28.01.2022 : DGGI Gurugram officials bust nexus of 93 fake firms issuing fake input tax credit invoices of Rs 491 crore
The Gurugram Zonal Unit (GZU) of Directorate General of GST Intelligence (DGGI), has arrested one person on 18.01.2022 under the provisions of the GST Act on charges of running multiple fake firms on the strength of fake documents and having passed on fraudulently ITC to the quantum of Rs. 491 crore. Read more
26.01.2022 :CGST Palghar Commissionerate arrests one for committing GST fraud of Rs 181 crore
CGST Palghar Commissionerate has arrested an accountant for issuing bogus bills of more than Rs. 1000 Crore and committing GST Input Tax Credit (ITC) fraud of Rs.181 Crore. The officers of Palghar Commissionerate received specific inputs from data mining and data analysis that one entity M/s Nithilan Enterprises is suspected to be engaged in availing and passing on of fake Input Tax Credit (ITC) by issuing fake invoices without actual receipt or supply of goods or services. Based on this, they conducted thorough investigations and noticed that a 27 years old man, who has studied till 12th standard and now works as freelancer accountant cum GST consultant, cheated and stole the identity of one of his clients for committing such GST frauds for monetary gains. Read more
22.01.2022 : CGST Bhiwandi Commissionerate arrests businessman for running fake ITC network
The officers of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested a businessman was running a Fake GST Input Tax Credit racket. Acting on an intelligence from Central Intelligence Unit of Mumbai CGST Zone, the officers initiated coordinated action at different locations in Thane, Bhiwandi, Raigad and Mumbai and detected GST evasion of Rs 11.4 crores through generation and passing of fake ITC through intricate web of bogus billing of more than 63 Crores. Read more
20.01.2022 : Mumbai West CGST Commissionerate busts fake GST Input Tax Credit racket
The officers of Mumbai West CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket involving GST of Rs 10.10 Crores. The firm is registered with GST for trading in Ferrous Waste and Scrap etc. It was indulging in fraudulent availment and passing of Input Tax Credit (ITC) to the tune of Rs 10.10 Crores without receiving the goods or services, in gross violation of the provisions of CGST Act 2017. Read more
14.01.2022 : DGGI Officials bust network involving fake invoices worth more than Rs 4,500 crore; 1 held
Recently a case was booked by DGGI against some fake firms, which were found non existing at their principal place of business. To trace the real persons behind these fake firms, the physical address from where GST returns were actually filed was ascertained. Then search was conducted on 06.01.2022 at that premises in Delhi. During search, it was found that proprietor is engaged in providing services of ‘Cloud Storage’ on his servers to various customers for maintaining their financial accounts. Read more
13.01.2022 : Navi Mumbai CGST Commissionerate busts Input Tax Credit racket of more than Rs. 10 Crores
Acting on the intelligence about the operation of a fake ITC racket , the Officers of Navi Mumbai CGST Commissionerate of Mumbai Zone have arrested a businessman who is the is proprietor of M/s Maharashtra Enterprises . The Central CGST department has busted yet another fake Input Tax Credit racket of 15 fake entities who had generated the fake ITC fraudulently to the tune of Rs 10.28 Crores. Read more
21.12.2021 : Income Tax Department conducts searches in West Bengal
The Income Tax Department carried out search and seizure operation on 16.12.2021 on two prominent Asansol based groups, engaged in business of iron and steel products, infrastructure, cement, poly fabs, agro-tech & food processing, etc. The search action covered more than 30 premises spread over West Bengal. A large number of incriminating evidences in the form of documents and digital data stored in SD cards, WhatsApp chats, etc. have been found and seized. The search team has detected that SD cards have been used to keep details of a parallel set of unaccounted sales, excel sheets of actual production data, parallel tally accounts files, cash payment details made to various parties etc. Read more
17.12.2021 : Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%
Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%. Refunds aggregating to Rs. 1,35,093.6 crore issued in the current fiscal. The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.12.2021 show that net collections are at Rs. 9,45,276.6 crore compared to Rs. 5,87,702.9 crore over the corresponding period of the preceding financial year i.e FY 2020-21, representing an increase of 60.8%. The net collection (as on 16.12.2021) in FY 2021-22 has registered a growth of 40% over the corresponding period of FY 2019-20 when the net collection was Rs. 6,75,409.5 crore, and a growth of 40.93% over the corresponding period of FY 2018-19 when the net collection was Rs. 6,70,739.1 crore. Read more
