Itc Claims News Today

India Business News: Government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight mon

Federal Trade Commissioner Lina Khan is finally entering the ring with Amazon, her oldest antitrust nemesis. The agency, along with 17 other state attorneys general, is officially suing Jezz Bezos’s e-commerce baby for growing and metastasizing into a trillion-dollar anti-competitive monopoly, allegedly at the expense of consumers and sellers.

ITC refers to GST credit for tax paid while buying goods or services to be used for business. One example of ITC is the GST paid on raw material. There is a provision to offset the ITC value in the tax liability of the buyer.

In a major setback to the online gaming industry, 28% GST rate has been placed on the whole value of gambling, horse racing, and casinos.

In an ongoing drive against bogus firms, GST officers have busted 304 syndicates involving 9,000 fake GST identification numbers (GSTINs) and fraudulent input tax credit claims of Rs 25,000 crore. CBIC chairman Vivek Johri highlighted that only 40% of corporate income taxpayers are registered under GST, urging businesses to get registered and benefit from the tax regime.

Currently, there was 1.39 crore taxpayers registered under Goods and Services Tax (GST). The identification of fraudulent GST identification numbers (GSTINs) would be based on detailed data analytics and risk parameters.