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Taxation scene could change radically as India enters uncharted territory from April 1. Now taxman will begin looking into comprehensive, 360-degree profiles of Indian taxpayers. Life is now all set to change drastically for taxpayers whose spending patterns don't match their earnings declarations.
CBIC Member (Investigation) had recently said that between April and February 2018-19, GST evasion to the tune of Rs.20,000 crore was detected, of which Rs.10,000 crore was recovered. Officials estimate that evasion through fake and under-invoicing could be pegged at anywhere between one per cent and five per cent of collection.
SEBI asked the Indian stock exchanges to bar foreign portfolio investors who have failed to submit the names of beneficial owners to custodians. FPI assets worth $5 billion have been blocked on account of failure to adhere to the March 20 deadline of providing the aforementioned details.
NSE has issued circular to all Listed Companies to sensitize on the Filing of Information on Electronic Platform of NSE.
EPFO to provide calculation sheet at the time of PF withdrawal to reduce the confusion & grievances of the subscribers, it has been decided that calculation worksheet of provident fund withdrawal of each member is to be provided either on their registered mobile number or the Email ID provided in the claim form.
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Chartered Accountant guilty of Loan Fraud Case removed from ICAI Rolls
Read more at: https://www.taxscan.in/chartered-accountant-loan-fraud-icai/34479/
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👉Faced with the Big Challenge of tackling Fake Invoicing in GST regime, CBIC officials are looking at Different Strategies to curb this menace and shore up Revenue Collections. CGST and SGST officials are also looking at use of data analytics from the GST Network for variation in returns, variation in e-way bills and are also looking at trends in various sectors to understand where such evasion is taking place
👉With an aim to thwart financial frauds, SEBI seeks Greater Powers to conduct Inspection of Books of Accounts and Financial Records of Listed Companies for contravention of any Securities Law and also to take direct action against the fraudsters. Besides, SEBI also proposes a heavy penalty for altering, destroying, mutilating, concealing or falsifying records and documents or other tangible objects with an intent to obstruct, impede or influence a legal investigation.
👉SEBI plans to bring down the minimum lot for Trading and IPO Application for Real Estate Investment Trusts (REITs). The minimum trading lot could be brought down to Rs 50,000, while minimum IPO application amount could be reduced to Rs 1 lakh.
👉India's Gold Imports dipped about 5.5% in value terms to $29.5 Billion in April-February 2018-19, which is expected to keep a lid on the Current Account Deficit. Total gold imports in the corresponding period of 2017-18 stood at $31.2 Billion. Softening Gold Prices in Global Markets seen as the reason for the contraction in imports.
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📒CONDITIONS TO CLAIM COMPOSITION SCHEME FOR SERVICES
🌴 Turnover in Previous Year (i.e. FY 2018-19) should be Rs. 50 lacs or below.
🌴 Not opted for composition under section 10(1) of CGST Act.
🌴 Not engaged in making any supply which is not leviable to tax under GST.
🌴 No Inter-State Supply.
🌴 Neither a Casual Person nor a Non-Resident Taxable Person.
🌴 Cannot make supply through E-Commerce who is required to collect TCS u/s 52.
🌴 More than one registrations taken on same PAN then all registered persons should pay tax @6%.
🌴 No Tax shall be collected from the recipient.
🌴 No ITC available.
🌴 ‘BILL OF SUPPLY’ shall be issued instead of Tax Invoice.
⛳ Following shall be mention at the top of bill of supply:
🌴 Taxable person paying tax in terms of notification No. 2/2019-Central Tax (Rate) dated 07.03.2019, not eligible to collect tax on supplies.
🌴 Paying tax under this notification then he is required to pay tax @6% on all types of supplies of goods or services or both notwithstanding any other notification issued under sub-section (1) of section 9 or under section 11 of said Act.
🌴 To pay RCM on inward supplies under sub-section (3) or sub-section (4) of section 9 of said Act at the applicable rates.
🌴 Value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account for computing aggregate turnover in order to determine limit of 50 Lakhs.
🌴 Not engaged in making supply of goods i.e. Ice-Cream, Pan Masala and Tobacco.
🌴 This notification shall come into force on the 1stday of April, 2019.
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👉🏻Income Tax Dept will compile profiles on taxpayers from 1st April
(The department will collect information on taxpayers, including relationships, social networking, ITR status and asset details)
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https://goo.gl/x6sXP5
👉🏻SC takes strong note of non-disclosure of banks' inspection reports by RBI
(SC took strong note of non-disclosure of the annual inspection report of banks by the RBI under the Right to Information Act)
👇🏻 👇🏻 👇🏻
https://goo.gl/b8nmNm
