Tax Evasion

Illiquid Stock Trading and Tax Evasion

Goods and Services Tax -  ILLIQUID STOCK TRADING AND TAX EVASION  1. The ‘scam’ So a new scam beckons us. That of allegedly executing fraudulent trades in illiquid stock options by committing irregularities in the equity derivative segment. 2. Operation Falcon Popular belief is that the scam unearthed after the investigation wing of the I-T Department launc...

Read More

Tax Planning Vs. Tax Avoidance Vs. Tax Evasion

Goods and Services Tax - Tax is a mandatory fee levied by the Government on an individual or entity to collect revenue for public work and we all are aware of the importance of tax for the development of any country. But, in many instances, we come across the news in our surroundings about tax evasion or non-payment of tax […]...

Read More

Evil consequence of tax evasion or avoidance

Goods and Services Tax - The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There  is substantial loss of much needed public revenue particularly in a welfare State like ours as India which is a developing Country day by day. 2. There is the  serious disturbance  caused to the economy of the […]...

Read More

“No Intention No Tax Evasion”

Goods and Services Tax - Nowadays it has become a common practice for tax regulating authorities or anti-evasion department to charge every assesse with “evasion of tax by way of willful suppression of facts” without properly assessing the books of accounts or any investigation at the time of findings of any short payment of tax. And here the question arises ...

Read More

Tax Avoidance or Tax Planning or Tax Evasion or Tax Management – Understanding the terminologies!

Goods and Services Tax - ♦ Tax Avoidance is one of the most important method resorted to by the taxpayers as here they try to look after the loopholes present or existing in the tax law may be in the form of lack of proper jurisdiction to hear case or in the form of lack of proper stringent and vigil […]...

Read More

One arrested in Haryana for ITC fraud of Rs. 35 Crores in GST

Goods and Services Tax - The total turnover of the firms of the accused is approximately Rs. 400 Crores and amount of GST fraud committed by the firm was to the tune of Rs. 35 Crores. Recovery of Rs. 5 Crore approx. has also been made including blocking of ITC of Rs. 1.2 Crore....

Read More

ITC fraud of more than Rs 31,000 crore busted in FY 2020-21

Goods and Services Tax - CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21 The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the […]...

Read More

GST authorities recovers more than Rs 1,900 crore in tax evasion in FY 2021-22

Goods and Services Tax - The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

Read More

Undisclosed credits of Rs. 20078 cr found in Panama Papers Scam

Goods and Services Tax - (a) As on 01.06.2021, total undisclosed credits amounting to Rs. 20,078 crores have been detected with respect to India linked entities in the Panama Paper Leaks. (b) Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (U...

Read More

Undisclosed foreign assets of more than Rs. 1000 crore detected

Goods and Services Tax - Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

Read More

Supply of goods without issue of Invoice- HC grant Bail to GST evasion accused

Sri Subhash Kumar Singh Vs State of Assam (Gauhati High Court) - Petitioner is found to have deliberately supplied goods without issuing invoices in violation of the provisions of AGST Act with intention to evade Tax during the period of 2019 to 2021....

Read More

Gauhati HC rejects Bail in GST Evasion case of Rs. 22.77 Crore

Subhash Kumar Singh Vs State of Assam and Anr. (Gauhati High Court) - Subhash Kumar Singh Vs State of Assam and Anr. (Gauhati High Court) It has been, prima facie, found that the evasion of tax was more than Rs. 5 crores which necessitated the arrest of the Petitioner in compliance of the provision of Section 132 (1) (i) of the Assam GST Act, 2017. Hence, the argument...

Read More

Rohtak Court grants transit remand of accused to Patiala Court in GST evasion case

Parveen Jain Vs Directorate of GST Intelligence (Rohtak Court) - Parveen Jain Vs Directorate of GST Intelligence (Rohtak Court) In this case the firms which played vital role in issuance of fake invoices are registered at New Delhi. The complainant department has not shown so far that the six firms located at Rohtak (mentioned in Para no 3 of Reply) or their prop...

Read More

GST Evasion Case: HC Grants Conditional Regular Bail

Basanat Pherumal Makhija Vs State Of Gujarat (Gujarat High Court) - The authorities will release the applicant only if he is not required in connection with any other offence for the time being. If breach of any of the above conditions is committed, the Sessions Judge concerned will be free to issue warrant or take appropriate action in the matter....

