CA. Praveen Sharma GST Mitra

  PARESH NATHALAL CHAUHAN VERSUS STATE OF GUJARAT Seeking enlargement of applicant on Regular Bail - applicant has undergone almost 16 months of incarceration and now prays for the release -  HELD THAT:- The issue decided in the case of PARESH NATHALAL CHAUHAN VERSUS STATE OF GUJARAT [ 2020 (5) TMI 170 - GUJARAT HIGH COURT]  where it was held that  The loss of ₹ 60 Crores to the public exchequer so far cannot be considered as a small amount. It appears that it is only owing to timely detection of the crime that the loss so far is ₹ 60 Crores; it would have been much-much more in absence of detection of the crime. It is not as if the petitioner stopped at ₹ 60 Crores; in all probability he would have continued the racket in absence of its detection. The present application is filed seeking the same prayer. This Court is of the considered opinion that there is no substantial change in circumstances after the rejection of the earlier application. The aspect of recovery ...

Demand of tax with penalty - petitioner was not afforded reasonable opportunity of presenting his case before the said authority - violation of principles of natural justice -   HELD THAT:- In plain terms the order passed by the said authority suffers from grossest possible violation of principles of natural justice. Having issued notice calling upon the petitioner why certain demand of tax with penalty not be confirmed he passed the final order confirming the demand on the same date as the notice and long before the time he had granted the petitioner to respond to the notice. We may recall the show-cause notice was issued on 06.11.2018 which required the petitioner to appear before the said authority on 23.11.2018. Without permitting the petitioner to appear and file reply and oppose the demands the Inspector confirmed the demand by passing separate orders on 06.11.2018. This was wholly impermissible - Petition disposed off. No.- WP(C) No.1185 of 2018 Dated.- April 26, 2021 HON’BL...

  A plea has been filed by NGO Public Policy Advocates before the Supreme Court seeking an exemption for Covid-19 drugs remdesivir, tocilizumab, favipiravir and other drugs with a similar generic composition and related medical equipment from Goods and Service Tax (GST). It asked for a direction to the Central government to invoke its powers under Section 11 of the Central GST Act 2017 to lift imposition of GST on medical grade oxygen, oxygen concentrators, ventilators, Bipap machines, control measures and supportive care for Covid-19 patients in view of demand for these drugs and medical equipment having increased exponentially. Accusing the GST Council of showing total apathy by not recommending an exemption on such drugs and equipment to the Central government, the NGO has sought exemption of 12% GST imposed on such drugs and equipment, which would make treatment much more affordable to the public. The NGO also requested for a direction be issued to the GST Council to convene a ...

  Gold possession is one of the most revered investments in India. However, having gold beyond a certain limit can be problematic, if you don't have its invoice. According to the Central Board of Direct Taxes (CBDT) guideline, there is certain limit beyond which gold without invoice can be quizzed under Section 132 of the Income Tax Act. The Income Tax Department also says that if you buy gold, then you must mention about it in the asset details while filing your Income Tax Return (ITR) for that year. Speaking on how much gold one can possess without having its invoice Amit Gupta, MD at SAG Infotech said, "As per the Income Tax Department norms, a married lady can posses up to 500 gm gold without invoice while in the case of unmarried lady and male this limit is 250 gms and 100 gms respectively." The managing director of the SEBI registered tax solution firm went on to add that the law was made in December 2016 as there was a myth among Indians that they can hold unlimite...

