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The Hindu
21 hours ago
- Automotive
- The Hindu
Ishaan and Arjun steal the limelight in the MRF Formula 2000 category
Ishaan Madesh and Arjun Chheda, two 16-year-olds stole the spotlight in the MRF Formula 2000 category, each clinching a race win as the first round of the MRF MMSC FMSCI Indian National Car Racing Championship 2025 concluded at the Kari Motor Speedway here on Sunday. Chheda completed a double, having won Race 1 on Saturday and returning to the podium again. In the MRF Formula 1600 class, Arjun Nair and Nigel Abraham Thomas emerged victorious in one race apiece in the class. In the Indian Touring Cars (ITC) category, defending champion Biren Pithawalla (Team N1 Racing) pulled off a dramatic win in Race-3, denying former national champion Arjun Balu (Race Concepts) a triple crown. Balu, who was leading the race, suffered a misfire in his car, allowing Pithawalla, despite a turbo issue in his VW Polo, to seize the opportunity and charge towards victory. The results (Provisional – all 14 laps unless mentioned otherwise): MRF F2000 (Race-2): 1. Ishaan Madesh 15:41.539s; 2. Arjun Chheda 15:43.950; 3. Akhil Agarwal 15:52.431. Race-3 (12 laps): 1. Arjun 13:24.051s; 2. Ishaan 13:26.776s; 3. Akhil Agarwal 13:39.242s. MRF F1600 (Race-2): 1. Nigel Abraham Thomas 16:52.562s; 2. Sai Shiva Makesh Sankaran 16:55.351s; 3. Zahan Commissariat 17:07.254s. Race-3 (12 laps): 1. Arjun Nair 14:21.433s; 2. Sankaran 14:21.938s; 3. Thomas 14:22.159s. Indian Touring Cars (Race-2): 1. Arjun Balu 17:36.755s; 2. Biren Pithawalla 17:54.495s; 3. Dhruv Chavan (Buzzing Hornet) 18:00.579s. ITC1625: 1. Suprej Venkat 18:44.318s; 2. D. Vidyaprakash 18:45.078s. Race-3 (12 laps): 1. Biren 15:03.891s; 2. Arjun Balu 15:15.873s; 3. Dhruv 15:32.586s. ITC1625: 1. D. Vidyaparakash 16:03.234s; Suprej 16:06.154s. Indian Junior Touring Cars (Race-2): 1. Rithvik Thomas (Race Concepts) 18:48.451s; 2. Nikunj Vagh (Team N1) 17:41.724s+1 lap; 3. Yug Italiya (Team N1) 17:41.755s+1 lap. Race-3 (12 laps): 1. Rithvik 16:10.084s; 2. Yug 16:20.009s; 3. Nikhunj 16:20.678s. Super Stock (Race-2, 13 laps): 1. Krishanu Dutta Bhuyan (Zion Racing) 18:36.365s; 2. Kesara Godage (Redline Racing) 18:38.743s; 3. Manan Patel (Gameover Motorsports) 18:39.184s. Race-3 (11 laps): 1. Kesar (Redline Racing India) 15:41.190s; 2. Krishanu 15:44.604s; 3. Anirudha Arvind (Strada Motorsports) 15:46.728s. Formula LGB 1300 Open (Race-2): 1. Bhuvan Bonu (MSPORT) 21:02.762s; 2. Bala Prasath (DTS Racing) 21:08.968s; 3. Neythan McPherson (Momentum Motorsports) 21:10.171s. Junior: 1. Bhuvan 21:02.762s; 2. Neythan 21:10.171s; 3. Aditya Patnaik (Momentum Motorsports) 21:12.492s. Volkswagen Polo Cup (Race-2): 1. Aditya Patnaik (Buzzing Hornet) 18:15.689s; 2. Pratik Sonawane (Buzzing Hornet) 18:18.037s; 3. Ojas Surve (Buzzing Hornet) 18:18.904s. Race-3 (12 laps): 1. Aman Nagdev (Buzzing Hornet) 15:31.208s; 2. Aditya 15:39.615s; 3. Pratik 15:43.667s.
