Please note Return are getting filed without Aadhar Linking
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Recent RBI updates -
RBI Cuts Repo Rate By 35 BPS To 5.40%
Reverse Repo Rate Adjusts To 5.15%
MSF And Bank Rate Adjusts To 5.65%
Bank`s Esposure To Each NBFC Raised To 20% Of Bank Tier-I Capital
April-June 2020 CPI Inflation Projected 3.6%
October-March CPI Inflation Projectd At 3.5-3.7%
July - September CPI Inflation Projrcted At 3.1%
FY20 GDP Growth Target Cut To 6.9% Form 7%
Policy Stance Maintained At Accommodative
4 MPC Members Voted For 35 Bps Cut And 2 Voted For 25 Bps Cut
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DGGI unearths yet another fake billing racket of Rs 42 crore:
READ MORE- https://www.gststation.in/dggi-unearths-yet-another-fake-billing-racket-of-rs-42-crore/
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GST: City bicycle firms’ owners face tax heat:
READ MORE- https://www.gststation.in/gst-city-bicycle-firms-owners-face-tax-heat/
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Do RWAs need to pay GST on society fee?
READ MORE- https://www.gststation.in/do-rwas-need-to-pay-gst-on-society-fee/
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GST: Realty firms cheer RBI rate cut, expect banks to pass benefits:
READ MORE- https://www.gststation.in/gst-realty-firms-cheer-rbi-rate-cut-expect-banks-to-pass-benefits/
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Official figures of filing Annual Return and GST Audit as on 3rd August, 2019 is as follows:
GSTR-9 = 14,85,863
GSTR-9A = 4,33,148
Means Total Annual Returns filed till 3rd August 2019 is merely 19,19,011 out of about 1.3 Crore registered taxpayers.
Moreover, out of about 11,73,000 taxpayers who are requested to file GSTR-9C, merely 1% i.e 11,335 actually filed!
CBIC has instructed officers to outreach taxpayers and help them but failed to mention who will help those officers.😃
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👉CBDT extends Time Limit for processing of Income Tax Returns (ITRs) filed with refund claims up to AY 2017-18 till 31st December 2019.
👉Income tax department launches ‘E-Verify Return’ for e-Verification of ITR without login. The same can be accessed by clicking ‘E-Verify Return’ button on the home page under ‘Quick Links’
👉RBI announces 2 key measures to help Stressed NBFCs raise funds from banks:
>>First, RBI increased the ceiling for a bank’s exposure to a single NBFC to 20% of its Tier I capital from 15% earlier.
>>Second, it allowed Banks lending to NBFCs excluding Microfinance Institutions for on-lending to certain sectors like Agriculture, Micro and Small Enterprises, and Housing to be classified as Priority Sector Lending, up to specified limits.
👉Interest rates on loans are set to fall further & Loans set to get cheaper, with the RBI announcing a reduction in Repo Rate by an unconventional 35 Basis Points (100bps = 1 percentage point) to spur economic activity that has slowed down in recent months, while inflation has remained under check.
👉SEBI tightens the norms for pledging of shares by Promoters of Listed Companies. In its circular, SEBI directed every listed firm to disclose Detailed Reasons for pledging of shares by its promoters along with the amount of stake pledged within 2 days if the total amount of shares pledged by the promoter or the promoter group crosses 50% of the total stake held by the promoter or if it is more than 20% of the concerned company’s total share capital.
👉SEBI directs Commodity Exchanges to form a Product Advisory Committee (PAC) for each group or complex of commodities within a month to bring transparency in the designing process of Commodity Derivatives Contracts.
