During a meeting on Saturday, Finance Minister Nirmala Sitharaman instructed the Central Board of Indirect Taxes & Customs (CBIC) to commence GST scrutiny 2023 and implement an automated GST return inspection mechanism by the following week For the fiscal year 2022-23, the overall amount of Indirect Tax revenue collected was Rs 13.82 lakh crore, an … Read more
In order to make GST Scrutiny 2023 more systematic, on Saturday, Finance Minister Nirmala Sitharaman instructed the Central Board of Indirect Taxes and Customs (CBIC) to introduce an automated system for scrutinizing goods and services tax (GST) returns by the following week. she also directed them to develop a plan that utilizes technology to expand … Read more
GST Fraudulent Invoicing 2023| The tax authorities are currently conducting an extensive investigation into claims made by insurance companies regarding input tax credit, and they are now turning their attention to a group of automobile dealers who are suspected of creating false invoices without providing any actual services. This particular act is considered a violation … Read more
MSMEs can file Online GST Returns 2023 monthly, quarterly, or annually. All firms registered under the Goods and Services Tax (GST), including those with nil returns, must file Goods and Services Tax (GST) returns in order to declare the income obtained through business activities. Information on sales, purchases, tax collected on sales, and tax paid … Read more
The Ludhiana Auto Components industry has again demanded a reduction in the 28% GST on several products. Businessmen say the high rate is causing GST to block their funds. They believe that lowering GST to 12% for all auto parts will boost government tax revenue. “Ever since 2017, growth of the auto parts manufacturing industry … Read more
According to a source, tax officials have discovered that offshore entities are violating GST law by offering online betting gambling platforms to Indian residents through mobile apps, and they are currently working on finding solutions to address this type of tax evasion. The GST law mandates that all offshore entities offering services in India must … Read more
The Authority for Advance Ruling has stated that the transfer of Jaipur International Airport operations by the Airports Authority of India (AAI) to the Adani Group will not be subject to GST. The AAI had asked the Rajasthan bench of the Authority for Advance Ruling (AAR) to clarify if transferring the business to Adani Group … Read more
For GST registered traders the government is set to make an announcement on the soon-to-be-launched national retail trade policy, along with an accident insurance scheme. An official has informed PTI that the government is expected to unveil a national retail trade policy and an accident insurance scheme for GST-registered domestic traders in the near future. … Read more
GST Evasion 2023 | An official has stated that GST officers are utilizing data analytics to determine whether a specific sector’s entire supply chain is paying the appropriate amount of GST or if there is a discrepancy in the chain. The Directorate General of GST Intelligence (DGGI) has increased its efforts to prevent evasion at … Read more
Fraudsters have been using various methods to commit GST Evasion 2023, such as undervaluing taxable goods and services to pay less tax, wrongly claiming exemptions, wrongly claiming input tax credit, not paying taxes on taxable goods and services that have been secretly removed, and fraudulently claiming input tax credit based on invoices from fake companies. … Read more