  माल एवं सेवाकर (जीएसटी) व आयकर विभाग की कई औपचारिकताएं कारोबारियों को अगले दो दिन में पूरी करनी है। इनके लिए 30 अप्रैल आखिरी तारीख है। इसके तहत जिन कारोबारियों का टर्नओवर पांच करोड़ रुपये तक है और वह जीएसटी के त्रैमासिक रिटर्न से मासिक रिटर्न भरना चाहते हैं तो उन्हें 30 अप्रैल तक जीएसटी पोर्टल पर इसके लिए विकल्प चुनना होगा। ऐसा ना करने वाले त्रैमासिक रिटर्न में ही बने रहेंगे। इसके साथ ही जो कारोबारी जीएसटी की समाधान योजना के अंग हैं और भी 30 अप्रैल को याद रखना चाहिए। उन्हें कर निर्धारण वर्ष 2020-21 से संबंधित अपनी वार्षिक विवरणी को जीएसटीआर 4 में पोर्टल पर 30 अप्रैल तक अपलोड करनी ही होगी। दूसरी ओर आयकर में जिन करदाताओं को अपने बहीखातों का अनिवार्य रूप से ऑडिट कराना है। उनकी पांच हजार से अधिक ब्याज भुगतान करने पर टीडीएस कटौती करने की जिम्मेदारी है। बैंक से 40 हजार रुपये से अधिक ब्याज का भुगतान करने पर टीडीएस की कटौती की जाएगी। करदाताओं एवं बैंकों को ब्याज के भुगतान पर टीडीएस न काटने के लिए जो फार्म 15जी या फार्म 15 एच मिले हैं, उनका विवरण आयकर की वेबसाइट पर 30 अप्रैल तक अपलोड करना...

  Fresh highs on the Nifty may be coming sooner than expected but 15,000-14,950 is likely to act as a strong hurdle, experts have said and that is what played out on April 29 morning as the index touched 15,000 but failed to hold on to it. The index has rallied more than 5 percent from the swing low of 14,151 recorded on April 22 in just four trading sessions to reclaim the 50-day simple moving average (SMA) placed at 14,799. Stable global cues, strong March quarter results from India Inc and expansion of the vaccination drive to include people above 18 years and the possibility of the second wave peaking in May-June helped the sentiment, experts say. In a strategy report, brokerage firm CLSA said drawing parallels with the second wave in 12 nations, along with using various parameters, it expects daily cases to peak in Maharashtra in May and June for the rest of the country. Maharashtra is the worst-hit state in India, reporting the highest daily and active cases. The state, which...

  With an aim to address the housing needs of the lower and middle income households, the Government of India (GoI) launched the Affordable Housing Scheme in June 2015. Compared to a common residential housing, affordable housing units are eligible for lower Goods and Service Tax (GST) , which provides big relief to the affordable home buyer at the time of home buying. According to tax and investment experts, a home buyer needs to pay GST at the time of buy but it's important for them to know what an affordable house means as per the GST. Speaking on the definition of the affordable housing that makes it eligible for lower GST payment under GST Mumbai-based tax and investment expert Balwant Jain said, "In metropolitan cities like Delhi NCR, Mumbai, Kolkata, Bengaluru, Chennai Hyderabad, etc. if the price of the housing unit is ₹45 lakh or below and the carpet area of the unit is 60 sq meter or below, then the housing unit will qualify as an affordable house in any of the metro...

With an aim to negate chance of tax evasion, the Income Tax Department incepted Tax Deduction at Source (TDS) on transaction in certain cases, which includes rental payment. As per the income tax law, TDS on rent paid can be categorised in two parts — rent paid buy a businessman and rent paid by an individual or Hindu Undivided Family (HUF). TDS on rent paid by a businessman is mentioned in Section 194 I while TDS on rent paid by an individual or HUF is mentioned in Section 194 IB of the Income Tax Act. Speaking on the TDS provision on rent paid by an individual Mumbai-based tax and investment expert Balwant Jain said, "For an individual or HUF, if the monthly rent is ₹50,000 or more, then the renter will have to deduct 5 per cent of the total monthly rent under Section 194 IB." He said that the renter can either submit the TDS deducted from the rent to the Income Tax Department on monthly basis or can deposit the entire TDS amount in the month of March before the end of fina...

 

Many Professionals all across the country are enquiring about the extensions of GST Compliances in wake of the upsurge in Covid19 and lockdowns imposed at various parts of the country. No response from Govt., no automatic extensions looking at the country’s situation of pandemic is making all Taxpayers frowned and making them loose trust in CBIC/ Govt. Please inform the mindset of the Govt. and it’s action plan to save the taxpayers. Delay in action is simply making the situation burn more. Waiting for your reply. Further GSTN is sending regularly mails, SMS for payment and filing of returns. STOP IT. Here the Representation extension letter attached. Lets Join and be a part of initiative. Tweet it, Mail it and forward this copy to all. cc to us Email: gstmitraapp@gmail.com. Atleast 10,000 mails, tweet must be done from Today onwards with following hashtag #extendduedates #GST #gstmitra Regards CA. Praveen Sharma And GST Mitra's Team +91 9871530610