Mint
a day ago
- Business
- Mint
GST officers detect ₹15,851 cr fraudulent ITC claims in April-June, 3,558 fake firms uncovered
New Delhi, Jul 20 (PTI) GST officers have uncovered fake input tax credit (ITC) claims of ₹ 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check input tax credit (ITC) fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by central and state GST officers during the June quarter of FY26, ₹ 15,851 crore worth ITC was found to have been fraudulently passed involving 3,558 fake firms. During the period, 53 persons have been arrested by GST officers and ₹ 659 crore recovered. In the Q1 of FY25 , GST officers had detected ₹ 12,304 crore fake ITC involving 3,840 fake firms. ₹ 549 crore was recovered and 26 persons were arrested. Under the Goods and Services Tax (GST) regime, ITC refers to the taxes paid by businesses on purchases from suppliers. This tax can be claimed as a credit or deduction at the time of paying the final output tax. Dealing with fake ITC has been a major challenge for the GST administration as unscrupulous elements were creating fake firms just to claim ITC and defraud the exchequer. During 2024-25, GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth ₹ 61,545 crore. GST officers have carried out two pan-India drive against fake registration under Goods and Services Tax (GST). In the first drive against fake registration between May 16, 2023, and July 15, 2023, a total of 21,791 entities having GST registration were discovered to be non-existent. An amount of ₹ 24,010 crore of suspected tax evasion was detected during the first special drive last year. In the second drive between April 16 and October 30, 2024, GST officers have detected about 18,000 fake companies registered under GST, which have been involved in tax evasion of about ₹ 25,000 crore, To deal with this, the GST registration process has been made stringent with checks on risky applicants. While non-risky businesses are to be granted GST registration within 7 days, physical verification and Aadhaar authentication are mandatory for those those applicants who are flagged as risky by data analytics.
The Hindu
a day ago
- Business
- The Hindu
GST officers detect ₹15,851 crore fraudulent ‘input tax credit' claims in April-June; 3,558 fake firms uncovered
'Goods and Services Tax (GST) officers have uncovered fake Input Tax Credit (ITC) claims of ₹15,851 crore in the April-June quarter of current fiscal, a 29% jump over the year-ago period, even though the number of fake firms detection was less year-over-year,' officials said. The total number of fake firms detected by Central and State GST officers during the first quarter of FY-26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. A panel of State Finance Ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check ITC fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by Central and State GST officers during the June quarter of FY26, ₹15,851 crore worth ITC was found to have been fraudulently passed involving 3,558 fake firms. During the period, 53 persons have been arrested by GST officers and ₹659 crore recovered. In the Q1 of FY25, GST officers had detected ₹12,304 crore fake ITC involving 3,840 fake firms; ₹549 crore was recovered and 26 persons were arrested. Under the GST regime, ITC refers to the taxes paid by businesses on purchases from suppliers. This tax can be claimed as a credit or deduction at the time of paying the final output tax. Dealing with fake ITC has been a major challenge for the GST administration as unscrupulous elements were creating fake firms just to claim ITC and defraud the exchequer. During 2024-25, GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit worth ₹61,545 crore. GST officers have carried out two pan-India drive against fake registration under the GST. In the first drive against fake registration between May 16, 2023 and July 15, 2023, a total of 21,791 entities having GST registration were discovered to be non-existent. An amount of ₹24,010 crore of suspected tax evasion was detected during the first special drive last year. In the second drive between April 16 and October 30, 2024, GST officers have detected about 18,000 fake companies registered under GST, which have been involved in tax evasion of about ₹25,000 crore. To deal with this, the GST registration process has been made stringent with checks on risky applicants. While non-risky businesses are to be granted GST registration within seven days, physical verification and Aadhaar authentication are mandatory for those those applicants who are flagged as risky by data analytics. As a measure to track down the masterminds, the GST Act provides for punishment for wrongly availed ITC, suspension or cancellation of registration of taxpayers involved in fake ITC cases; blocking of ITC in electronic credit ledger; and provisional attachment of property/bank accounts, etc. for the recovery of government dues.
