Hyundai Motor India Receives Rs 517.34 Cr Tax, Penalty From GST Authority

Hyundai Motor India Ltd has said in a SEBI regulatory filing that it has received a demand from tax authorities, along with a penalty from the GST authority.

In a major crackdown on tax fraud, the Directorate General of GST Intelligence (DGGI), Bengaluru Zonal Unit, has unearthed a massive fake invoicing racket involving six shell companies.

India does not take any decision under pressure from any country, Confederation of Indian Industry (CII) National President Rajiv Memani has said, asserting that New Delhi's interest will always be a priority as it nears a trade deal with Washington.

Cigarettes, carbonated drinks, and high-end cars are among items that may become more expensive if a proposal to replace the expiring compensation cess - in the Goods and Services Tax system - with cesses on health and clean energy.

After a series of income tax concessions earlier this year, the Centre is now preparing to extend relief to middle and lower-income households in the form of a reduction in Goods and Services Tax (GST), sources have said.

In what could be one of the biggest GST frauds uncovered in central India, the Economic Offences Wing (EOW) has unearthed a fake invoicing scam worth Rs 512 crore and fraudulent Input Tax Credit (ITC) claims of Rs 130 crore.

Gross GST collections doubled in five years to reach an all-time high of Rs 22.08 lakh crore in the 2024-25 fiscal year, from Rs 11.37 lakh crore in FY21, government data showed on Monday.

New India Assurance Company Ltd on Thursday said tax authorities have issued a show cause notice with a demand of Rs 2,298 crore Goods and Services Tax (GST) for five financial years.

The Central Bureau of Investigation (CBI) has launched a major crackdown in a case involving bogus GST refund claims amounting to nearly Rs 100 crore, allegedly orchestrated through fake export bills.

A division bench comprising Justices Shekhar B Saraf and Justice Vipin Chandra Dixit rejected Patanjali's argument that such penalties constitute criminal liability and can be imposed only after a criminal trial.

Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore.

Finance Minister Nirmala Sitharaman has responded to a social media post that claimed fraudulent activities in the GST registration process.

The Supreme Court has granted a stay on a Rs 5,712-crore GST notice sent to fintech firm One97 Communications-owned real money gaming platform First Games, a regulatory filing said on Saturday.

A 60-year-old businessman from Maharashtra's Thane city was allegedly duped of Rs 4.5 crore by a man who carried out transactions through his company and evaded payment of Goods and Services Tax (GST), police said on Monday.