  Food delivery platform Zomato has filed its Draft Red Herring Prospectus (DRHP) with the market regulator today, kicking off one of India's most anticipated internet initial public offerings (IPOs) in a tumultuous year. According to the DRHP filed by Zomato, the company will offer equity shares aggregating up to Rs 8,250 crore (nearly $1.1 Billion). Of this, Rs 7,500 crore will be fresh issue, while Rs 750 crore will be an offer for sale for its existing investor Info Edge. Info Edge on April 27th said said it will sell shares worth Rs 750 crore in the upcoming initial public offering. The company's internal review of the IPO and other processes was completed on Sebi is likely to take about two weeks to review the DRHP and the final launch will depend on the market conditions, a source familiar with the development said. The move comes a few weeks after Zomato converted itself from a private company to a public limited company by amending its Memorandum of Association and re...

  The government had last week announced the extension of the deadline for payments under the Direct Tax Vivad Se Vishwas Act, 2020, and some compliances under the Income Tax Act by two months till June 30. MSMEs and startups, reeling under the Covid impact, have urged the government to extend the GST payment and return filing deadlines for the month of March, April, and May to June 30, 2021. According to a recent survey of MSMEs and startups by community social media platform LocalCircles, as much as 80 per cent respondents suggested extension of deadlines describing challenges faced in filing GST payments and returns for the month of March. Finance Minister Nirmala Sitharaman had provided a similar extension on ITR filing and GST return deadline last year. “MSMEs and startups have been requesting extension of the GST payment and filing deadlines as in many states there have been curfew and lockdown restrictions that have been imposed since early or mid-April preventing them from ...

  The government has allowed businesses to verify through electronic verification code monthly GST returns filed till May 31. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from April 21, 2021, to May 31, 2021, will be allowed to furnish the return in Form GSTR-3B and details of outward supplies in Form GSTR-1 verified through electronic verification code (EVC). Currently, businesses are required to digitally sign the GSTR-3B form while filing the monthly return and paying taxes. However, with offices shut due to the lockdown, businesses are unable to generate a digital signature that has led to delay in filing returns. AMRG & Associates Senior Partner Rajat Mohan said, "GST authorities have finally given the first COVID induced relief during the second wave of the pandemic". Corporate taxpayers can now file monthly compliances through EVC till May 31 and this will benefit thousands of taxpayers who c...

  Markets regulator Sebi on April 26 imposed a total fine of Rs 1.75 crore on several entities for indulging in fraudulent trading in the scrip of Vakrangee Ltd. The entities have violated Prohibition of Fraudulent and Unfair Trade Practices norms, Sebi said in three separate orders. The investigation periods vary between January 2015 and September 2015, September 2015 and June 2016 and September 2016 and June 2017. The probe found that the connected entities traded in the scrip of Vakrangee and created a misleading appearance of trading in the scrip without any intention of change in ownership of the security, by entering into synchronized trades at the relevant times. Trades among the entities were not genuine and were executed with manipulative intent. They were a part of fraudulent scheme and the synchronized trades have created misleading appearance of trading in the scrip of the company, Sebi said. Synchronization of trades in pre-determined manner had an adverse impact on th...

A few months back, I came across this wonderful comparison between war-time and peace-time managers by Ben Horowitz , in his insightful book ‘The Hard Thing about Hard Things.’ The key point that Horowitz makes is that the skillsets required to lead companies through war-time are completely different from those needed during peace-time. And hence, what follows is that peace-time leaders are not necessarily the best leaders when companies find themselves suddenly in a war or a war-like situation. This concept is quite intriguing and if we think about it. It is also applicable to our relationships and our money matters . “Life is what happens to you when you are busy making other plans” – John Lennon. This wonderful quote states in one line how most of us live our lives. While we make extensive plans for most eventualities, something suddenly happens and takes us by surprise and throws all our plans haywire. Take the last 12 months itself as an example. Who would have thought that a vi...

