Jagadish T G & Associates

Two Men Arrested for Rs 1,000 Crore Fraud Involving Fake Rubber Stamps and GST Credits Two men, Umang Darji and Ravi Soni, have been arrested for orchestrating a large-scale fraud involving fake rubber stamps and fraudulent GST input tax credits, with the total value of these illicit transactions estimated at around Rs 1,000 crore. The arrests were made by CID crime and railway officials on Sunday. The elaborate scheme involved misusing the GST numbers of various entities to generate fake invoices for goods such as gold, silver, software, and cement, thereby facilitating tax evasion and earning substantial commissions. During a raid at Darji’s office in Ahmedabad on Friday, authorities uncovered the full extent of the operation. Darji was found to be manufacturing fake rubber stamps under the guise of accounting, which were then used to obtain bogus GST input tax credits. The investigation revealed that Darji also misused the bank accounts of registered political parties and trusts, de...

  'Reduce 28% GST On ACs': Netizens Demand Cut In Taxes Amid Ongoing Heatwave The climate in the southern hemisphere has only gotten severe over the past few years. And summers are when a lot of the rubrics of basic human existence are put to a gruelling test. Multiple tranches of heatwaves have swept across the sub-continent in the past months (April-May). The mercury scaled the summit of high temperatures fervently, with many cities and towns witnessing temperatures as high as a burning 50 degrees celsius. In the middle of this May mayhem, the need for power and particularly the need for air-conditioning systems has come to focus. ACs once a sign of luxury has come to become a necessity for many, from offices and commercial establishments to now houses. In the recent past many have demanded a change in the tax regime on important items like Air conditioners. Air conditioners, along with other consumer durable items like refrigerators are marked in the highest GST slab of 28 p...

  Shakti scheme adds to Karnataka’s GST collection as more women join work force: Study The Shakti scheme of free bus travel for women is contributing to Karnataka’s GST collection while also increasing female participation in the labour force, according to a study by the state-run Fiscal Policy Institute (FPI).  From June last year, when the Shakti scheme was launched, to March this year, Karnataka’s GST collection 'presumably' increased by Rs 309.64 crore as the money women are saving is being used for consumption activities, translating into revenue for the government, the study said. This is the first study that quantifies the financial impact of Shakti, the Siddaramaiah-led Congress government’s flagship guarantee scheme. “The amount saved on the travel results in increased income for a traveler and it is presumed that they will spend the entire amount on consumption of other necessary items,” FPI research fellow states in her report. “Such extra spending would modify the...

  GDP, GST data to be released next week will design economic narrative by new govt Ahead of announcements of election results on June 4, five key high frequency indicators will lay out the economic framework for the policy structure of the new government. All these indicators will be made public within the next eight days and barring GST, all are expected to exceed estimates. Government’s Statistics Office will release growth data for FY24 and Q4 of FY 24 on May 31. On the same date, two other key data, Fiscal Deficit for FY24 and April in FY 25 along with the core sector performance will be out. A day after that, GST collection in May will be published while on June 3, Purchasing Managers’ Index (PMI) for May will be known. Fiscal Deficit The fiscal deficit is expected to be lower than the revised estimate. The government, in the interim budget, revised the fiscal deficit for FY24 at 5.8 per cent from budget estimate of 5.9 per cent. Since revised estimate is based on income and ...

  Fake Notices from the Income Tax Department: How to Identify Scam Notices from Fraudsters Receiving an income tax notice can be highly stressful, but it's crucial to remain vigilant, as not all such notices are genuine. Fraudsters might send fake income tax notices to scam you. The Income Tax Department issues tax notices for various reasons, such as if your income tax return (ITR) is selected for scrutiny or if there is an outstanding tax demand. However, there are specific guidelines and protocols that the department follows when sending these notices. Understanding these guidelines can help you spot a fake notice. Carefully reading any tax notice you receive is essential, as scammers often rely on inattention to trick you. Avoiding a panic reaction and scrutinizing the notice can help you identify fraudulent attempts. A tax expert shared a recent incident where a client received emails and messages claiming to be from the Income Tax Department, pressuring the client to click a...