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State GST Act will continue in Jammu & Kashmir for the time being: Experts:
READ MORE- https://www.gststation.in/state-gst-act-will-continue-in-jammu-kashmir-for-the-time-being-experts/
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👉CBDT enhances the Monetary Limits for the filing of Appeals by the Income Tax Department at various Tribunals in order to Reduce Litigation. The monetary limit for an Appeal before the ITAT has been increased to Rs 50 Lakh from Rs 20 Lakh earlier. In case of High Courts, the limit has been doubled to Rs 1 Crore and in case of Supreme Court, the Revised Limit for Filing Appeal has been increased from Rs 1 Crore to Rs 2 Crore.
👉CBDT issues FAQs on filing ITRs with regard to reporting of Directorship in a Foreign Company and Equity Shares Held Outside India. Through FAQs, the CBDT also clarifies that reporting of Unlisted Shares received via way of Gift, Will or Amalgamation, and also assets held as 'Stock-In-Trade'.
👉CBDT comes out with a Detailed Procedure for Assessment of Start-Ups having Angel Tax Exemption. CBDT has now categorised Start-Ups into 3 Categories for Assessment Purposes.
👉To speed up the Resolution Process and also to get better value, the NCLT for the first time, allows the Resolution Professional (RP) to consolidate 13 of the 15 Videocon Group Companies into a Single Entity, citing similarity in their operations.
👉To help startups to move from the Innovators Growth Platform(IGP) of Stock Exchanges to the Main Board for Regular Trading, SEBI is planning a new set of norms to allow them to shift after 1 year of trading and expanding their shareholder base to at least 200. However, the regulator is of the view that if companies listed on the IGP are allowed to be traded in the regular category of main board without following a stringent criteria, it may be misused to bypass the rigorous route of coming up with a main board IPO .
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GST: Reason for under performance of revenues is not evasion:
READ MORE- https://www.gststation.in/gst-reason-for-under-performance-of-revenues-is-not-evasion/
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CBDT issues important circulars to:
• Clarify few issues regarding filling of ITRs for AY 2019-20 - http://lunawat.com/Uploaded_Files/Attachments/F_4341.pdf
• Enhance the monetary limits for filing appeals by Income Tax department - http://lunawat.com/Uploaded_Files/Attachments/F_4342.pdf
• Issue order u/s 119 to process time barred IT returns u/s 143(1) by 31.12.2019 with prior administrative approval of Pr. CCIT/ CCIT - http://lunawat.com/Uploaded_Files/Attachments/F_4344.pdf
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No angel tax inquiry into startups recognised by DPIIT or not without approval, says CBDT:
READ MORE- https://www.gststation.in/no-angel-tax-inquiry-into-startups-recognised-by-dpiit-or-not-without-approval-says-cbdt/
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👉🏻MCA names 4 domestic Auditors to restate IL&FS books
(MCA proposed to NCLT four auditing firms to restate the accounts of the crippled IL&FS and some of its subsidiaries to verify fraudulent transactions.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Km2RBI
👉🏻Income Tax dept relaxes assessment and scrutiny norms for start-ups
(No verification on such issues will be done by the AOs during the proceedings and the contention of such recognised start-up companies on the issue will be summarily accepted)
👇🏻 👇🏻 👇🏻
http://bit.ly/2OMS47O
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GST: India Inc seeks better transmission of policy rate cuts by banks:
READ MORE- https://www.gststation.in/gst-india-inc-seeks-better-transmission-of-policy-rate-cuts-by-banks/
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CGST department warns of strict action against tax evaders:
READ MORE- https://www.gststation.in/cgst-department-warns-of-strict-action-against-tax-evaders/
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Case Laws – Objection of the employees in case of the shifting of the registered office
Read more at: http://taxclue.in/objection-of-the-employees-in-case-of-the-shifting-of-the-registered-office/
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FMCG companies seek tax relief on dealer discounts to lift sales:
READ MORE- https://www.gststation.in/fmcg-companies-seek-tax-relief-on-dealer-discounts-to-lift-sales/
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Maharashtra tops in GST, contributes 15% of total collection in India:
READ MORE- https://www.gststation.in/maharashtra-tops-in-gst-contributes-15-of-total-collection-in-india/