GST Evasion of Rs. 100 crores detected in Saurashtra
Read more at: http://www.taxscan.in/gst-evasion-100-crores-saurashtra/30862/
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Hotels to be Assessed for Additional Income collected as Service Charges: CBDT [Read Circular]
Read more at: http://www.taxscan.in/hotels-additional-income-service-charges-cbdt/30886/
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👉The Finance Ministry seeks Inputs from Different Central Ministries by Nov 30, for Arun Jaitley's Budget Speech, which would be the last budget of the current BJP-led NDA Govt before the 2019 general polls. Last month, the Ministry began the budgetary exercise.
👉The Investigation Wing working under the Ministry of Finance has detected a scam of Rs 29,088 Crores in 1,835 tax cases in this financial year from April to October 2018. Out of this, GST evasion of Rs 4,562 crore has been detected by the Directorate General of GST Intelligence (DGGI) in 571 cases.
👉The GST department in Ahmedabad detected a tax evasion of Rs 100 crore worth of Fake Billing Racket from Gondal town in Saurashtra.
👉After the Income Tax department, the Ministry of Corporate Affairs (MCA) to review & ask Investors about the premium they have paid in startups. The MCA has issued notices to 2,000 startups that have raised money since 2013. The Ministry is questioning the valuations at which these startups raised funds and focusing on those firms whose valuations have fallen after the initial round of fundraising.
👉Urban Co-Operative Banking Sector is irked & miffed at the RBI’s Draft Guidelines on Board of Management, which makes the constitution of such a Board Mandatory to get regulatory approval for expansion of area of operation and opening of new branches
👉NSE excludes Shares of PTC India from Futures & Options (F&O) trading from February 1, 2019
👉SEBI begins probe into DSP Mutual Fund’s sale of DHFL bonds in September
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Tax Practitioners Assn moves HC against Incentives for Pro-department Rulings
Read more at: http://www.taxscan.in/tax-practitioners-hc-incentives-pro-department/30786/
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GST Legal updates:
1. National Anti-Profiteering Authority- Restaurant Services- The Respondent has resorted to profiteering by charging more price from the customers by issuing incorrect tax invoices. Accordingly, he has committed an offence u/s 122 (1)(i) of the CGST Act and a SCN is issued on him. Held, the Respondent is directed to reduce the prices keeping in view the reduced rate of tax and benefit of Input Tax Credit availed by him.
2018-VIL-11-NAA.
2. Confiscation of goods- The petitioner is aggrieved as the Assistant State Tax Officer refused to release the goods on the ground that petitioner has to pay tax and penalty through cash or Demand Draft. It was held that under GST regime, everything is made online with minimum manual interventions. The insistence of the officer is out of tune with the very spirit of GST regime and has been asked to release goods and vehicle forthwith.
2018-VIL-516-KER
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Income tax department said quoting of father’s name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent.
All companies have to file half yearly statement with MCA for all payments outstanding for more than 45 days of MSME supplier of goods and services.
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SEBI has allowed promoters to make counter offer to shareholders of companies that are planning to delist from stock exchanges, a move aimed at plugging loopholes in the current method. The SEBI has put in place a system for price discovery according to the reverse book building (RRB) method, along with considering counter offers of promoters.
RBI will inject Rs 80 billion into the system through purchase of government securities. Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of the following government securities under Open Market Operations for an aggregate amount of Rs 80 billion.
