The Uttar Pradesh STF has arrested a man in connection with a Goods and Services Tax (GST) fraud estimated at Rs 15,000 crore. The accused allegedly used fraudulently obtained GST registrations to create fake firms and generate bogus invoices.
The Directorate General of GST Intelligence (DGGI) has uncovered a fake input tax credit racket worth approximately 593 crore in Belagavi, leading to the arrest of the alleged mastermind.
The Directorate General of GST Intelligence (DGGI) has uncovered a fake input tax credit racket worth approximately 593 crore in Karnataka, leading to the arrest of the alleged mastermind.
Kanpur police have frozen assets worth Rs 9.5 crore, including properties, vehicles, and bank accounts, as part of an investigation into an interstate racket involved in trafficking codeine-based cough syrups.
Finance Minister Nirmala Sitharaman on Tuesday said that raising the FDI limit to 100 per cent in the insurance sector will help attract more capital, improve competition and increase insurance penetration by making policies more affordable.
The insurance industry is trying to get to grips with provisions in the proposed Insurance Amendment Bill, which gives additional powers to the Insurance Regulatory and Development Authority of India (Irdai), while there is ambiguity in the very definition of the insurance business, according to industry experts.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
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The GST will subsume most of the indirect taxes like excise duty and service tax
Finance Minister Nirmala Sitharaman on Monday introduced two bills in the Lok Sabha to levy excise duty on tobacco and tobacco products, and a new cess on manufacturing of pan masala, which will replace the GST compensation cess on such sin goods.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
A pickup in freight rates, rising fleet utilisation and a long-awaited replacement cycle are breathing fresh life into India's commercial vehicle (CV) market, strengthening the investment case for Tata Motors' CV arm (TMCV). Despite a broadly steady December quarter (Q3) performance, brokerages remain divided on whether the upswing is strong enough to offset margin pressures.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
Consumer products like mobile phones and laptops may become cheaper as the overall taxes on goods are likely to come down
Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
For MSMEs the transition could mean higher wage bills and tougher compliance -- unless strong handholding follows reports Auhona Mukherjee.
New lower GST rates kicked in from Monday, resulting in a slashing of prices of as many as 375 items ranging from toothpaste and shampoo to cars and television sets, a move seen as an attempt to boost consumption to cushion an economy facing tariff headwinds. Tax rates of 5, 12, 18, and 28 per cent have been clubbed into two rates of 5 per cent and 18 per cent, resulting in a reduced price of 99 per cent of daily use items.
rediffGURU T S Khurana answers readers' personal income tax queries
The GST bill was earlier planned to be introduced from April 1.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
Overall economic activity continued to hold up in November with demand conditions remaining robust, thanks to strengthening urban demand, but manufacturing and rural demand showed some signs of deceleration even as services remained strong, according to an article on the State of the Economy written by Reserve Bank of India (RBI) officials in the central bank's December bulletin.
Senior leaders within the Congress now say the party could accommodate the government's argument that the GST rate cannot be stipulated within the Constitution.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
Leader of Opposition in the Rajya Sabha Gulam Nabi Azad approached leader of the house Arun Jaitley, saying that he is accompanying Sonia Gandhi to Varanasi on Tuesday.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
Passenger vehicle dispatches from companies to dealers increased 19 per cent year-on-year in November as demand remained robust post festive period, industry body SIAM said on Friday.
The government banks on the support of the Bharatiya Janata Party to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
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