GST FRAUD NEWS
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.
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.
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.
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.
Stocks in news: HDFC Bank, Federal Bank, DMart, Tata Motors, Bajaj Finance
Shares of HDFC Bank, Grasim, Federal Bank, Bank of Maharashtra, and ICICI Securities will be in focus as the companies will announce second quarter results.
Shemaroo Entertainment hits 5% lower circuit after 3 officials held for GST fraud
The ITC was received on the basis of invoices without actual receipt of any goods/services. Jhaverchand Soni, the partner of Shemaroo Entertainment, had told officials that he was only paid for signing some documents.
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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.
GST Council to meet over eGaming amendments; Meta’s Nick Clegg on AI’s role in tech & more
After a long, dark funk, the online gaming industry in India might have something to cheer for, albeit prematurely. The Goods and Services Tax (GST) Council will meet on August 2 to deliberate on legal amendments for the levy of 28% GST on online gaming. This and more in today’s ETtech Morning Dispatch.
HCL’s chip foray; eGaming investors say 28% GST ‘unviable’
India’s silicon surge is picking up pace as yet another player has emerged on the scene. The HCL Group, maker of computer hardware and software, is preparing a $300 million proposal to set up a chip assembly unit. This and more in today’s ETtech Morning Dispatch.
Stocks in news: TCS, HDFC Life, Shree Cement, Aurobindo Pharma, Bank of Maharashtra
The European Medicines Agency’s (EMA) Committee has accepted Aurobindo Pharma subsidiary CuraTeQ Biologics' request to withdraw the applications for marketing authorization of ZEFYLTI (a filgrastim biosimilar) and DYRUPEG (a pegfilgrastim biosimilar).
Zoho Books ensures better accountability and improved fraud protection, say majority respondents
Zoho Books is a GST-compliant cloud accounting platform that provides an audit trail feature in its accounting software.
Co-working cos, tax experts ask government to simplify GST registration
Co-working operators and tax experts have urged the Centre for a simplified GST registration for firms operating from a shared space. The request comes after GST officers sought extensive documentation, such as registered leases and clearances from original owners, to prevent firms from using the coworking setup only for GST registration.
5 years of GST: A mix of success and work in progress
The first five years of GST have been a roller-coaster ride, impacted by two waves of COVID-19 that resulted in global lockdowns and supply chain disruptions.
GST council expected to focus on improving revenue collections and plugging leakages
A group of ministers (GoM) headed by Maharashtra finance minister Ajit Pawar, which is scheduled to give its report on reforms on the GST system to the council, has recommended public disclosure of information of unregistered bogus traders and provision of information on transactions through Point of Sale (POS) by banks, among others.
In matters of economy, there’s no place for politics, says Finance Minister Nirmala Sitharaman
"Inflation is not much beyond the band that we should be considering. Yes, it keeps going up and down but it's coming down when we're taking measures and we have to rein it in there when it comes down. So, the picture there and the picture here have different colours and hues," the finance minister said.
HDFC Bank revises fee on one of its most used services with effect from Jan 1
HDFC Bank customers can use the bank's InstaAlerts service to keep track of all their financial and non-financial transactions that are sent to them through SMS or email.
Govt may tax overseas crypto exchanges
In today’s ETtech Morning Dispatch: Overseas cryptocurrency exchanges may face 18% GST in India, Prem Watsa-backed Digit in talks to raise funds at twice its previous valuation, and UPI breaks all records in June.
Govt push for GST compliance a boon for tax consultants: GST Dost
The introduction of GST e-invoicing for companies worth Rs 100 crore and above will open new business opportunity for us, tax advisory startup GST Dost says.
Cloudtail supplies hit after Haryana GST registration suspension
The suspension of GST registration sparked some confusions among Cloudtail vendors, many whom approached the Bengaluru-based vendor for answers.
Thrusting GST debt on states will lead to 'brute power of centralism': Bengal FM
In the 41st meeting of GST council on August 27, Union Finance Minister Nirmala Sitharaman said that the COVID-19 pandemic is an "act of God" which has hit GST collection and ruled out paying compensation to states from its coffers.
What the fintech industry demands from Budget 2020
The fintech lending players are looking towards trade financing and supply chain financing as the next growth frontiers and the GST data would be crucial in this.
Market analyst says Modi 2.0 readying a crackdown on GST, direct tax fraud
The govt earlier this week dismissed 12 senior income-tax officers on charges of corruption.
Stocks in the news: Maruti, tyre stocks, Airtel, Jet Airways and Coal India
Here's a look at the top stocks that may hog the limelight in today's session.
Most sector mutual fund schemes are in red. What should you do?
Most sectors are dealing with their own set of issues. That's why most of them are performing dismally.
How Samir Arora went from bearish to more bullish on India
I have become slightly more bullish. I was very bearish in the last three-four months.
Banks leave worries behind, disburse Rs 1 lakh crore in 2 weeks
The trend is in line with the seasonal uptick as credit demand accelerates before the end of the fiscal year but it’s also part of the overall picture of an economy in revival mode
need2know: 10 macro cues for your day on D-Street
A look at the top macro triggers that may move the market on Wednesday.
Falling GST numbers: Govt suspects massive under-reporting by companies
The number has taken the government machinery by surprise as the threshold for registering for GST is an annual turnover of Rs 20 lakh.
Time of plentiful multibaggers over, now look for compounders: Porinju Veliyath
This last one year, most of the interesting wealth creation has happened outside Sensex or Nifty.
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