Tax in Media
GST
HC quashes tax recovery against grocer, a victim of Aadhaar fraud
The Bombay High Court quashed an attachment order issued by the Gujarat Commissioner of state tax against a small provision store owner in Mumbai for recovery of dues based on transactions done by his ‘impersonator’, a company using his Aadhaar card.
Kerala State GST Department to pilot ‘faceless adjudication’ system from Friday
The State Goods and Services Tax (SGST) department is piloting a ‘faceless adjudication’ in Kerala from August 1.
City co runs empty vans to fuel 100 cr GST scam
The Commercial Taxes department has unearthed a GST fraud of over Rs. 100 crore involving a Hyderabad-based private firm for allegedly issuing fake invoices without any actual movement of goods. Senior officials said it was the first such instance in the state.
Telangana flags Rs 100 cr fake invoice fraud to Maharashtra
In a major move to curb tax fraud across state lines, the Telangana commercial taxes department has decided to formally notify the Maharashtra govt about the large-scale GST input credit scam involving fake invoices and empty vehicle shipments, a racket suspected to have siphoned off over Rs. 100 crore in taxes.
In a dusty godown in Indore, 28-year-old trader Anuj flips through a pile of purchase invoices, trying to reconcile them with his GSTR-2B. His accountant mutters something about “invoice mismatch” while a deadline looms on the GST portal. Multiple this daily tax tangle by 1.5 crore- and you get a sense of what India’s GST ecosystem deals with each month.
Customs
US to end de minimis exemption for all countries next month
The US will suspend the de minimis exemption for low-value imports, under $800, for all countries of origin from the end of August, potentially affecting peak season results.
Trump tariffs live updates: Trump outlines sweeping new tariffs for dozens of trade partners
President Trump on Thursday outlined tariff rates on dozens of trade partners, taking a step toward further reshaping the US trade landscape.
Donald Trump’s tariff impact on India’s stock market: Nifty50 and BSE Sensex saw a gap down opening on Thursday after the US President imposed a 25% tariff and additional penalty on India. But the market was quick to recover losses, rising over 700 points from the day’s lows. Why is the India stock market not crashing after Trump’s tariff announcement?
Trump Announces U.S.-Pakistan Oil Deal Amid India Tariff Tensions
U.S. President Donald Trump took to his Truth Social platform late on Wednesday to announce a new trade deal with Pakistan, a move that has raised eyebrows given the ongoing trade negotiations with India and his recent imposition of a 25% tariff on Indian goods.
An 17 year old girl from United Arab Emirates (UAE) was intercepted at Delhi airport by Indian customs officers and they seized her two gold chains that she was wearing. This passenger was a minor girl travelling with her family from the United Arab Emirates (UAE) to Delhi, India to attend a relative’s wedding in Kerala. The reason for this seizure was that she was wearing two gold chains weighing a total of 49 grams and having a purity of 937 for which she had not filed any customs declaration form.
Donald Trump, on Wednesday, announced a 25 per cent tariff on Indian goods starting August 1, and criticised India’s military purchases from Russia.
Senior Congress leader and former home minister P Chidambaram slammed the Centre after US President Donald Trump announced a 25% tariff on imports from India, saying that ‘Dosti’ is no substitute for diplomacy and painstaking negotiations.
After ‘massive reserves’ oil trade deal, Donald Trump slaps 19% tariffs on Pakistan
A day after announcing a “landmark energy partnership” with Pakistan, US President Donald Trump imposed a 19% tariff on Pakistani goods on Friday. The move comes as part of the expansion plan of Trump’s sweeping “Liberation Day” tariff, announced via an executive order on Thursday.
Income tax
ICAI works on early warning mechanism
The Institute of Chartered Accountants of India (ICAI) is working with regulators to develop on early-warning mechanism to prevent scams and frauds before they occur with an initial focus on listed companies, a senior executive of ICAI said on Wednesday.
Income Tax Department begins crackdown as jewellers strike gold with accounting trick
Amid spiralling gold prices, some of the jewellers have played around with accounting rules to suppress profits and pay lower tax.
Income Tax: Want To Stay Off Tax Department’s Radar? These Limits You Should Never Cross
Filing Income Tax Return is mandatory if your income exceeds the basic exemption limit. But even if your income is below the threshold, certain financial transactions can still bring you under the Income Tax Department’s radar.
Direct tax disputes soar 198% amid rising vacancies in revenue dept
India’s tax dispute burden is rising sharply, despite multiple policy interventions aimed at streamlining compliance and reducing litigation. The Standing Committee on Finance, in its latest report tabled in Parliament on Wednesday, flagged a 198% jump in the amount of disputed direct taxes over two years.
Jane Street not co-operating with India’s taxman in ongoing probe
US-based Global trading firm Jane Street is reportedly not cooperating with the Income Tax Department in an ongoing investigation against it, according to sources.
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