CBIC tightens noose on those issuing fake GST invoices without Aadhaar

The Central Board of Indirect Taxes and Customs (CBIC) has instructed field officers to verify authenticity of business of entities that have been granted registration under the goods and services tax (GST) framework without between August 21 and November 16. Sources said this standard operating procedure is part of the government’s efforts to check fake invoices.

Those that have been given registration without authentication will be taken as deemed registration. The list of such deemed registrations will be circulated zone-wise to the field officers for confirmation. The confirmation needs to be completed within three weeks.

The tax officer concerned, in addition to physical verification, may further carry out a preliminary financial verification of the registrants by seeking certain documents, informed sources.

Meanwhile, according to the Directorate General of GST Intelligence (DGGI) sources, the DGGI and central GST commissionerates have so far arrested 92 persons for availing of or passing ineligible input tax credit fraudulently through fake invoices, and have booked 994 cases against more than 3,161 fake GSTIN entities.

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Business Standard has always strived hard to provide up-to-date information and commentary on developments that

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L&T shipyard completes order for 54 fast interceptor boats ahead of time

In an emphatic statement of warship building capability in the private sector, Larsen & Toubro’s Hazira shipyard handed over the last vessel in an order of 54 fast interceptor craft to the Coast Guard on Sunday — ahead of time and within the budget.

With the four public sector shipyards — Mazagon Dock, Mumbai; Garden Reach Shipbuilders & Engineers, Kolkata; Goa Shipyard; and Hindustan Shipyard, Visakhapatnam — invariably delivering warships years behind schedule and beyond budget, L&T has staked a powerful claim to be considered for future shipbuilding orders.

The FICs delivered to the Coast Guard are 90-tonne vessels that can patrol the coastline at a scorching speed of 45 knots (83 kilometres per hour). L&T has built the 54 vessels for just under Rs 1,500 crore.

L&T is now contending strongly for a number of naval contracts.

The biggest of these, which will indicate how serious the defence ministry is about bringing in the private sector into defence production, is for building six New Generation Missile Vessels (NGMVs) for an estimated Rs 13,600 crore. Multiple shipyards submitted bids in February in response to the navy’s Request

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How to reduce the business or personal tax you will pay this year

One good way to focus on tax savings this year is to ensure you have a tax plan.  Unless you specifically plan to save it is very unlikely to happen.

And in addition, you are likely to pay more tax than necessary. This applies to both business and personal tax.

Avoid retrospective tax planning and aggressive tax schemes – Jonathan Amponsah CTA FCCA, The Tax Guys explains here that there might be are areas you or your accountant have neglected. Despite what you may have heard, there are still plenty of legitimate ways to save tax and sleep well at night.

Let’s look at some areas where tax can often be saved so that you can see if they are likely to apply to your situation:

Save Income Tax by Using A Property Company

If you’re a landlord with a portfolio of properties in your name, you’re likely to be paying more tax via the self-assessment system because of the recent changes in property tax and, notably, the mortgage interest restriction. Companies are not affected by the mortgage interest restriction and they do pay lower rates of tax. However please do seek specialist tax advice because there are some tax

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