M/S KANAL ENTERPRISE VERSUS STATE OF GUJARAT: Gujarat HC 1️⃣Attachment of property🏡 while exercising the power to access the premises u/s 71(1) - invocation of powers during pendency of proceedings - whether the impugned order of attachment of property🏡 under Section 83 of the Act could have been passed on the ground of proceedings instituted u/s 71(1) of the Act? 2️⃣HELD THAT:- The plain reading of Section 83 of the Act would indicate that the powers can be invoked during the pendency of proceedings under Sections 62, 63, 64, 67, 73 and 74 of the Act - There is no power vested in the authorities to invoke the provisions of Section 83 during the pendency of the proceedings instituted under Section 71(1) of the Act. 3️⃣In fact, there cannot be any proceedings, which could be instituted under Section 71 of the Act - In such circumstances, the impugned order of attachment💰 under Section 83 of the Act is hereby quashed and set aside. 4️⃣It is needless to clarify that the Appeal preferre...

positions as seen by the open interest. The precious metal ended last week flat on the domestic bourse but traded bullish in April month due to easing bond yields and the US dollar. The white metal pared losses after a flat to gap-down start in the afternoon session tracking gains in gold and a weaker dollar. The commodity has been trading higher than 20, 50, 100 and 200 days’ moving averages but lower than the 5-day moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 55.63 which indicates positive movement in prices. Hedge funds and money managers raised their bullish positions in COMEX Silver contracts by 4,001 to 28,885 in the week to April 13, the US CFTC data showed. Sunand Subramaniam, Senior Research Associate, Choice Broking said, “For the coming month, we are estimating MCX Silver price to trade mixed as ETF investments have shown improvement in the global markets due to weak US Dollar index. Correspondingly, silver prices also find su...

Many state governments, over the weekend, have extended lockdown as COVID-19 cases rise across the country to hit a record 3.49 lakh cases in a single day, as on April 25. The extension of lockdown will hit economic activity and earnings of India Inc in the upcoming June quarter, experts fear. for FY22. Goldman Sachs and Nomura have cut their forecast for the fiscal year, which began on April 1. Investors will be better off investing in stocks that are COVID-proof and should be able to show quarter-on-quarter (QoQ) growth. Pharma is in a clear uptrend and it is likely to perform, going forward as well, whereas auto is likely to see some bounce-back. Metals have been the star performer so far in the April series. However, most of them is priced in and it too can see some consolidation,” Jay Thakkar, VP and Head of Equity Research at Marwadi Shares and Finance Ltd, told Moneycontrol. “The FMCG sector, like that of pharma, is likely to perform well in the short to medium term. Pathology...

  The money transferred by the Karta of the HUF may either be treated as loan if the same is intended to be repaid or it can be treated as gift if the money is not intended to repaid. As per Section 56(2) any gift received from specified relatives is tax free in the hands of the recipient. A member of the HUF is treated as relative of the HUF hence there is no tax implication at the time of the receipt of the money for HUF. However, due to the clubbing provision income earned by the HUF on the money gifted by its Karta will be treated as income of the Karta and will be added to his income year after year. The clubbing provisions will apply till the assets of the HUF are fully partitioned. Please note that it is only income on the asset transferred which will be subject to clubbing provision and not the income earned on the income which will be clubbed under the clubbing provision. If the money is treated as interest free loan, there is a likelihood of the assessing officer applying...

  The second wave of Covid-19 pandemic and possible lockdown-like restrictions in different parts of the state are likely to dent the government’s GST earnings in the new fiscal. After the general lockdown, the revenue growth was almost restored to normal in the last quarter of 2020-21. “March witnessed an 18 pc growth in GST, the second highest growth rate in the just-concluded fiscal. Only six months showed a positive growth in previous fiscal. Now we fear a similar situation as that during the start of previous fiscal. It may not be that bad but there would be a significant fall,” said a senior officer in the taxes department The pandemic spread in cities where most of the business activities happen is another matter of concern, he said. “Lockdown-like restrictions across the state will have an impact on trade and commerce. Unless the pandemic spread is brought under control, the situation will turn worse,” he said.In FY 21, GST revenue first showed an year-over-year growth in ...