SEBI
RBI in the recent past has decided to exclude foreign investment in Rupee Denominated Bonds (RDB) issued overseas by Indian corporates, from the Combined Corporate Debt Limit (CCDL). Accordingly, in partial modification to applicable SEBI circular dated August 04, 2016, with effect from October 03, 2017, foreign investments in RDB shall no longer be reckoned against the CCDL. Further, the CCDL shall be renamed as the Corporate Debt Investment Limits (CDIL) for FPIs. The upper limit for CDIL shall, henceforth, be stated only in Rupee terms. A sub-limit exclusively for investments by Long Term FPIs (Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks) in the infrastructure sector shall be created within the overall CDIL. The term ‘Infrastructure’ shall be as defined under the Master Direction on External Commercial Borrowings issued by the Reserve Bank of India. However, Long term FPIs will continue to be eligible to invest in sectors other than infrastructure. All other extant conditions with respect to FPI investments in corporate debt securities shall continue to apply.
IBBI
The Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, in regulation 3, sub-regulations (e) and (f) shall be omitted which are related to the control of the Information Utility and their voting power more than 49% by the person(s) resident outside India. Further, an Indian Company, Listed on a recognised Stock Exchange in India, or any other Company, where no individual holds more than ten percent of the paid-up equity share capital, may hold up to hundred percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration. Provided that the information utility is registered before 30th September, 2018. New Clause is also added as Regulation 9 (1A) to define the control of the Management of the Company as more than half of the directors of an information utility shall be Indian nationals and residents in India.
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CBEC Relaxes Norms for Exports under GST: Exporters can Furnish LoU instead of Bond without Threshold Limit [Read Notification]
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CBEC Relaxes Norms for Exports under GST: Exporters can Furnish LoU instead of Bond without Threshold Limit [Read Notification]
Read more at: http://www.taxscan.in/cbec-relaxes-norms-exports-gst-exporters-can-furnish-lou-instead-bond-without-threshold-limit/11742/
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PM Narendra Modi Addresses Company Secretaries: Highlights - NDTV https://www.ndtv.com/india-news/pm-narendra-modi-addresses-company-secretaries-highlights-1758584
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Prime Minister Narendra Modi yesterday strongly defended the economy post Goods and Services Tax (GST) implementation and last year's demonetisation drive. Addressing the Company Secretaries from all over India at a programme in New Delhi to mark the golden jubilee year of Institute of Company Secretaries of India (ICSI), he said that the economy is moving on the right track.
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PM Narendra Modi Addresses Company Secretaries: Highlights - NDTV https://www.ndtv.com/india-news/pm-narendra-modi-addresses-company-secretaries-highlights-1758584
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Prime Minister Narendra Modi yesterday strongly defended the economy post Goods and Services Tax (GST) implementation and last year's demonetisation drive. Addressing the Company Secretaries from all over India at a programme in New Delhi to mark the golden jubilee year of Institute of Company Secretaries of India (ICSI), he said that the economy is moving on the right track.
He also expressed his government's willingness to make changes in GST to resolve problems being faced by traders.
Refusing criticism of his government's handling of the economy, he said that during the previous UPA regime, economy was below 5.7 per cent eight times. He also lashed out at "some people who sleep well only after they spread a feeling of pessimism".
Top 10 quotes of PM Modi from his speech at ICSI event:
1. Government very well understands value of your hard earned money, our policies and schemes are focused at bettering life of poor and middle class. I will not let the present problems jeopardize the future of the country.
2. I have told the GST council to review the problems being faced by traders & we are willing to make changes as per the suggestions.
3. I want to assure you that decisions taken by the government will place the country into a new league of development.
4. Fundamentals of Indian economy are strong. We took key decisions related to reform and this process will continue. It is our duty to maintain the financial stability. To increase investment and give a push to economy, we will take all necessary steps.
5. There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people.
6. It is true that after registering a growth of 7.5pc in last three years, GDP has fallen in April-June quarter this year. But it is also a fact that the government is committed to reverse this trend.
