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Three businessmen held for CGST fraud worth Rs 100 crore.

10.04.2019

Accused floated seven firms, including 3 shell companies, to generate bogus invoices and avail income tax credit

Three businessmen were arrested by the prevention wing of the Thane Commissionerate’s Central Goods and Services Tax (CGST) for allegedly defrauding the tax body of over Rs read more »

Rs. 5cr gold found hidden in scrap pipes, importer held.

06.04.2019

Mumbai: The Directorate of Revenue Intelligence (DRI) on Friday seized 19kg gold, worth Rs 5.4 crore, concealed in brass pipes among tonnes of scrap imported from Dubai and arrested the importer, Rajesh Bhanusali of Shourya Exim.

Officials said 163 gold biscuits were concealed in read more »

Duo held for helping gold smugglers.

02.04.2019

Mumbai: Two people who allowed their companies to act as facilitators to smuggle 200kg gold into the country have been arrested by the Directorate of Revenue Intelligence (DRI). The accused—Chetan Sojitra, proprietor of Prachi Impex, and Kalpesh Nanda—were arrested from Jamnagar. The DRI has already arrested seven read more »

GST collection hits record high in March - Crosses Rs. 1L-Cr Mark On Better Compliance.

02.04.2019

New Delhi: GST collection in March crossed the Rs 1-lakhcrore mark, the highest since the tax reform measure was rolled out in July 2017, bringing relief for the government battling sluggish receipts.

Total gross GST collected in March was Rs 1,06,577 crore, of which read more »

Biggest Gold seizure by DRI - 106.9 Kgs Gold plus 1.81 Crore Cash seized.

29.03.2019

Information was received by DRI that a syndicate is involved in smuggling of foreign origin gold in various forms like ropes, wires, rods, discs etc. of various weights into India by concealing the same in import consignments, mainly melting scrap of different metals.

Officers read more »

HUNT FOR KINGPIN - Trio arrested for smuggling gold in nebuliser machines.

28.03.2019

Mumbai: Directorate Revenue of Intelligence (DRI) Mumbai busted a major gold smuggling racket wherein the gang used to hide gold plates inside nebuliser machines. DRI arrested Ahmed Mohammed Bedra alias Ajay, Mahendra Laxman Kate and Ravindra Sonar, and are looking out for the kingpin, Mujeeb Rehman, from read more »

Diamond trader held in import scam.

28.03.2019

Mumbai: The Directorate Revenue of Intelligence (DRI) busted a multi-crore import scam where the diamond trader in connivance with valuers inflated the value of diamonds to claim remittances from the government.

The DRI Mumbai unit has arrested Vijen Girischandra Jhaveri, a resident of JVPD read more »

Lower GST for realty from April.

19.03.2019

New Delhi: The GST Council on Tuesday decided to allow all projects where construction begins from April to move to a lower levy, but postponed a decision on the Maharashtra government’s demand for classifying apartments that cost under Rs 70 lakh in Mumbai as “affordable housing”.

read more »

A TAXABLE SERVICE - Charitable trusts holding marathons to face GST.

16.03.2019

New Delhi: In a setback to several charitable institutions, the Tamil Nadu Authority of Advance Ruling (AAR) has held that conducting marathons by a charitable trust registered under the Income Tax Act does not exempt them from GST liability as only activities covered under definition of “charitable read more »

Exports in 2018-19 set to finally scale 2013-14 level - Officials Blame Global Slowdown For Recent Sluggishness.

16.03.2019

New Delhi: Exports appear on course to finally cross the 2013-14 level during the current financial year despite the sluggishness seen in recent months.

Data released by the commerce department on Friday showed that exports inched up by 2.5% to $26.7 billion in February read more »

COUNCIL MEET ON MARCH 19 - GST cut: Govt expects realtors to pare prices.

12.03.2019

New Delhi: The GST Council, which is scheduled to meet on March 19, may restrict the use of tax credits accumulated by builders and allow a concessional rate for up to 10% of commercial property, such as shops, in residential complexes, expecting developers to pare prices.

read more »

GST relief for pharma samples, discount offers - Experts: Businesses Will Face Challenges On Types Of Sale.

09.03.2019

New Delhi: Many businesses have been grappling with basic questions on discounts and freebies. Does a free toothbrush with a tube of toothpaste attract GST? Or, how much GST will be levied on a charger that is part of a pack of mobile phone purchased by customers?

Rs. 246cr export and refund scam busted.

09.03.2019

Mumbai: The rummaging & intelligence unit of customs busted a fake export racket of sending inferior goods overseas and declaring them ‘handicraft’. Claiming IGST refund and drawback, operators of the racket caused the government a loss of Rs 246 crore. The Nhava Sheva preventive unit of customs read more »

C.B.I. & C. goes paperless on entry/shipping bills.

09.03.2019

In a move towards paperless transactions between the Customs Depart­ment and the trade, the Central Board of Indirect Taxes and Customs (CBIC) is replacing paper copies of Bill of Entry (import goods declaration) and Shipping Bills (export ;goods declaration) with electronic versions.

The read more »

Bid to smuggle seahorses to KL busted at airport - 30 kg of the dead fish were seized from a Chennai-based passenger’s luggage.

