CA. Praveen Sharma GST Mitra

  The Income Tax department has an important update for taxpayers who have filed an Income Tax Return (ITR) for the assessment year (AY) 2020-21. The Central Board of Direct Taxes (CBDT) has provided a last chance to verify the ITR for AY 2020-21. ITR VERIFICATION: WHY IT IS IMPORTANT If taxpayers have e-filed their ITR for AY 2020-21, they need to verify it too, Income Tax India tweeted. Verify your ITR to avoid becoming a non-filer and avoid the application of higher Tax Deducted at Source (TDS) rates. ITR VERIFICATION LAST DATE The extended last date for e-verification or verification for ITR for AY 2020-21 is February 28, 2022. ITR VERIFICATION PROCESS The e-verification of ITR for AY 2020-21 can be done using multiple modes. 1. Through Aadhaar OTP, 2. By logging into an e-filing account through net banking, 3. Electronic Verification Code (EVC) through bank account number, 4. EVC through demat account number, 5. By sending a duty signed physical copy of ITR-V through post to C...

  आयकर रिटर्न (ITR) दाखिल करने, बैंक खाता (Bank Account) खोलने और कई तरह के लेनदेन सहित तमाम जगहों पर पैन कार्ड (PAN Card) की जरूरत होती है। मौजूदा समय में पैन कार्ड एक बहुत ही जरूरी केवाईसी दस्तावेज है। इसीलिए, आपके पास पैन कार्ड होना चाहिए। लेकिन, अगर आप इसके खो जाने से डरते हैं और चहते हैं कि आपको यह हर समय अपने साथ रखना न पड़े तो आज हम आपको ई-पैन कार्ड के बारे में जानकारी देने वाले हैं। बता दें कि आपके पास ई-पैन कार्ड की सुविधा भी होती है। आप अपना पैन कार्ड घर पर सुरक्षित जगह पर रख सकते हैं और किसी भी काम के लिए ई-पैन कार्ड का इस्तेमाल कर सकते हैं। लेकिन, अब आप सोच रहे होंगे कि आपको ई-पैन कार्ड कहां से मिलेगा। चो चलिए आपको बताते हैं कि e-PAN Card डाउनलोड करने की प्रक्रिया क्या है। यह बहुत आसान है। आप अपना ई-पैन कार्ड घर बैठे हासिल कर सकते हैं। https://www.incometax.gov.in/iec/foportal पर लॉगइन करें। यह आयकर विभाग की आधिकारिक वेबसाइट है। यहां Instant E -PAN पर क्लिक करें। फिर New E-PAN पर जाएं। अब अपना पैन नंबर डालें। पैन नंबर याद नहीं है तो आधार नंबर डालें। नियम और शर्तों को 'स...

  जयपुर ACB की स्पेशल इन्वेस्टिगेशन यूनिट ने भीलवाड़ा सर्किल के वाणिज्य कर विभाग के एडिशनल कमिश्नर (जीएसटी) मोहम्मद हुसैन अंसारी सहित 5 लोगों को गिरफ्तार किया है। रविवार दोपहर उदयपुर और भीलवाड़ा में एक साथ कार्रवाई की गई। अंसारी को एक दलाल से 4 लाख रुपए रिश्वत लेते हुए पकड़ा गया है। उदयपुर के प्रतापनगर निवासी दिनेश टेलर को भी पकड़ा गया है। टेलर भीलवाड़ा में वाणिज्य कर अधिकारी है। इसके अलावा राजमल उर्फ राजू अग्रवाल एंव लक्ष्मण अग्रवाल को गिरफ्तार किया है। यह दोनों प्राइवेट व्यक्ति हैं, जिनसे पूछताछ की जा रही है। सरकार को लगा रहे चूना वाणिज्य कर विभाग भीलवाड़ा में टैक्स चोरी का एक बड़ा रैकेट चलाया जा रहा था। इसके जरिए कर विभाग के अधिकारी और प्राइवेट व्यक्ति मिलकर सरकार को करोड़ों रुपए का चूना लगा रहे थे। आरोपियों के आवास और अन्य ठिकानों पर ACB टीम की रविवार शाम तक तलाशी जारी रही। टैक्स चोरी का रैकेट ACB के महानिदेशक बीएल सोनी ने बताया कि मुख्यालय को गोपनीय सूचना प्राप्त हुई थी कि GST (वाणिज्य कर विभाग राजस्थान) के भीलवाड़ा में टैक्स चोरी का एक रैकेट चलाया जा रहा है। इससे सरकार को बड़ी र...

