Page 9 - Input Tax News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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, a registered person is not allowed to adjust input tax in excess of 90 percent of the output tax for...

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 against the trio with the Mahim police station on Monday, the officials said.

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 tune of about ₹58 crore. The case against the arrested persons is that they along with some accomplic...

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 batteries without issuance of invoices. "Pradeep Jain found to have defrauded the exchequer in excess...