A trader in Rajkot has been arrested by the CGST's preventive department for allegedly evading GST worth 68 crore. The trader, Parag Hariya, was involved in issuing and receiving fake invoices to claim input tax credit and evade income tax. The fraudulent activities involved using bogus bills to bring down manufacturing costs. The trader also manipulated e-way bills and used a banking channel to exchange payments while deducting a commission. Read more about the arrest and the fraudulent activities.
The Kerala High Court has held that prosecution for offences under Section 132 of the CGST Act does not depend upon the completion of the assessment.The bench of Justice Mohammed Nias C.P. refused to.
Under income tax law, a 30 per cent Tax Deducted at Source (TDS) is to be levied on winnings from lotteries, game shows, card games, online games provided the earnings exceed Rs 10,000 in a fiscal.
"Comments in this regard have been sent to MHA. Using formal banking channel for any kind of transaction, including disbursement of lottery prize, is helpful in mitigating the associated money laundering/terrorist financing/proliferation funding risks in view of the robust banking system and effective regulation/supervision of the regulated entities," Karad said. GST Evasion of Rs 345 Crore Detected Against Lottery Distributors Till November 2023, Says Finance Ministry.