08.03.2019

In a first for Mumbai, the Forest Department has foiled an attempt to smuggle seahorses out of the city. The department’s Mumbai Mangrove Conservation Unit seized 30 kg of the tiny fish at Chhatrapati Shivaji Maharaj International Airport on the intervening night of Wednesday and Thursday. A read more »

Flyer carrying Rs. 4cr polished diamonds in bag arrested.

08.03.2019

Mumbai: A flyer who had arrived from Hong Kong was arrested with diamonds worth Rs 3.65 crore hidden in the expandable portion of his bag on Thursday. The accused, Jayakumar Jatin Desai (37), had loose diamonds weighing 5005.10 carats.

Traders who are part of read more »

GST move will make housing affordable: FM

25.02.2019

New Delhi: The slashing of GST rates on under construction flats and affordable housing has come as a relief to home buyers, said finance minister Arun Jaitley on Sunday. “The GST Council has accorded big relief to the real estate sector... This will give boost to housing read more »

‘GST cut will benefit only home buyers, not builders’.

25.02.2019

Mumbai: While industry has reacted with caution to the GST rate cut on under-construction projects, real estate experts said the biggest beneficiary will be stakeholders in the affordable homes segment because any property priced at Rs 45 lakh or below will now attract just 1% GST instead read more »

GST slashed from 12% to 5% on houses under construction.

25.02.2019

New Delhi: The Goods and Services Tax Council on Sunday decided to slash the levy on under-construction houses to 5% with a special rate of 1% introduced for affordable homes, but opted to withdraw the benefit of tax credit on inputs such as steel, cement and paint, read more »

Bengal FM: GST for houses up to ?40L must not exceed 1%.

24.02.2019

New Delhi: Ahead of the meeting of the GST Council on Sunday, some state finance ministers led by West Bengal have demanded that the tax rate for houses up to Rs 40 lakh should not exceed 1%.

Citing data made available to the council, read more »

TO TAKE A CALL ON SUNDAY - States ruled by oppn block GST cut in realty.

21.02.2019

New Delhi: Opposition-ruled states such as Delhi, West Bengal, Kerala, Chhattisgarh and Punjab on Wednesday sought to block a reduction in GST rate on under-construction houses, arguing that the decision should not be taken through video-conference. But the Centre and BJP-ruled states deferred a decision until Sunday, read more »

Are realtors evading GST with fake invoices?

21.02.2019

New Delhi: Are real estate developers using fake invoices to lower their GST payments by claiming input tax credit or are slow sales forcing them to claim higher credit for taxes paid on inputs such as steel, cement, paints and sanitary fittings?

Whatever be read more »

3% hike takes central govt staff DA to 12%.

20.02.2019

New Delhi: The Union cabinet on Tuesday approved a 3% hike in dearness allowance (DA) for central government employees and pensioners which will cost the exchequer over Rs 9,100 crore. This will benefit about 1.1 crore serving and retired central government employees. The hike comes into effect read more »

Important changes made in GST Rules.

18.02.2019

A number of important changes in the Goods and Services Tax (GST) laws have taken effect from the beginning of this month. Some of these relate to import and export.

Merchanting trade, when an Indian buys goods from a foreign country and then read more »

Flyer arrested with ?6.7 crore gold bars.

14.02.2019

Mumbai: In one of the biggest gold seizures this year, the city’s customs department on Tuesday arrested a passenger arriving from Dubai with 22kg of smuggled bars worth Rs 6.7 crore at Mumbai international airport. Officials later recovered Rs 1.5 crore from the residence of the passenger read more »

Panel backs lower GST on under-construction flats.

09.02.2019

New Delhi: A ministerial panel has backed a move to lower goods and services tax (GST) on under-construction real estate projects from the current 18% to 5%, with a lower levy likely for affordable houses.

The move is expected to pave the way for read more »

‘GST cannot be levied on sums recovered from staff for benefits’.

07.02.2019

Mumbai: A ruling by Maharashtra Authority for Advance Rulings (AAR) is a shot in the arm for corporate employees. They will not have to bear a GST levy, when they partly reimburse the employer company for various facilities such as a canteen food and medical insurance cover read more »

GST mop-up rises to Rs. 1.02 lakh crore in January.

03.02.2019

The GST numbers are out. Collections in January rose to Rs 1.02 lakh crore, the second highest monthly mop-up after April.

This is a significant increase from the collection of Rs 94,725 crore in December 2018, and 14 per cent higher than January 2018 read more »

Union Budget 2019 highlights: Tax cut for middle class, relief for small farmers.

02.02.2019

Highlights

Finance minister Piyush Goyal on Friday presented the much awaited Union Budget in Lok Sabha. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States. Here is a look at the main points of the read more »

Govt cuts customs duty on EV parts - Imported Li-Ion Batteries, Power Banks Costlier.

30.01.2019

New Delhi: Two days before the interim budget, the government on Tuesday slashed the customs duty on electric vehicles (EVs), that are imported in completely knocked-down or semiknocked down state, to 10-15% from 15-30%, making it more attractive to ship the greener vehicles into the country than read more »

Most states suggest GST still evolving: N K Singh

29.01.2019

‘Say They Need Many Qtrs To Conclude On GST Behaviour With Multiple Rate Changes’

The 15th Finance Commission has completed nearly half its state visits and travels to Punjab on Tuesday. Its chairman N K Singh spoke to TOI about the challenges being faced read more »