ITC Share Price Live Updates: ITC maintains a solid return over the past three months
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The Hindu
an hour ago
- The Hindu
Commercial Tax Dept. unearths inter-State GST racket by nabbing Rajasthan ‘fake bill trader' who facilitated bogus input tax credit claim of ₹39 crore
Karnataka Commercial Taxes Department officials have unearthed a multi-State GST racket and arrested a Rajasthan-based 'fake bill trader' who had allegedly facilitated the fictitious transfer of input tax credit (ITC) of ₹39 crore under Goods and Services Tax (GST) to various manufacturers through fake firms in Karnataka. According to sources in the Commercial Taxes Department, fake bill trader Kailash Bishnoi, a resident of Jalore district in Rajasthan, was taken into custody in Bengaluru on Tuesday by a team comprising officers from the department's South Zone and Vigilance Division in coordination with the Bengaluru East police team. 17 fake firms Department sources said Bishnoi had created 17 fake firms in Karnataka that have shown a total turnover of ₹208 crore, based on which nearly ₹39 crore of ITC was passed on to some manufacturers. Sources noted that ₹39 crore was a financial burden caused by Bishnoi on Karnataka alone. Bishnoi was involved in the creation of fake GST registrations and bank accounts by fabricating Aadhaar cards, using which tax invoices were issued to the tune of several hundred crores to facilitate the fictitious movement of goods in metal scrap and facilitating the claim of bogus ITC by recipients, the department sources said. Investigation into the case is learnt to have revealed that he has operated in Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh, Tamil Nadu, and Karnataka, creating fake firms and issuing tax invoices in association with his team members. The total quantum of the fraud would be much higher if the losses caused to other States is taken into account, officials explained. The arrest of his associate Rohit alias Rohtash in December 2024 and gathering of several incriminating material and digital evidences pointing to their crime finally resulted in the department officials nailing Bishnoi. Many fake documents In September 2023, the accused, along with his accomplices, tried to open 10 bank accounts by providing fake names, Aadhaar cards and PAN cards in HDFC Bank's Murugeshpalya branch in Bengaluru. The bank's branch manager had noticed this and filed a complaint with the Jeevan Bima Nagar police. The investigation team of the Bengaluru East police and the Commercial Taxes Department visited Rajasthan twice to track Bishnoi in the last six months. But he remained elusive as he was on constant move, changing locations in multiple States and using 14 mobile phone numbers to evade being tracked, sources said. Finally, he was arrested on Tuesday by the warrant of the Special Court for Economic Offences, Bengaluru, and given custody for further inquiry. Officers of the Commercial Taxes Department are continuing their investigation and analysing his actions from various angles. Ninth such case Incidentally, this is the ninth such case being traced in the last 15 months by the Karnataka Commercial Taxes Department which is continuing its pursuit against such offences to ensure equitable taxation and safeguard the interests of both the State and its honest taxpayers.
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Business Standard
8 hours ago
- Business Standard
ITC to boost growth by scaling up value-added agri products portfolio
Diversified conglomerate ITC Limited said that the strategic focus of its agriculture business continues to be on accelerating growth by scaling up its value-added agri-products portfolio. In the annual report for 2024-25, the Kolkata-headquartered company said the scope and operations of its agri-business have grown manifold over the years and currently encompasses over 3.5 million tonnes of annual throughput in 22 states. The company plans to straddle across multiple value chains comprising spices, coffee, frozen marine products and processed food. Segment revenue of ITC's agri business increased 25 per cent year-on-year to Rs 19,753 crore in 2024-25. The company consolidated its position as a preferred supply chain partner to buyers in spices like chilli, cumin, turmeric and coriander, according to the annual report. The business continues to scale up its organic and integrated crop management programmes, expanding organic cultivation across multiple states to meet the growing demand, it said. The company said the business strengthened its footprint across key international markets, particularly in Europe and the Middle East. ITC continues to be one of the leading exporters of value-added frozen marine products, it said in the annual report. During the year, international coffee prices surged primarily due to lower supply in global markets by major producing countries like Brazil and Vietnam. However, Indian coffee exports witnessed robust growth, and the company leveraged its strategic sourcing in major coffee-growing regions of the country, it said. In the shrimp segment, the industry faced a challenging environment marked by volatile farm gate prices and supply chain headwinds. The company expanded its reach through market development in countries like Greece, Israel and Malaysia, it said.
Time of India
9 hours ago
- Time of India
ITC to scale up value-added agri products portfolio: Annual report
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Diversified conglomerate ITC Limited said that the strategic focus of its agriculture business continues to be on accelerating growth by scaling up its value-added agri-products the annual report for 2024-25, the Kolkata-headquartered company said the scope and operations of its agri-business have grown manifold over the years and currently encompasses over 3.5 million tonnes of annual throughput in 22 company plans to straddle across multiple value chains comprising spices , coffee, frozen marine products and processed food Segment revenue of ITC's agri business increased 25 per cent year-on-year to Rs 19,753 crore in company consolidated its position as a preferred supply chain partner to buyers in spices like chilli, cumin, turmeric and coriander, according to the annual business continues to scale up its organic and integrated crop management programmes, expanding organic cultivation across multiple states to meet the growing demand, it company said the business strengthened its footprint across key international markets, particularly in Europe and the Middle continues to be one of the leading exporters of value-added frozen marine products, it said in the annual the year, international coffee prices surged primarily due to lower supply in global markets by major producing countries like Brazil and Indian coffee exports witnessed robust growth, and the company leveraged its strategic sourcing in major coffee-growing regions of the country, it the shrimp segment, the industry faced a challenging environment marked by volatile farm gate prices and supply chain company expanded its reach through market development in countries like Greece, Israel and Malaysia, it said.
