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Latest News - From Newspaper Headlines


Poorer states score big in GST mop-up - Industrialised Peers Lag On New Tax.


New Delhi: Consuming states such as Bihar, Odisha, UP and Madhya Pradesh — many of whom may be poorer but have large populations — are faring better in goods and services tax (GST) collections than their industrialised peers such as Maharashtra, Gujarat, Karnataka and Tamil Nadu.

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39 held for smuggling diesel from ships, selling it cheap to fishermen.


Navi Mumbai: Thirty-nine people have been arrested for allegedly smuggling diesel after purchasing it at discounted rates from vessels sailing in the Arabian sea and then selling it at higher rates to fishermen in Raigad and around.

Twelve of those arrested are from villages read more »


DEADLINE ON AUG 31 - Only 20% of GST returns for FY18 filed.


New Delhi: Nearly a year after the due date, only around a fifth of the goods and services tax (GST) payers have filed their annual returns for 2017-18, despite the deadline being extended on several occasions.

The poor response has prompted Central Board of read more »


GST kitty grows in July despite drop in auto sales.


New Delhi: Goods and services tax (GST) collections seem to have held firm despite a steep fall in auto sales and signs of lower demand in some of the other sectors.

The gross GST revenue in July was estimated at Rs 1.02 lakh crore read more »


`PRONE TO ITC FRAUDS’ - CAG points to gaps in GST system.


New Delhi: In its first review of the performance of the goods and services tax (GST), the Comptroller and Auditor General (CAG) on Tuesday pointed to several gaps in the new regime and said even after two years, system-validated input tax credit (ITC) through “invoice-matching” was not read more »


COMMERCE DEPT’S PLAN - Cabinet to look at WTO-compliant export scheme.


New Delhi: The commerce department has sought Cabinet approval for a revamped export promotion scheme that will limit itself to refunding central and state levies.

Officials said that the scheme — Rebate of State and Central Taxes and Levies (RoSCTL) — will be compliant read more »


Social media is going bananas over Bose bill - Slew Of Witty Posts Targets Five-Star Hotel.


New Delhi: Marketers are going bananas over the Rahul Bose vs JW Marriott episode, in which the actor was charged Rs 442 for a pair of the yellow fruit at the hotel.

Taking a cue from Bose’s video tweet through which he had expressed read more »


Man arrested for smuggling Siamese crocs, albino monkey - Pydhonie resident was bringing the exotic animals to city from Bengaluru on a private bus.


Directorate of Revenue Intelligence (DRI) sleuths on Saturday night arrested a 36-year-old Pydhonie resident for allegedly smuggling exotic animals. The agency had allegedly rescued 20 Siamese crocodiles and one albino monkey from his possession. Ashfaq Wadia was apparently carrying them on a private bus from Bengaluru to read more »


20 baby crocs and albino monkey stuffed in bags found on bus, 1 held.


Mumbai: A resident of Bhendi Bazar has been caught with 20 live baby exotic smuggled crocodiles and an albino monkey which had been bundled into five bags and were being transported from Bengaluru to Mumbai by a private bus. Smuggled in from Bangkok, the exotic animals had read more »


Car manufacturers hail GST cut on EVs - New Rates To Be Applicable From August.


New Delhi: As part of the government’s push towards green modes of transport, the GST Council meeting on Saturday also exempted hiring of electric buses with a capacity of more than 12 passengers by local authorities. The slashed rates will be applicable from August, and vehicle companies read more »


Another push for EVs: GST cut, will be cheaper by up to Rs.1.5L - Widens Tax Rate Gap With Petrol, Diesel Vehicles.


New Delhi: Electric cars will get cheaper by between Rs 60,000 and Rs 1.5 lakh, while two-wheeler prices will come down by up to Rs 8,000. The government, making a strong push for green modes of transport, on Saturday slashed the GST rate on the cleaner vehicles read more »


INS urges Centre to withdraw 10% import duty on newsprint.


New Delhi: The Indian Newspaper Society (INS) on Friday appealed to the Centre to withdraw the 10% customs duty imposed in the Budget on newsprint, uncoated paper used for printing of newspapers, and lightweight coated papers used for magazines.

