Stop blaming UPA for every economic crisis: Manmohan Singh responds to FM

The NDA government should have learnt from the UPA’s ‘mistakes’, and provided ‘credible solutions’, Manmohan Singh said

Conceding that there were some “weaknesses” in his regime, former prime minister Manmohan Singh said on Thursday that the Narendra Modi government should stop blaming the United Progressive Alliance (UPA) for every economic crisis, as five years was sufficient time to come up with solutions.

Addressing a conference ahead of Maharashtra elections, he was replying to Finance Minister Nirmala Sitharaman’s comments in the US, where she said the banking sector passed through its worst phase during the tenures of Singh and former Reserve Bank of India (RBI) Governor Raghuram Rajan. The National Democratic Alliance (NDA) government should have learnt from the UPA’s “mistakes”, and provided “credible solutions”, Manmohan Singh said.

Had the NDA government learnt from the mistakes, fraud-accused jeweller Nirav Modi and other loan defaulters would not have fled with public money, or the banks’ situation would not have gone from “bad to worse”, Singh said. “You cannot claim year after year that the fault lies with the UPA , you have been in office for five-and-half years and that is long enough period for a government committed to public welfare to do some credible things.”

Rs 177-cr GST fraud: Man arrested in Gujarat for issuing fake tax invoices

The accused allegedly obtained GST registration, GST identity cards, login-password, SIM cards, bank accounts and online passwords in the name of dummy owners

Current Affairs: A man has been arrested for allegedly issuing fake invoices to claim Rs 177.64-crore input tax credit, the Central GST department said Saturday. The man, identified as Ehsas Ali Saiyad, a resident of Vadodara, was the mastermind of a scam involving issuing of fake invoices, said the office of the Central GST and Central Excise Commissionerate in a release in Gandhinagar.The 29-year-old allegedly floated 66 fake companies with as many dummy owners in whose name he issued tax invoices to claim input tax credit (ITC), it said.

The accused obtained GST registration, GST identity cards, login-password, SIM cards, bank accounts and online passwords in the name of these dummy owners, said the commissionerate. “The accused would issue fake bills in the name of the entities created by him. He issued tax invoice of taxable value of Rs 1,210 crore to claim input tax credit of Rs 177.64 crore,” it said.

He was arrested under provisions of the CGST Act and further investigation was on, said the release.Under Goods and Services Tax, input credit is the tax benefit manufacturers get for the GST they pay on purchase of goods. Unscrupulous elements use fake bills to claim higher ITC.

Contain Source by Business Standard or BS