7. Inflation was more than GDP growth during previous regime when high price rise, fiscal deficit and CAD made headlines. Double digit inflation has come down to less than 3 per cent, CAD brought down to 2.5 per cent, fiscal deficit reduced to 3.5 per cent.
8. GDP growth dipped to 5.7 per cent or below eight times during UPA regime when nation was faced with high inflation, CAD and fiscal deficit.
9. Dip in economic growth in one quarter has boosted pessimists; not first time growth has dipped to 5.7 per cent in any quarter.
10. We made strict black money rule...Demonetisation a great success... Hoarding black money is not an easy task now. November 8 should be celebrates as 'Corruption-Free Day'.
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What is a Forensic Audit?
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What is a Forensic Audit?
The examination a company’s financial records to derive evidence which can be used in a court of law is a Forensic Audit.
For example, Telemart, on the recommendation of its CFO, entered into a contract with RJ Inc for the supply of carts. RJ Inc was not authorized to conduct business as its license was suspended due to certain irregularities in taxes paid. The CFO had knowledge about this still it recommended and made Telemart enter into a contract with RJ Inc for his vested interest.
A forensic audit can reveal such cases of fraud.
*Why is a forensic audit conducted?*
Forensic audit investigations that are made for several reasons, including…
*Corruption*
In Forensic audit, while investigating fraud, auditor would look out for:
*Conflicts of interest* – When fraudster used his/her influence for personal gains detrimental to company. For example, if a manager allows and approves inaccurate expenses of employee with whom he has personal relations. Even though the manager is not benefitted from this approval but he is likely to receive personal benefits after making such inappropriate approvals.
*Bribery* – As the name suggest offering money to get things done or influence a situation one’s favour would be bribery. For example, Telemith bribing an employee of Technosmith company to provide certain data so that Tender offer to Technosmith can be made accordingly by Telemith.
*Extortion* – In above example, if Technosmith demands money so as to award Tender to Telemith then it would amount to extortion
*Asset Misappropriation*
This is the most common and prevalent fraud carried out by fraudsters. Misappropriation of cash, raising fake invoices, payments made to non existing suppliers or employees, misuse of assets or theft of Inventory are few examples of such asset misappropriation.
*Financial statement fraud*
Companies get into such type of frauds so as to show a better performance of the company than what it is actually. This is done so as to improve liquidity or ensure top management keep earning the bonuses or due to market pressure on performance.
Some examples of such frauds are – Intentional forgery of accounting records; omitting transactions – either revenue or expense transactions, non disclosures of relevant details from the financial statements; or not applying the requisite financial reporting standards.
*Procedure for a forensic audit investigation*
A forensic auditor is required to have specialist training so that he can understand the legal framework and also has the knowledge of forensic audit techniques.
Forensic audit has few additional steps that need to be performed apart from regular audit procedures.
The steps would be:
*Plan the investigation* – When the client hires a Forensic auditor, the auditor is required to understand what is required to be achieved. For example, the client would be suspecting of fraud in terms of quality of raw material supplied. In such scenario the forensic auditor will plan investigation accordingly.
Forensic auditor needs to achieve the objectives such as:
_Identify the fraud if any is being carried out;_
_Time period for which this fraud has been conducted in the organisation_
_How the fraud has been concealed so far?_
_Identify the fraudsters_
_Quantify the loss suffered due to this fraud_
_Gather relevant evidence that is admissible in the court_
_Suggest measures that can prevent such frauds in the company in future_
*Collecting Evidence* – Forensic auditor is required to understand the possible type of fraud that has been carried out, and how it has been committed. The evidence so collected should be adequate enough to prove the identity of the fraudster/(s) in the court, the technicalities of the fraud scheme, the amount of financial loss suffered and parties effected.
Having the technical knowledge in collecting evidence that can be used in a court case is important. It is also important to keep clear sequence of custody until the evidence is presented in court. A logical flow of evidence helps in understanding the fraud and evidence presented in a better manner. If the same is not done then the evidence can be challenged in court, or the court would not admit it.
Investigators are required to be alert to ensure that the evidences & documents so collected do not get damaged or destroyed by the suspect(s).