Publishers of newspapers and magazines read more »


1,004 kg of cannabis meant for Mumbai and Goa seized - Consignment was packed inside ambulance with tinted glasses.


The Mumbai zonal unit of the Directorate of Revenue Intelligence (DRI) led an interstate operation to intercept a consignment of 1,004 kg of cannabis (ganja), whose derivatives such as marijuana, are used as ‘party drugs’. The consignment was on its way to Nagpur from Odisha when it read more »


SOP FOR BELOW Rs.20L TURNOVER - Flat maintenance charges of over Rs.7,500 to incur 18% GST.


New Delhi: Apartment owners will have to pay 18% GST if their maintenance charges paid to the resident welfare association (RWA) exceed Rs 7,500 per month, a finance ministry clarification said on Monday.

“Prior to January 25, 2018, the exemption was available if the read more »


GST Council to decide on tax cut on EVs this week.


New Delhi: The GST Council, chaired by finance minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said.

The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide read more »


Gold smuggling case - SC sets aside HC order on preventive detentions.


Says HC ‘erred’ in quashing COFEPOSA detentions despite procedures being followed

The Supreme Court on Thursday set aside a Bombay High Court order quashing the preventive detentions under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA) of two key alleged read more »


Gold smuggling: Yr’s preventive detention for 13.


Mumbai: Thirteen members of a gang found involved in smuggling 33,396 kg of gold worth Rs 1,000 crore into the country will have to spend a year in prison.

The incarceration under a preventive detention provision follows from a Supreme Court order that set read more »


SC comes to probe agency’s rescue in smuggling case.


It has stayed the high court order quashing detention of two held in 185 kg gold seizure case

The Supreme Court (SC) has stayed a Bombay High Court order quashing detention orders passed under the stringent read more »


Budget 2019 Highlights: Super-rich demonetised, tax sops for EVs, affordable housing.


Modi government's first Budget comes at a time when the economy is showing signs of ?slowdown.

?After a pre-election, populist Budget in February, the Modi government presented a Union Budget that aims to boost investment at a time when the economy is showing signs read more »


Customs seizes 19 kg of gold bars hidden in packets of dates - The consignment came in a container from Iraqi port.


Customs Department at Uran has seized a consignment in which gold bars concealed in packets of dates were being smuggled into the city from Iraq. The gold bars weighing 19 kg are valued at Rs 4.50 crore.

According to the sources in the Customs department, the read more »


US drags India to WTO for duty hike on 28 goods.


New Delhi: The US on Thursday dragged India to the World Trade Organization (WTO) by filing a complaint against New Delhi’s move to increase customs duties on 28 American goods, alleging this is inconsistent with global trade norms.

According to a communication of the Geneva-based WTO, read more »


Arcade game in a mall attracts 28% GST and go-karting 18%.


Mumbai: If you enjoy speed driving, albeit in a gaming zone at your neighbouring mall, you will continue to bear the higher GST rate of 28%. In an order made public recently, the Authority of Advance Ruling (AAR)’s Maharashtra bench distinguished between gaming zones set up in a mall read more »


May merge 12%, 18% GST as revenues rise: Jaitley


New Delhi: The goods & services tax (GST), which completed two years on Monday, is likely to undergo further rationalisation with the merging of 12% and 18% slabs, former finance minister Arun Jaitley has said. “As revenue increases further, it will give an opportunity to policymakers to possibly merge read more »


GST collections dip below Rs. 1L cr in June.


New Delhi: Goods and services tax (GST) collections dipped below the Rs 1 lakh crore mark in June for the first time in the current fiscal in what is seen as an impact of the sluggish demand across several sectors, with tax consultants also blaming evasion for read more »


HC sets aside COFEPOSA detention of two held in gold smuggling case.


The Bombay High Court has quashed detention orders passed under the stringent COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act) against two alleged members of an interstate smuggling syndicate, including its suspected kingpin, in what is a setback to the Directorate of Revenue Intelligence’s read more »


BIGGEST HAUL EVER - Rs. 2,600cr heroin smuggled from Pak seized at Attari border.


