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By Tsegamlak Solomon – When investors think about Ethiopia, they often see the country as a difficult one to do business in. According to the World Bank, Ethiopia ranks 159 out of 190 in their Ease of Doing Business ranking.
While several reasons contribute to this ranking and the challenging business environment, the country has been working to rectify this and has been progressing their laws and programs to entice more people to invest in the country. One of the major changes that happened in 2019 was the adoption of the Homegrown Economic Reform Program, which aimed to transition the country’s economy and improve the country’s ranking.
DGGI Gurugram arrests man for input tax credit fraud of over Rs 43 crore ANI | Updated: Mar 11, 2021 16:54 IST
New Delhi [India], March 11 (ANI): The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested a man for input tax credit fraud of more than Rs 43 crore.
The accused Ravinder Kumar is a resident of New Delhi and was arrested on Tuesday on charges of creating and operating fictitious firms on forged documents which were used in availing of and passing on Input Tax Credit on bogus Invoices without actual receipt and supply of goods or services, according to a statement from the Union Ministry of Finance.
Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha stated yesterday that during the current financial year 2020-2021 i.e. from the month of April 2020 to February 2021, total 10,113 number of Companies have been struck off by invoking the provisions of section 248 (2) of the Act which are not carrying on any business or operation for a period of two immediately preceding financial years and have not made any application within such period for obtaining the status of dormant company under section 455 of the Act and after following the due process of the law. Giving more information, the Minister said that there are 12,59,992 Private Limited Companies registered having active status as on 31.01.2021 .