*Common techniques used for collecting evidence in a forensic audit*
*Substantive techniques* – For example doing a reconciliation, review of documents etc
*Analytical procedures.* These procedures help in comparing trends over a certain time period or to get comparatives among segments
*Applying computer assisted audit techniques*
*Understanding internal controls and testing them so as to understand the loopholes which allowed fraud perpetrated.*
*Interviewing* the suspect, observing him/her is necessary so as to collect sufficient evidence and make the fraudster admit his/her fraud.
*Reporting* – A report is required so that it can be presented to client about the fraud. The report would have the findings of the investigation done, evidence so collected in summarised form, loopholes that caused the fraud and how internal controls can be improved to prevent such frauds in future. The report needs to be presented to client so that they can proceed to file a legal case against fraudster.
*Court Proceedings* – Investigations done by auditor would obviously lead to legal proceedings against suspected fraudster. The team that carried out the Forensic audit need to be presented during the court proceedings as they would be required to explain the evidence collected and how suspect was identified. They are required to simplify the complex accounting issues and explain in layman language so that people who have no understanding about the accounting terms can also understand the fraud that was carried on by the suspect.
To summarize, a forensic audit is a _detailed engagement_ which requires expertise of not only accounting and auditing procedures but also _expert knowledge and experience_ about the legal framework. A Forensic auditor is required to have understanding of various frauds that can be carried out and also how the evidence needs to be collected. Having a understanding of legal framework and ability to face the court and the stress put in by defence counsel is also required.
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CBEC clarifies issues related to Furnishing of Bond/Letter of Undertaking for Exports [Read Circular]
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CBEC clarifies issues related to Furnishing of Bond/Letter of Undertaking for Exports [Read Circular]
Read more at: http://www.taxscan.in/cbec-clarifies-issues-related-furnishing-bondletter-undertaking-exports/11746/
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CBEC Relaxes Norms for Exports under GST: Exporters can Furnish LoU instead of Bond without Threshold Limit [Read Notification]
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CBEC Relaxes Norms for Exports under GST: Exporters can Furnish LoU instead of Bond without Threshold Limit [Read Notification]
Read more at: http://www.taxscan.in/cbec-relaxes-norms-exports-gst-exporters-can-furnish-lou-instead-bond-without-threshold-limit/11742/
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PIL in SC challenges the Provisions of Finance Acts for Supporting Political Funding [Read Petition]
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PIL in SC challenges the Provisions of Finance Acts for Supporting Political Funding [Read Petition]
Read more at: http://www.taxscan.in/pil-sc-challenges-provisions-finance-acts-supporting-political-funding/11733/
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No Addition If the Lands Transferred by Holding Company are treated as ‘Stock-in-Trade’ by Subsidiary Companies: ITAT [Read Order]
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No Addition If the Lands Transferred by Holding Company are treated as ‘Stock-in-Trade’ by Subsidiary Companies: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-addition-lands-transferred-holding-company-treated-stock-trade-subsidiary-companies-itat/11714/
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7 days Time Limit for removing defects in Application for Initiation of Corporate Insolvency Resolution Process is not Mandatory: SC [Read Judgment]
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7 days Time Limit for removing defects in Application for Initiation of Corporate Insolvency Resolution Process is not Mandatory: SC [Read Judgment]
Read more at: http://www.taxscan.in/7-days-time-limit-removing-defects-application-initiation-corporate-insolvency-resolution-process-not-mandatory-sc/11739/
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*GST Updates*
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*GST Updates*
37/2017-Central Tax,dt. 04-10-2017
Notification on extension of facility of LUT to all exporters issued.
Notification on extension of facility of LUT to all exporters issued.
Now all Exporters can use LUT Mode than Bond Option.
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# *GST*: CMP-04 application for withdrawal from composition levy has been activated on the GST portal.
# *GSTN* is not charging Fee for late filing of Form GSTR-3B for the m/o AUG 2017.
# *CBDT* issues Order U/s 119 for conducting assessments proceedings electronically in time-barring scrutiny cases during FY2017-18: Instruction No.8/2017, dt.29.09.2017.
