Input tax credit removal set to hit commercial realty companies
Availability of ITC on construction costs has been restricted retroactively from July 1, 2017, impacting commercial real ...
Life insurers oppose GST exemption on term insurance, flag input tax credit concerns
Insurers argue that a complete exemption will lead to denial of input tax credit and the increased costs will have to be ...
Directorate General Of GST Intelligence Busts ₹1,196 Crore Fake Input Tax Credit Scam; Raids Uncover Bogus GST Network
The Directorate General of GST Intelligence (DGGI) has busted an allegedly bogus Input Tax Credit (ITC) claims fraud of Rs ...
Bogus companies, fake invoices: ₹1,196 crore GST fraud unearthed by DGGI Pune Zonal Unit; check details
The Pune Zonal Unit of DGGI has uncovered a GST evasion scheme involving ₹1,196 crore, arresting one individual. A network of ...
GST rules for credit notes tightened to stop leakage
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments ...
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A look back: A company’s claim for input VAT
Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into or ...
DGGI probe detects ₹1,196 crore fraudulent Input Tax Credit transactions
DGGI uncovers 1,196 crore tax fraud involving fake invoices, e-way bills, shell entities, and bogus companies.
Min panel may propose 5% GST with ITC benefit on term plans
A ministerial panel is considering a 5% GST with input tax credit on term insurance plans. The panel, headed by Bihar deputy ...
Retrospective GST input tax credit amendment to impact commercial realty
The government's retrospective amendment to the Finance Bill 2025 overrides the Supreme Court's ruling from October 2024, ...
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Tax Court of Canada Denies GST/HST Input Tax Credit Claims in Connection with a Settlement Payment
In a general procedure hearing that was later moved under the informal procedure rules and rendered on December 17, 2024, the ...
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Aviva’s India arm hit with $7.5 million fine for fake invoice scheme, order shows
Indian authorities have ordered British insurer Aviva's local unit to pay $7.5 million in back taxes and penalties after an ...
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DGGI probe detects Rs 1,196 cr fraudulent Input Tax Credit transactions
The Directorate General of GST Intelligence (DGGI) has unearthed fraudulent Input Tax Credit (ITC) transactions amounting to Rs 1,196 crore by exposing a network of bogus companies and arrested a ...