OVER INVOICING
Congress targets PM over report on Adani group 'taking' Chinese help in solar project
Congress leader Jairam Ramesh criticized Prime Minister Narendra Modi on Saturday, pointing to a report that the Adani Group has selected eight Chinese companies for its solar manufacturing project. Ramesh emphasized the need for a strategy to reduce India's dependence on China and ensure taxpayer money does not benefit Chinese firms.
Automating repetitive tasks: AI for invoicing, inventory, and more
World MSME Day: The ability of AI to manage repetitive, time-consuming, and error-prone tasks revolutionizes business operations, resulting in accuracy, speed, and cost savings.
White goods, FMCG imports failing to get custom-fit tag
White goods, chemicals, pharmaceuticals, and FMCG companies face import delays or higher duties as customs authorities scrutinize third-party invoicing at various ports. This practice, used for tax optimization, allows invoicing through a country different from the goods' origin and is permitted under FTAs. However, customs officials suspect abuse of FTA provisions, withholding consignments and denying lower duty benefits at ports like Nhava Sheva. Authorities demand differential duty payments and invoke rules addressing potential duty evasion through third-party invoicing, leading to potential supply disruptions.
Over 250 years of Indian diaspora heritage digitally archived in Oman
The National Archives of India digitised and archived oral history and documents of old Indian merchant families in Oman from the state of Gujarat, shedding light on their cultural practices and contributions to Omani society.
Adani group m-cap regains $200 bn-mark as company rebuts coal invoicing allegations
While Adani group denied all allegations, the news report was cited by opposition leaders including former Congress president Rahul Gandhi to demand a probe by a joint parliamentary committee into the alleged wrongdoing.
ET Explainer: Product-related plaints? Follow these steps to move consumer court
Many dissatisfied consumers of the product or the service they have received do not understand how they can seek redressal. Here is a primer on how to file a consumer case and what some of the challenges a complainant can face in the process.
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ED uses fridge, smart TV invoices as evidence in money laundering case against Hemant Soren
Invoices of a refrigerator and smart TV are among the evidence the Enforcement Directorate used to support its claim that Jharkhand's ex-chief minister Hemant Soren acquired 8.86 acres of land worth more than Rs 31 crore illegally. The federal probe agency obtained these receipts from two Ranchi-based dealers and attached those to its charge sheet filed against the 48-year-old Jharkhand Mukti Morcha (JMM) leader and four others last month.
Tax evasion of Rs 730 cr by TMT bar makers detected
All iron and steel items are subject to 18% GST. The Meerut unit of DGGI had received intelligence that several TMT bar makers were filing documents on behalf of non-existent companies naming them as suppliers and claiming input tax credit. The official quoted above said these companies outsourced the transportation of non-duty paid goods from the factory gate to many dealers and recipients, without paying any duty to the authorities.
Innovating MSME financing: Cashinvoice partners with HDFC Bank to enhance supply chain finance solutions
Cashinvoice says its new funding round would strengthen its suite of customised supply chain financing (SCF) solutions to buyers and suppliers of mid and large corporates.
RBI-backed TReDS logs quick growth after slow takeoff
The Trade Receivables electronic Discounting, meant for easy access to credit for small bushinesses, has seen increased usage in the past year. On a monthly basis, invoices financed through TReDS nearly doubled from a year ago to about Rs 11,000 crore.
HC keeps in abeyance order asking CBI, DRI to look into allegations of over-invoicing by Adani group
On December 19, 2023, the high court had directed the two federal probe agencies to meticulously and expeditiously look into the allegations of over-invoicing of imports by various power generating companies in India, including the Adani Group and the Essar Group, to ascertain the factual position and take appropriate action against the erring firms.
Mandatory linking of e-invoice with e-way bill may cause operational disruption: Experts
Rajarshi Dasgupta, Head Tax at Aquilaw told PTI that the advisory on linking e-invoice with e-way bill will cause "technical difficulty in the hands of exporters having a turnover over Rs 5 crore as there is no time limit relaxation for the generation of e-invoice".
Delhi HC halts Adani Power 'probe', cites SC review
A review petition filed by the revenue department against dismissal of its appeal last year is pending before the apex court. The case relates to the import of equipment/machinery by Adani Power Maharashtra and Adani Power Rajasthan (now both firms merged into Adani Power). The SC had last year upheld the Directorate of Revenue Intelligence's order dropping investigations against the two companies.