# *IBBI*: The Insolvency & Bankruptcy Board of India has notified the IBBI (Information Utilities) (Amendment) Regulations, 2017.
# *NCLT* has issued an Order w.r.t transfer of pending cases pertaining to Oppression & Mis-management filed under Section 397 & 398 of the CA, 1956 and / or Section 241-242 of the CA, 2013.
# *IT*: Jurisdiction of AO - The PAN follows the jurisdiction. It is not the jurisdiction that follows the PAN – Capstone Securities Analysis Pvt. Ltd. Vs DCIT (2017 (10) TMI 48 - ITAT Pune).
# *NIA*: Dishonor of cheque - Is "an Insolvent" immune from criminal prosecution arising out of dishonour of cheque? - Held No – S. Soundappan, M. Sivaji Vs Sri Pathy Fashions & Ors (2017 (10) TMI 31 - Madras High Court).
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Quick Reference to "Company Secretary".
Legal Provision:-
Section 2(24), 2(25), 2(51), 203, 205, of Companies Act, 2013.
Rule 8A of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Company Secretaries Act, 1980.
Points:-
1. In simple words, Company Secretary means A Member of Institute of Company Secretaries of India.
2. Membership is either Associate Member (ACS) or Fellow Member (FCS).
3. ACS is the first membership of ICSI and if that person completed 5 years from date of ACS membership then he/she can apply for fellow member.
4. PCS i.e. Practising Company Secretary must have membership number plus Certificate of Practice ( COP number). He must be in full time practice.
5. Any Company having paid up capital of ₹ 5 cr or more should have whole time cs in employment.
6. Company Secretary is considered as Key Managerial Personnel.
7. The Secretarial Audit can done by PCS only.
8. Form DIR-12 and MGT-14 is required to file for appointment of CS in Company.
9. Basically, Company Secretary is the Compliance officer. He has to ensure about Compliance of Companies under various Acts, rules etc.
10. A Company Secretary must not hold office in more than one Company except in its subsidiary Company at the same time.
11. The Form MR-1 is not required to filed for appointment of Company Secretary.
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E-Tickets from IRCTC are exempted from Service Charge till March 2018
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E-Tickets from IRCTC are exempted from Service Charge till March 2018
Read more at: http://www.taxscan.in/e-tickets-irctc-exempted-service-charge-till-march-2018/11721/
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*CBDT* has issued an instruction no. 8/2017 dated 29th September’2017 - CBDT's instruction to conduct e-assessments for time-barring scrutiny cases
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*CBDT* has issued an instruction no. 8/2017 dated 29th September’2017 - CBDT's instruction to conduct e-assessments for time-barring scrutiny cases
*DVAT:* Date of filing of reconciliation return in Form 9 (CST) for the year 2016-17 has been extended upto 31.12.2017 vide Circular No. 16 dated 29.09.2017.
*Case Study:* IGST on Services Provided to Head Office abroad challenged in HC - DBS Bank Limited India Branches Vs Union of India & Anr (Delhi High Court)
*Case Study:* No Section 12AA Registration cancellation for non-start of charitable or religious activity - CIT vs. Shreedhar Sewa Trust (Allahabad High Court)
*Due Dates for October Month*
*Income Tax*
*07.10.17* - TDS/TCS Challan
*15.10.17* - TCS Return
*31.10.17* - TDS Return
*31.10.17* - Income Tax Return Any type Audit Cases.
*15.10.17* - ESI & PF
*Income Tax*
*07.10.17* - TDS/TCS Challan
*15.10.17* - TCS Return
*31.10.17* - TDS Return
*31.10.17* - Income Tax Return Any type Audit Cases.
*15.10.17* - ESI & PF
*GST*
*20.10.17* - GSTR - 3B for the month September.
*10.10.17* - GSTR-1 for the month of July.
*31.10.17* - GSTR-2 for the month of July.
*18.10.17* - Quarterly Return for Composition Dealers.
*31.10.17* - TRAN-1
31.10.17 - Migration to GST Regime
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*20.10.17* - GSTR - 3B for the month September.
*10.10.17* - GSTR-1 for the month of July.
