Indian Insolvency Law
Insolvency Law Committee in 2nd Report on Cross Border Insolvency to bring Indian Insolvency Law on a par with that of matured jurisdictions has recommended adoption of the UNCITRAL Model Law of Cross Border Insolvency.

Strict enforcement in GST Regime to nip malpractices in the bud

GST Regime is hailed as the biggest tax reform in independent India and just ahead of a year into existence, while the system takes its time and work with assesses to make a transparent, smooth and convenient transition- Lawmakers have made it clear that no wrongdoing be tolerated.
For instance, Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regime that came into force on 1st July, 2017.

Searches were conducted at several places during which various incriminating documents and evidence were found. Investigation that followed revealed involvement of the father and son. Both were arrested under Section 69 (1) of CGST Act and CMM, Patiala House remanded them to judicial custody for 14 days.

As per Section 132 of the CGST Act, issuance of an invoice or bill without supply of goods and wrongful availment or utilisation of input tax credit is a cognizable and non-bailable offence if the amount involved is over Rs 5 Crores.

“Further investigations are underway and the quantum of evasion is likely to go up. Officers are not ruling out the possibility existence of several other fake firms as the investigation moves ahead,” said the FinMin press communique.

 

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