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Fake ITC claims soar 29% to ₹15,851 crore

Mint Chennai

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July 21, 2025

Goods and services tax (GST) officers have uncovered fake input tax credit (ITC) claims of ₹15,851 crore in the April-June quarter of current fiscal, a 29% jump over the year-ago period, even though the number of fake firms detection was less year-on-year, officials said.

The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same

MEER VERHALEN VAN Mint Chennai

Mint Chennai

Rare-earth magnets: Why an ‘India fix’ is not enough

Earlier this year, a Pune firm quietly solved a problem that has vexed policymakers for decades.

time to read

3 mins

December 02, 2025

Mint Chennai

Anil Ambani moves SC over fraud tag

Industrialist Anil Ambani has moved the Supreme Court challenging an order of the Bombay High Court which upheld the State Bank of India’s (SBI) decision classifying his and Reliance Communications’ accounts as fraud.

time to read

1 min

December 02, 2025

Mint Chennai

Mandatory app may trigger pushback

misuse of mobile phones in various scams.

time to read

2 mins

December 02, 2025

Mint Chennai

Mint Chennai

Automakers report brisk sales in Nov, demand remains robust

With demand continuing to be strong post the festive season, leading automakers, Maruti Suzuki, Tata Motors and Mahindra & Mahindra, saw robust sales growth in November as compared to a year ago.

time to read

1 mins

December 02, 2025

Mint Chennai

IT’S A HOLD FOR NOW FOR THE MPC, TRACING TRADE TALKS FOR PATH AHEAD

Economists often defer to the quote by Keynes, ‘When my information changes, I alter my conclusions’, and Friday evening turned out to be one such case.

time to read

3 mins

December 02, 2025

Mint Chennai

UK lawmaker Tulip Siddiq sentenced in Bangladesh graft case

Bangladesh court sentenced British lawmaker and former minister Tulip Siddiq in absentia to two years in jail on Monday in a corruption case involving the alleged illegal allocation of a plot of land, prosecutors said.

time to read

1 min

December 02, 2025

Mint Chennai

Mint Chennai

Centre's tobacco tax recast to lift states’ excise revenue

The duty on tobacco would rise from 64% to 70% once the amended law is implemented

time to read

2 mins

December 02, 2025

Mint Chennai

IT growth trails global clients amid shifting tech spending

Automation, product spends, in-house tech centre investments contributed to decoupling

time to read

2 mins

December 02, 2025

Mint Chennai

Are gifts from NRIs to residents taxable?

I am an NRI who is living in Dubai for the past six years. I had acquired shares of an unlisted Indian firm using surplus fund from my NRO account in India. I wish to gift the shares to my father, who is a resident of India. Will this transfer attract any tax in India?

time to read

1 mins

December 02, 2025

Mint Chennai

Mint Chennai

Gen Z shoppers aren't spending like retailers need them to

More than other generations, 20-somethings are tightening their holiday-season budgets because of economic pressures

time to read

4 mins

December 02, 2025

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