*31.10.17* - GSTR-2 for the month of July.
*18.10.17* - Quarterly Return for Composition Dealers.
*31.10.17* - TRAN-1
31.10.17 - Migration to GST Regime
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*Updates*
➡1. MCA to integrate name reservation with SPICe e-form under Companies Act, 2013
➡2. Listed Cos. get breather from SEBI; implementation of debt default guidelines deferred
➡3. SEBI changes reporting norms for Category III Alternative Investment Funds
➡4. CBEC releases FAQs on queries related to GST rates.
➡5. Govt. extends due date for filing Form GST CMP-03 to October 31, 2017
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E-Way Applicability Date*
There is lot of Confusion in the Market regarding E-Way Bill. I want to bring to your notice that only the Rules Regarding E-Way Bill have been Finalised. The Date from which E-Way Bills will be applicable has not yet been Notified. So I request you to be relaxed.
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Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme under Sec 35AC [Read Judgment]
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E-Way Applicability Date*
There is lot of Confusion in the Market regarding E-Way Bill. I want to bring to your notice that only the Rules Regarding E-Way Bill have been Finalised. The Date from which E-Way Bills will be applicable has not yet been Notified. So I request you to be relaxed.
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Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme under Sec 35AC [Read Judgment]
Read more at: http://www.taxscan.in/gujarat-hc-upholds-vires-provision-denying-deduction-payments-eligible-project-scheme-sec-35ac/11669/
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CBEC prescribes Jurisdiction of Officers for Customs Appeals [Read Notification]
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CBEC prescribes Jurisdiction of Officers for Customs Appeals [Read Notification]
Read more at: http://www.taxscan.in/cbec-prescribes-jurisdiction-officers-customs-appeals/11665/
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Retail Sale Price declared on the Footwear Package is inclusive of GST: Govt Clarifies Queries on GST Rates
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Retail Sale Price declared on the Footwear Package is inclusive of GST: Govt Clarifies Queries on GST Rates
Read more at: http://www.taxscan.in/retail-sale-price-declared-footwear-package-inclusive-gst-govt-clarifies-queries-gst-rates/11682/
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CBEC Notifies New Duty Drawback Rules applicable from October [Read Rules]
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CBEC Notifies New Duty Drawback Rules applicable from October [Read Rules]
Read more at: http://www.taxscan.in/cbec-notifies-new-duty-drawback-rules-applicable-october-read-rules/11673/
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Rent from Hoardings received by Co-Operative Housing Society is taxable as ‘House Property Income’: ITAT Ahmedabad [Read Order]
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Rent from Hoardings received by Co-Operative Housing Society is taxable as ‘House Property Income’: ITAT Ahmedabad [Read Order]
Read more at: http://www.taxscan.in/rent-hoardings-received-co-operative-housing-society-taxable-house-property-income-itat-ahmedabad/11704/
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Quick Reference to " Few Common & Basic things related to a Company law/Answer to the Common question ( Mixed)"
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Quick Reference to " Few Common & Basic things related to a Company law/Answer to the Common question ( Mixed)"
1. The Annual Return Form in FC-4 should be filed within 60 days from end of F.Y. by foreign Company.
2. Payment of ₹ 1 lakh Deposit for Right of persons other than retiring directors to stand for directorship is not applicable for Private Company.
3. SPICe mode of Incorporation is not applicable for Producer Company.
4. The Unlimited Company is not eligible for Conversion into limited Company by guarantee or shares if networth is negative.
5. Entrenchment provision in AOA means making alteration in AOA more difficult to protect the minority.
6. Voluntary Conversion of OPC to pvt co or pub co. Does not require Form INC-5.
7. Form NCLT-1 is required to file for Application to cancel variation of rights under section 48 (2) of Companies Act, 2017.
8. No business cannot be transacted for which notice was not provided.
9. Unintentional omission of notice to auditors does not invalidate the general meeting.
10. Adjournment of Meeting is different from Postponement of Meeting.
11. E-Voting facility is not mandatory for Company whose Debenture or Preference shares are only listed.
12. Company cannot issue Irredeemable Preference Shares.
13. Form PAS-4 and PAS-5 is not applicable for Rights issue of shares.
14. Ordinary Resolution is Sufficient for Issue of Further Shares under Employee Stock options in case of Private Company.
