Latest news with #CGST
Time of India
6 days ago
- Business
- Time of India
Hyderabad GST scam busted: Rs 6.25 crore ITC fraud via fake toy firm; FIR filed
Representative Image HYDERABAD: Commercial tax department has uncovered a goods and services tax (GST) racket by a city-based proprietor through a fictitious toy-trading firm, illegally pocketing and passing on input tax credit (ITC) worth over 6 crore. A complaint filed by assistant commissioner (State Tax) G Narender Reddy on Monday stated M/s Bala Corporation, headed by N Vinod Kumar, obtained GST registration in Feb 2025 by uploading a forged electricity bill as proof of premises. The declared address at Cristal Complex in Hill Fort Street, Adarsh Nagar was found non-existent during a panchanama inspection of the department in May 2025. Although the firm had declared toys and video-game consoles as its business, e-way bill analytics of the company showed that in March and April 2025 it generated 1,268 outward consignments for portland cement, copper pipes, plywood, iron rods, and other construction materials. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad "No corresponding inward bills were filed. During the two months, Bala Corporation used bogus documents to avail ITC of 6.25 crore under IGST and pass on 3.12 crore each in SGST and CGST to 32 other entities, despite zero reflection of the same in the auto-drafted ITC statement (GSTR-2B)," the complaint stated. The registration of the company was cancelled on May 9, 2025, with retrospective effect from Feb 25, 2025, but by then the exchequer had suffered a loss of 6.25 crore. The commercial tax department has notified concerned jurisdictional tax officers about the illegally availed ITC benefit, seeking immediate recovery. CCS police have registered a case against Bala Corporation and N Vinod Kumar. Evidence was being analysed to initiate legal action against the accused, an official said.
Mint
6 days ago
- Business
- Mint
Simplify GST: It's time for a single all-India identification mandate
The goods and services tax (GST), which recently completed eight years in India, was originally envisioned as a 'good and simple tax." However, over time, it has become increasingly complex. While a national GST would have been an ideal value added tax (VAT) system, the imperatives of a federal structure led to a compromise, resulting in a dual GST system comprising Central GST (CGST), State GST (SGST) and Integrated GST (IGST). Under this system, the Centre and state governments have concurrent authority to tax the consumption of goods and services based on the principle of incidence at destination, in contrast with the previous indirect tax regime, which followed an origin-based taxation approach. Also Read: Ajit Ranade: A progressive GST is easier to promise than achieve While the uniformity of SGST laws across states has reduced compliance complexities compared to the VAT regime, challenges remain. Businesses with a pan-India presence still need multiple SGST registrations and must manage compliance separately for each state, including GST payments and return filings. This fragmented approach retains some of the administrative burdens of the VAT era despite the procedural standardization. Compliance burden: The Indian GST framework, often referred to as a 'one nation, one tax' system, has unified tax rates across states and Union territories (UTs), eliminating other taxes on goods and services under its scope. While this standardization simplifies the tax structure, businesses that operate across multiple states or UTs, as mentioned above, are required to obtain separate GST Identification Numbers (GSTINs) for each state or UT and file individual GST returns by using separate usernames and passwords for each jurisdiction. This has led to complex compliance procedures and a notable increase in related costs, especially due to the extensive reconciliations needed on a monthly and annual basis. Also Read: How India's GST revenues can sustain their incline On another front, the central government is working to address inter-governmental settlement issues related to IGST. Between April and July 2024, excess IGST allocations amounting to ₹10,659 crore were made to certain states. To resolve this, an internal committee has been set up that is chaired by the additional secretary of revenue at the Centre and comprises officials from both state and central governments. This panel aims to review the IGST mechanism and develop strategies for recovering these excess transfers. These developments highlight the operational complexities and financial implications associated with the implementation of GST, despite its overarching goal of creating a unified tax system. E-invoicing: The GST compliance process is largely digitized, with e-invoicing now mandatory for all business-to-business (B2B) transactions for taxpayers with an annual turnover exceeding ₹5 crore. There are plans to extend this requirement to all taxpayers and eventually to business-to-consumer (B2C) transactions. Once fully implemented, e-way bills should be eliminated. This move would significantly reduce the compliance burden for taxpayers and streamline operations, leading to faster turnaround times for transport vehicles and improved efficiency in the supply chain. Also Read: Mint Quick Edit | India's GST peak is reassuring PAN 2.0: The Union government recently unveiled plans to introduce PAN 2.0, an upgraded version of the longstanding Permanent Account Number system used by the Income Tax department as a unique taxpayer identifier. PAN 2.0 aims to modernize and streamline operations for businesses and citizens alike. The revamped system will leverage advanced technology to enhance efficiency, integrate PAN as a single identifier for specified business activities and introduce a unified portal for all PAN-related services. This presents an ideal opportunity to design a single GSTIN for taxpayers operating across India. Under this system, tax allocation can occur seamlessly at the back-end, using place-of-supply rules and data captured through e-invoicing. Such a framework would eliminate the need for an integrated GST administration across levels of governments under the GST Council. Since transaction-wise granular data would be available, GST revenues can be allocated equally between the Centre and states—and, on a destination-based principle, between states. Also Read: Simplify India's GST regime: The case for it is clear and it's time to act In this context, lessons can be learnt from the experience of other federal countries such as the United Arab Emirates (UAE), where a single VAT registration number is used for operations across all its constituent emirates. In the UAE, a unified VAT applies to intra-emirate, inter-emirate and import transactions without the need for separate registration in each emirate. India's next GST Council meeting should discuss this crucial aspect as well, since taking such simplification steps for GST compliance could significantly ease operational challenges for businesses and reduce administrative overheads, thus fostering economic growth by creating a more efficient and business-friendly tax regime. These are the authors' personal views. The authors are associated with the Pune International Centre (PIC), a think tank.