16.12.2021 : 3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department
As on 15th December, 2021, 3.59 crore Income Tax Returns(ITRs) have been filed on the new e-filing portal of the Department. The number of ITRs filed per day has crossed 6 lakh and increasing everyday as the extended due date of 31st December, 2021 is approaching. Read more
15.12.2021 : CGST officers arrest Chartered Accountant for generating fake input tax credit to the tune of Rs. 92 crores
The officers of CGST, Thane (Rural) Commissionerate have arrested a Chartered Accountant who had generated fake input tax credit to the tune of Rs. 92 crores involving fake invoice of more than Rs. 500 crores without actual receipt of goods. The investigation has revealed that the fraudulent had used the identity of a housewife to create a firm namely M/s. Shraddha Electrical located at Ambernath (Thane). Read more
15.12.2021 : Income Tax Department conducts searches in Mumbai
The Income Tax Department carried out search and seizure operations on 08.12.2021 on four Asset Reconstruction Companies (ARCs). Total of 60 premises spread over Mumbai, Ahmedabad, Delhi, etc. have been covered. The search action has revealed that the ARCs had adopted various unfair and fraudulent trade practices in acquiring the Non-Performing Assets (NPA) from the lender banks. Read more
13.12.2021 : CGST, Mumbai busts fictitious entities availing Input Tax Credit against Fake Invoices
Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilisation of Input Tax Credit (ITC) against fake invoices without actual supply of goods. Searches were conducted at more than a dozen locations at various premises located in Navi Mumbai, Thane and Palghar. Read more
10.12.2021 : Income Tax Department conducts search operations in Gujarat
The Income Tax Department initiated search and seizure operation on 03.12.2021 on a prominent group of Surat, engaged in the business of construction of residential and commercial complexes, land transactions as well as real estate financing. The search action covered more than 40 premises spread over Surat and Mumbai. The search action has led to the seizure of unexplained cash of Rs. 4 crore and jewellery valued at Rs. 3 crore while more than a dozen bank lockers have been placed under restraint. The search action has led to the detection of estimated undisclosed receipts and suspicious nature of entries aggregating to more than Rs. 650 crore. Read more
10.12.2021 : Income Tax Department conducts search operations in West Bengal
The Income Tax Department initiated search operation in the case of two major manufacturers and suppliers of refined lead, lead alloys and lead oxides on 07.12.2021. The search operation covered 24 premises spread over in the states of West Bengal and Uttar Pradesh. The search operations have resulted in seizure of jewellery valued at Rs. 53 lakh while four bank lockers are yet to be operated. Read more
08.12.2021 : CGST Mumbai Central Commissionerate busts a racket of fake ITC generators
The officers of CGST Mumbai Central Commissionerate have smashed a racket of fake Input Tax Credit (ITC) generators, who had been passing this fake ITC to the tune of Rs. 35 crores to various entities. The officers have arrested the kingpin for generating and passing on this fake credit to more than 15 entities in and around Mumbai. Read more
07.12.2021 : Payment of GST compensation to States in times of COVID-19 pandemic
As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Read more
06.12.2021 : Income Tax Department conducts search operations in Delhi
The Income Tax Department initiated search action on 24.11.2021 on a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction. The residence and business premises of the assessee were covered in the search action. Read more
05.12.2021 : More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest
More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal of the Income Tax Department as on 3rd December 2021. The number of ITRs filed per day is over 4 lakh and increasing everyday as the extended due date of 31st December 2021 is approaching. All taxpayers who are yet to file their Income Tax returns for AY 2021-22 are requested to file their returns at the earliest to avoid last minute rush. Read more
03.12.2021 : Fake Input Tax Credit racket worth Rs. 12 crores busted by Thane CGST; One Arrested
The firm was getting Input Tax Credit from many trading companies and was further passing it on to Rolling Mills. This was done by getting inadmissible Input Tax Credit on the basis of invoices issued by fraudulent entities without receipt and supply of goods. The firm is involved in trading of Ferrous Waste and Scrap; remelting scraps ingots of Iron or Steel. The investigation has revealed that firm was indulged in fraudulent availment and utilization of Input Tax Credit (ITC) to the tune of Rs 12 crores without receiving the goods or services in violation of the provisions of CGST Act 2017. Read more
