case, a firm in Haryana generated E-way bills and created Rs. 1,100 crore fraudulent ITC.
Can Budget 2024 leverage technology for effective tax administration in India?
India's transformation through technology, specifically in tax administration, serves as a global example. The government is leading this change, enabling businesses to achieve accuracy, timeliness, and efficiency. The expansion of e-invoicing requirements has increased transparency in statutory reporting, with millions of taxpayers now covered under real-time reporting. The government leverages big data for reconciliations, audits, and pattern recognition
GST intelligence unit detected over Rs 1.98 lakh crore worth tax evasion cases in 2023
"DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore. 140 masterminds involved in GST evasion were arrested," the ministry said in a statement.
Amit Mitra writes to FM on speeding up steps to check rising GST frauds
Amit Mitra, who is now the principal chief advisor to West Bengal chief minister, called for a GST council meeting dedicated to discussing overhauling the GST system and finding a time bound solution to put a check on the "massive laundering of public money".
It’s raining GST notices. Are you prepared?
Most notices seem to be based on assumptions and surmises. Taxpayers must be proactive in collating supporting documents and advancing appropriate justifications to defend the notices.
Big blow for Gameskraft in Rs 21,000 crore GST evasion case; RBI wants fintechs to self-regulate
In a setback for online gaming firm Gameskraft, the Supreme Court has overturned the Karnataka High Court's order that quashed a GST notice against it for alleged evasion of Rs 21,000 crore.
DGGI finds 8k fraud ITC claim cases
The director general of goods and services tax intelligence has detected around 8,000 cases of fraudulent input tax credit claims and is issuing notices to the involved entities. The majority of these cases included fake suppliers with GST registrations and fake invoices. The GST authorities have carried out a two-month crackdown on companies involved in the supply of fake bills and invoices to avail credit and have started the second phase to target entities that availed fake invoices.
The seven-year glitch: Inside the govt's war to plug the GST leakage
India's Goods and Services Tax (GST) regime needs to plug leakages that cause tax evasion, which has increased in recent years despite stable collections, officials have said. The number of cases of GST evasion detected has increased to about 14,000 this year from 12,574 in 2021-22 and 12,596 in 2020-21. The growing evasion will, however, fuel further growth of GST collection if it can be stopped through efforts such as the use of end-to-end analytics examining entire supply chains and gap analyses of taxes paid in those chains.
Centre allays concerns of states over inclusion of GST network under PMLA
The Indian government has allayed concerns from opposition-ruled states regarding the decision to include Goods and Services Tax Network (GSTN) under Prevention of Money Laundering Act, stating that the organisation will share information purely with the Financial Intelligence Unit.
Multi-crore GST scam: Three more held, total arrests 18
The Noida Police has arrested three additional individuals in a multi-crore goods and services tax (GST) scam, taking the total number of arrests to 19. The scheme has caused a significant loss of revenue to the government. The criminal activity involved thousands of fraudulent companies being set up with forged Aadhar cards, fake invoices, and input tax credits. The three most recent arrests saw the police identify the trio as being part of a larger syndicate.
6 years of GST: India's unprecedented indirect tax reform that dared to revolutionise the economic landscape
India's introduction of the Goods and Services Tax (GST) marked a significant milestone in the country's taxation history. The tax base has more than doubled since its implementation in 2017, with revenues experiencing substantial growth. However, there is still room for more businesses to enroll in GST. There is potential for further growth and harmonization in the future.
GST evasion of Rs 30,000 crore unearthed
The identities of beneficiaries of PM Kisan and other social security schemes were allegedly used to operate 4,000 shell companies and 16,000 fake GST registrations.
GST evasion: ED conducts raids, seizes Rs 29 lakh cash in case against Gujarat company
According to a charge sheet filed by the police in this case, the ED said, the accused changed the mobile numbers linked to the Aadhaar cards of several persons promising them financial assistance under government schemes and later on used these Aadhaar details for obtaining PAN and then GST registration.
Delhi HC refuses to stay investigation against Ashneer Grover, wife in EOW FIR
The judge issued notice on the petition by Grover and his wife seeking to quash the FIR registered by the Economic Offences Wing (EOW) of the Delhi Police and asked the investigating agency as well as complainant BharatPe to state their stand.
Crackdown on tax violations: 10,000 fraud GST registrations turn up in first week of drive
In many cases, officials found forged electricity bills, property tax receipts and rent agreements were used as proof of principal place of business to obtain GST registration.
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