15. A Call can be made by liquidator in case of Winding up of the Company.
16. Lien on shares does not leaf to reduction of Capital.
17. NCLT confirmation is not required for alteration of capital under section 61 of Companies Act, 2013.
18. Debenture Certificate should be issued within 6 months from allotment of Debentures.
19. Employee or Officer of the Company cannot become statutory auditor of that Company.
20. A Mortgage can only created by Act of Parties and not by operation of law.
21. The Indemnity Bond is mandatory attachment for striking off the Company by its own motion in form STK-2.
22. DRR is not mandatory to create for Banking Companies.
23. Loan taken from Public financial institutions is not considerd as Deposit.
24. The Provisions of Filling of Casual vacancy for a directors is not applicable for Private Company.
25. The Managing Director can continue as a manager even though he ceases to be a director.
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GST: Only 11% Traders Have Filed GSTR-3B in UP
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GST: Only 11% Traders Have Filed GSTR-3B in UP
Read more at: http://www.taxscan.in/gst-11-traders-filed-gstr-3b/11662/
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GST crashes even money lenders’ usurious rates
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GST crashes even money lenders’ usurious rates
https://gstindiaguide.com/gst-crashes-even-money-lenders-usurious-rates/
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UAE Excise Tax: Violation of Tax Laws would Attract Penalties & Fine
Read more at: http://www.taxscan.in/uae-excise-tax-violation-tax-laws-attract-penalties-fine/11658/
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Why govt should reduce GST tax slabs to 4 per cent, 16 per cent & 24 per cent
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Why govt should reduce GST tax slabs to 4 per cent, 16 per cent & 24 per cent
https://gstindiaguide.com/view-govt-reduce-gst-tax-slabs-4-per-cent-16-per-cent-24-per-cent/
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GST, imports dampen paper manufacturing
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GST, imports dampen paper manufacturing
https://gstindiaguide.com/gst-imports-dampen-paper-manufacturing/
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Govt, GST Council open to reconsidering decisions: Revenue Secretary
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Govt, GST Council open to reconsidering decisions: Revenue Secretary
https://gstindiaguide.com/govt-gst-council-open-reconsidering-decisions-revenue-secretary-hasmukh-adhia/
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GST delays procurement of gadgets for TVMCH
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GST delays procurement of gadgets for TVMCH
https://gstindiaguide.com/gst-delays-procurement-gadgets-tvmch/
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Forwarded as received -
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Forwarded as received -
*जीएसटी में कैसी-कैसी व कितनी-कितनी है पेनाल्टियाँ*
_*न हि कश्चिद् आचारः सर्वहितः संप्रवर्तते । ( कोई भी नियम नहीं हो सकता जो सभी के लिए हितकर हो ) — महाभारत*_
