input tax credit Archives

There has been an amendment to CGST rules to provide for physical verification in high-risk cases

Finance

CBIC detects a massive Rs.36,374 crore in fake Input Tax Credit...

PGurus Newsdesk - July 29, 2024 1

Fake ITC claims detection by central GST officers up 51% The Central Board of Indirect Taxes and Customs (CBIC) has uncovered Rs.36,374 crore in fraudulent...

Two pilot projects for biometric authentication have already been carried out successfully

Laws

Centre to roll out pan-India biometric authentication to prevent GST fraud

PGurus Newsdesk - June 23, 2024 0

Pan-India launch of biometric authentication to check fake invoicing: FM Sitharaman Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) Council has...

Circular clarifies that taxpayers can also adopt for a cross charge mechanism and bill the branches by adopting the value as per Rule 28

Finance

Centre issues clarification on input tax, levy of tax on subsidiary...

PGurus Newsdesk - July 18, 2023 0

GST council rules that holding shares does not constitute providing a service, so holding shares is not taxable Centre has issued clarification regarding the taxability...

Finance

GST Council may mull steps to prevent fake generation of Input...

PGurus Newsdesk - June 16, 2023 0

GST Council meet on July 11, likely to discuss steps to prevent fake generation of Input Tax Credit Chairman of Central Board of Indirect Taxes...

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

Law and Order

Massive GST evasion worth Rs.824 cr unearthed, ICICI Prudential among 15...

PGurus Newsdesk - September 30, 2022 0

GST Intelligence uncovers tax evasion by 15 firms insurance companies, NBFCs 15 insurance companies including ICICI Prudential as well as several non-banking financial companies (NBFCs)...