⚫India and Bangladesh decided to move forward expeditiously on a feasibility study for comprehensive free trade agreement to further strengthen economic ties between the two countries.
⚫E-invoicing under the GST regime will become mandatory for entities with a turnover of Rs 50 crore and more from April 1 for B2B transactions. The system is aimed at bringing in more transparency in sales reporting, minimising errors and mismatches, automating data entry work, and improving compliance. It will help prevent tax evasion once it is made mandatory for small and medium firms in phases.
⚫The Cabinet Committee of Economic Affairs gave 'in-principle' approval for 100% disinvestment of the Govt's stake in Rashtriya Ispat Nigam Ltd along with its subsidiaries/ joint ventures through strategic disinvestment by way of privatisation. This will lead to infusion of capital for optimum utilisation, expansion of capacity, infusion of technology and better management practices.
⚫Price of domestic cooking gas, LPG has doubled to Rs 819 per cylinder in the last seven years while the increase in taxes on petrol and diesel has swelled collections by over 459%.
⚫The cumulative number of COVID-19 vaccine doses administered in the country has crossed 2.26 crore .
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👉🏻GST not mandatory for MSME Udyam registration, PAN card can be used
(The matter has been examined and the Ministry of MSME notified on March 5 to align the mandatory requirement for filing Udyam Registration with those for filing GST Returns)
👇🏻 👇🏻 👇🏻
http://bit.ly/2O64hoT
👉🏻SEBI tweaks framework on Unique Client Code, PAN
(SEBI rationalised the compliance requirement of collecting and maintaining copies of PAN of clients by members of the exchanges having commodity derivatives segment and enhanced the use of e-PAN)
👇🏻 👇🏻 👇🏻
http://bit.ly/3ctweiD
👉🏻GST e-Invoicing mandatory if turnover exceeds Rs 50 Cr.
(Now taxpayers having turnover exceeding Rs 50 Crore will have to generate e Invoices effective April 1, 2021)
👇🏻 👇🏻 👇🏻
http://bit.ly/3buJwfg
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Advance Tax 4th installment of Advance Tax is due on 15th of March for AY 2021-22. arrange to pay your advance tax earlier.
GST E-invoice shall be implemented for taxpayers having Aggregate Turnover above 50 crores and above (during any of the last 4 previous years) from 1st April 2021 Vide NN 5/2021 dated 8th March 2021.
Central Board of Indirect Taxes and Customs (CBIC) has come out with guidelines for provisional attachment of property under GST Act which tasks the Commissioner to exercise due diligence and carefully examine all the facts of the case, including the nature of offence and amount of revenue involved, and also record on file the basis on which he/she has formed such an opinion to attach property of the taxpayer."It is reiterated that the power of provisional attachment must not be exercised in a routine/mechanical manner .
NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court.
IEC details need to be confirmed every year to keep it remain active. In the recent Notification No. 28/2015-2020dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.
Sebi has put in place a procedure for change in controlling interest of asset management companies and issued guidelines for new sponsors of mutual funds. This comes after Sebi, in February, relaxed profitability criteria for becoming a mutual fund sponsor with a view to facilitating innovation and expansion in the mutual funds sector. part from procedure for change in control of AMCs (Asset Management Companies), the regulator has come out with additional benchmarks for standardisation of mutual fund schemes. Also, comments from the regulator are required for change in fundamental attribute of a scheme.In a circular,
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✅ Updation Regarding Selection Of Core Business Activity For Every Registered Person On GST Portal:
The Goods and Service Tax Network (GSTN) has enabled the new feature to select Core Business Activity enabled on GST Portal.
♻️ Meaning Of Manufacturer
A manufacturer is a registered person produces new products from raw materials and components using tools, equipment’s and machines and then sells them to the consumers, wholesalers,distributors, retailers or to the other manufacturers. A manufacturer may sell
some more brought out items or may provide some ancillary services with his manufactured goods, but he would continue to be classified as manufacturer because it is the Primary Business Activity.
♻️ Meaning Of Trader
A trader is a registered person who engages in the buying and selling of goods. Traders have been further classified as – Wholesaler or Distributor
♻️ Meaning Of Retailer
Retailer includes a registered person selling goods through e-commerce operators.
♻️ Meaning Of Service Provider And Others
A service provider is a registered person who provides service to a recipient of service and is neither a manufacturer nor a trader. e.g. Banking service, IT service, works-contract service, agents, intermediaries, GTAs etc.
♻️ Others will include Work Contract and Other Miscellaneous Items.
If more than one business Activity then In case all activities are applicable to you, kindly select your core business activity then go to MY PROFILE > CORE BUSINESS ACTIVITY STATUS and
include all the category.
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⚫The Organization for Economic Co-operation and Development has raised the projection for India’s economic growth at 12.6% for 2021-22. That would enable India to retain its earlier tag of the fastest growing large economy in the world.
⚫Investors withdrew 172.2 billion rupees from Indian stock and company debt mutual funds in February as concerns mount about the sustainability of returns. Corporate bonds saw the biggest outflow in about two years after the Govt announced a bigger than expected borrowing plan in its budget.
⚫5G networks in India can be deployed in three months but in limited areas as the optical fibre based infrastructure to support the technology is not ready yet.
⚫The microfinance industry's gross loan portfolio grew 10.1% to Rs 2,32,648 crore as on December 31, 2020.
⚫India recorded the highest single day vaccinations on Monday with a total of 1,696,588 doses administered in the day.