_आश्चर्य होता हैं जब सभी लोगों की खीझ सिर्फ रिटर्न्स की आवर्ती एवं पोर्टल की परेशानी को लेकर हैं। शायद यह वर्तमान परिपेक्ष्य में सही भी हो और शायद सामूहिक हित के अनुकूल भी हो। किन्तु जब जीएसटी कानून की कठिनतम पेनाल्टी का अध्यन करते हैं, तो ये परेशानियां व्यक्तिगत हित एवं भविष्य के परिपेक्ष्य में बौनी लगती हैं।_
_विषय को सरलतापूर्वक समझने के उद्देश्य से इन्हें इनकी प्रकृति अनुसार 7 भागों में बाँटकर, हिंदी अनुवाद एवं अंग्रेजी दोनों के मिश्रित रूप में देने का प्रयास हैं।_
पेनल्टी की प्रकृति:
*1.छोटी-छोटी गलतिया व चोरियों के लिए पेनाल्टी (Penalties for Small Offences),*
*2.रिटर्न से सम्न्बंधी पेनाल्टी (Penalties Relating to Returns),*
*3.नियमित रिटर्न के अलावा अन्य स्टेटमेंट / रिपोर्ट्स से सम्न्बंधी पेनाल्टी (Penalties for Other Statements etc.),*
*4.माल परिवहन से सम्बंधित पेनाल्टी (Penalties Relating to Transportation),*
*5.माल व वाहन जब्ती संबंधी दण्ड व प्रावधान (Provisions Relating to Seizure of Goods and Vehicles),*
*6.कर-चोरी संबंधी अपराध के सम्बन्ध में (Heavy Penalties relating to Tax Evasion) व*
*7.सरकारी अधिकारियों / कर्मचारियों व उनके सहयोगियों के विरूद्ध दण्ड आदि (Offences by Government Authorities and their Associates).*
_रिटर्न लेट भरने या नहीं भरने की पेनाल्टी दिखने में अधिकतम रू. 5,000/- ही लेकिन कुल 37 रिटर्न भरने होंगे, तो यह पेनाल्टी प्रत्येक रिटर्न के लिए है. यानिकी सभी 37 रिटर्न के लिए पेनाल्टी अधिकतम रू. 1,85,000/- तक हो सकती है, अत: इसे ढंग व गहराई से समझे तथा इससे बचने के लिए अपने-आप को अनुशासित करने का भी प्रयास करे._
_इस मामले में एक और विचारणीय विषय है कि इनमे से कुछ पेनाल्टी आटोमेटिक (Automatic Penalty) है जिसके लिए न तो कोई सुनवाई का मोका मिलेगा और न ही कोई नोटिस आयेगा. जबकि कई बड़ी पेनाल्टी ऐसी है जिनके लिए बाकायदा नोटिस भी आयेगा और सुनवाई का मोका (Opportunity of Hearing) भी मिलेगा. हालाकि इस विषय पर यहाँ चर्चा नहीं की जा रही है._
*(1)छोटी-छोटी गलतिया व चोरियों के लिए पेनाल्टी*
*Section 122 (1)*
(i)बिना इनवॉइस जारी किये या गलत / झूठा इनवॉइस जारी कर माल या सेवा या दोनों की सप्लाई करना- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher.
(ii)बिना माल या सेवा या दोनों की सप्लाई किये इनवॉइस जारी करना- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher.
(iii)वसूल किये गए टैक्स को due तारीख से 3 महीने तक भी जमा नहीं कराने पर- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher.
(iv)गलत व गेर-कानूनी वसूल किये गए टैक्स को due तारीख से 3 महीने तक भी जमा नहीं कराने पर- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher.
(v)स्रोत्र पर टैक्स की कटोती (TDS) नहीं करना, कम कटोती करना व कटोती करके समय पर जमा नहीं कराना- Rs. 10,000/- or the tax not deducted or short deducted or deducted but not paid to the Government, whichever is higher.
(vi)स्रोत्र पर टैक्स का कलेक्शन (TCS) नहीं करना, कम कलेक्शन करना व कलेक्शन करके समय पर जमा नहीं कराना- Rs. 10,000/- or tax not collected under section 52 or short collected or collected but not paid to the Government, whichever is higher.
(vii)बिना माल व सेवा प्राप्त किये गलत इनपुट क्रेडिट लेना- Rs. 10,000/- or input tax credit availed of or passed on or distributed irregularly, whichever is higher.
(viii)धोखे व गलत तरीके से रिफंड लेना- Rs. 10,000/- or the refund claimed fraudulently, whichever is higher
(ix)गलत इनपुट क्रेडिट लेना- Rs. 10,000/- or input tax credit availed of or passed on or distributed irregularly, whichever is higher.
