Goods and Services Tax - Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...
Read MoreGoods and Services Tax - The concept of Deemed Dividend under the Income-tax Act, 1961 (the Act) is not new. However, time and again many closely held company assessees and their controlling shareholders, to their surprise and dismay, realise very late the importance of this powerful taxing tool in the hands of the Assessing Officer....
Read MoreGoods and Services Tax - Under-reporting income or inflating deductions/exemptions in income tax return can attract heavy penalties ranging from 50% to 200% of tax evaded, say experts. An advisory issued by the income tax department has warned salaried tax payers against trying to evade tax by indulging in these malpractices and pointed out that these would attra...
Read MoreGoods and Services Tax - This article draws a difference between the two concepts of Tax Law. Since an assessee wants to pay a minimal amount of taxes. So he strives for several ways by which he can avoid his taxes, Tax Avoidance and Tax Evasion are two ways by which an assessee can avoid and save his taxes. Tax Avoidance is a legally accepted method to avoid an...
Read MoreGoods and Services Tax - Income-Tax Law Has Been Made More and More Complicated In Every Budget Mr. Modi Govt. in Budget 2017 has made the Income-Tax law more complicated. On One side Income-Tax Deptt. says that only assesses e-mail address should be provided to enable them to file returns voluntarily. On the other hand, CBDT amending Income-Tax law in […]...
Read MoreGoods and Services Tax - Investigation in 3626 cases of GST evasion/violations has been initiated in the present financial year by CGST (Central GST) formations (up to December, 2018). On the basis of investigation conducted so far it emerges that the amount of tax involved in these 3626 evasion/violations cases as mentioned in part(a) above is estimated to be Rs...
Read MoreGoods and Services Tax - GSTN has started sharing data with tax authorities on the following: a.Mis-match between figures reported in GSTR-1 & GSTR-3B. b.Mis-match between figures reported GSTR-3B &that computed by the system in GSTR-2A. c.Taxpayers who have generated e-way bill but not filed tax returns....
Read MoreGoods and Services Tax - The Anti Evasion wing of CGST Thane Commissionerate, Mumbai arrested three persons on 05.09.2018 for issuing bogus invoices worth hundreds of crores to avail fraudulent input tax credit (ITC) amounting to Rs. 60 Crore (Approx)....
Read MoreGoods and Services Tax - Tax Evasion in Post-GST Regime The number of cases of Tax Evasion reported post-GST regime are given in Table below: Period Detection No. of cases Amount in Crore July 2017 to June 2018 1205 3026.55 The nature of cases include misuse of Input Tax Credit, mis-declaration in the GST Returns, tax declared in GST Returns […]...
Read MoreGoods and Services Tax - Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regime that came into force on 1st July, 201...
Read MoreCIT Vs. Annamalai Finance Ltd. (Madras High Court) - In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 2...
Read MoreIV/06-Prev/72/Capital Impex/2018-19/Gr.C - (30/01/2019) - CGST, Vadodara, upon intelligence developed through data analysis, have booked a case of issuance of fake invoices valued at Rs. 107 Crores without any physical movement of goods, leading to wrongful availment of ITC worth Rs 25.5 crores and passing on of ITC worth Rs 19 crores....
Read MoreF. No. DGGI/VZU/INV/GST/53/2018/ - (30/01/2019) - DGGI arrested a managing Director (MD) of a company Following intelligence developed by the officers that fake invoices were received by the company without receipt of goods from various companies and fake invoices were issued without supply of goods. Directorate General of GST Intelligence Visakhap...
Read MoreF.No. IV/16-46/CCO/T/ST/213/Pt-II - (30/01/2019) - The officers of Daman Cornmssionerate have detected a case of default in GST payment against Mrs Radha Madhav Corporation Limited which had stepped filing return since August 2018 and there was a noticeable difference in declared ilatlity in two returns prescribed in CGST Act,2017 namely GSTR-1 and ...
Read MoreCircular No 19/2018 - (07/09/2018) - The registration procedure under Goods and Services Tax Act is simplified with the objective of ease of doing business. After online application, the applicant is deemed registered within 3 days. Therefore, since Oct 2017 in every Quarterly Performance Report, it has been specifically instructed to ...
Read MoreCircular No. 1009/16/2015-CX - (23/10/2015) - Circular No. 1009/16/2015-CX Whoever commits any of the offences specified under sub-section (1) of Section 9 of the Central Excise Act, 1944 or sub-section (1) of section 89 of the Finance Act, 1994, can be prosecuted. ...
Read MoreIV/06-Prev/72/Capital Impex/2018-19/Gr.C - (30/01/2019) -
F. No. DGGI/VZU/INV/GST/53/2018/ - (30/01/2019) -
F.No. IV/16-46/CCO/T/ST/213/Pt-II - (30/01/2019) -
Circular No 19/2018 - (07/09/2018) -