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👉🏻DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr
(Involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 Cr which defrauded the exchequer of more than Rs 690 Cr)
👇🏻 👇🏻 👇🏻
http://bit.ly/3l29dXH
👉🏻3,82,875 number of Companies struck off in three years up to FY 2020
(Based on non-filing of Financial Statements consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act)
👇🏻 👇🏻 👇🏻
http://bit.ly/30zNFbn
👉🏻E-filing of Appeal before CIT (A) - Appeal Filing Procedure
(Electronic filing of Appeal before the Commissioner of Income Tax (Appeals)
👇🏻 👇🏻 👇🏻
https://youtu.be/guCroaSKRy0
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REVISED LFAR
More than 23 new detailed qualitative and quantitative reporting requirements
No More "YES, NO, N/A" IN revised LFAR
Very detailed workings and documentation have to be carried out to prepare Revised LFAR
To much of information to be gathered to report on Revised LFAR
RBI is expecting Transaction Audit, the word borrowed from IBC forensic
RBI is expecting ISA audit as a part of statutory branch audit.
RBI is expecting us to comment on system driven NPAs and in a same bank various auditors express different conflicting opionions ????
1) FORENSIC AUDIT Auditors need to go thru account operation transactions in details and comment upon
2) FORENSIC AUDIT the system and processes of banking supervision on the account operation transactions should be checked and commented upon.
3) ISA AUDIT Verification of data integrity and data related control systems and processes should be carried out and commented upon, with the special thrust on those data inputs which are to be used for MIS at corporate office level and for supervisory reporting purposes.
4) No of accounts verified along with % of accounts verified have to be given in LFAR
5) Auditors have to comment on all those accounts which are quick mortality. i.e. accounts becoming NPA within one year of sanctioning
6) Auditors have to comment on credit rating system and quantitative details
7) Auditors to Provide analysis of the accounts overdue for review/renewal and comment on major shortcomings in monitoring,
8) Auditors to comment whether Drawing Power is computed properly
9) Auditors to comment on status of stock audits and give quantitative data on status of stock audits
10) Auditors to comment on due diligence reports and give quantitative data on status of Due Diligence reports
11) Auditors to comment on the substantial deterioration in value of security during financial year as per latest valuation report in comparison with earlier valuation report on record
12) Auditors to comment on deficiencies, including in value of securities and inspection thereof or any other adverse features such as frequent/ unauthorized overdrawing beyond limits, inadequate insurance coverage, etc.,
13) Auditor to comment on early warning systems red-flagged accounts
14) Auditor to Comment on adverse features considered significant in top 5 standard large advances and which need management's attention.
15) Auditor to comment on branch identification and classification of advances into standard / substandard / doubtful / loss assets through the computer system, without manual intervention.
16) Auditor to comment on the system of classifying the account into SMA-0, SMA-1, and SMA-2.
17) auditor to comment on List the accounts (with outstanding in excess of Rs. 10.00 crore) which have either been downgraded or upgraded with regard to their classification as Non-Performing
18) Auditor to comment on system of restructured or rephased accounts during the year and quantitative details of restructured and rephased accounts
19) Auditor to comment on accounts wherein process under IBC is mandated but not initiated by branch and quantitative details of such accounts.
20) Auditor to give Give Age-wise analysis of decrees obtained and pending execution.
21) Auditor to comment on cases concluded the recoveries have been properly appropriated against the principal / interest as per the policy of the bank
22) Auditor to comment on documents verified which are centralised processing system and report on exceptions.
23) Auditor to comment on List of instances where interchangeability between fund based and non-fund-based facilities was allowed subsequent to devolvement of LC / invocation of BG.
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⚫The Union cabinet has approved changes to the Insurance Act for increasing the foreign direct investment limit to 74% from the present 49%.
⚫Parliament approved a Bill to amend the arbitration law that would ensure all stakeholders get a chance to seek an unconditional stay on enforcement of arbitral awards where an agreement is “induced by fraud or corruption”.
⚫India will levy a 40% customs tax on imports of solar modules from April next year to cut dependence on foreign supplies and boost domestic manufacturing of the equipment.
⚫IDBI Bank is out of prompt corrective action after improving its finances and credit profile. This sets the stage for strategic divestment by the Govt, which holds 45.48% stake.
⚫Irdai to move to a ‘use and file’ system where insurers can market products without first obtaining an approval from the regulator.
⚫Haryana CM clarified that Govt's decision to reserve 75% of jobs in the private sector to locals will apply only for non-technical fields.
⚫Maharashtra on Wednesday recorded 13,659 new coronavirus cases.
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March 11, 2021 Categories: GST Recent News,
The government has detected GST fraud of Rs 20,124 crore between November 9, 2020, and January 31, 2021, Finance Minister Nirmala Sitharaman said on Tuesday. A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently on the strength of fake/bogus invoices is being carried out, she said in a written reply to the Rajya Sabha.
Giving details of detection/recovery from November 9, 2020 (Date of initiation of special drive) to January 31, the minister said 2,692 cases were booked by the officers involving GST/ITC fraud of Rs 20,124.19 crore.
The amount recovered during the period was Rs 857.75 crore and 282 persons were arrested.
In reply to a separate question, Minister of State for Finance Anurag Singh Thakur said the income tax department has detected undisclosed income of Rs 2,223.88 crore between April-December of the current fiscal.
Also, searches were conducted on 250 groups between April-December, 2020, and total assets seized stood at Rs 6,500.78 crore.
“A robust risk profiling mechanism has been put in place to identify and monitor high-risk cases primarily through use of information technology and appropriate action is taken as per the law,” Thakur added.
Source from: https://economictimes.indiatimes.com
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