Payment Failure - GST Library by TaxReply.com
Home      Free WhatsApp Updates      Have a Query?      Other Services      Vacancy for Article
Login | Register    

CMP-08 due date for quarter April 2019 to June 2019 extended till 31st July 2019

    

Press Release restricting the last date for availing ITC for FY 2017-18 is illegal : Gujarat High Court

    

Budget 2019 Highlights - 05 July 2019

    

Transfer of GST amount from one head to other head (Form GST PMT - 09)

    

DGGST arrests one person for availing and passing fake ITC of Rs.16 Crore.

    

Notification issued to extend the date of blocking and unblocking on e-way bill facility to 21.08.2019.

    

Press Release of 35th GST Council Meeting held on 21st June 2019

    

Issues reported in filing Form GSTR 9C by the taxpayers : Advisory by Team GSTN

    

Issues reported in filing Form GSTR 9 by the taxpayers: Advisory by Team GSTN

    

New GST Return Transition Phase applicable from Oct 2019

    

Latest amendments in GST enacted on 07.03.2019

    

Recommendations of the 33rd GST Council meeting held on 24.02.2019

    

GSTR-3B due date for January 2019 has been extended upto 22.02.2019

    

New GST Input-Output Set off Rules w.e.f. 01.02.2019

    

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT)

    

Delhi High Court stays demand in the case of Hindustan Unilever (HUL) for Profiteering imposed by NAA

    

Major decisions taken in 32nd GST Council Meeting

    

Bank account details are not required for GST Registration now

    

Standard Operating Procedure on TDS updated as on 27.12.2018 issued by CBIC

    

Guidelines and procedure of applications for financial assistance under the Central Scheme named Seva Bhoj Yojna for reimbursement of central tax and Central Government share of integrated tax paid on the purchase of raw food items.

     View all
View all
Home       Login    Pay
TaxReply.com - Free Tax updates for All
GST Library TM
About GST Library
GST Library Pricing
Free Trial
Full Site Search
GST Act / Rules
GST Act / Rules - Latest Amendments
GST Amendment Statistics
GST Notifications / Circulars Press Releases +
National Anti-Profiteering Authority
GST Case Laws
↳ GST AAR Orders
↳ GST AAAR Orders
↳ GST NAA Orders
GST Forms   
E-way Bill
↳ E-way Bill Notificaitons
↳ E-way Bill News
↳ E-way Bill Rules
↳ E-way Bill FAQ
GST Rates for goods and services
GST Calendar / Due Dates
GST Set-off Calculator
GST News / Articles
Finance Bill

The Directorate General of Goods and Services Tax Intelligence (DGGSTI) has arrested the promoters of two Mumbai-based textile firms for an alleged Central Goods and Services Tax (CGST) fraud of about Rs 625 crore.

The DGGSTI has also written to the National Company Law Tribunal (NCLT) to remove Oneworld Industries from the Insolvency and Bankruptcy Code (IBC) proceedings as one of the operational creditors of the textile firm dragged it to bankruptcy court with its connivance.

Last month, Shanaya Fashions, an operational creditor of One World Group, moved NCLT against Oneworld Industries to recover over Rs 7 crore. The tribunal appointed an interim resolution professional (IRP) as per the bankruptcy process. The DGGSTI has found that Shanaya Fashions has not provided any services to One World Industries as claimed before the NCLT and has been allegedly acting on the instructions of Oneworld Industries.

Oneworld Industries alone owes Rs 140 crore to Punjab National Bank, Bank of Baroda and Tamilnad Merchantile Bank. Its group firm Zephyr Fabric Trading LLP, which has also been dragged to NCLT, owes Rs 43 crore to Indian Bank. The other nine group firms too have taken loans from various public and private banks.

Interestingly, both Oneworld Industries and Zephyr Fabric have told the NCLT they are “facing acute difficulties in realisation of receivables mainly on account of demonetisation, implementation of GST by the government and related procedural technicalities of e-way Bill etc and unfavourable market conditions which have affected fabrics business”.

The DGGSTI probe has now found that Oneworld Industries, Rajesh Mehta Group of firms and their 23 subsidiaries have availed ITC on bogus invoices without receiving any services and also issued fake invoices to other companies without providing any services.

Source of information - www.indianexpress.com 



ID: 472 | Date 20-12-2018 | Posted By:

CA Mohit Jain

Comments


I feel that proceedings in both forms are being pursued under entirely different laws. Moreover, investigation agency under GST law is not having any pocus standing before corporate lw body.
Therefore, investigation agency might to some extent, influence but cannot make plea against proceedings before Tribunal.

Comment By: BHARAT BHUSHAN SHARMA | Date: 20-12-2018
I feel that proceedings in both forms are being pursued under entirely different laws. Moreover, investigation agency under GST law is not having any pocus standing before corporate lw body.
Therefore, investigation agency might to some extent, influence but cannot make plea against proceedings before Tribunal.

Comment By: BHARAT BHUSHAN SHARMA | Date: 20-12-2018


Your Reply


259465