Businessman Arrested in Assam for ₹12 Crore Fake ITC Scam Assam GST officials have arrested a businessman for his alleged involvement in a fraudulent scheme related to the Goods and Services Tax (GST) that resulted in the illegal claiming of Input Tax Credit (ITC). Key Details of the Allegation Scam Amount: The fraud is estimated… Read More »
GST Refunds to be Fast-Tracked via Mandated Risk-Based Approvals The Central Government has mandated a new system to fast-track Goods and Services Tax (GST) refunds, requiring tax authorities to adopt a risk-based approach for processing and approving claims. Key Features of the New System Risk-Based Approval: The new mechanism is designed to expedite refunds for… Read More »
New Import Regulations for Solar and Wind Energy Components Effective from November 1, 2025 The government has announced that new import regulations specifically targeting components used in the solar and wind energy sectors will come into effect from November 1, 2025. Key Focus of the Regulations Quality Control and Standards: The primary objective of these… Read More »
Delhi Clears GST Refund Backlog: ₹694 Crore Disbursed to Traders The Delhi government announced a massive clearance of outstanding Goods and Services Tax (GST) refunds, amounting to ₹694 crore, providing a significant “Diwali gift” to traders and businesses in the city. Key Highlights of the Initiative Total Amount Disbursed: The government disbursed approximately ₹694 crore… Read More »
Chartered Accountant Booked in ₹560 Crore Fake Billing Scam in Jamnagar A Chartered Accountant (CA) in Jamnagar has been formally booked by tax authorities for alleged involvement in a massive Goods and Services Tax (GST) fake billing and fraudulent Input Tax Credit (ITC) racket. Key Details of the Allegations Scam Amount: The fraud is estimated… Read More »
CAG Report Flags Flaws in GST E-Way Bill System A report by the Comptroller and Auditor General of India (CAG) has identified significant procedural and technical shortcomings in the functioning of the e-way bill system under the Goods and Services Tax (GST) regime. Key Flaws Highlighted by the Audit Non-Blocking of Multiple E-Way Bills: The… Read More »
GST Cuts’ Full Effect Delayed: Auto Sector Impact Curtailed by Supply Chains and Global Woes A report by HDFC Securities indicates that the full benefits of the recent Goods and Services Tax (GST) rate rationalization have not yet been realized in the automobile sector, with the real impact expected to be visible later in the… Read More »
Supreme Court Stays Proceedings in ₹780 Crore GST Notice Against Gaming Company The Supreme Court of India has issued an order staying proceedings concerning a massive Goods and Services Tax (GST) notice of approximately ₹780 crore issued to the online gaming company, Nirdesa Networks. Key Points of the Judicial Action Interim Relief: The stay order… Read More »
DGFT Issues Corrigendum for SION C888: Circular Reference Removed The Directorate General of Foreign Trade (DGFT) issued a corrigendum (correction) regarding the Standard Input Output Norms (SION) entry C888 for exports. Key Correction Circular Reference Removed: The corrigendum amends SION Entry C888 by removing the reference to a specific circular (presumably related to the export… Read More »
DGFT Amends Import Policy for Sulfadiazine API: Key Update for Pharma Sector The Directorate General of Foreign Trade (DGFT) issued a notification amending the import policy for the Active Pharmaceutical Ingredient (API) Sulfadiazine, marking a crucial update for the domestic pharmaceutical industry. Key Policy Change Policy Shift: The import policy for Sulfadiazine API has been… Read More »