02.12.2021 : Income Tax Department conducts search operations on a real estate group in Mumbai and Navi Mumbai Region of Maharashtra
The Income Tax Department initiated search and seizure operations on a real estate group, engaged in the construction of residential and commercial projects, in Mumbai and Navi Mumbai Region on 25.11.2021. The group is mainly carrying out development of slum rehabilitation projects. The search action covered around 30 premises. The search action unearthed various methods of tax evasion adopted by the group. Several documentary and digital evidences have been found and seized demonstrating receipt of cash to the tune of Rs.100 crore, as part of consideration on sale of flats, which is not accounted for in the regular books of account. Read more
01.12.2021 : Rs. 1,31,526 crore gross GST revenue collected in November 2021
The gross GST revenue collected in the month of November 2021 is ₹ 1,31,526 crore of which CGST is ₹ 23,978 crore, SGST is ₹ 31,127 crore, IGST is ₹ 66,815 crore (including ₹ 32,165 crore collected on import of goods) and Cess is ₹ 9,606 crore (including ₹ 653 crore collected on import of goods). The government has settled ₹ 27,273 crore to CGST and ₹ 22,655 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2021 is ₹ 51251 crore for CGST and ₹ 53,782 crore for the SGST. Centre has also released ₹ 17,000 crore to States/UTs towards GST compensation on 03.11.2021. Read more
01.12.2021 : Income Tax Department conducts search operations in Rajasthan
The Income Tax Department initiated search and seizure operations on a group engaged in manufacturing and export of jewellery and coloured gemstones at Jaipur on 23.11.2021. The search action covered more than 50 premises at different locations in and around Jaipur. The search action has resulted in seizure of cash of about Rs. 4 crore and jewellery valued at Rs. 9.00 crore. So far, detection of undisclosed income of more than Rs. 500 crore has been made in the group, out of which aggregate amount of Rs. 72 crore has been admitted by the respective group entities as their undisclosed income. Read more
29.11.2021 : Gross GST Collection in FY 2021-22 shows increasing trend
The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. Minister stated that the GST compensation cess levied under Section 8 of the GST (Compensation to States) Act, 2017 is transferred into a non-lapsable Fund known as GST Compensation Fund which forms part of the Public Account of India as provided in Section 10(1) of the Act. The States are being compensated for any loss of revenue arising on account of implementation of GST for five years out of the Compensation Fund as per Section 10(2) of the said Act. GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the states, the Minister added. Read more
27.11.2021 : Income Tax Department conducts search operations on two major real estate developers of Ludhiana
The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana on 16.11.2021. The search action covered around 40 premises in Ludhiana. In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc. The search action has resulted in seizure of unaccounted cash of about Rs. 2.00 crore besides foreign exchange, and unexplained jewellery of about Rs. 2.30 crore. Further investigations are under progress. Read more
23.11.2021 : Income Tax Department conducts searches on a leading Gutkha distributor in Gujarat
The Income Tax Department carried out search and seizure operations on a leading Gutkha distributor of Gujarat on 16.11.2021. The search operation has resulted in the seizure of unaccounted cash of about Rs. 7.50 crore, unexplained jewellery of about Rs. 4 crore, the detection of unaccounted income of more than Rs. 100 crore. Out of this, the group has admitted undisclosed income exceeding Rs. 30 crore. Read more
22.11.2021 : the government’s tax collection kitty will surpass budget estimates this financial year
With the net direct tax collection till October closing in on Rs.6 lakh crore and average monthly GST mop-up likely around Rs.1.15 lakh crore this fiscal, the government’s tax collection kitty will surpass budget estimates this financial year, revenue secretary Mr. Tarun Bajaj said. Read more
21.11.2021 : Income Tax Department conducts searches in Gujarat
The Income Tax Department has carried out a search and seizure operation on a prominent group engaged in manufacturing of chemicals and development of real estate on 18.11.2021. The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai. Read more
14.11.2021 : CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/ utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of goods of Rs 34 crore (approx). Read more
08.11.2021 : Centre amends the Legal Metrology (Packaged Commodities) Rules 2011
The amendments to come into effect from 1st April, 2022. Amendment to ensure that consumers are able to make an informed choice and reduced compliance for industries. Mandatory declaration of MRP in Indian currency inclusive of all taxes on pre packed products. For protection of Consumer rights, Unit Sale Price for all pre packed commodities meant for retail sale is introduced. Declaration of date of manufacture on the pre packed commodities is made mandatory for pre packed commodities under the revised rules. Read more
