Man Arrested For Input Tax Credit Fraud Of Rs 38.91 Crore In Delhi

In the ongoing drive to counter the fake billing operations, the Central Goods and Service Tax (CGST) Commissionerate arrested an accused for creating a network of 38 fictitious firms to generate and pass fake Input Tax Credit (ITC) of Goods and Service Tax (GST) amounting to Rs 38.91 Crore.

GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus

Gold Price In India Today: Domestic spot gold closed at Rs 45,976 per 10 grams on Monday, and silver at Rs 68,466 per kilogram - both rates excluding GST

Maharashtra Governor Bhagat Singh Koshyari on Monday said out of Rs 46,950 crore due to the state government as GST compensation, the Centre has paid just Rs 6,140 crore and Rs 11,520 crore as loan by the end of February.

Chief Economic Advisor K V Subramanian, however, said the decision will have to be taken by the GST council.

The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East have unearthed a network of fictitious firms used by their operator to generate and pass on fake Input Tax Credit (ITC) of Goods and Services Tax (GST), an official statement said.

Gold, Silver Price Today: Domestic spot gold opened at ₹ 46,151 per 10 grams on Friday, and silver at ₹ 68,395 per kilogram - both rates excluding GST

A nationwide shutdown has been called by top traders' body - the Confederation of All India Traders (CAIT) - over rising fuel prices, the Goods and Services Tax and the new e-Way bill, a permit associated with the movement of goods. Around 40,000 trade associations have extended their support to the shutdown call, protesters have said.

A nationwide shutdown has been called by top traders' body - the Confederation of All India Traders (CAIT) - over rising fuel prices, the Goods and Services Tax and the new e-Way bill, a permit associated with the movement of goods.

Gold Price In India Today: Domestic spot gold closed at ₹ 46,637 per 10 grams on Thursday, and silver at ₹ 70,179 per kilogram - both rates excluding GST

This week, the amount was borrowed at an interest rate of 5.5924 per cent. So far, an amount of Rs. 1,00,000 crore has been borrowed by the government through the special borrowing window at an average interest rate of 4.8307 per cent

Punjab Chief Minister Amarinder Singh Saturday urged Prime Minister Narendra Modi to ensure urgent resolution to the ongoing farmers' "unrest", and an early release of the state's pending GST compensation.

"The Centre and states both generate revenue from petrol. We can think about bringing petroleum under the GST. Maybe it is a solution,'' said Finance Minister Nirmala Sitharaman

Gold Price In India Today: Domestic spot gold closed at Rs 46,439 per 10 grams on Thursday, and silver at Rs 68,700 per kilogram - both rates excluding GST