Amritsar: In the biggest-ever haul of narcotics at the Attari border, the customs department on Sunday claimed to have seized 532kg of heroin and 52kg mix of suspected narcotics, which were smuggled into India from Pakistan through the Integrated Check Post (ICP).

The seizure read more »


Rs. 6,000cr GST scam busted in Guj.


Ahmedabad : The state goods and services tax (SGST) department on Saturday unearthed the largest ever fake billing scam in Gujarat after GST’s implementation. The department has initiated a rigorous probe against some 282 firms involved in the scam wherein fake bills of Rs 6,030 crore have read more »


DRI: Gang smuggled Rs.1,000cr gold in 8 months till racket was busted.


Mumbai: Directorate Revenue of Intelligence (DRI), probing the 110kg gold smuggling case, involving businessmen from Mumbai and Kerala, revealed that the gang smuggled more than 3,000kg of gold worth Rs 1,000 crore in eight months. A DRI official said the accused smuggled gold in 24 consignments from July last read more »


Fiscal deficit at 52% of budget target for FY20.


New Delhi: The country’s fiscal deficit at the end of May was at 52% of the budgeted target for the current financial year. This may pose some challenge for the government to meet the target set for the year against the backdrop of a slowdown in some sectors.

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Govt uses GST alerts for better compliance - Directors, Promoters To Get Messages For Mismatch.


New Delhi: An independent director of a large public sector company recently received a message that there was a mismatch in GST return filed by the state-run metals player. The board member immediately contacted the company management, which rectified the mistake.

The PSU director was not read more »


Guns earlier, now gold smuggled from Myanmar is worrying India - 45% Of The Shiny Metal Brought Into Country Illegally From This Passage.


When militant outfits in the northeast started laying down arms five-six years ago, the parallel economy that depended on them took a hit. Arms smuggling had been big across the India-Myanmar border. The routes were in place. So were the networks of carriers. All that was needed was a read more »


Man arrested for investing in gold smuggling racket.


The Directorate of Revenue Intelligence (DRI) has made its 14th arrest in a case related to confiscation of 185 kg of gold in March-April. The gold was allegedly being smuggled from Dubai in camouflaged form by members of a smuggling syndicate. The DRI on Thursday arrested Ashfaq Amin Shiningwala read more »


GST profiteering: Govt to build case with proof - Officials To Start Mock Purchases To Spot Cos Not Passing On Benefits Of Lower Taxes.


New Delhi: GST officers have one more task — conduct mock purchases to identify businesses that are not passing on benefits of lower taxes to consumers.

With several stores and sectors such as real estate and restaurants found wanting, the government has decided to “proactively” use read more »


GST check: Multiplexes must sell only e-tickets.


New Delhi: The government on Friday made it mandatory for multiplexes to shift to electronic ticketing system to check possible goods and services tax (GST) evasion.

The order brings down the curtain on coloured tickets that a few cine complexes read more »


I-T returns: 3,500 exporters under lens.


New Delhi: The government has trained its guns on around 3,500 exporters whose customs records are not matching their income tax returns, while another 3%-odd traders are under the lens due to mismatch in GST filings. On Monday, the Central Board of Indirect Tax and read more »


Frauds prompt govt to act tough on errant exporters - Deploying New Tools To Check GST Misuse, Over-Invoicing.


New Delhi: The government has decided to crack down on errant exporters who it suspects have been showing inflated exports and low income, as well as those who have been claiming fraudulent integrated GST (IGST) refunds.

On Monday, it issued read more »


Customs nab 2 for cannabis smuggling.


Mumbai: Customs officials last week arrested two persons, including the son of a Rajasthan-based senior government official, in a case involving cannabis smuggling.

Sources said Divyansh Gautam, a resident of Jaipur, is the son of an official in the Rajasthan read more »


Govt rules out bringing oil products under GST for now - Feels Centre, States Not Yet Ready For Expansion Of List.


New Delhi: The Centre has virtually ruled out including petroleum products within the ambit of GST immediately, turning down repeated demands from the aviation sector and oil companies.

Even the petroleum ministry had taken up cudgels for the sector that read more »


DRI rescues lemur, vervet monkey, exotic cats.


