In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Divya Nair recommends that non-Vijay fans save their money and wait for GOAT to drop on Netflix instead. At least you can fast forward and get to the climax faster.
India's internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts. Last year marked a crucial turning point for India's e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India's e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
While companies claim to have taken steps including adding additional manpower, using artificial intelligence and machine learning, to counter spread of fake news, the government has found these measures unsatisfactory.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
The Supreme Court has sought responses of the Centre, CBI, the Enforcement Directorate and others including 13 states on a plea alleging fraudulent activities by motivational speaker Vivek Bindra and his firm Bada Business Pvt Ltd. Accusing the social media influencer and his firm of tricking people into giving them their money through a ponzi scheme that promised big returns, the petition sought a direction to the Centre to constitute a special investigation team (SIT) of the CBI to probe the case. A bench comprising MM Sundresh and SVN Bhatti took note of the submissions of senior advocate Vikas Singh, appearing for Shubham Chaudhary and 19 other petitioners, that Bindra and his firm have duped several people of their money.
Communist Party of India-Marxist general secretary Sitaram Yechury described it as a "brazen destruction of the foundations of our democracy".
The ED said AB Exports Pvt Ltd is a "shell" or fake company owned by Prasad's son and Bihar deputy Chief Minister Tejashwi Yadav and Chanda Yadav (another daughter of the RJD chief) and its registered address is the bungalow located in the New Friends Colony area.
The central government's fiscal deficit during 2023-24 at 5.6 per cent of the GDP was better than previous estimates of 5.8 per cent on account of higher revenue realisation and lower expenditure, according to official data released on Friday. In actual terms, the fiscal deficit -- or gap between expenditure and revenue -- was Rs 16.53 lakh crore, or 5.63 per cent of the GDP, which grew 8.2 per cent in 2023-24.
He said that fact-checkers are a reference point to fight against misinformation and rejected arguments that it will adversely impact "free speech".
At present, there is no specific substantive law to deal with unfair means adopted or offences committed by various entities involved in the conduct of public examinations by the central government and its agencies.
Alarmed by increasing incidents of Indian firms being cheated by their Chinese counterparts, the Indian embassy here has put out an advisory warning traders from entering into any financial dealings, without doing due diligence first.
Complicated social phenomena behind it, says Ajit Balakrishnan.
'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Companies, industry associations, law firms and individuals have pointed out the lack of clarity on how the changes are worded and said it would violate user privacy.
The firm has blamed a section of unnamed competitors as well as maleficent parties
In platforms, such as Twitter, Facebook, TikTok, Helo, and ShareChat, mediators have been asked to put in more hours to ensure that no communal or fake news spread.
President Donald Trump has regularly used the phrase to criticise certain media reports.
Faking software knowledge, ability to work on a package or even experience in a firm are par the course for many. Pradeep Soundararajan explains why it spells trouble.
Some unlikely celebrities are behind multiple campaigns to fight the fake news menace.
'There is a huge risk of misinformation and disinformation, and targeted campaigns that could potentially happen against candidates or to push certain narratives.'
While some of the banks mentioned in the report said they have not come across any such fake apps, others have started an inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident.
I hope those who underestimate Rajeev Chandrasekhar will be proved wrong in this fight for Thiruvananthapuram's future, notes Rajeev Srinivasan.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
The updated election ads policy for India will require advertisers to provide a 'pre-certificate' issued by the EC or anyone authorised by the poll panel, for each ad. Further, Google will verify the identity of advertisers before their election ads run on its platforms, reports Peerzada Abrar.
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Delhi international airport following a look out circular issued against them in the alleged fraud at the fintech firm, sources said. The couple were to travel to New York late on Thursday for vacation when they were stopped at the airport on the basis of a look out circular issued by the Economic Offences Wing (EoW) of the Delhi police. EoW is investigating complaints of payments being made at BharatPe to fake human resource consultancies allegedly operated by Grover and family. They have also been accused of backdating invoices to use funds.
He said over 30 people were detained for questioning during searches in 30 Rohingya settlements in Jammu city.
And since social media platforms benefit from it, shouldn't they too be held responsible for the hate and fake news they spread, asks Vanita Kohli-Khandekar.
Writes to Trai, Mumbai Police to catch unauthorised SMS senders
Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.
China has formally apologised to Nigeria for alleged export of fake drugs including some labelled as 'Made in India' by some Chinese firms to the country and assured to take punitive action against those involved in the scandal.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
Bhartiya Janata Party leader and the party's Scam Expose Committee convener Kirit Somaiya has accused Uttar Pradesh Chief Minister Mayawati's brother of owning a private airline.
The government is in no mood to buy the privacy and security argument pitched by WhatsApp, whereas the American firm says traceability will undermine end-to-end encryption and the private nature of the app, creating potential for serious abuse.
Byju's is set to go the way of Housing.com and Zilingo. It is only a matter of time. Indeed, the coup attempted by investors will ensure that, says Debashis Basu.
Chavan entered the ED office in south Mumbai at around 12.30 pm and came out at about 9 pm, the official said.
The charge sheet has been filed before a special Prevention of Money Laundering Act (PMLA) court in Delhi and the court has listed the matter to be heard on January 16, the sources said.
Scientists have developed a novel psychological "vaccine" to immunise the public against the damaging "virus" of fake news and misinformation on websites and social media.
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