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GST Council Meeting Press Release
04/09/2025

GST Council Meeting Press Release

*🚔ED Arrests Man for Laundering ₹697 Crore Abroad Using Shell Companies**The Enforcement Directorate* (ED) has arrested ...
01/09/2025

*🚔ED Arrests Man for Laundering ₹697 Crore Abroad Using Shell Companies*

*The Enforcement Directorate* (ED) has arrested one *Amit Agarwal* in connection with a massive money laundering racket involving *the illegal transfer of ₹697 crore* to Hong Kong and Singapore. The transactions were allegedly routed under the guise of import of goods and services, which were never actually received.
*According to officials*, Agarwal created and used a network of shell companies to launder the funds. He allegedly registered fake entities, opened multiple bank accounts, and transferred money abroad. The ED stated that forged identity documents were used to name directors and partners of these firms, enabling the fraudulent operations.

*🏛️Court Custody & Probe*
➤ A special PMLA court has remanded Agarwal to seven days of ED custody to further probe the network.
➤ Investigators are focusing on identifying the beneficiaries of the laundered funds.
➤ Bank officials are also under scrutiny for allegedly authenticating fake directors without proper due diligence, raising concerns over systemic lapses.

*❇️ Wider Network Under Lens*
The ED’s case is based on an FIR filed by Delhi Police against Kinzal Freight Forwarding Pvt Ltd. Officials suspect that the company acted as a key front in the laundering operations.

*🔲 Key Concerns Raised*
➤ Misuse of shell entities for large-scale money laundering.
➤ Gaps in banking due diligence and verification of directors.
➤ Use of fictitious imports to justify cross-border fund transfers.

*⤵️ What’s Next?*
The ED is expected to trace the end recipients of the funds and examine whether the *money was used for benami assets*, offshore investments, or illegal activities abroad. The case underscores the urgent need for stricter checks on shell companies and cross-border financial flows.
⸻
*_ED Cracks Down on ₹697 Cr Laundering Racket via Shell Companies; Banking Due Diligence Under Scanner*_.
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*📝GST Update – Penalties for Offences under Section 122(1) of the GST Act**Section 122(1) of the GST Act* prescribes pen...
09/08/2025

*📝GST Update – Penalties for Offences under Section 122(1) of the GST Act*

*Section 122(1) of the GST Act* prescribes penalties for various offences, ensuring compliance with registration, invoicing, tax remittance, and reporting norms. Key violations include:

*1️⃣Failure to Obtain Registration* – Exceeding threshold limits but not registering, despite being subject to compulsory registration.
*2️⃣Issuing Incorrect Invoices* – Supplying goods/services without an invoice or issuing false invoices.
*3️⃣Incorrect Details by ECOs* – E-commerce operators reporting wrong details, violating Section 52(4).
*4️⃣Availing ITC Without Receipt* – Wrongly taking or utilising Input Tax Credit without receiving goods/services.
*5️⃣Tampering with Evidence* – Altering or destroying evidence related to GST compliance.
*6️⃣Issuing Invoices Without Supply* – Generating fake invoices without actual supply to fraudulently claim ITC.
*7️⃣Failure to Remit Tax* – Collecting tax but failing to deposit it with the government.
*8️⃣Improper Distribution of ITC* – Wrong distribution of ITC, contravening Section 20.
*9️⃣Dealing with Detained Goods* – Disposing of or tampering with goods detained by authorities.

_💡*Compliance Tip*: Businesses should regularly audit their GST processes to avoid hefty penalties and legal disputes._
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Raising New Issues in GST Final Order Without Opportunity to Clear Violation of Natural Justice Principles: Madras HC se...
31/07/2025

Raising New Issues in GST Final Order Without Opportunity to Clear Violation of Natural Justice Principles: Madras HC sets aside order

The Patna High Court delivered a ruling in the case of M/S Maharaj Ji Enterprises versus the Union of India, along with ...
30/07/2025

The Patna High Court delivered a ruling in the case of M/S Maharaj Ji Enterprises versus the Union of India, along with several other state departments and officials, under Civil Writ Jurisdiction Case No. 15175 of 2024, dated July 16, 2025. The court clarified that a new Goods and Services Tax (GST) registration can be obtained even if a previous registration has been cancelled.

However, this is contingent upon the officer providing valid, documented reasons by Section 29(2)(b)/(c) of the GST Act and relevant circulars. This ruling underscores the importance of proper procedural compliance by tax authorities in the registration process.

*🧾ITR Filing Portal – Updated Return under Section 139(8A)*While filing Updated Returns (ITR-U) for *Assessment Years 20...
30/07/2025

*🧾ITR Filing Portal – Updated Return under Section 139(8A)*

While filing Updated Returns (ITR-U) for *Assessment Years 2021-22 and 2022-23*, the *portal allows selection of only ITR-1 and ITR-2* when the answer to audit applicability under section 44AB/13A is marked ‘No’.
🔹_This is likely due to system restrictions based on the nature of income and filing eligibility._

✅ *Ensure you select the correct ITR form as per your original filing or updated income status before proceeding.*

♣️ *Note:* _For taxpayers who originally filed ITR-3 or other forms, the option might not appear unless audit applicability is marked appropriately or other conditions are met._

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19/07/2025

Just focus

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25/08/2021

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03/06/2021

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