The two individuals were found "involved in fake invoices racket having taxable value of Rs 931 crore and fraudulently passing/ availing Input Tax Credit (ITC) amounting to Rs 127 crore through a complex web chain of various entities".
DGCI has identified more than 25 suppliers from states such as Assam, Bihar, Delhi, Haryana, Madhya Pradesh and Uttar Pradesh, who issued fake invoices of over Rs 1,000 crore, to the NCR-based exporters, without supply of goods, to facilitate refunds.
When asked about the impact of the measures on the fiscal deficit, Finance Minister Nirmala Sitharaman said the government is conscious of the impact and expects the economic buoyancy resulting from these changes to generate significant resources.
Thousands of farmers from across the country have taken to the streets. ‘Dilli chalo’ is their slogan. What do they want? And is agrarian distress this government’s biggest problem? Harish Damodaran explains.
Bengal FM Amit Mitra talks about demonetisation, the problems with GST, failing Centre-state relations, the need for protecting and building institutions such as the RBI and CBI, investments in the state, and what the BJP “doesn’t get about Bengal".
Criticizing the Prime Minister Narendra Modi led National Democratic Alliance (NDA) government at the Centre again, senior Bharatiya Janata Party (BJP) leader Yashwant Sinha on Thursday described the implantation of the GST from July 1 as the second major blow to the Indian economy after demonetization.He also said that the BJP can no longer blame […]
On the eve of the midnight meeting to mark the rollout of the Goods and Services Tax (GST), the Congress on Thursday announced its decision to boycott the event, calling it a “publicity gimmick” and “tamasha”. While the Trinamool Congress was the first to announce its boycott earlier this week, other Opposition parties like the […]
With the government set to roll out Goods and Services Tax (GST) from June 30 midnight, traders in Uttar Pradesh are opposing the implementation of GST. In Ghaziabad, traders will not operate on Saturday to press for amendments to certain provisions of the GST before the scheduled implementation of the new tax regime tomorrow. The […]
With Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee announcing that her party would boycott the June 30 midnight Parliament event to roll out the Goods and Services Tax (GST), Congress has also decided not to attend the Goods and Services Tax (GST) midnight session. The decision came after Congress President met former Prime […]
Asked about industry bodies, small and medium enterprises, not being prepared for the switch over to GST, Jaitley said the date of rollout has been announced well in advance and so “nobody had any business not to be ready”. Besides, additional time has been given in the initial period for filing of the results, thus […]
The GST Council, in its 14th round of deliberations in Srinagar over two days, focused on the approval of the GST rules, the fitment of over 1,200 commodities into the five pre-announced tax slabs and the tax rates on services. The Council decided to tax services under four slabs of 5 per cent, 12 per […]
GSTN or Goods and Services Tax Network, a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from CAG to appoint an auditor as well as to conduct a supplementary audit as is being done, at present, […]