Delhi HC asks CBI and DRI to look into allegations of over-invoicing of equipment by Adani Power
DRI had earlier told the HC that show cause notices have been issued in all cases of imports of capital goods/power equipment wherein investigation was carried out and also that some cases are pending adjudication and in some cases appeals have been filed. Letters Rogatory to Overseas Courts in Singapore, Dubai, Hong Kong, Switzerland & Indonesia to gather evidence and documents have been issued, however, since the process is time consuming and multiple countries are involved, all necessary steps have been taken by the DRI for expeditious completion of the same.
Delhi HC orders CBI & DRI to investigate allegations of over-invoicing by companies including Adani, Essar Groups
Delhi High Court on Tuesday directed the CBI and DRI to meticulously and expeditiously look into the allegations of over invoicing of coal imports and equipment by several companies, including Adani Group and Essar Group, and take action in accordance with law.
DRI moves tribunal against relief to Essar Group in over-invoicing case
Between March 2015 and August 2016, the Mumbai zone of the Directorate of Revenue Intelligence had issued issued show-cause notices (SCNs) against several Essar Group companies. . The agency said investigations showed the group allegedly siphoned off funds abroad through GSF, an intermediary in the UAE, which was controlled and managed by the Ruia family through the ultimate holding company of the Essar Group.
Govt to mandate e-invoice for B2C transactions in 2-3 years
The Indian government is considering the mandatory implementation of electronic invoicing (e-invoice) for business-to-consumer (B2C) transactions within the next 2-3 years. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoices for business-to-business (B2B) sales and purchases.
BharatPe probe finds invoice discrepancies, vendor linkages to Grover’s family members
The bank accounts of at least eight human resource (HR) consultancy firms involved with BharatPe for recruitment services have been found linked to relatives of former head of controls, Madhuri Jain, with some of these firms established to siphon funds from the fintech unicorn.
E-invoice: GST authorities to start sending advisories to non-complaint businesses
E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore.
RXIL Global to help MSMEs get early payment on export invoices through ITFS
MSMEs don’t have deep pockets and so often find themselves in trouble when it comes to realising payments for exports. But a trade platform offers them a way to discount their invoices and get cash in hand almost immediately.
Businesses over turnover over Rs 100 cr cannot report e–invoices older than 30 days from Nov 1
Businesses in India with an aggregate annual turnover of over Rs 100 crore will now have a time limit of 30 days to report e-invoices under the goods and services tax (GST) system. This decision by the GST Authority amends the previous proposal of a seven-day time limit, taking into account concerns raised by businesses.
Govt launches GST reward scheme in 6 states, UTs; Rs 30 crore corpus for prize money
The GST lucky draw 'Mera Bill Mera Adhikar' scheme was launched in six states and Union Territories on Friday and the Centre and states have set aside a Rs 30-crore corpus for this fiscal for the reward scheme. Haryana Deputy Chief Minister Dushyant Chautala said the mobile app for the scheme has been downloaded by over 50,000 people so far.
GST reward scheme on anvil; customers can soon upload invoice, participate in lucky draw
Individuals may soon get rewarded for uploading GST invoice on a mobile app as the government is likely to launch the long awaited 'Mera Bill Mera Adhikar' scheme soon. Under the invoice incentivisation scheme, cash prize of Rs 10 lakh to Rs 1 crore monthly/quarterly could be given to individuals who upload invoice received from retailer or wholesaler on the app, two officials told PTI.
BRICS trade ministers' meet: Goyal expresses concern over under-invoicing, non-tariff barriers
Goyal also said that desired results can be achieved only if trade and investment activities are carried out cooperatively in a transparent manner.
E-invoice enabled for businesses with annual turnover of Rs 5 crore
Officials said that enabling it over a month in advance will help in smooth transition for small businesses and will fix any difficulty faced by them and also to avoid any technical glitch, considering the added burden.
GSTN defers by 3 months implementation of e-invoice reporting time limit
In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months.
Recordent revamps tech stack to provide automation for MSMEs
The easy-to-implement, easy-to-use tech platform will harness the power of data and technology to enable businesses to optimise cash flows and accelerate secured growth.
GSTN mandates businesses with over Rs 100 crore turnover to upload e-invoice on IRP within 7 days
In an advisory to taxpayers, GST Network (GSTN) said the government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to Rs 100 crore.
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