02.11.2021 : Income Tax Department conducts searches in Tamil Nadu
The Income Tax Department carried out search and seizure operations in Tamil Nadu in the case of a group engaged in the manufacturing of animal feeds, poultry farming, edible oils and export of egg products. During the course of the search operation, several incriminating documents and materials in the form of electronic data have been found and seized. These seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, by under invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts. Read more
01.11.2021 : Roll out of new Annual Information Statement (AIS)
Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational. Read more
01.11.2021 : GST collection for October 2021 registered the second highest since implementation of GST
Rs. 1,30,127 crore gross GST revenue collected in October, 2021. Revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year and 36% over 2019-20. Read more
01.11.2021 : Income Tax Department conducts searches in Bihar and Jharkhand
The Income Tax Department carried out search and seizure operation on a prominent road construction contractor in Bihar and Jharkhand. The search action was initiated on 27.10.2021 at various premises located in Bihar, Jharkhand, Maharashtra, and West Bengal.. Read more
27.10.2021 : Gurugram DGGI Unit arrests 3 persons for running fake firms and evading GST of more than Rs 48 crore
Two persons were arrested from Delhi on 5th and 9th October 2021 on charges of orchestrating a fake billing racket involving more than 20 fake firms where more than Rs 22 crore of fraudulent input tax credit was taken thereby defrauding the exchequer. Both persons were arrested and produced before CMM, Delhi, and were subsequently sent to 14 days Judicial Custody. Read more
16.10.2021 : Income-tax Department’s searches in NCR, Haryana & WB reveal large scale under-invoicing of imports
The Income Tax Department carried out search and seizure operations on an importer and trader of laptops, mobile phones and peripheral parts. The search operations commenced on 10.10.2021 and were spread across the National Capital Region, Haryana and West Bengal.
During the course of the search, several incriminating documents, diaries and digital evidences have been found which reveal that the group is entrenched into large scale under-invoicing and wrongful declaration of goods imported by it. Large number of evidences indicating unrecorded transactions, unaccounted investment in properties, bogus loans taken, etc. have also been gathered. Read more
14.10.2021 : Over 2 crore Income Tax Returns filed on the e-Filing portal of the Income Tax Department
The e-filing portal of the Income Tax Department (www.incometax.gov.in) has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021. The new portal was launched on 7th June, 2021 and in the initial period taxpayers had reported glitches and difficulties in the functioning of the portal. A number of technical issues have since been resolved and the performance of the portal has substantially stabilized. Read more
13.10.2021 : 1 arrested by Delhi CGST Officials for fraudulently claiming ITC of Rs 134 crore
The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East, carried out the detailed analysis and unearthed a network of fictitious exporters who were availing and utilizing fake Input Tax Credit (ITC) of Rs 134 crore under the Goods and Services Tax (GST) with an intent to claim IGST refund fraudulently. Read more
08.10.2021 : Income Tax Department conducts searches in Assam, Meghalaya and West Bengal
One of the groups is engaged in the business of cement manufacturing. During the search action, it was found that this group generated unaccounted income by indulging in out-of-books sales and booking bogus expenses. The other group is actively engaged in executing railway contracts in Assam, Mizoram and other parts of North East. During the search action, incriminating documents, loose sheets and digital evidences were seized indicating undisclosed investments in land and properties. Read more
28.09.2021 : More than 22000 compliances reduced in Government. 103 offences decriminalized and 327 redundant provisions / laws removed by the Centre.
A big exercise is being carried out by Central Ministries & States/UTs to reduce compliance burden and the aim of this exercise is to simplify, decriminalize & remove redundant laws, said Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, Textiles, while speaking at the workshop on National Workshop on Reducing Compliance Burden organised by DPIIT here today. Read more
27.09.2021 : The Income Tax Department carried out a search and seizure operation on 23.09.2021 on a group of four major Steel Rolling Mills based in Jalna, Maharashtra.