(x)टैक्स चोरी की नियत से फर्जी दस्तावेज तैयार करना, झूठी सूचना देना व झूठा / गलत रिटर्न भरना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xi)जबावदारी के बावजूद जीएसटी में रजिस्ट्रेशन नहीं लेना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xii)जीएसटी में रजिस्ट्रेशन व रजिस्ट्रेशन में संशोधन के लिए झूठी सूचना देना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xiii)किसी सक्षम सरकारी अधिकारी की कर्तव्य पालन में गतिरोध पैदा करना- Rs. 10,000/-
(xiv)बिना पर्याप्त दस्तावेज के कर योग्य माल का ट्रांसपोर्टेशन करना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xv)कर चोरी की नियत से टर्नओवर को छिपाना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xvi)नियमानुसार लेखा-पुस्तके नहीं रखना- Rs. 10,000/-
(xvii)किसी सक्षम सरकारी अधिकारी द्वारा माँगने पर दस्तावेज या सूचना नहीं देना या गलत दस्तावेज या सूचना देना- Rs. 10,000/-
(xviii)जीएसटी क़ानून में जब्ती लायक कोई भी माल की सप्लाई, स्टोर या परिवहन करना- Rs. 10,000/- or amount of the tax evaded, whichever is higher
(xix)किसी ओर के GSTIN से बिल (इनवॉइस) जारी करना- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher
(xx)किसी भी दस्तावेज नष्ट करना या साक्ष्य से छेडछाड़ कर सबुत मिटाना- Rs. 10,000/-
(xxi)किसी भी जब्तीसुदा या कुड़क सुदा माल से छेडछाड़ करना साबुत मिटाना- Rs. 10,000/- or an amount equivalent to the tax evaded, whichever is higher
*Section 122(2)*
(a)धोखा-धड़ी व कर-चोरी के मामलों को छोड़कर, वसूल किये गए टैक्स को जमा नहीं कराना या कम जमा कराना या गलती से रिफंड या इन-पुट क्रेडिट लेना- Rs. 10,000/- or 10% of the tax due from such person, whichever is higher
(b)धोखा-धड़ी से व कर-चोरी के इरादे से, वसूल किये गए टैक्स को जमा नहीं कराना या कम जमा कराना या रिफंड या इन-पुट क्रेडिट लेना- Rs. 10,000/- or the 100% tax due from such person, whichever is higher
*Section 122(3)*
(a)उपरोक्त धारा 122(1) वर्णित अपराधो में साथ व शह देना- Max. Rs. 25,000/-
(b)किसी भी जब्ती लायक माल के सम्बन्ध में किसी भी तरह का व्यवहार करना जेसे- परिवहन करना, सप्लाई करना , छिपाना, हटाना, खरीदना या बेचना आदि- Max. Rs. 25,000/-.
(c)जीएसटी क़ानून के विरूद्ध जानबूझकर किसी भी माल के सम्बन्ध में किसी भी तरह का व्यवहार करना जेसे- खरीदना या बेचना आदि- Max. Rs. 25,000/-.
(d)बुलाये जाने पर किसी भी सक्षम अधिकारी के समक्ष उपस्थित नहीं होना या साक्ष्य पेश नहीं करना- Max. Rs. 25,000/-.
(e)क़ानून के अनुसार इनवॉइस जारी नहीं करना या जारी इनवॉइस का इन्द्राज नहीं करना- Max. Rs. 25,000/-.
*2.रिटर्न से सम्न्बंधी पेनाल्टी (Penalties Relating to Returns)*
*Section 123*- नियमित अलग-अलग 37 रिटर्न्स व स्टेटमेंट file नहीं करना. (सभी रिटर्न्स के लिए अधिकतम ऐसी पेनल्टी रू. 1,85,000/- - Rs. 100/- for each day of delay subject to maximum Rs. 5,000/- for each such return and statement.
_लेख की सीमा एवं रुचि को देखते हुए, बाकी नम्बर 3 से लेकर 7 तक कि पेनाल्टी का विवरण यहाँ नही दिया जा रहा है।_
अंत मे बात जहां महाभारत की उक्ति से आरंभ हुई थी वही किसी और उक्ति के साथ नमस्कार.
_न राज्यं न च राजासीत् , न दण्डो न च दाण्डिकः । स्वयमेव प्रजाः सर्वा , रक्षन्ति स्म परस्परम् ॥ ( न राज्य था और ना राजा था , न दण्ड था और न दण्ड देने वाला । स्वयं सारी प्रजा ही एक-दूसरे की रक्षा करती थी । )_
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