The case involves fraudulent availment and passing on of ITC totalling Rs 47.12 crore, based on bogus invoices against a ...

Central GST officers detected significant tax evasion, totaling approximately Rs 7.08 lakh crore over the past five fiscal ...

GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number ...

The central point of GST – the biggest tax reform in India – is to avoid cascading effect of taxes, which is done by the mechanism of input tax credit (ITC).

ITC Reversal implications on taxable suppliers: – Business can use the Input Tax credit of GST that is paid on the purchases like raw material/service used for manufacturing or selling products.

How to calculate ITC? Understanding it from an example, let’s say you are a maker of office and home furniture and bought raw materials such as wood for Rs 50,000 at a GST of 18 per cent. Here ...

GST officials booked 8,000 cases in ITC frauds worth ₹35,000 crore during FY21 During the financial year 426 persons, including 14 professionals such as CAs, Lawyers and masterminds ...