During the course of the search and seizure operation, many incriminating documents, loose sheets and other digital evidences were found and seized. These evidences clearly indicate the involvement of the companies in large scale unaccounted financial transactions made outside the regular books of accounts, including inflation of purchases using entry providers, unaccounted cash expenses and investments, etc. Read more
09.09.2021 : CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22. The details are as under: Read more
08.09.2021 : e-Filing portal of the Income Tax Department – updates
A number of technical issues are being progressively addressed and there has been a positive trend reflected in the statistics of the various filings on the portal. Over 8.83 crore unique taxpayers have logged in till 7th September, 2021 with a daily average of over 15.55 lakh in September, 2021. The Income Tax Return (ITR) filing has increased to 3.2 lakh daily in September, 2021 and 1.19 crore ITRs for AY 2021-22 have been filed. Of these, over 76.2 lakh taxpayers have used the online utility of the portal to file the returns. Read more
07.09.2021 : CBDT allows taxpayers an opportunity to file application for settlement
In order to provide relief to the taxpayers who were eligible to file application as on 31.01.2021, but could not file the same due to cessation of ITSC vide Finance Act, 2021, it has been decided that applications for settlement can be filed by the taxpayers by 30th September, 2021 before the Interim Board if the following conditions are satisfied:-
- The assessee was eligible to file application for settlement on 31.01.2021 for the assessment years for which the application is sought to be filed (relevant assessment years); and
- all the relevant assessment proceedings of the assessee are pending as on the date of filing the application for settlement.
06.09.2021 : Apex court tells government Constitute GST tribunal
The Supreme Court on Monday asked the Centre to constitute the GST Appellate Tribunal, which had not been set up even after four years of the GST Act being in existence.
“The CGST Tribunal has not been constituted… You’ve to constitute the Tribunal that’s all,” a Bench led by Chief Justice of India NV Ramana told Solicitor General of India Tushar Mehta.
28.08.2021 : Framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021
The Taxation Laws (Amendment) Act, 2021 (2021 Act), which received the assent of the President on the 13th August, 2021, has, inter-alia, amended the Income-tax Act, 1961 (Income-tax Act ) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President). Read more
28.08.2021 : Income Tax Department conducts searches in Maharashtra and Goa
The Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation.
During the course of the search and seizure operation, many incriminating documents, loose papers and digital evidences were seized.
Evidence detected during the search revealed that the group was engaged in fraudulent practice of booking bogus purchases of scrap and sponge iron from various ‘fake invoice issuers’. Premises of fake invoice issuers were also covered during the search. Such invoice issuers have admitted that they supplied only bills but no materials and also generated fake e-way bills to show it as genuine purchases and to claim GST input credit. With the active support of GST Authorities, Pune, “Vehicle movement tracking app” was used to identify fake e-way bills. Total bogus purchases identified from these parties, so far, is about Rs.160 crore. The verification is still in progress and quantum of bogus purchases is likely to increase substantially.
Further, shortage of goods to the tune of Rs.3.5 crore and excess stocks of Rs. 4 crore was also found from the premises and the same has been admitted by the assessees. Unaccounted investment in property was also unearthed. Unaccounted cash of Rs. 3 crore and jewellery amounting to Rs. 5.20 crore has been seized from different premises. Unaccounted silver articles of 194 Kg valued at about Rs. 1.34 crore have been found during the search and have been accepted and declared as additional income by the assessee.
So far, a total of Rs.175.5 crore of unaccounted income has been unearthed including unaccounted cash and jewellery, shortage and excess of stock and bogus purchases.
The search operation is still continuing and investigations are in progress. Press Release
23.08.2021 : Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department even after two and half months since its launch, which was also delayed. Smt. Sitharaman sought an explanation from Infosys for the repeated issues faced by taxpayers. The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal. Read more
17.08.2021 : Income Tax Department conducts searches in NCR
The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a foreign subsidiary company in India. The search revealed that the purchases of the assessee company were entirely from its holding company. Examination of import bills vis-à-vis sale bills show that there is huge gross profit (approximately 30%) on trading of these items, however, the company has been booking huge losses over the years. Read more
14.08.2021 : Enforcement department has arrested CA for his assistance and complicity in Rs.3269 Cr. bank.
