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Budget 2021: What real estate sector expects from government Budget 2021: What real estate sector expects from government One of the long-standing demands of the real estate sector is to be provided with the industry status. It will help in fundraising for projects from various schemes. The sector also hopes that the budget will introduce GST reforms by bringing back the Input Tax Credit. advertisement UPDATED: January 28, 2021 19:12 IST One of the most critical issues currently faced by the real estate is the liquidity crunch. (Photo: AFP/Representational image) Real Estate is one of the mos...

19 premises of a prominent civil contractor searched A search and seizure operation of the Income Tax department on 19 premises of a prominent civil contractor in Hyderabad resulted in recovery of documents evidencing accommodation entries of more than ₹160 crore. The search was made on the basis of investigation into IT evasion using bogus names of sub-contractors/shell entities. The department also made inquiries relating to entities flagged for providing fake Input Tax credit last week. A release said several shell entities/firms were used by entry operators for layering of unaccounte...

Instakart, Swiggy under taxman radar for vendor GST fraud GST department's intelligence wing conducted survey at the offices following fraudulent input tax credit by its vendor   Rukmini Rao | January 7, 2021 | Updated 23:33 IST Instakart, the logistics arm of e-commerce giant Flipkart, and online food delivery platform Swiggy were visited by the tax officials with respect to fraudulent Input Tax credit claims by its vendors. Both the companies confirmed the same.   Swiggy in its statement   said, "As a law-abiding company, we are in full compliance with the tax and legal mandates. The ...

URL copied Image Source : FILE PHOTO Income Tax Dept conducts surveys at Flipkart, Swiggy offices in connection with bogus Input Tax Credit The Income Tax Department on Thursday conducted surveys at the head offices of Instakart - a group company of Flipkart - and Swiggy in Bengaluru. The surveys were underway in connection with bogus Input Tax Credit (ITC), news agency ANI quoted sources as saying.      "The officials from the Income Tax Department have contacted us. We are providing them with all the required information and are extending our full...

Capital Goods Scheme (VAT Notice 706/2) Find out how the VAT Capital Goods Scheme (CGS) works, the items covered by the scheme, the rules and how adjustments and disposals are affected. From: Contents This notice explains how the Capital Goods Scheme ( CGS) works including which items are covered by the scheme. 1.2 Who should read this notice You should read this notice if you acquire, create or construct capital items for use in your business and you incur VAT on those items. The aim of this scheme is to provide a fair and reasonable attribution of VAT to taxable supplies and othe...