Mumbai: A vervet monkey, a lemur, a civet and exotic cats were among the animals seized during raids held at illegal pet trade shops for a second day across the city. Some of the exotic animals, like the lemur and vervet, were stuffed into cages read more »


32-kg foreign-origin gold bars worth Rs 10.6 crore seized - In the last three months, DRI has seized 237 kg of the metal.


The Directorate of Revenue Intelligence (DRI) has seized 32.28 kg of smuggled gold bars that are mostly foreign-marked gold bars, including those procured from Myanmar in a rare instance, worth Rs 10.6 crore after it intercepted 12 cargo consignments at the Santacruz Air Cargo Terminal, read more »


Exotic birds in 21 cages seized during raid at Crawford Mkt, flamingo rescued in suburbs.


Mumbai: Officials of the directorate of revenue intelligence (DRI) carried out multiple raids in the city on Saturday, seizing hundreds of caged exotic birds being illegally smuggled and traded. State forest officials, along with the wildlife crime control bureau, assisted the DRI in these raids.

read more »


In tit for tat, India hikes tariff on 29 US products - Move Comes Days Before Jaishankar Meets Pompeo.


New Delhi: The government on Friday finally decided to impose additional customs duty on 29 products, including almonds, walnut and pulses, imported from the United States—a move which comes nearly a year after India decided to retaliate against Washington’s decision to raise import duties on some steel read more »


Exports sluggish, trade deficit widens to 6-month high in May.


  New Delhi: The country’s exports grew nearly 4% to $30 billion in May, while imports rose 4.3% to $45.3 billion and the trade deficit widened to a six-month high, prompting exporters to seek relief in the upcoming Union Budget scheduled for July 5.

Data read more »


Fraudster avails Rs. 62 lakh GST refund, FIR filed.


Navi Mumbai: An FIR has been registered at CBD police station against an unidentified person, who registered a non-existent company by misusing the name, PAN card, Aadhar card and address of a New Panvel resident. He also duped the exchequer by obtaining a GST number and fraudulently read more »


One more held in export scam, Rs. 6 crore seized.


Mumbai: The Directorate of Revenue Intelligence has arrested Ramesh Chavan, a private consultant, in the export scam.

DRI officials raided Chavan’s residence and seized over Rs 6 crore. Probe is on to unearth the remaining money.

According to officials, Chavan, under read more »


Bizman held for Rs. 118cr export fraud.


Mumbai: The prevention of smuggling and customs fraud unit of Directorate of Revenue Intelligence (DRI) has arrested a businessman in an export fraud running into Rs 118 crore.

DRI arrested RMCL joint managing director Abhishek Anilkumar Agarwal, a resident of Daman, for defrauding the read more »


New monthly GST system’s rollout in Oct.


New Delhi: The finance ministry said on Tuesday the new monthly GST return filing system will be rolled out from October. The rollout is three months behind schedule. The ministry was originally targeting a July rollout of the new return system, as mandated by the GST Council last year.

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DRI nabs bizman, seizes Rs. 1cr foreign cigarettes.


Mumbai: Directorate Revenue of Intelligence (DRI) on Monday arrested businessman Bipin Kumar Singh (30), raided a godown in Chira Bazaar in South Mumbai and seized foreign cigarettes worth Rs 1.10 crore. What has baffled security agencies is that the smuggling is being carried out from the border read more »


Seizure of 90 kg of gold stuck due to lack of info.


In 40 cases of seizures, the accused have challenged DRI’s authority to conduct investigation without registering FIRs

Two months after the Directorate of Revenue Intelligence (DRI) seized around 110 kilogram of gold that was allegedly smuggled from Dubai, the agency is yet to get read more »


Draft bill moots 10-yr jail for crypto dealing - Proposes To Make Holding Any Virtual Currency An Offence That’s Non-Bailable.


New Delhi: Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years. The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” draft has proposed 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose, read more »


RBI asked to give $25bn credit for exports: Goyal.


New Delhi: Commerce and industry minister Piyush Goyal said on Friday that Reserve Bank of India (RBI) has been asked to extend $25 billion (Rs 1,73,150 crore) line of credit for exports and ensure that exporters get funds at interest rates not exceeding 2% above Libor.