ED initiated money laundering investigation on the basis of FIR registered by CBI against M/s Shakti Bhog Foods Limited and others for criminal conspiracy, cheating and criminal misconduct. Read more
11.08.2021 : 2 held by CGST Officials for input tax credit fraud of more than Rs 10 crore
The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd., Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods. Read more
10.08.2021 : MCA amends Schedule III of Companies Act on disclosure norms in financial statements
In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. Read more
09.08.2021 : Crores of disputed tax amount is settled under Vivad Se Vishwas scheme
The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. The Minister tabled data of cases settled and amount under the said scheme is as per table given below.. Read more
06.08.2021 : No Ban on Import of Toys; Basic Custom Duty (BCD) on Toys-HS Code-9503 has been increased from 20% to 60% in February, 2020.
Government has taken several steps for promoting indigenous toys makers in the country. The details are as follows-
- Directorate General of Foreign Trade (DGFT) vide NotificationNo.33/2015-2020, dated 02.12.2019 has mandated sample testing of each consignment.
- Basic Custom Duty (BCD) on Toys-HS Code-9503 has been increased from 20% to 60% in February, 2020. Read more
04.08.2021 : Various measures taken by Government for promotion of exports
Government is continuously engaged in strengthening Indian industry through “ease of doing business” for improving the business environment and attracting foreign investments
Government is committed for promoting Indian exports in international markets and suitable interventions are done from time to time. The key schemes/interventions taken are:
- The Foreign Trade Policy has been extended upto 30.09.2021 to provide a stable regime during the Covid-19 pandemic.
- Schemes such as the Advance Authorization Scheme and the Export Promotion Capital Goods (EPCG) Scheme are being implemented to enable duty free import of raw materials and capital goods for export production.
- The Interest Equalization Scheme, which provides pre and post shipment Rupee export credit has been extended upto 30.09.2021.
- Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been operationalized for exports with effect from 01.01.2021.
- It has been decided to extend the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme for apparel and made-up exports till March 2024.
- Transport and Marketing Assistance (TMA) scheme for specified agriculture products provides assistance for the international component of freight and marketing of agricultural produce and to promote brand recognition for Indian agricultural products in the specified overseas markets.
- A common digital platform for Certificate of Origin (CoO) has been launched to increase Free Trade Agreement (FTA) utilization by exporters.
- In order to leverage the full export potential of our vast country, Districts are being promoted as Exports Hubs by identifying products and services with export potential in each district, addressing bottlenecks for exporting these products/services and supporting such local exporters/manufactures through institutional and strategic interventions. District specific export action plans for 478 districts have been prepared.
- Exports of services is being supported through negotiating meaningful market access through multilateral, regional and bilateral trade agreements, through participation in and organization of international fairs/exhibitions like the Global Exhibition on Services. An ‘Action Plan for Champion Sectors in Services’ is being developed to give focused attention to identified Champion Services Sectors through identified nodal Ministries/Departments
- Assistance is being extended to exporters under the Market Access Initiative (MAI) scheme for various activities such as export market research & product development, product registration, organizing / participating in fairs, exhibitions and Buyer Seller Meets (BSMs) abroad, Reverse Buyer Seller Meets etc.
- In order to have a coordinated and focused attention on development of export infrastructure, a working group on infrastructure up-gradation has been constituted under National Committee on Trade Facilitation (NCTF) and a National Trade Facilitation Action Plan (NTFAP) has been formulated. This includes measures for improving road and rail connectivity to ports and smart gates at sea ports.
Government is continuously engaged in strengthening Indian industry through “ease of doing business” for improving the business environment and attracting foreign investments.
To make domestic manufacturing globally competitive and to create global champions in manufacturing,Production Linked Incentive (PLI) Schemes in 13 sectors are being implemented. The Government has initiated a review of some of the existing Free Trade Agreements (FTAs) to maximize its export potential to benefit domestic industry as well as to make them more user friendly, simple and trade facilitative. In addition, bilateral trade negotiations have been initiated with a number ofcountries.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha today. Press Release