New Indian Express
a day ago
- Business
- New Indian Express
GST officers detect Rs 15,851 crore fake ITC claims in April-June; 3,558 bogus firms busted, 53 held
NEW DELHI: GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. Panel of state finance ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check input tax credit (ITC) fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by central and state GST officers during the June quarter of FY26, Rs 15,851 crore worth ITC was found to have been fraudulently passed involving 3,558 fake firms. During the period, 53 persons have been arrested by GST officers and Rs 659 crore recovered. In the Q1 of FY25 , GST officers had detected Rs 12,304 crore fake ITC involving 3,840 fake firms. Rs 549 crore was recovered and 26 persons were arrested. Under the Goods and Services Tax (GST) regime, ITC refers to the taxes paid by businesses on purchases from suppliers. This tax can be claimed as a credit or deduction at the time of paying the final output tax. Dealing with fake ITC has been a major challenge for the GST administration as unscrupulous elements were creating fake firms just to claim ITC and defraud the exchequer. During 2024-25, GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth Rs 61,545 crore. GST officers have carried out two pan-India drive against fake registration under Goods and Services Tax (GST). In the first drive against fake registration between May 16, 2023, and July 15, 2023, a total of 21,791 entities having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore of suspected tax evasion was detected during the first special drive last year. In the second drive between April 16 and October 30, 2024, GST officers have detected about 18,000 fake companies registered under GST, which have been involved in tax evasion of about Rs 25,000 crore, To deal with this, the GST registration process has been made stringent with checks on risky applicants. While non-risky businesses are to be granted GST registration within 7 days, physical verification and Aadhaar authentication are mandatory for those those applicants who are flagged as risky by data analytics. As a measure to track down the masterminds, the GST Act provides for punishment for wrongly availed ITC, suspension or cancellation of registration of taxpayers involved in fake ITC cases; blocking of ITC in electronic credit ledger; and provisional attachment of property/bank accounts, etc. for the recovery of government dues.
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Business Standard
a day ago
- Business
- Business Standard
GST officers detect ₹15,851 crore fraudulent ITC claims in April-June
GST officers have uncovered fake input tax credit (ITC) claims of ₹15,851 crore in the April-June quarter of current financial year, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check input tax credit (ITC) fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by central and state GST officers during the June quarter of FY26, ₹15,851 crore worth ITC was found to have been fraudulently passed involving 3,558 fake firms. During the period, 53 persons have been arrested by GST officers and ₹659 crore recovered. In the Q1 of FY25 , GST officers had detected ₹12,304 crore fake ITC involving 3,840 fake firms. ₹549 crore was recovered and 26 persons were arrested. Under the Goods and Services Tax (GST) regime, ITC refers to the taxes paid by businesses on purchases from suppliers. This tax can be claimed as a credit or deduction at the time of paying the final output tax. Dealing with fake ITC has been a major challenge for the GST administration as unscrupulous elements were creating fake firms just to claim ITC and defraud the exchequer. During 2024-25, GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth ₹61,545 crore. GST officers have carried out two pan-India drive against fake registration under Goods and Services Tax (GST). In the first drive against fake registration between May 16, 2023, and July 15, 2023, a total of 21,791 entities having GST registration were discovered to be non-existent. An amount of ₹24,010 crore of suspected tax evasion was detected during the first special drive last year. In the second drive between April 16 and October 30, 2024, GST officers have detected about 18,000 fake companies registered under GST, which have been involved in tax evasion of about ₹25,000 crore, To deal with this, the GST registration process has been made stringent with checks on risky applicants. While non-risky businesses are to be granted GST registration within 7 days, physical verification and Aadhaar authentication are mandatory for those those applicants who are flagged as risky by data analytics. As a measure to track down the masterminds, the GST Act provides for punishment for wrongly availed ITC, suspension or cancellation of registration of taxpayers involved in fake ITC cases; blocking of ITC in electronic credit ledger; and provisional attachment of property/bank accounts, etc. for the recovery of government dues.
