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Worried about liquidity tightness in view of advance tax and GST outflows, banks remained reluctant to park funds with the Reserve Bank of India’s variable rate reverse repo (VRRR) auction on Friday.
Against a notified amount of Rs 1 trillion for the four-day VRRR auction, banks parked only Rs 5,780 crore.
Read more at :Business-Standard
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Flair Writing Industries Limited (FWIL) disclosed today that it has received two show cause notices from the Office of the Assistant Commissioner of State Tax, Valsad, regarding excess input tax credit (ITC) claims for the fiscal year 2020-21. The notices, issued under Section 73 of the CGST Act, allege tax discrepancies totaling approximately ₹1.86 crore.
The Supreme Court of India delivered an important judgement on March 21, 2025, relating to revision of GST returns beyond the law prescribed time limit, if such revision does not lead to loss of revenue for the government.
A court in Ahmedabad has denied bail to journalist Mahesh Langa in a GST fraud case, observing that the offence alleged against him is serious and the offence being an economic one, affects the economy of the nation.