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CBDT explains what is 'tax effect' for purpose of filing appeal in cases beyond monetary limitsUS-UK coalition airstrikes at Houthis in Red Sea portPMK joins NDA; to share dais with PM at SalemUK begins hunt for sunken ship loaded with gold worth 4 bn poundsPrivacy at Stake: Evaluating Data Principal Rights in the DPDP Act 2023Delhi regains its title as world’s most polluted cityLitigation Management: CBDT revises instructions and monetary limits prescribed for filing appeal or SLP before courtsUnsettled borders and rise of China major challenges for defence forces, says Chief Anil ChauhanI-T- Rules of natural justice are contravened where notices of hearing are not sent to valid email addresses indicated by assessee & order passed in consequence thereto is invalidated : HCAmerican IRS Chief expects workforce to surpass one-lakh-mark in next 3 yrsI-T - Provisions of Section 148A clearly require that an assessee be granted opportunity of personal hearing & an order passed in non-compliance with this requirement stands vitiated: HCDeloitte LLP goes for restructuring to tamp down costsI-T - If no error is being found by AO qua acceptance and genuineness of transaction of assessee, then AO cannot initiate reopening, and if reopening is not permitted, then CIT cannot issue notice u/s 263: ITATNvidia unfolds powerful chip to retain edge in AI marketI-T - Additions framed u/s 68 were rightly quashed where the assessee has discharged onus of identity, creditworthiness and genuineness of transaction : ITATTrump’s lawyer says Trump has not means to raise bond in USD 464 mn fraud caseI-T- Addition cannot be framed on account of unexplained cash credit, where assessee has recorded the sales in its books and there is no adverse finding qua stock and purchases: ITATFood scarcity: Gaza heading for mass deathsCX - Tax demands merits being quashed where based on oral statements but without permitting Assessee to cross examine the deponents & where also based on circumstantial statements: CESTATBJP decides to go with Chirag Paswan; trashes his uncle Pashupati Paras in BiharST - Being appellant a registered service provider and filing their Service Tax returns, demand cannot be raised on the basis of Form-26AS obtained from Income Tax Department: CESTATDubai Financial Centre frames rules to regulate digital assetsCus - Clearance of domestic household goods without proper clearance, does not warrant disproportionate penalty of Rs 50000/-, as the same is not a case of regular import by an IEC holder: CESTATCBDT directs income tax field offices to remain open on March 29, 30 & 31stCX - In so far as security services for their factory and trading premises was concerned, said services was directly connected with their business and hence, appellant was entitled for credit of service tax paid: CESTAT
 
GST - Menace of fake invoices is back, says CBIC Member

 

By TIOL News Service

NEW DELHI, JUNE 29, 2018: ADDRESSING a gathering at an ASSOCHAM event, the CBIC Member, Mr John Joseph, on Wednesday said that the menace of fake invoices are back even in the GST regime. An analysis of intelligence tips received from various sources by the DGGSTI, has revealed that some entities are only into the business of generating fake invoices and ITC is being claimed on them. Worse, some exporters, without exporting goods, have claimed IGST refund based on such invoices.

A further data-mining has indicated that one per cent of total 1.11 Crore GST assessees account for over 80% of the GST revenue. A large number of Composition Dealers have returned their quarterly turnovers in the range of Rs 5 lakhs. The DGGSI sleuths are busy with such intelligence and investigations have so far led to detection of tax evasion of over Rs 2000 Crore.


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