Read More

No bail by Meerut Court in GST evasion case

Chahya Devi Vs State of U.P. (Meerut District Court) - Chahya Devi Vs State of U.P. (Meerut District Court) The present bail application has been moved by accused Mrs. Chahya Devi wife of Vijay Kumar Arya, proprietor M/S. Prabhat Zarda Factory (Oversease) R/0 J­16 Sector ­11] Noida 2012301 in case no. 167 of 2020 under Section 132(1)(a) 132 (1) (b) re...

Read More

Bogus Invoices with wrong availment of Rs. 25.5 Crore ITC detected

IV/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 More

DGCI arrests Company MD in fake GST bill case

F. 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 More

GST liability difference of Rs. 67 Crore detected by CGST Vadodara

F.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 More

Benami GST Registration – measures to prevent evasion of tax

Circular 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 More

Prosecution Guidelines in case of Excise duty / Service Tax Evasion

Circular No. 1009/16/2015-Central Excise - (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 More

Recent Posts in "Tax Evasion"

Supply of goods without issue of Invoice- HC grant Bail to GST evasion accused

Sri Subhash Kumar Singh Vs State of Assam (Gauhati High Court)

Petitioner is found to have deliberately supplied goods without issuing invoices in violation of the provisions of AGST Act with intention to evade Tax during the period of 2019 to 2021....

Read More

One arrested in Haryana for ITC fraud of Rs. 35 Crores in GST

The total turnover of the firms of the accused is approximately Rs. 400 Crores and amount of GST fraud committed by the firm was to the tune of Rs. 35 Crores. Recovery of Rs. 5 Crore approx. has also been made including blocking of ITC of Rs. 1.2 Crore....

Read More

Illiquid Stock Trading and Tax Evasion

 ILLIQUID STOCK TRADING AND TAX EVASION  1. The ‘scam’ So a new scam beckons us. That of allegedly executing fraudulent trades in illiquid stock options by committing irregularities in the equity derivative segment. 2. Operation Falcon Popular belief is that the scam unearthed after the investigation wing of the I-T Department launc...

Read More

Gauhati HC rejects Bail in GST Evasion case of Rs. 22.77 Crore

Subhash Kumar Singh Vs State of Assam and Anr. (Gauhati High Court)

Subhash Kumar Singh Vs State of Assam and Anr. (Gauhati High Court) It has been, prima facie, found that the evasion of tax was more than Rs. 5 crores which necessitated the arrest of the Petitioner in compliance of the provision of Section 132 (1) (i) of the Assam GST Act, 2017. Hence, the argument […]...

Read More

ITC fraud of more than Rs 31,000 crore busted in FY 2020-21

CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21 The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the […]...

Read More

GST authorities recovers more than Rs 1,900 crore in tax evasion in FY 2021-22

The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

Read More

Tax Planning Vs. Tax Avoidance Vs. Tax Evasion

Tax is a mandatory fee levied by the Government on an individual or entity to collect revenue for public work and we all are aware of the importance of tax for the development of any country. But, in many instances, we come across the news in our surroundings about tax evasion or non-payment of tax […]...

Read More

Undisclosed credits of Rs. 20078 cr found in Panama Papers Scam

(a) As on 01.06.2021, total undisclosed credits amounting to Rs. 20,078 crores have been detected with respect to India linked entities in the Panama Paper Leaks. (b) Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (U...

Read More

Evil consequence of tax evasion or avoidance

The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There  is substantial loss of much needed public revenue particularly in a welfare State like ours as India which is a developing Country day by day. 2. There is the  serious disturbance  caused to the economy of the […]...

Read More

“No Intention No Tax Evasion”

Nowadays it has become a common practice for tax regulating authorities or anti-evasion department to charge every assesse with “evasion of tax by way of willful suppression of facts” without properly assessing the books of accounts or any investigation at the time of findings of any short payment of tax. And here the question arises ...

Read More

Browse All Categories

CA, CS, CMA (5,806)
Company Law (7,807)
Custom Duty (8,844)
DGFT (4,671)
Excise Duty (4,562)
Fema / RBI (4,900)
Finance (5,283)
Income Tax (38,958)
SEBI (4,218)
Service Tax (3,821)

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031