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The Hindu
17-07-2025
- Business
- The Hindu
Toy trading firm caught in ₹6.25 crore GST fraud using fake address and bogus e-waybills
A firm claiming to trade in toys and video games came under the radar for operating a fake GST input tax credit (ITC) racket worth ₹6.25 crore, according to a statement issued by the Telangana Commercial Taxes Department. The firm, M/s Bala Corporation, was found to have fraudulently obtained its GST registration by submitting fabricated electricity bills for a non-existent address in the Somajiguda-1 circle of Khairatabad, under the Punjagutta division. Investigation revealed that though the firm was registered for trading toys and video games, it generated 1,268 e-waybills between March and April 2025 for entirely unrelated commodities including cement, copper pipes, and plywood. Officials said no actual goods were received or supplied. The proprietor, Nasari Vinod Kumar, is accused of violating key provisions under Sections 16(2) and 122 of the CGST/TGST Act, 2017. The firm allegedly claimed ₹6.25 crore in fake Integrated GST (IGST) input credit and further passed on ₹6.25 crore in fake Central and State GST credits to 32 other taxpayers across various jurisdictions. Following a site inspection conducted by ACTO Nagi Reddy, the GST registration of the firm was cancelled with retrospective effect from 25 February 2025. Letters have also been issued to the jurisdictional officers concerned for initiating recovery proceedings against the 32 recipient entities that benefited from the bogus ITC. A First Information Report (FIR) has been registered at the Hyderabad Central Crime Station (CCS) and an investigation is now in progress.
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Business Standard
06-07-2025
- Business
- Business Standard
Eight years on, GST regime is okay, but GST officers are not efficient
In pre-GST regime, importers of goods were paying additional duties of Customs & taking Cenvat Credit of the same. Now, they are paying Integrated GST and taking input tax credit (ITC) of the same TNC Rajagopalan Listen to This Article Last Monday, the Goods and Services Tax (GST) regime completed eight years. Here is a brief on how importers and exporters have managed during this period. In the pre-GST regime, importers of goods were paying additional duties of Customs and taking Cenvat Credit of the same. Now, they are paying Integrated GST (IGST) and taking input tax credit (ITC) of the same. So, there is not much difference but the nuisance of the special additional duty in lieu of value added tax is gone. Any cess, ITC of which cannot be taken, is always an irritant and there are a
Business Upturn
02-07-2025
- Business
- Business Upturn
HEG shares slip nearly 2% today after GST department issues Rs 282 crore show cause notice
By Aditya Bhagchandani Published on July 2, 2025, 09:25 IST Shares of HEG Limited declined by 1.43% or Rs 7.35 to trade at Rs 506 on the NSE during early Tuesday trade after the company disclosed a fresh tax development. The stock had closed at Rs 513.35 in the previous session. HEG informed the stock exchanges that it has received a show cause notice from the Office of the Deputy Commissioner (SGST), Mandideep Circle, Bhopal Division-2, related to the financial year 2018-19. The notice, dated June 30, 2025, seeks recovery of Rs 282.34 crore towards Integrated GST (IGST) refunds along with applicable penalties. The tax demand is based on alleged non-compliance with Rule 96(10) of the Central Goods and Services Tax Rules, 2017. HEG, however, stated that it will file a formal reply contesting the demand, claiming its IGST refunds for FY19 are in order. The company further noted that it faced a similar notice for FY18, which was later dropped by the GST department after review. HEG expressed confidence that the current matter would also be resolved in its favour. HEG's stock movement reflects investor caution following the disclosure. The final financial impact, if any, will depend on the outcome of the ongoing proceedings. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
The Print
02-07-2025
- Business
- The Print
Gross GST collections rise 6.2 pc to over Rs 1.84 lakh cr in Jun
In May, the Goods and Services Tax (GST) collection was Rs 2.01 lakh crore. It touched a record high of Rs 2.37 lakh crore in April this year. Gross GST collections stood at Rs 1,73,813 crore a year ago, as per government data released on Tuesday. New Delhi, Jul 1 (PTI) Gross GST collections increased by 6.2 per cent to over Rs 1.84 lakh crore in June but slipped below the Rs 2 lakh crore mark recorded in the previous two months. In June, gross revenues from domestic transactions rose 4.6 per cent to about Rs 1.38 lakh crore, while GST revenue from imports grew 11.4 per cent to Rs 45,690 crore. The gross Central GST revenues stood at Rs 34,558 crore, State GST revenues at Rs 43,268 crore and Integrated GST at about Rs 93,280 lakh crore in June. Revenues from Cess were Rs 13,491 crore. Meanwhile, total refunds during the month rose by 28.4 per cent to Rs 25,491 crore. The net GST mop-up stood at about Rs 1.59 lakh crore, registering a 3.3 per cent year-on-year growth. Looking at the numbers on a month-on-month basis, the net GST collections of June this year have shown a reduction of 8.48 per cent, with collections from the domestic market and imports showing a fall, Karthik Mani, Partner, Indirect Tax, BDO India, said. Coming on the 8th anniversary of the introduction of GST, it is hoped that such muted growth in collection on a year-on-year basis is just an aberration and GST collections would be back to the usual growth trajectory in the coming months, he added. While large states like Maharashtra, West Bengal, Karnataka, Rajasthan, and Tamil Nadu have reported collection increases of 4 to 8 per cent, other states like Uttar Pradesh, Punjab and Gujarat reported contraction between 1 and 4 per cent. Some states like Haryana, Bihar and Jharkhand have shown median increases of 10 per cent. According to Vivek Jalan, Partner, Tax Connect Advisory, after two successive months of Rs 2 lakh crore plus GST revenues and double-digit growth, Rs 1.85 lakh crore collections in June 2025 seem a little dampening. However, the YTD growth of 11.8 per cent in GST still gives a tax buoyancy of more than 1 per cent, which means that India is still in the 'Goldilocks situation' amid global turmoil, Jalan added. PTI DP DP BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Upturn
01-07-2025
- Business
- Business Upturn
HEG receives GST show cause notice for Rs 282.34 crore IGST refund dispute for FY19
By Aditya Bhagchandani Published on July 1, 2025, 18:46 IST HEG Limited has informed exchanges that it has received a show cause notice from the Office of the Deputy Commissioner (SGST), Mandideep Circle, Bhopal Division-2. The notice, received on June 30, 2025, pertains to the tax period April 2018 to March 2019 and proposes recovery of Rs 282.34 crore towards Integrated GST (IGST) refunds along with penalty. The alleged violation is under Rule 96(10) of the Central Goods and Services Tax Rules, 2017. The company has stated that it will file a formal reply to the notice and believes its IGST refunds for FY19 are in order. HEG further highlighted that a similar notice for FY18 was previously issued and later dropped by the GST department after reviewing the available records. The company added that the financial impact, if any, will depend on the final tax liability determined, along with any applicable interest or penalty. HEG remains confident that this demand will also be dropped in due course. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
