ITC Share Price Live Updates: ITC Experiences High Trading Volume
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News18
4 hours ago
- News18
GST officers bust fake ITC racket in iron, steel sector
Agency: PTI Last Updated: New Delhi, Aug 4 (PTI) GST officers have busted a racket that fraudulently availed Input Tax Credit (ITC) worth Rs 47.12 crore in the iron and steel sector and arrested one person, the finance ministry said on Monday. The Anti-Evasion Branch of CGST Delhi South Commissionerate has unearthed a large-scale fraudulently availed Input Tax Credit (ITC) racket involving a city-based taxpayer engaged in the trading of iron and steel items. The case involves fraudulent availment and passing on of ITC totalling Rs 47.12 crore, based on bogus invoices against a taxable value of approximately Rs 261 crore, without any actual supply of goods. Acting on specific intelligence developed by the Anti-Evasion wing, an investigation was initiated into a suspicious supply chain. The inquiry revealed that the firm had fraudulently availed and passed on ITC without any actual movement of goods. Further investigation established that the firm had availed ITC from cancelled and suspended GSTINs, in gross violation of the provisions of the CGST Act 2017. The firm was found to be non-functional at its declared place of business during a search conducted under the GST law. The proprietor was arrested on August 1, 2025, an official statement said. PTI JD BAL BAL view comments First Published: August 04, 2025, 19:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
7 hours ago
- Time of India
ITC's eco push: Sustainable plastic alternatives soar 2.4 times in 3 years
Live Events Diversified conglomerate ITC Ltd is making significant strides in its sustainable materials and packaging capabilities, underscoring its focus on organic growth and long-term innovation, according to B. Sumant, Executive Director of ITC Ltd. In an interaction with, Sumant talks about the company's expansion plans, supply chain resilience, investments in advanced R&D and digital technologies, and more. Edited excerpts:ITC's paperboards and specialty paper division (PSPD) is a market leader in the value-added paperboard segment. It has sustained its leadership position over the years through focused innovations, the development of customised solutions for end-user industries, and capacity augmentation. It has leveraged its integrated business model and pioneering work in adopting Industry 4.0 ITC's packaging & printing business is one of the largest value-added converters of paperboard packaging in South Asia. It converts over 100,000 tonnes of paper, paperboard, and laminates per annum into a variety of value-added packaging solutions for the food and beverage, personal & home care products, quick service restaurants, and consumer goods part of the ITC Next Strategy, new vectors of growth are being nurtured at the convergence of mega trends in digital and sustainability , harnessing ITC's enterprise strengths. This includes developing alternative solutions to single-use plastic and addressing the growing demand for eco-friendly packaging. Between FY22 and FY25, ITC's sustainable products portfolio for plastic substitution grew 2.4 times, underscoring a decisive market shift toward responsible paperboards and packaging businesses are at the forefront of sustainable plastic substitution innovation, offering a robust portfolio of solutions that are replacing single-use plastics at scale. Among ITC's flagship offerings is the Filo Series—a versatile range of recyclable, industrially compostable, soil biodegradable, barrier-coated paperboards including FiloPack, FiloServe, FiloTub , FiloBev, and FiloBowl — designed for food service, delivery, and on-the-go consumption applications. The Filo Series products are also PFAS-free (forever chemicals).The company's innovation pipeline also encompasses FiloBev Mini—designed for on-the-go quick consumption of hot beverages; WrapWell—a recyclable food-grade paper replacing aluminium foil; BioSeal—a compostable, oil- and grease-resistant coating to replace plastics; and 'Germ-free coating'—a solution for microbial-free packaging surfaces addressing the consumer consciousness towards hygiene and safety. Similarly, there are many other innovative adopts a differentiated, insight-led approach to sustainable packaging, grounded in design thinking, scientific rigour, and deep supply chain understanding. Recognising that each distribution channel, whether e-commerce, quick-commerce, or modern trade, demands distinct packaging attributes, ITC develops bespoke solutions that balance performance, aesthetics, and environmental with QSRs and DTH providers have resulted in the introduction of compostable solutions and recycled fibre moulds that replace disposable plastic. This tailored, channel-specific strategy enables ITC to deliver packaging that meets diverse operational and consumer needs while advancing the broader sustainability integrated strategy focuses on large-scale and impactful community-based waste management programmes as well as investments in cutting-edge sustainable innovations, anchored