Fake Invoice Racket Worth Rs 863 Crore Busted In Gurugram, 2 Arrested

The GST Intelligence officers have unearthed a racket involving 461 shell/fake entities, which had passed on fraudulent input tax credit of Rs 863 crore.

The GST Council on Thursday said it will hold a meeting, chaired by Union Finance Minister Nirmala Sitharaman, on July 11.

Authorities have detected GST evasion to the tune of more than Rs 8,100 crore and it has been found that the offence was carried out through 4,909 bogus business establishments spread in parts of the country, a tax official from Madhya Pradesh said on Wednesday.

Hitting out at the government, the Congress said on Tuesday that "no amount of headline management" with GDP growth numbers and GST revenues can hide the economic distress faced by a majority of Indians as it cited a surge in the

Goods and Services Tax or GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said today.

Delhi Finance Minister Kailash Gahlot on Wednesday said the collection of GST and VAT in the city was more than Rs 34,000 crores in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of AI.

The CBIC has extended the deadline till May 31 for Manipur-based businesses to file monthly GST returns, as the north eastern state continues to witness violence due to ethnic clashes.

Finance Minister Nirmala Sitharaman on Tuesday said the GST Council is deliberating on taxation policy for online gaming and exuded confidence that the sector will attract investment once it is finalised.

Finance Minister Nirmala Sitharaman on Tuesday said the GST Council is deliberating on taxation policy for online gaming and exuded confidence that the sector will attract investment once it is finalised.

Equity benchmarks climbed in early trade on Tuesday amid continuous foreign fund inflows and record GST collection in April.

Prime Minister Narendra Modi called GST revenue collection for April 2023 being highest ever at Rs 1.87 lakh crore "great news for the Indian economy."

The goods and services tax (GST) revenue collection for April 2023 was the highest-ever at Rs 1.87 lakh crore, the government said today.

The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Currently, online gaming attracts 18 percent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.

Tax officers have detected violation of GST law by offshore entities offering online betting and gambling platforms to Indian residents through mobile apps and are working on ways to tackle such mode of tax evasion, a source said.