Budget 2021: What real estate sector expects from government
Budget 2021: What real estate sector expects from government
One of the long-standing demands of the real estate sector is to be provided with the industry status. It will help in fundraising for projects from various schemes. The sector also hopes that the budget will introduce GST reforms by bringing back the Input Tax Credit.
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UPDATED: January 28, 2021 19:12 IST
One of the most critical issues currently faced by the real estate is the liquidity crunch. (Photo: AFP/Representational image)
Real Estate is one of the most important sectors of the Indian economy. Besides contributing majorly to the GDP, it is also one of the biggest employers in the country. The sector has been instrumental in the economic growth and stability of the nation. It has also been critical in rejuvenating the economy after the Covid-19 shock. Being heavily dependent on the government policies and regular cash flows, the sector co
GST Authorities Power Of Arrest Under CGST Act Prima Facie Constitutional : Delhi High Court
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19 premises of a prominent civil contractor searched
A search and seizure operation of the Income Tax department on 19 premises of a prominent civil contractor in Hyderabad resulted in recovery of documents evidencing accommodation entries of more than ₹160 crore.
The search was made on the basis of investigation into IT evasion using bogus names of sub-contractors/shell entities. The department also made inquiries relating to entities flagged for providing fake Input Tax credit last week.
A release said several shell entities/firms were used by entry operators for layering of unaccounted money and cash withdrawals against fake bills. The search has led to seizure of evidences of bogus sub-contracts being given through intermediaries operating shell entities. Evidence of the use of this modus operandi to generate huge unaccounted cash was found along with details of the entire network of the entry operators, intermediaries, cash handlers, beneficiaries and the firms and compa
Instakart, Swiggy under taxman radar for vendor GST fraud
GST department s intelligence wing conducted survey at the offices following fraudulent input tax credit by its vendor
Rukmini Rao | January 7, 2021 | Updated 23:33 IST
Instakart, the logistics arm of e-commerce giant Flipkart, and online food delivery platform Swiggy were visited by the tax officials with respect to fraudulent Input Tax credit claims by its vendors. Both the companies confirmed the same.
Swiggy in its statement said, As a law-abiding company, we are in full compliance with the tax and legal mandates. The survey by the IT officials is currently underway and our team is extending full cooperation in the matter. According to sources, the scrutiny of the department was a follow up on the transactions of third party vendors who had defaulted on the payments and was already under the scanner of the tax department.