Latest news with #GST-related
Time of India
a day ago
- Business
- Time of India
Tax consultant booked for 73.63L GST fraud
Chhatrapati Sambhajinagar: Jawahar Nagar police of Chhatrapati Sambhajinagar city registered an FIR against a tax consultant for allegedly misusing a client's GST number to fraudulently carry out transactions worth over Rs73 lakh. Authorities said the case was filed based on a complaint lodged by businessman Madhusudan Soni, proprietor of Shri Rajureshwar Traders. According to the FIR, the accused was entrusted with handling the complainant's GST-related work but allegedly breached this trust and misused the GST registration number, knowing it could harm the client's business. The complaint alleges that during the financial years 2022–23 to 2024–25, fabricated purchase and sale invoices were uploaded on the complainant's GST portal in the names of entities such as Dhruv Trading, MM Trading, Global Trading and Company, and others, despite these not being associated with the complainant's business. By doing so, the accused allegedly generated fraudulent transactions involving goods and services tax amounting to Rs73,63,367. In addition, for the financial year 2023–24, the complainant's GST account was allegedly used without his knowledge to pay income tax of Rs1,37,345. Police said this act was also part of the fraudulent activity. The offences have been registered under sections 338 and 340(2) of the Bharatiya Nyaya Sanhita for cheating, forgery, and criminal breach of trust. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mother Set Up A Hidden Camera, Her Husband Was Caught In The Act... Topbunt Undo Jawahar Nagar police inspector Sachin Kumbhar said the police are in the process of obtaining transaction records, verifying the authenticity of the invoices uploaded to the GST portal, and collecting bank account and digital evidence to trace the money trail. "We have also initiated steps to summon the accused and initiate appropriate action as laid down in the law," said Kumbhar. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
The Hindu
30-07-2025
- Business
- The Hindu
Major tax fraud uncovered in Telangana; bogus copper supplies used to claim ₹33.2 crore input credit
The Telangana State Commercial Taxes department has exposed a tax fraud involving M/s Keshaan Industries LLP, a Hyderabad-based private firm. The company is accused of generating high-value tax invoices without any actual movement of goods. Following credible intelligence, inspections were carried out at the company's corporate office on SP Road in Hyderabad, a godown in Bansilalpet, Secunderabad, and two factory units located in Kalakal Automotive Park and Muppireddypally villages in Medak district. Commissioner of Commercial Taxes K. Haritha said the company issued invoices for the supply of copper materials, but vehicles left Telangana empty while documents falsely showed they were transporting goods to Maharashtra. 'Toll gate records obtained from the National Highway Authority of India confirmed that vehicles passed through key checkpoints without carrying any cargo, contradicting the details in the e-way bills,' she explained. Preliminary findings suggest that fraudulent invoices worth over ₹100 crore were generated in this manner. The company allegedly availed Input Tax Credit (ITC) of approximately ₹33.2 crore using these false transactions, thereby lowering its tax liability. This method of raising invoices without actual supply of goods has been described by the Commissioner as the first such case detected in Telangana. 'The department considers it a serious development indicating a new and sophisticated form of GST-related fraud,' she said. During the inspections, officials seized crucial documents, including books of accounts, registers, hard disks and CCTV footage. A formal complaint has been filed with the DCP of the Central Crime Station (CCS) in Hyderabad, requesting the registration of a criminal case against the company's directors, Vikash Kumar Keeshan and Rajneesh Keeshan. In a related incident, another case of fraudulent e-way bill generation has come to light. Majid Hussain, Deputy State Tax Officer from Mehdipatnam 1 Circle, Charminar division, found that vehicle number AP29TA7213 had remained immobile since June 2025. Despite this, several e-way bills were generated using the same registration number by different taxpayers. There was no movement of goods. This act is considered a violation of the CGST Act, 2017, and is suspected to involve criminal intent under Sections 318 and 336 of the BNS. A separate complaint has been filed, seeking the registration of an FIR against the vehicle owner.
Business Upturn
28-07-2025
- Business
- Business Upturn
Stocks to watch on July 28: Titan, BEL, SAIL, Kotak Bank, TCS, Zydus, Brigade in focus after key deals and earnings
By Arunika Jain Published on July 28, 2025, 08:02 IST Several stocks are likely to be in focus on July 28 following major order wins, corporate developments, and quarterly earnings announcements. Here's a roundup of key newsmakers from the India Daybook: Major deals and project wins Titan Company announced the acquisition of Damas Jewellery, marking a strategic expansion in its international jewellery footprint. Bharat Electronics Ltd (BEL) secured a ₹1,640 crore defence contract for advanced air surveillance radars, while RITES bagged a ₹177 crore manufacturing unit project from BEL in Andhra Pradesh. Asian Energy Services received an ₹865 crore order from Vedanta, and Vatech Wabag secured a ₹380 crore water reuse project in Bengaluru. L&T Technology Services won a $60 million software engineering engagement from a Tier-I US telecom provider, and Nibe entered a technical collaboration with Israel's Elbit Systems for the PULS rocket system. Godrej Industries' aerospace unit signed a strategic manufacturing deal with Pratt & Whitney for supplying precision aircraft components. Zydus Lifesciences received tentative USFDA approval for a generic version of Ibrutinib tablets. Realty and infra updates Brigade Enterprises launched its premium residential project 'Brigade Avalon' in Whitefield, Bengaluru, with expected revenue of over ₹1,000 crore. Agi Infra will consider a stock split proposal on August 4, and Royal Orchid Hotels announced its fifth property in Mysore under the