on a robust three-pronged framework of 'No plastic, Better Plastic and Less Plastic.' This innovative approach not only encourages ITC to continuously improve recyclability and optimise packaging across its own world-class FMCG brands but also enables it to offer a bouquet of sustainable packaging solutions for a range of consumer industries, replacing plastic with biodegradable materials designed for recycling.'No Plastic' packaging innovations in ITC's own FMCG business include the Aashirvaad Khapli Atta pack, which features an eco-friendly dual-layer 'bag in bag' design. In another example, the Sunfeast Farmlite Core Digestive large pack was launched in a 100% paper outer some of the recent 'Less Plastic' initiatives among ITC FMCG brands include design optimisation undertaken for the packaging of Engage deodorant spray cans, which resulted in a reduction of 31% in packaging total capacity of ITC's Paperboards & Specialty Paper Business is over 9.8 lakh MT/year at present, of which, the capacity of its value-added paperboard portfolio is 6.6 lakh MT/ ensures cost-effectiveness in sustainable packaging through a holistic, integrated value chain approach that spans innovation, manufacturing efficiency, and value chain security. The company follows design-to-cost principles to develop scalable, high-performing solutions that are both sustainable and efficiencies are achieved with Industry 4.0 technologies, automation, and data-driven manufacturing processes, supported by lean manufacturing and TPM methodologies. At the supply end, ITC is strengthening domestic fibre value chains by expanding plantations and fibre catchments to secure competitive raw material is central to ITC's sustainable solutions strategy. ITC provides a diverse range of sustainable packaging solutions and environmentally friendly alternatives to single-use plastics for a range of industries by leveraging the synergies between its Paperboards & packaging businesses and the research expertise in material sciences at ITC Life Sciences and Technology Centre. These collaborative efforts ensure that each solution delivers both sustainability and high performance, enabling ITC to stay ahead of the evolving is actively scaling up its capabilities in sustainable materials and packaging, driven by a strong commitment to organic growth and long-term innovation. The company is expanding its manufacturing footprint, strengthening supply chain resilience, and investing heavily in advanced R&D and Digitech to meet rising demand for environmentally friendly solutions.
The Hindu
7 hours ago
- The Hindu
GST evasion of ₹7.08 lakh crore detected in five years, includes input tax credit fraud of ₹1.79 lakh crore
'Central Goods & Services Tax (GST) field officers have detected tax evasion of about $7.08 lakh crore in the last five years till 2024-25 fiscal, including input tax credit (ITC) fraud of about ₹1.79 lakh crore,' Parliament was informed on Monday (August 4, 2025). In 2024-25 fiscal alone, more than ₹2.23 lakh crore of GST evasion were detected by CGST field officers, according to the data shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha. Of the 30,056 cases of GST evasion detected in FY'25, more than half or 15,283 cases pertained to ITC fraud, where the evasion was to the tune of ₹58,772 crore. In the 2023-24 fiscal, ₹2.30 lakh crore worth GST evasion was detected by CGST field officers, involving ITC fraud of ₹36,374 crore. In FY'23, about ₹1.32 lakh crore GST evasion was detected, including ₹24,140 crore of fake ITC claims. In FY'22 and FY'21, GST evasion stood at ₹73,238 crore and ₹49,384 crore respectively. This included ITC fraud of ₹28,022 crore and ₹31,233 crore respectively. Is a revamped GST 2.0 on the cards? | Explained In the last five years (2020-21 to 2024-25), total GST evasion detected by CGST field officers stood at about ₹7.08 lakh crore in 91,370 cases. Taxes recovered during the period by way of voluntary deposit stood at more than ₹1.29 lakh crore. The evasion data includes ITC fraud of about ₹1.79 lakh crore in 44,938 cases between FY'21 to FY'25. Mr. Chaudhary said the Central Government and GSTN are taking various steps to prevent tax evasion, such as digitisation through E-invoicing, GST analytics, highlighting of outliers based on system-flagged mismatches, providing actionable intelligence and selection of returns for scrutiny and selection of taxpayers for audit based on various risk parameters. GST officers detect ₹15,851 crore fraudulent 'input tax credit' claims in April-June; 3,558 fake firms uncovered "These measures are helpful in safeguarding the revenue and nabbing the evaders," Mr. Chaudhary said in a written reply in the Lower House. To a question on the actual net Central GST collection compared to the Revised Estimates (RE), Mr. Chaudhary said net CGST collection was 96.7% of the RE in 2024-25 fiscal. Net CGST includes CGST+Integrated GST+compensation cess. Actual collection stood at more than ₹10.26 lakh crore in FY'25, as against RE of nearly ₹10.62 lakh crore. In FY'24, net CGST collection was more than ₹9.57 lakh crore or 100.1a% of the RE of more than ₹9.56 lakh crore.