Ya Biladi
7 days ago
- Science
- Ya Biladi
Ten top students awarded excellence grants by Hassan II Academy
The Hassan II Academy of Sciences and Technology awarded excellence grants on July 15 to the ten winners of the 2025 General Competition of Sciences and Technology (CGST), during its annual ceremony held at its headquarters in Rabat. Organized by the Ministry of National Education, the CGST is open to baccalaureate graduates from scientific and technical tracks who obtained the highest marks in their respective subjects, reads a press release. Each year, the top four students in mathematics and the top two in physics, life and earth sciences, and engineering are selected. The ten laureates receive long-term financial support from the Academy, covering their higher education up to the doctoral level, conditional on continued academic excellence. Since its launch in 2010, the program has supported 138 students (97 boys and 41 girls), including 48 in mathematics and 30 in each of the other three scientific tracks. Many have gone on to attend top institutions, including 30 at École Polytechnique Paris, 8 at ENS schools in France, and 13 at CentraleSupélec and other Grandes Écoles. Twelve former recipients have completed PhDs at leading international universities and labs, mainly in North America, while seven are currently pursuing doctoral studies at institutions such as MIT, Stanford, Oxford, NYU, the Montreal Institute for Learning Algorithms, EPFL, and Université de Paris-Saclay. The initiative reflects the Academy's mission, as defined by King Mohammed VI, to develop high-level national scientific talent capable of serving both Morocco and the global scientific community.
Time of India
02-07-2025
- Business
- Time of India
Delhi court imposes cost on man for filing frivolous petition
New Delhi: Imposing a Rs 10,000 cost on a man for filing a frivolous petition, a Delhi court underscored the need to prevent wealthy litigants from filing unnecessary cases that hamper the justice system. The court of additional sessions judge Saurabh Partap Singh Laler, in its June 9 order, agreed with the magistrate court's decision and observed that the plea appeared as an effort not only to put pressure on the magisterial court but also on CGST officers. "I must express this court's deep concern and disappointment regarding the revisionist's insidious and cavalier approach in filing this frivolous petition. Liberal access to justice should not be misconstrued as an opportunity to create chaos and indiscipline; such petitions should be met with substantial penalties," the judge said. The court was hearing the revision petition of one Kapil Arora against an April 2025 magistrate court order, which dismissed his plea for compensation for curtailing his liberty. Arora was arrested by Central Goods and Services Tax officials in Oct 2024 for allegedly evading payment of GST. He alleged that the CGST officials conducted an unauthorised search and had no evidence to prove that he made Rs 1,284 crore in sales between 2018 and 2024 while evading Rs 200 crore in GST or that Rs 2.18 crore recovered from his house and shop were not linked with GST. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi The court observed that litigants abusing court procedures ought to face necessary repercussions. "It is important to prevent wealthy litigants from pursuing unnecessary litigation, as these cases can slow down the justice system and delay trials for other litigants. Courts must ensure that the legal system is not misused to obstruct or delay justice," the judge said. The court found no fault with the magistrate when it observed that the accused's address and surety had to be verified, as the alleged crime was serious. Arora moved to a magisterial court, which dismissed his bail plea. Arora then challenged the order rejecting his bail before a sessions court, which granted him bail but imposed several conditions on Nov 27. However, in order to satisfy bail conditions before the magistrate—as a part of the bail procedure in this case—his release was kept in abeyance till the next day until the sureties furnished by him were verified. The verification report was received by the magistrate on Nov 28, but Arora could not be released until Nov 29 due to a clerical error. The magistrate found no intentional error on the part of the court staff, and Arora was released following a warning to a court staffer.
New Indian Express
02-07-2025
- Business
- New Indian Express
Practical problems of GST yet to be resolved, says Finance Minister Balagopal
THIRUVANANTHAPURAM: Finance Minister K N Balagopal, on Tuesday, said that some practical problems of Goods and Service Tax (GST), which were evident from the beginning, are yet to be resolved. 'I was one of the few people who expressed dissent over GST in the joint select committee due to these problems,' the minister said, after inaugurating the GST Day celebrations of CGST Thiruvananthapuram zone at the Tagore Theatre. 'Though said to be barrier-free, certain issues are persistent in the GST domain,' said the minister, highlighting the need to increase the state's IGST share. 'Even though the state's GST collection growth is 24% between May 2024 and May 2025, the revenue growth in the same time frame is only 9%,' said Balagopal. Clarifying that this doesn't imply a complete rejection of the GST system, the finance minister also appreciated the collaborative efforts of central GST and state GST, adding that measures are being taken to bring in a uniform pattern of taxation among various products under the same domain. Actor Mohanlal was awarded the top taxpayer in the performing arts category of the Thiruvananthapuram zone at the ceremony. 'Paying taxes properly and guarding the country as a soldier, both are part of serving the nation,' said Mohanlal. The function was also attended by chief commissioner (CGST & Customs) Shaik Khader Rahman and commissioner (GST & Central Excise) K Kalimuthu. Commendation certificates for CGST officers and tax compliance excellence recognition awards for institutions were distributed at the ceremony.