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ED raids BJP ally party leader in laundering case.


Mumbai: The Enforcement Directorate (ED) on Thursday raided 10 premises across Maharashtra, including a Bandra (West) educational institution, after registering a money laundering case against Parbani sugar baron Ratnakar Gutte, a leader of Rashtriya Samaj Paksha (RSP), which is an ally of the BJP in the state.

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ED finds emails ‘linking’ lobbyist to Patel’s office.


New Delhi: Former civil aviation minister and senior NCP leader Praful Patel, who is slated to appear for questioning before the Enforcement Directorate on Thursday in a money laundering case, is set to be confronted with alleged evidence of his office being in touch with corporate lobbyist read more »


116 TONNES - India’s May gold imports jump 49% on festive buy.


The country’s gold imports in May jumped 49% from a year earlier to 116 tonnes as a correction in local prices during a key festival boosted retail demand, a government source said on Tuesday.

Higher gold imports by the country, the world’s second-largest consumer read more »


Govt probes I-T & GST mismatch in crackdown against evaders - Thousands of ‘Fraudulent’ Firms Identified.


New Delhi: Back in office, the Modi government is set to take up the next stage of action against tax evasion and money laundering with data analysis helping detect thousands of overstated goods and services tax (GST) claims that don’t match up with income tax returns.

read more »


Despite slow sales in durables & auto, GST mop-up touches Rs. 1L cr - Gross Collection For April Up By 6.7% Compared To Last Year.


New Delhi: Goods and services tax (GST) collection stayed over the Rs 1 lakh crore mark for April despite a slowdown in auto, consumer product and durables sales.

Latest data released by the finance ministry on Saturday showed that gross collections for April were read more »


Under GSP, India accounted for 25% of goods with duty-free access to US.


Exporters have said Washington’s decision to terminate India’s special market access to the US under the generalised system of preferences (GSP) may not impact India greatly.

Out of $6.35 billion exports under the GSP scheme, net benefit was only to the tune of $260 read more »


Trump stops special duty benefits for Indian goods - Unfortunate, Says India In Guarded Reply.


Washington: After mounting pressure on what it termed India’s restrictive trade policy, the White House announced on Friday that it was terminating the country’s special market access to the United States under the generalised system of preferences (GSP) programme on June 5.

“I have read more »


Firm director held for ?7cr GST fraud.


Mumbai: The director of two companies who fraudulently submitted fake purchase invoices to claim input tax credit and duped the exchequer of Rs 7 crore was arrested by Central Goods Service Tax (CGST) Authority.

Shoeb Dayater, a resident of Palghar, was charged under sections read more »


GST refunds: Single authority likely by Aug.


New Delhi: A single authority for sanctioning and processing GST refunds is in the offing as the finance ministry looks to speed up and simplify the process for exporters, an official said. The current mechanism entails a twin refund sanctioning authority of the central and state tax read more »


TRIBUNAL RULING - Realtors may get GST relief on development rights.


Chennai: A new service tax ruling may offer real estate developers relief on the Goods & Services Tax (GST) liability on transfer of rights in a property for development purposes (TDR).

Ruling in favour of DLF Commercial Properties, a decision by Chandigarh tribunal last read more »


DRI busts gold export scam, 2 held.


Mumbai: The DRI has busted a major racket in gold export involving an Ahmedabad-based businessman who, in connivance with a government-approved valuer, allegedly exported inferior quality metal jewellery by declaring it as gold to various foreign countries, resulting in huge losses to the exchequer in terms of read more »


BIG RELIEF? - HC: No GST at duty-free shops.


New Delhi: Multiple court rulings on payment of goods and services tax (GST) at duty-free shops are making life confusing for those buying perfumes and chocolates from these stores.

A recent Allahabad high court judgment may, however, provide some relief with the court ruling read more »


Govt eyes higher ease of doing biz rankings - Banks On GST Gains, Better Debt Recovery.


New Delhi: The government is banking on gains from goods and services tax (GST) and higher recovery from bad debt that is now subject to insolvency resolution to move up the World Bank’s Ease of Doing Business rankings.

Officials from the department for promotion read more »