GST Council to recommend filing of Annual Stock statement
To curb fake invoicing and tax evasion, GST Council is going to recommend filing of Annual Stock Statement by registered tax payer on GST portal.
Category: Media
Punjab tax officers told to clear pending VAT, GST cases by June end
The Punjab taxation commissioner also directed the officers to meticulously complete assessment cases by September end, and not to wait till the end of fiscal year. Punjab taxation commissioner KK Yadav on Friday said that refunds in all pending cases…
Wrongful availment of ITC: Chhattisgarh HC refuses bail
The Chhattisgarh High Court bench headed by Chief Justice Arup Kumar Goswami and Justice Gautam Chourdiya has refused to grant bail to a person allegedly involved in availment of fraudulent Input Tax Credit (ITC). The appellants created several fictitious and…
CBDT aims to lift tax-GDP ratio to 15-20% form the current 12%
India’s net direct tax collections amounted to Rs. 14,09,640.83 crore for FY 2022, which is the highest collection ever, signaling that the India economy has bounced back after two years of the pandemic, Central Board of Direct Taxes (CDBT) Chairman…
Big opportunity to rectify the mistake in Income Tax return file
The Income Tax Department has issued a new form for filing updated IT returns. In this, the taxpayer has to tell the actual reason for filing as well as the income offered for tax. New Form ITR-U will be available…
CBI arrests 2 Central GST officials in Rs 50,000 bribery case
The Central Bureau of Investigation (CBI) arrested two Central GST officials in a bribery case of Rs 50,000 on Friday. Superintendent Mahesh Nesarikar and Inspector Amit Kumar Mishra belonged to the Central GST in Jaisingpur in Kolhapur district in Maharashtra.…
April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources
The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry. The projected numbers mark a consecutive…
CGST Commissionerate Mumbai South arrests Co-conspirator in a Fake ITC claim of Rs. 11.07 cr.
Anti-Evasion Unit of Mumbai South CGST Commissionerate has arrested the co-conspirator in a case of M/s New Laxmilal & Co. (GSTIN 27ACAPS6257K1ZS) involving fake ITC of Rs. 11.07 Cr on the strength of bogus invoices of Rs 62.90 Cr, without…
CEOs, CFOs must appear before the taxman whenever summoned in technical matter, rules Rajasthan HC
A high court has ruled that an “authorised representative” can appear before a taxman while responding to a summons issued by tax authorities, offering respite to many senior executives, including directors and chief financial officers (CFOs), who were being forced…
Trader fined 77 Lakh for GST mismatch
A government contractor was fined 77,37,499 after commercial taxes department noticed discrepancies in the GST returns filed by the trader and the government. The government contractor under Theni 2 division of Madurai zone of commercial taxes department had filed his…