Odds may stack up against GST on lotteries at Council meet on Friday:
READ MORE- https://www.gststation.in/odds-may-stack-up-against-gst-on-lotteries-at-council-meet-on-friday/
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GST has led to inequity in tax treatment of Indian shipping cos vs their foreign counterparts:
READ MORE- https://www.gststation.in/gst-has-led-to-inequity-in-tax-treatment-of-indian-shipping-cos-vs-their-foreign-counterparts/
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👉Finance minister Nirmala Sitharaman reviews the Current Economic Situation with all Sectoral Regulators and held discussions on the forthcoming budget at the Financial Stability and Development Council (FSDC) meeting.
👉CBIC introduces Manual Checks in IGST Refunds for preventing Unscrupulous Exporters from Defrauding Exchequer. CBIC has recently instructed its Customs and GST formations to verify the correct availment of input tax credit (ITC) by few exporters who are perceived as “risky” on the basis of pre-defined risk parameters.
👉MCA informs that the facility to file the E-ACTIVE forms have been temporarily stopped to complete tagging of non-compliant companies and Directors. However, the same shall be restored soon with a facility to file with fees, the Ministry said in a statement.
👉SEBI’s recommendations to make it mandatory for Sub-Funds with Segregated Portfolios to take separate FPI registrations have invited Strong Opposition from Foreign Portfolio Investors (FPIs). They fear such a move could compel them to liquidate their holdings, incur huge costs, and potentially disrupt the Indian stock market.
👉SEBI moves Supreme Court over jurisdiction issues with NCLT. It has approached SC after the SEBI & NCLT passed separate orders under the SEBI Act and the Insolvency and Bankruptcy Code (IBC), respectively, on Collective Investment Schemes (CIS), in the case of HBN Dairies and Allied Ltd.
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GST: Customs officials likely to get more powers:
READ MORE- https://www.gststation.in/gst-customs-officials-likely-to-get-more-powers/
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👉🏻MCA may amend LLP Act to keep check on shell companies
(In an attempt to keep a check on shell companies, MCA may amend the LLP Act to tighten regulation for companies which seek to change their status to LLP)
👇🏻 👇🏻 👇🏻
http://bit.ly/2x6rawa
👉🏻SEBI sets new rules for applicant confidentiality in resolution process
(SEBI has set various grounds on the basis of which an applicant can be assured confidentiality while filing a plea under the settlement mechanism)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XmbOCt
👉🏻ED arrests two former IL&FS executives in money laundering probe
(ED has arrested two former executives in connection with its money laundering probe in the IL&FS alleged financial irregularities case)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IrCObj
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GST: Realty firms post robust sales despite sectoral slowdown in FY19:
READ MORE- https://www.gststation.in/gst-realty-firms-post-robust-sales-despite-sectoral-slowdown-in-fy19/
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Govt will take steps for further simplification of GST: President Kovind:
READ MORE- https://www.gststation.in/govt-will-take-steps-for-further-simplification-of-gst-president-kovind/
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# Upcoming Due Date:
29-06-2019 - One time DPT-3 return
- Filing of ITC-04 for Jul 2017 to March 19.
- Form 24Q for F.Y. 2018-19.
– DIR-3KYC, Annual DPT 3
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Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds:
READ MORE- https://www.gststation.in/govt-identifies-5106-risky-exporters-who-fraudulently-claimed-gst-refunds/
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CMD held for fake GST refund claims of over ₹11 crore:
READ MORE- https://www.gststation.in/cmd-held-for-fake-gst-refund-claims-of-over-%e2%82%b911-crore/
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GST Evasion Racket Busted In Uttar Pradesh, 4 Held:
READ MORE- https://www.gststation.in/gst-evasion-racket-busted-in-uttar-pradesh-4-held/
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35th GST Council Meeting Updates
1. Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee – decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5%
2. Anti-profiteering mechanism which was to end on 30.06.2019 has been extended for another 2 years till 2021.
3. If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.
4. Annual Return (GSTR 9 / 9A) and Audit (GSTR 9C) has been extended from 30.06.2019 to 31.08.2019
5. Registration process simplified by using Aadhar back bone
6. Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.
7. E-ticketing for multi-plexes approved
8. Major discussion took place on how to control Fake / bogus billing - details awaited.