Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. Read more...

The Central Board of Indirect Taxes and Customs (CBIC) has brought out common norms for central and state level Goods and Services Tax (GST) officials to audit banks, CBIC chairperson Sanjay Kumar Agarwal told field officers. Read more...

Workers shortage in industries across sectors have added to the woes of industries mainly Micro, Small and Medium Enterprises (MSME) struggling with production delays and unforeseen rise in input cost amid short shifts. Read more...

Advocate Prashant Bhushan on Friday expressed support for inheritance tax asking Congress to be on the "front foot on Sam Pitroda’s remarks" on the same, adding that every rich country has this tax. Read more...

A large number of businesses, which received goods and services tax (GST) notices in December 2023 and January this year due to the extension of the deadline for the issuance of notices, have moved various high courts questioning the legal validity of the notices. Read more...

The Centre has drawn up a plan to streamline and strengthen incentive schemes for the micro small and medium enterprises (MSMEs), and this may be one of the priorities of the Narendra Modi government if voted back to power for a third term. Read more...

Prime Minister Narendra Modi has done an unbelievable job in uplifting India, said JPMorgan Chase & Co. chief executive Jamie Dimon during a event on Tuesday. Read more...

IT services major Infosys on Tuesday said the Odisha GST authority has imposed a penalty of Rs 1.46 lakh on the company for availing ineligible input tax credit. Read more...

As the hyperdynamic world of technology keeps entrepreneurs and businesses on their toes to adapt to the evolution or perish, it is the present and future of MSMEs, which form the economic backbone of India, that need to be secured first. Read more...

Online gaming companies have been reeling under a slew of retrospective tax notices since September 2022, with Gameskraft, Delta Corp and others receiving notices to pay Rs 1.12 lakh crore (the total due), as per the GST department’s calculations (at 28 percent on the face value of bets). Read more...

The new West Bengal state council of the Confederation of Indian Industry is ready to join hands with state govt to uplift micro, small and medium enterprises (MSMEs) through AI and digitisation. The council will also coordinate with state govt for resolving industrial issues, especially land hurdles. Read more...

Food delivery giant Zomato has received a GST demand and penalty order of Rs 11.81 crore, for the period from July 2017 to March 2021, the company announced on April 19. Read more...

The industry is also waiting for clarity in the GamesKraft case which deals with the retrospective application of GST by terming online gaming with money as gambling and betting instead of a game of skill. Read more...

The Supreme Court on Friday issued notices to the Union government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services Tax (GST) Council, and the National Anti-Profiteering Authority (its functions are taken over by the Competition Commission of India) on a petition challenging the Delhi High Court verdict that upheld the constitutional validity of anti-profiteering provisions filed by a real estate company. Read more...

Apollo Tyres Ltd on Tuesday said it has received tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu over availing of input tax credit and other issues. The matter is a dispute regarding availment of ITC and other issues, it added. Read more...

While India’s gross domestic product (GDP) has been growing at an envious pace, there have been concerns around private consumption slowing down. Read more...

On the outskirts of Meerut thrives the sports goods manufacturing hub where work is in full swing. Read more...

Mining conglomerate Vedanta Ltd on Tuesday (April 16) said it has received a GST (Goods and Services Tax) penalty order of ?27.97 crore for the period of FY 2018-19 to FY2020-21. Read more...

A better GST system is possible only with a different government, Minister for Information Technology and Digital Services, Palanivel Thiagarajan, said in Coimbatore on Monday. Read more...

The insurance sector is likely to see a breather from tax burden with the GST Council set to review an exemption for reinsurance after the elections, Moneycontrol has learnt. Read more...

The online gaming industry plans to approach the new government after the general elections to request a reduction in Goods and Services Tax (GST). Read more...

Despite vast income disparities across states, there is minimal variation in the goods and services tax collections, according to a recent Crisil report. Read more...

In the evolving landscape of MSME financing, data-driven approaches are reshaping credit access. The JAM trinity and UPI have provided transactional data, enabling innovative flow-based lending and invoice financing. Read more...

The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement is yet to be ratified and notified by the department. Read more...

Many large companies that have received GST demand notices have decided to file an appeal with the Appellate Authority. Read more...

In the evolving landscape of MSME financing, data-driven approaches are reshaping credit access. The JAM trinity and UPI have provided transactional data, enabling innovative flow-based lending and invoice financing. Read more...

A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. Read more...

Sector 20 police arrested Gupta from his residence in Tilak Nagar on Wednesday. He used the bogus companies to raise e-way bills and avail of ITC from the government. Read more...

You might have often come across instances of the Directorate General of GST Intelligence (DGGI), issuing notices and alleging tax evasion. You may have even asked yourself what this organisation is all about? How does it function? How does it uncover instances of tax evasion? Read more...

The cabinet secretary has called a meeting with officials of key economic ministries on Friday to work out the economic agenda for the first 100 days of the new government that will take charge after the general election. Read more...

Central and state goods and services tax (GST) officials will jointly conduct audits of businesses under the indirect tax regime from this financial year, a relief for taxpayers as it will weed out duplicate notices and dual investigations. Read more...

Electronic retail chain Aditya Vision informed the exchanges that tax authorities had conducted search operations at its facilities in Uttar Pradesh. Read more...

In a major push to curb GST evasion, the Directorate General of GST Intelligence (DGGI) claims to have detected 6,074 cases involving evasion of duty amounting to ?2,01,931 crore, top sources told CNBC-TV18. Read more...

The next government at the Centre must at the earliest introduce a single GST rate system of 12 per cent across the country, Vijay Kelkar, who was Chairman of the 13th Finance Commission, has suggested. Read more...

The Congress party in its 2024 Lok Sabha election manifesto on Friday proposed tax relief to micro, small and medium enterprises. The party said it would lessen the burden of tax on MSMEs owned by individuals and partnership firms. Moreover, shopkeepers and small retail businesses that face intense competition from online businesses will be given significant tax relief, the manifesto read. Read more...

The all-time high level of detection of GST evasion cases in FY24 came even as gross GST collections recorded a 11.6% increase from the previous financial year to Rs 20.18 lakh crore. Read more...

The fund-strapped Ludhiana municipal corporation, which depends heavily on GST share from the state every month, has been left in the lurch as the state government has not disbursed the share according to the fixed targets in the past few years. Read more...

HDFC Life Insurance Company on Friday announced that it has received a GST demand order from the Appellate Authority for Rs 102.5 crore for April 1, 2018 to March 31, 2019 period. “We wish to inform that the company has received a GST order from State Tax – (2), Unit 8, Ahmedabad, Gujarat on April 04, 2024,” the company said in a regulatory filing. Read more...