Regenta Resort Tropical Villages brand. NTPC Green signed an MoU with Bihar State Power Generation for renewable and battery storage projects, while Jayant Infratech won a ₹34 crore EPC contract for rail electrification in Assam. Positive earnings Several companies reported robust Q1 FY26 results: SAIL: Net profit at ₹744 crore vs ₹81.7 crore; revenue at ₹25,921 crore vs ₹23,997 crore (YoY). Lodha Developers: Net profit at ₹675 crore vs ₹475 crore; revenue at ₹3,492 crore vs ₹2,847 crore. Orient Cement: Net profit rose sharply to ₹201 crore vs ₹36.7 crore; revenue at ₹870 crore vs ₹701 crore. ACME: Net profit at ₹131 crore vs ₹1.4 crore; revenue at ₹511 crore vs ₹310 crore. Affle: Net profit at ₹105 crore vs ₹86 crore; revenue at ₹620 crore vs ₹519 crore. Premier Energies, Tata Chemicals, SG Mart, Schaeffler India and Omax Autos also posted strong YoY growth. Financial sector highlights Kotak Mahindra Bank reported Q1 net profit of ₹3,281.7 crore, slightly below estimates (poll: ₹3,442 crore). NII stood at ₹7,259.3 crore. Bank of Baroda exceeded expectations with net profit at ₹4,541 crore and NII at ₹11,435 crore. SBI Cards, IDFC First Bank, J&K Bank, TMB, Poonawalla Fincorp and Indian Overseas Bank also announced results, largely in line with estimates. Neutral to negative developments TCS announced plans to cut 2% of its global workforce over the course of FY26. Crisil was penalised ₹8 crore in a GST-related case on export services. Dr. Reddy's invested ₹565.4 crore in its Russia subsidiary, increasing its stake to 45.19%. On the earnings front, New Delhi Television Ltd (NDTV) reported a wider loss of ₹70.31 crore YoY, while CDSL, Petronet LNG, Zen Technologies, and Suraj Estate posted lower profits. Balkrishna Industries reported a steep decline in net profit to ₹288 crore from ₹490 crore, and Prataap Snacks saw its profit slump to ₹0.7 crore vs ₹9.4 crore YoY. CG Power received a ₹468 crore tax demand order from the Income Tax Department. Corporate and regulatory updates Menon Bearings declared an interim dividend of ₹2/share (record date: July 31). IndusInd Bank will appoint a new MD & CEO by August 28. Sona BLW clarified that former shareholder Rani Kapur hasn't held shares since 2019. Several stocks like Aurionpro , BASF , Wipro , CRISIL , and DLF are trading ex-dividend in the coming sessions. Changes in ASM and circuit filters: Datamatics, IEX, and Force Motors added to ASM; V2 Retail, Vadilal, and Magellanic excluded. Disclaimer: This article is based solely on publicly available company disclosures and stock exchange filings. It is not a recommendation to buy or sell any security. Please consult a qualified financial advisor before making any investment decisions. Ahmedabad Plane Crash Arunika Jain, a graduate in Mass Communication, brings a fresh perspective to the world of journalism. Arunika has a passion for writing finance and corporate news at You can write to her at [email protected]
Hans India
24-07-2025
- Business
- Hans India
Centre not responsible for GST notices to small traders, says Joshi
Bengaluru: Union Minister for Consumer Affairs Pralhad Joshi on Tuesday squarely blamed the Karnataka state government for issuing GST-related tax notices to small traders, refuting Deputy Chief Minister D.K. Shivakumar's claim that the Centre was responsible. 'It is laughable that the state government, after taking all the decisions, now tries to wash its hands of the consequences,' Joshi said. Responding to widespread backlash against GST dues notices served to fruit vendors, milk sellers, vegetable traders and other petty merchants in Karnataka, Joshi stated that such notices were issued solely by the state's commercial tax department, not by any Central authority. He emphasised that if it had been a directive from the Centre, similar actions would have been observed across other states — which has not been the case. 'The Karnataka government is misleading the public by denying its role and shirking responsibility,' Joshi alleged. 'Instead of protecting small traders, they are being harassed with tax recovery notices in the name of GST.' Clarifying the structure of GST, Joshi noted that while the Centre controls CGST, the SGST component and its implementation fall under the state's jurisdiction. 'States hold two-thirds of the decision-making power in the GST Council. The Centre only has a one-third vote,' he said. He also criticised the Congress-led Karnataka government for undermining public trust in UPI-based digital payments. 'Such harassment discourages transparent digital transactions, which India proudly showcases to the world,' Joshi said, terming it a 'reckless political misadventure.'
Hans India
21-07-2025
- Politics
- Hans India
BJP spreads lies, will never come for an open debate: CM
Mysuru: Karnataka Chief Minister Siddaramaiah has accused the BJP of deliberately spreading lies about the state government's achievements and challenged the party to engage in an open public debate—a challenge he claims the BJP continues to avoid. Speaking to the media after offering bagina at the Kabini reservoir, Siddaramaiah dismissed BJP's recent criticism regarding his alleged snub of Deputy Chief Minister DK Shivakumar during a government event in Mysuru. 'It is customary to welcome guests present at the event. Since the Deputy CM was not there at that moment, his name was not mentioned. BJP is just trying to create a rift between me and Shivakumar. Their efforts to gain political mileage through such claims are mere illusions,' he said. Addressing concerns raised over GST-related tax notices being issued to small traders for digital payments, Siddaramaiah clarified that GST was a central government initiative, and the council functioned under its purview. 'Although it falls under the Centre, we will consult with the Union Government and the State's Commercial Tax Department to arrive at a fair resolution for small traders,' he assured. Responding to media queries about the success of the recent Sadhana Samavesha, the Chief Minister said over two lakh people attended the public rally in Vijayanagara, demonstrating strong public support. 'BJP leaders only peddle lies, while they themselves are replicating our guarantee schemes across the country. Our government has already spent Rs52,000 crore to fulfill these guarantees,' he concluded.
