At a time when the entire world, including India, is traversing in the uncharted territory of the pandemic of Coronavirus COVID-19, and is virtually in a complete lockdown of 21 days effective 24th March, 2020 announced by the Government of India, the Income Tax Appellate Tribunal (ITAT), held an All India Video Conferencing of its Members…
Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost all sectors. To mitigate the hardships of taxpayers, the CBDT has issued the following directions/clarifications by exercise of its power u/s 119 of the Income-tax Act, 1961 (the Act): All the assessees who have filed application for lower…
Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme 80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months 20 crore women Jan Dhan account holders to get Rs 500…
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in…
Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry, has taken a number of initiatives in the fight against COVID-19 Pandemic. GeM, which operates a dynamic, self-sustaining and user friendly portal for procurement of goods and services by Government offices, has taken steps to enable quick, efficient, transparent and cost-effective purchases…
The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. In the GST…
The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. The GST…
GST on cotton is 5% across the entire textiles value chain whereas GST rates on manmade fibres (MMF) and textiles are 18%, 12%, and 5% on fibre, filament yarn/ spun yarn and fabrics respectively. The matter of implementation of a uniform tax structure for the MMF value chain (from feedstock to fabric) was already referred…
The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms. The modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons. Fake e-way bills were…
The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by…
In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in Delhi. The company did not make the required TDS of 10% u/s 194J of the Income-tax Act, 1961 on technical contracts…
It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay. As part…
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Amendment Bill, inter alia, would enable the listing of Indian companies on stock exchanges in foreign jurisdictions. The listing of Indian companies in foreign stock exchanges is expected to…
The Ministry of Corporate Affairs (MCA) has taken several initiatives to achieve the vision of being a facilitator of world class governance of corporates and Mission of easing compliance, balancing interest of stakeholders and achieving excellence in service delivery. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate…
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly…
The gross GST revenue collected in the month of February, 2020is ₹ 1,05,366crore of which CGST is ₹ 20,569crore, SGST is ₹ 27,348crore, IGST is ₹ 48,503crore (including ₹ 20,745crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53lakh. The government has settled ₹…
In a meeting held yesterday chaired by Shri Nitin Gadkari, Minister of MSME, and Smt. Nirmala Sitharaman, Finance Minister with senior management of all Banks, some of the key schemes of Ministry of MSME which generate large number of jobs with low capital investment were reviewed. The focus of the meeting was on the Prime…
In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred under sub-section (11) of section 143 of the Companies Act, 2013 and in supersession of the Companies (Auditor’s Report) Order, 2016, the Central Government has…
Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs(MCA), today inaugurated the ‘SPICe+’ Web Form here today. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would offer 10 services by 3 Central Govt Ministries…
The Ministry of Micro, Small and Medium Enterprises has launched a National Level Awareness Programme (NLAP) 2020 from February 17, 2020 to February 28, 2020. The main objective of NLAP is to spread awareness about the schemes and activities undertaken by the Ministry and its attached organisations – Office of Development Commissioner (MSME), Khadi &…
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a…
Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered. The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana. Investigations led to busting of a major racket of cash generation through bogus sub-contractors,…
To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard operating procedure has been prescribed for…
The Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability Partnership Act. The MCA has been taking steps on an ongoing basis by amending the Act and the rules and forms thereunder, from time to time in the years 2015, 2017 & 2019, to reduce the cost of compliance and for ease of doing business. This…