Three traders involved in retail and wholesale trade of FMCG in Madurai were arrested for non-payment of approximately 75 crore GST.
The officers of the directorate general of GST intelligence, Madurai regional unit, conducted search operations on May 11, at the residence cum business premises of certain traders and retailers, on intelligence that they indulged in supplying goods without issuing proper invoices.
These firms adopted a modus operandi involving frequent deletion of data in the estimate-generating software and only maintaining invoices for amounts deposited in the banks. While business-to-business (B2B) invoices were issued as per the requirement of other traders, the employees of the units generated random invoices, as per the directions of the accused, without any basis of sale, to match the remaining amount deposited in banks in the GST billing software.
Any cash received in hand or over the counter was never accounted for in the GST returns. All estimates generated which included actual business to consumer (B2C) sales were deleted with the intention to evade tax. The number of entries deleted in the software was identified by the forensic expert and software provider and the amounts deleted were recovered by systems analysts. The supplies without bill amounted to 440 crore in preliminary verification resulting in non-payment of tax by the said units to the tune of 75 crore approximately, said a statement.
On confronting with the evidence seized during the search, the proprietors and managing partners admitted to the offences and agreed that their actions have caused a huge loss of revenue to the government.
All three have been produced before the court and sent to judicial custody for an initial period of 15 days. After they were taken into custody for an investigation, a group of traders protested in front of the GST office on Wednesday.
Source from: https://timesofindia.indiatimes.com/city/madurai/three-traders-of-fmcg-arrested-for-evasion-of-75-crore-in-gst/articleshow/100863419.cms?from=mdr
__________________________________________________________________________________________
 |
| 📍 Tomorrow is the LAST day to Avail of the Benefit of a Special Discount !!
Register Now !!
Live GST Course on:
GST Input Tax Credit (ITC) by CA (Adv) Bimal Jain
3 Day | 3 Session | 9 Hours
June 16 | 3:00 – 6:00 PM, June 17 | 3:00 – 6:00 PM and June 18 | 11:00 AM – 2:00 PM (IST)
Rs. 2,999/- 2,499/- (Inclusive of GST)
Special Discount valid till 10 June 2023
Register Now !!
https://www.a2ztaxcorp.in/product/gst-input-tax-credit/
To Know more:
https://www.youtube.com/watch?v=n2FrShQ-ytY
About Speaker:
CA (Adv) Bimal Jain
- FCA, FCS, LLB with 24 Yrs. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.
- Chairman of Indirect Tax Committee of PHD Chamber of Commerce
- Author of books on Goods and Services Tax, “GST LAW AND COMMENTARY (With Analysis and Procedures)” [8th Edition – May 2023]
Coverage of the Course :
- What is the Eligibility and Condition for claiming ITC- Section 16 with practical scenarios and examples
- Requirement and reversal of ITC (Rule 37)
- Interplay of Valuation – GST ITC
- Schedule I vs Rule 37 Comparative Study
- Rules and Provision for Offset of ITC – Case Study
- Concept of Claim – Reversal – Reclaim
- Clarification on Non Filing of GSTR-1 and GSTR 3B
- Other provision of Section 17 for reversal of common ITC and reversal as per Rule 42/43 for Input, Input Service & Capital Goods
- Exclusions in value of exempt supplies for the purpose of reversal of common credit ITC as per rule 42 and 43
- Exclusion of interest income and other exempt services from aggregate value of exempt supplies for reversal of common ITC as per rule 42 and 43
- Special Provision for Banking, Financial Institutions, NBFC’s
- Blocking of ITC (Rule 86A)
- Restrictions on use of amount available in electronic credit ledger (Rule 86B)
- Order of utilization of input tax credit (Rule 88A)
- Manner of calculating interest on delayed payment of tax (Rule 88B)
- Availability of credit in special circumstances
- ITC on opening stock of inputs at the time of registration
- ITC on stock of inputs available to person taking voluntary registration
- ITC on opening stock of inputs and capital goods available on opting out of composition scheme
- ITC on stock of inputs and capital goods when exempted goods or services become taxable
- ITC reversal on closing stock of inputs on switching to composition scheme/ wholly exempt supplies
- Transfer of ITC in case of sale, merger, demerger, amalgamation, etc.
- Transfer of ITC on obtaining separate registration for multiple places of business within a state or UT
- Removal of capital goods or plant and machinery
- Taking ITC in respect of inputs and capital goods sent for job-work
- Manner of distribution of credit by Input Service Distributor
- Manner of recovery of credit distributed in excess
- Apportionment of Credit
- Meaning of Taxable & Exempt Supply
- Credit used exclusively for Taxable supply / exempt supply
- Common Credit
- Supplies for personal consumption etc.
- How to apportion the credit
- Blockage of Credit in respect of
- Motor Vehicles, Vessels and Aircraft; their servicing repair & maintenance.
- Food & beverages, outdoor catering beauty treatment, health services, cosmetic & plastic surgery, renting or hiring of motor vehicles, and others
- Woks contract services
- Membership of Club, Health and Fitness Centre
- Goods & Services provided to employees
- Travel benefits to employee
- Construction of immovable property on own account
- Tax paid under composition scheme
- Goods or services received by a non-resident taxable person
- Goods or services used for CSR activities
- Goods or services used for personal consumption
- Gifts, free samples and goods lost or written off
- Tax paid in fraud cases, confiscation etc.
- ITC on Works Contract and Construction of Immovable Property related issues such as:
- Installation of lift
- Overhead crane
- Construction of warehouse for leasing
- Civil construction for installation of machinery etc.
- Credit on free gifts, samples, goods lost, stolen or destroyed etc.
- ITC & Tax paid under Section 74, 129 and 130
- Discussion on various important judgments on ITC
- How to prove genuineness of transactions to avail GST IT
- ITC can be claimed during revocation of cancelled GST registration
- Claiming Time Barred ITC for the period of Cancellation
- ITC availability on vouchers and subscription packages
- Constitutional validity of Section 16(2)(c) challenged in various cases
- Constitutional validity of Section 16(4) challenged in various cases
- Case laws on rectification of error or omission made while filing GST statements/ returns/ forms
- Other important case laws on GST ITC
- Open House: Question and Answer
Key features of the course:
- E-Certificate to all participants
- Background Material (BGM) available in PDF (Downloadable basis)
- Dedicated WhatsApp group, Telegram and E-mail for Free Subscription of GST Updates for 1 Year
- Hindi/English medium
- Special 45% Discount on our latest ‘GST Law and Commentary with Analysis and Procedures’ by Bimal Jain & A2Z Taxcorp LLP – May 2023 Edition
Terms and Conditions:
- The Recorded Session will be provided.
- The validity of the Recorded Session is 2 Months with Unlimited Viewing.
For details, or any queries,
Call us at: 8076563802, 011 42427056 or E-Mail us at: info@a2ztaxcorp.com, intern@a2ztaxcorp.com or Visit: www.a2ztaxcorp.in
A2Z Academy
DDA Flat No. 650, Pocket 5, Mayur Vihar, Phase 1
New Delhi – 110091
Mobile: +91-8076563802
E-mail: info@a2ztaxcorp.com
Website: www.a2ztaxcorp.in
|
Related
