๐๐ปHigh Court refuses to extend last date for GST Annual Returns
(The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20)
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http://bit.ly/3swlBBJ
๐๐ปCBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme
(CBDT extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30)
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http://bit.ly/3sC0f6d
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LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court held that wife levelling allegations affecting career & reputation of Husband amounts to mental cruelty against him for seeking divorce.
✒ Delhi High Court held that no adverse orders to be passed by district courts if advocates does not appear physically..
✒ Delhi High Court asks DHCBA to arrive at consensus on nature of hearings.
✒ Madras High Court held that the arbitration Court not empowered to embark on fact-finding exercise while deciding application for setting aside Arbitral Award.
✒ Central Government tells Delhi High Court that No fundamental right of same-sex marriage, legal recognition can't be given by court.
✒ NCLAT held that the period for which the orders were reserved by the Adjudicating Authority on the application is justifiably required to be excluded while counting and computing the period of CIRP.
✒ Supreme Court held that Setting up an untenable plea should not in and by itself invite the penal consequences which emanate from the exercise of the contempt jurisdiction.
✒ Delhi Court extends interim protection from arrest granted to Shantanu Muluk in Toolkit case.
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⚫The Govt’s fiscal deficit soared to Rs 12.34 trillion, or 66.8%, of the Revised Budget Estimates at the end of January of the current fiscal year.
⚫The core sector index, which measures output of eight infrastructure industries, rose marginally by 0.1% in January, indicating a wobbly recovery from the pandemic shock.
⚫Gross fixed capital formation, a measure of investment demand, grew 2.6% in the third fiscal quarter. This is a sharp recovery after 6.7% contraction in Q2 & Q1.
⚫Govt extended Vivad Se Vishwas filing date to March 31. Payment date extended to April 30.
⚫The nationwide vaccination drive will be expanded to all citizens above 60 years of age, and those within the age bracket of 45 to 59 years with specified co-morbidities from March 1, 2021. The private sector hospitals will also be involved as vaccination centres to harness their potential to expand the vaccination capacities.
⚫India’s huge capacity to make vaccines is helping the country take on China in the battle to gain political influence across the developing world.
⚫The MCA has signed a MoU with the CBIC for exchanging data such as import/export transactions and financial statements of co's registered in the country.
⚫FM lauded the reform of faceless assessment for direct and indirect taxes, saying that tax terrorism will be a thing of the past. Now technology has been brought in a big way and we hope that no official will call you up and say come and meet me and bring something.
⚫Domestic airlines have seen 10-12% drop in bookings as state Govts have tightened measures to prevent the spread of Covid-19. West Bengal joined Maharashtra and Karnataka on insisting on negative RT-PCR tests for travellers from certain states in a move that has dampened sentiment. Passengers from Maharashtra and Karnataka will have to undergo 7 days' home quarantine in Tamil Nadu under the new rules. The Delhi government too is expected to order RT-PCR tests for passengers from affected states.
⚫The strategic sale of stake in state-run oil refiner BPCL, national carrier Air India and two units of steel producer SAIL are at an advanced stage as the Govt moves ahead with its privatisation push to improve public finances.
The Govt has also fixed a target to monetise assets worth Rs 17,000 crore by selling stakes in oil refiners GAIL, IOCL in the next financial year, as part of its plan to divest stakes.
*Current Affairs*
⚫The Govt announced new IT rules to curb misuse of social media platforms. It mandated firms to appoint grievance officer, and disclose the first originator of the mischievous information and remove it as early as possible but not later than 36hours. The rules also said that content depicting nudity or morphed pictures of women need to be removed within 24 hours.
⚫MoS for Finance informed the Lok Sabha that a total of 72 Indians charged with frauds or financial irregularities are currently abroad and efforts are being made to bring them back to the country.
⚫President's Rule was imposed in Puducherry by the Union Cabinet after a Congress-led Govt lost power in a vote of confidence.
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Ministry of Corporate Affairs
MCA & CBIC sign MoU for exchange of data for enhancing Ease of Doing Business in India and improve overall regulatory enforcement
Posted Date:- Feb 25, 2021
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of Shri Rajesh Verma, Secretary, MCA and Shri M. Ajit Kumar, Chairman, CBIC.
The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organisations are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilise state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.
The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
Technology and data will play a critical role going forward in fulfilling the Government’s vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision.
The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.
The MoU marks the beginning of a new era of cooperation and synergy between the two organisations.
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RM/KMN
Release Id :-1700715
๐๐ปL&T fined Rs 30 Cr in alleged Fake GST invoice case
(L&T had to deposit Rs 30 crore with the GST department after it was found to be allegedly involved in a fake invoicing case)
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http://bit.ly/2ZP6DL3
๐๐ปMinistry of Corporate Affairs and CBIC sign MoU Delhi for data exchange
(Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs signed a Memorandum of Understanding for data exchange between the two organisations)
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http://bit.ly/37P7VKc
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