'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.'
Filmistaan actor Sharib Hashmi looks back at his struggles.
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).
'Younger people are taking steps to prevent lifestyle diseases.'
'It is fascinating to partner with consumers on the journey of self-discovery and to help shape people's preferences -- that is what I find most exciting,' Nandini Piramal tells Abhineet Kumar and Aneesh Phadnis.
Roselynn Raj speaks about the challenges of being a dusky-skinned model in the Indian fashion industry.
The Income Tax Department and National Investigation Agency personnel have seized cash worth Rs 2,500 crore, and gold and diamond jewellery from four trucks in Mumbai and detained 47 people.
Recovery is attributed to higher domestic demand, export orders and import by NRIs.
Key sectors of the Indian economy shed half a million jobs in the final three months of last year as the global slowdown took its toll on one of the world's fastest growing big economies.
India, the world's largest consumer of gold has created a number of rich jewellers over the years.
Totally 13 global brands were surveyed by NGO on whether they ensured human right protection while sourcing when gold and diamonds
World champion Lewis Hamilton is better for Formula One than either Sebastian Vettel or Nico Rosberg, the sport's commercial supremo Bernie Ecclestone said on Sunday.
The auspicious day of Akshaya Tritiya has begun on a strong note as jewellers are witnessing good footfalls and being a public holiday on Tuesday, consumers are flocking to the stores early before the temperature soars. "Jewellers across the country have opened their stores early across the country and there is a strong momentum in footfalls since morning. "There has been positive sentiment in the market since the last 10-15 days and we expect it to continue on the day of Akshaya Tritiya.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
From farmers to cement, steel, logistics, transportation and automobiles, the back-end is struggling to get going due to the liquidity crisis.
A film that looks and sounds so gorgeous, must be welcomed, applauds Deepa Gahlot. Qala Review.
The family, originally from Harsi Pind in Hoshiarpur, Punjab, was kidnapped at a business in Merced County, California, on Monday.
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
Most of the local residents expressed fear that redevelopment will kill the small businesses in Dharavi that it is known for and that they are content with the way things are at present.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Only 40 per cent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued. He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
The suspect in the killing of an Indian-origin Sikh family, including an eight-month-old baby girl, had once worked for the family's trucking business and had a longstanding dispute with them that got 'pretty nasty' and culminated in an act of senseless killing, authorities and a relative said.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
E-commerce players also realise the value proposition women employees bring to the table.
The relaxation shall be available till March 31, 2021.
'Life has been my greatest teacher.'
India's gold demand increased by 19.2 per cent to 76.1 tonne during the April-June quarter this year, largely due to low base effect, owing to the nationwide lockdown that hit economic activity last year, the World Gold Council (WGC) said in a report. The overall gold demand during the second quarter of 2020 calendar year stood at 63.8 tonnes, according to the WGC's 'Gold Demand Trends Q2 2021' report. In value terms, India's gold demand witnessed 23 per cent growth during April-June quarter at Rs 32,810 crore, compared to Rs 26,600 crore during the corresponding period of 2020.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
Glimpses from the Christian Dior Womenswear Fall 2023 show which took place at the Gateway of India, Mumbai.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
Real reason for crashing gold prices is not Trump victory, says expert.
Real estate experts say rentals have corrected by 5-10 per cent across formats, including office, retail and housing, with a pick-up expected over the next few quarters as the economy recovers.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Despite the freeze on diplomatic ties between India and Pakistan and protests against the fair, traders at the recently concluded four-day Aalishan Pakistan exhibition did brisk business, reports Upasna Pandey.
Strong performance of past IPOs spurred investors' interest, with 87 small and medium enterprises (SMEs) garnering Rs 1,460 crore through initial share-sales in the first nine months of the year. This was way higher than 56 companies that had raised Rs 783 crore through initial public offering (IPO) in the entire 2021, the industry data showed. Further, the remaining part of the year 2022 can see more mature companies accessing the platform.
Prime Minister Manmohan Singh is believed to have asked his Cabinet colleagues to disclose details about their assets and liabilities and refrain from dealing with the government in a commercial manner.In a code of conduct for ministers of both the Centre and the state governments, it has been emphasised that details of their assets should include particulars of all immovable properties and the value of shares and debentures, cash holdings and jewellery.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
'80% of the rural and urban population don't have enough purchasing power.'
The most important positive of India's stealth bull market is earnings growth across different sectors, explains Debashis Basu.
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