A seismic scandal has rocked the insurance industry as an internal income tax department assessment reveals a staggering evasion of nearly ₹30,000 crore in income tax since the inception of the Goods and Services Tax (GST) on July 1, 2017.
In a significant development, a prominent bullion trader, Hitesh Lodhiya, found himself in the crosshairs of the Directorate General of GST Intelligence (DGGI) following his arrest in Rajkot.
In a significant breakthrough, the Commercial Taxes Department has uncovered a massive GST refund scam, exceeding ₹42 crores, sending shockwaves through the financial sector.
In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued a crucial clarification regarding the applicability of Goods and Services Tax (GST) on Gangajal, the holy water from the Ganges.
Income Tax Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group, engaged in various sectors namely, Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles and Healthcare, etc.
In terms of the recent amendments to the Act and the rules and notification number 34/2023 dated 31.07.2023, persons supplying goods through e-commerce operators shall be exempt from mandatory registration under the CGST Act
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers.
In a major operation to curb Goods and Services Tax (GST) evasion, officials carried out extensive raids at 52 locations spanning seven districts within the state.
The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023, by the Central Board of Direct Taxes (CBDT).
Star Health and Allied Insurance Company found itself in the spotlight as it received a significant notice from the Directorate General of GST Intelligence (DGGI) concerning a tax liability amounting to ₹38.99 crore.
CAclubindia
