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 »
ITR Filing Deadline for Audit Cases Expected to be Extended to November 30 The Gujarat High Court has directed the Central Board of Direct Taxes (CBDT) to take action that would effectively result in the extension of the Income Tax Return (ITR) filing deadline for assessees requiring a tax audit to be extended by one… 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 »
Report Alleges Cement Firms Tried to Pocket GST Benefit Meant for Consumers A report suggests that several cement manufacturers may have been engaging in a strategic effort to retain the financial benefit resulting from the recent GST rate reduction, rather than passing the full savings on to the final consumers. Key Allegation Anti-Profiteering Conduct: The… Read More »
Bombay High Court Grants Interim Stay on 18% GST for Hotel-Based Restaurants The Bombay High Court has granted an interim stay on the retrospective levy and collection of 18% Goods and Services Tax (GST) on restaurants located within hotels. Key Details of the Stay Order Levy Challenged: The interim relief targets the retrospective application of… Read More »
Used Car Prices Cut to Match GST Reset for New Vehicles The used car market has witnessed a synchronized price correction, with prices being reduced to align with the new, lower GST rates implemented for new vehicles under the recent tax rationalization. Key Impact of the Price Correction Synchronization with New Car Market: The price… Read More »
J&K Chief Secretary Orders Strict Enforcement of GST Rate Cuts for Consumer Benefit The Chief Secretary of Jammu and Kashmir (J&K) has issued strict directives to all concerned government departments to ensure the immediate and complete enforcement of the recent GST rate rationalization so that the tax benefits are passed on to the final consumers.… Read More »
GST Exemption to be a Drag on Life Insurers’ Q2 FY26 Profitability The article reports that the recent government decision to grant a Goods and Services Tax (GST) exemption on individual life insurance premiums is expected to have an adverse impact on the profitability of life insurers for the second quarter of the fiscal year… Read More »
Tax Authorities Conduct Joint Raids on UP Meat Traders The Income Tax (IT) Department and the Goods and Services Tax (GST) teams conducted coordinated, joint search and survey operations on prominent meat traders and exporters across three districts of Uttar Pradesh (UP). Key Details of the Joint Operation Agencies Involved: The operation was a collaborative… Read More »