Page 5 - Input Tax News Today

Govt to allow 100pc input tax adjustment to ease liquidity crunch Business April 28, 2021 KARACHI: The government is likely to allow manufacturers and exporters to claim 100 percent adjustment/refund against the input tax in the upcoming annual budget, well-placed sources said on Tuesday. Sources told The News that the government would do away with the section 8B of Sales Tax Act in the upcoming federal budget to address liquidity issues of industrialists and exporters. Under the section 8B, ...

Three booked by GST dept for Rs 43 crore input tax credit fraud Goods and Services Tax (GST) The Goods & Services Tax (GST) department has lodged a criminal offence against three persons for their alleged involvement in an Input Tax Credit fraud of Rs 43 crore. Input credit means at the time of paying tax on output, one can reduce the tax he/she has already paid on inputs and pay the balance amount. After the alleged fraud came to light, the GST department got a criminal offence registered aga...

Scrap dealer, two others held for ₹58 crore GST credit fraud Updated: Updated: The arrested persons issued fake invoices to the extent of ₹423.2 crore Share Article The arrested persons issued fake invoices to the extent of ₹423.2 crore The Chennai Outer Commissionerate has arrested a scrap dealer from Vellore and two others for allegedly committing a GST credit fraud by issuing fake invoices to the extent of ₹423.2 crore and passing on illegal and unlawful Input Tax credit to the tun...

Find out about the transitional guidance on VAT treatment of transactions of specified supplies of finance and insurance services.

Old or scrap batteries are taxed at 18 per cent, while new or fresh batteries are taxed at 28 per cent under goods and services tax (GST). However, verification with their suppliers revealed that they had sold only fresh batteries to PSR Metals Pvt Ltd, the statement said. The ministry said that based on investigation, it appeared that the company was involved in using bazaar scrap to manufacture battery lead and was using the input tax credit (ITC) of fresh batteries while clearing these new b...

URL copied Delhi lawyer arrested for committing input tax credit fraud of Rs 50 crore GST officers have arrested a person for creating fictitious firms and committing input tax credit fraud of Rs 50.03 crore, the finance ministry said on Sunday. The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East have unearthed a network of fictitious firms which "was being operated by one Vishal, who is an advocate by profession and was practising law in Karkardooma Cour...

New Delhi, Feb 28: GST officers have arrested a person for creating fictitious firms and committing input tax credit fraud of Rs 50.03 crore, the finance

The Union budget 2021 – Flattering to deceive By News Desk|   Published: 9th February 2021 6:43 pm IST New Delhi: Finance Minister Nirmala Sitharaman holds a folder case containing the Union Budget 2021-22 as she poses for a group photograph with MoS Finance Anurag Thakur and other members of finance ministry, at North Block in New Delhi, Monday, Feb. 1, 2021. (PTI Photo/Kamal Singh) Amir Ullah Khan The Union budget is an Annual Financial Statement where the government of the day is ...

Updated Jan 25, 2021 | 19:38 IST The sector also hopes that the budget will introduce GST reforms by bringing back the Input Tax Credit. This will help in bringing down the cost of construction thus reducing the property prices. Tax sops to liquidity enhancement: What the real estate industry expects from Budget 2021&nbsp New Delhi: Hit hard by the Covid pandemic and the subsequent lockdowns, the nation’s real estate sector is betting big on this year’s budget for the...

Input Tax Credit must be paid on towers: TAIPA SECTIONS Last Updated: Jan 22, 2021, 05:07 PM IST Share Synopsis "Currently, the telecom infrastructure providers can not avail of the Input Tax credit against GST paid by them on telecom towers, which acts as an impediment to make further investments,” said T.R.Dua, Director-General, Tower and Infrastructure Providers Association (TAIPA). New Delhi: India’s telecom tower body has urged the telecom department and finance ministry for inclusion ...