J&K GST Revenue to Decline by Up to ₹1,000 Crore Due to Rate Revision Chief Minister Omar Abdullah announced that the recent Goods and Services Tax (GST) rate revision and rationalization implemented by the Central Government are expected to cause a significant reduction in the tax collection of Jammu and Kashmir (J&K), estimating the loss… Read More »
Two Persons Arrested for GST Fraud in Chennai The article reports that two individuals were arrested in Chennai for their alleged involvement in a significant case of Goods and Services Tax (GST) fraud. Key Details of the Allegation Arrested Persons: Two individuals were apprehended by GST enforcement authorities. Nature of the Fraud: The accused were… Read More »
MCA Extends Deadline for DIR-3 KYC Filings The Ministry of Corporate Affairs (MCA) has announced an extension for the filing deadline of the annual KYC forms for directors, specifically DIR-3 KYC and the related web-form DIR-3 KYC-WEB. Key Details of the Extension Forms Covered: DIR-3 KYC (for directors who need to update personal details) and… Read More »
DGFT Amends Export Policy for Meat and Meat Products The Directorate General of Foreign Trade (DGFT) has issued a notification amending the export policy for meat and certain meat products. Key Policy Changes Policy Shift: The DGFT has made changes to the export regulations governing the trade of meat and meat products, which typically fall… Read More »
Two Tax Officials Arrested in Surat for Taking Bribe The Anti-Corruption Bureau (ACB) arrested two tax officials in Surat for allegedly demanding and accepting a bribe. Key Details of the Incident Officials Arrested: The ACB apprehended two officials of the tax department (likely GST or Commercial Tax officials). Allegation: The officials were accused of demanding… Read More »
CBIC Issues Instructions on Issuance of Look Out Circulars (LOCs) The Central Board of Indirect Taxes and Customs (CBIC) has issued detailed instructions and standardized guidelines regarding the process and necessary approvals for the issuance of Look Out Circulars (LOCs) against individuals. Key Procedural Guidelines Standardized Protocol: The instructions mandate a clear, standardized protocol to… Read More »
GST Reforms Driving Telangana’s Growth: Industry and Artisans The article outlines how the recent Goods and Services Tax (GST) rate rationalization, primarily through cuts from 18% or 12% to 5%, is set to boost Telangana’s economy by improving affordability, enhancing industrial output, and supporting local artisan clusters. Key Sectoral Gains from Rate Reductions Handlooms and… Read More »
GST Fraud Racket Busted in Lucknow: ₹2.11 Crore ITC Siphoned Off The article reports that tax enforcement agencies in Lucknow busted a major Goods and Services Tax (GST) fraud racket involving a fake company that had illegally siphoned off ₹2.11 crore in Input Tax Credit (ITC) from the government. Key Details of the Fraud Fraud… Read More »
Government Panel May Revisit Harsh Clauses in Black Money Act The article reports that the government has constituted a committee or panel to review the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This review aims to revisit some of the legislation’s stricter clauses. Key Focus of… Read More »
Mumbai Man Arrested in ₹18.96 Crore GST Fraud Case The article reports that a man from Jogeshwari, Mumbai, has been arrested by tax enforcement agencies for his alleged role in a large-scale Goods and Services Tax (GST) fraud. Key Details of the Allegation Fraud Amount: The scam is estimated to involve fraudulent transactions leading to… Read More »