  Ahead of the budget on March 4, members of various industrial associations met Chief Minister Basavaraj Bommai on Saturday, and urged him to reduce GST and input tax on raw materials like steel, plastic and aluminum. Karna-taka Small Scale Industries Association (KASSIA) said the budget should extend soft loans to MSMEs and support industrial estates. The KASSIA has sought soft loans from KSFC at 4% interest to both MSMEs as well as startups. They have also urged the state government to allocate Rs 1,000 crore to meet the subsidy gap towards the loans sanctioned by KSFC. Till economy recovers, the electricity tax should be restored to 6 percent from 9 percent, and any hike in tariffs should be deferred, they said. KASSIA administrator Sridhar also urged the CM to provide additional grant of Rs 5 crore to complete its flagship infrastructure for the KASSIA Centre of Excellence & Innovation (KCoEI) coming up at Dabaspet. Source: https://www.newindianexpress.com/states/karnata...

  Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax. CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores. Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement. Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of it...

  The threshold for the mandatory issue of electronic invoices (e-invoice) under the goods and services tax (GST) regime has been lowered to Rs 20 crore from Rs 50 crore. The decision of the Central Board of Indirect Taxes and Compliance will take effect from April 1. It is expected to increase compliance and reduce tax evasion. But a section of businesses will have to devote a greater time on reporting. “By making it mandatory for all assessees whose turnover is more than Rs 20 crore to issue an e-invoice, the government has taken the compliance automation to a larger set of taxpayers, which will not only simplify compliances but also further plug revenue leakages on account of input tax credit frauds,” Bipin Sapra, tax partner, EY India, said. Tax experts said the lower threshold of e-invoicing will encourage small businesses to embrace technology. “Year 2022 seems to be one of changes for GST. First, the government came up with an entirely new tax regime for food delivery apps a...

  मध्‍य प्रदेश वाणिज्य कर विभाग (राज्य जीएसटी) की एंटी इवेक्शन विंग ने जीएसटी में 315 करोड़ रुपये के घोटाले को उजागर किया है। सबसे पहले इंदौर और नीमच के पते पर फर्जी कंपनियां बनाकर फर्जी बिल काटे गए। इन बिलों के जरिए कागजों पर ही कारोबार दिखाया जाता था। इनपुट टैक्स क्रेडिट फर्जी बिलों से प्राप्त किया गया और अन्य कंपनियों को दिया गया। वाणिज्य कर विभाग की चपेट में कुल पांच कंपनियां आ गई हैं। इनमें से दो नीमच और तीन इंदौर की हैं। हालांकि अभी भी घोटालेबाज विभाग की गिरफ्त से दूर हैं। कुछ माह पूर्व राज्य के वाणिज्यिक कर आयुक्त लोकेश जाटव ने पदभार ग्रहण करने के बाद ऐसी कंपनियों पर डाटा एनालिटिक्स कर निगरानी करने का निर्देश दिया था, जिनके पास स्थापित होने में कम समय है लेकिन उनका टर्नओवर बहुत अधिक है। एंटी-एविज़न ब्यूरो इंदौर-ए ने ऐसी पांच कंपनियों की पहचान की है। टीम के अधिकारियों ने इंदौर की श्रीनाथ सोया एक्जिम कॉरपोरेट की दो कंपनियों श्री वैभव लक्ष्मी इंडस्ट्रीज, जेएस भाटिया इंटरप्राइजेज और नीमच, अग्रवाल ऑर्गेनिक, अग्रवाल ओवरसीज के पतों की जांच की तो वहां कारोबार नहीं मिला। एंटी-इवाजेन...

  PUNE The income tax department has decided to increase the tax base and the target is traders from Agriculture Produce Market Committees (APMCs). The income tax department has sought transaction and turnover details of the traders from APMC in Pune. Madhukant Garad, administrator and secretary APMC Gultekdi Market Yard Pune, said, “Income tax department has issued a letter and asked for transaction and turnover details of the traders from Pune’s APMC.” “This is the first time such information has been sought by the income tax department,” he said. “The department has given the format in which we need to submit the details. Primary details include registration, cess paid by traders, a total turnover of the traders among other details,” said Garad. There are more than 1,500 traders engaged in business in APMC Pune. “Instead of asking for details from traders directly, they asked us to provide the information. We have written letters to registered traders and sought information in t...

  बीड़ी उद्योग और श्रमिक संगठनों के प्रतिनिधियों ने स्वदेशी धूम्रपान बीड़ी पर कर में तत्काल कमी का आह्वान करते हुए कहा है कि उच्च करों ने इस क्षेत्र के अस्तित्व को खतरे में डाल दिया है। अखिल भारतीय बीड़ी उद्योग महासंघ द्वारा आयोजित ‘ऑनलाइन’ बैठक में उद्योग के लोगों ने बीड़ी के उत्पादन में लगे श्रमिकों के लिए वैकल्पिक रोजगार के अवसरों की आवश्यकता पर भी विचार-विमर्श किया। महासंघ के संयुक्त सचिव अर्जुन खन्ना ने कहा, "बीड़ी उद्योग भारत के दूरदराज क्षेत्रों में राजस्व और रोजगार पैदा करने में एक बड़ी भूमिका निभा रहा है। हालांकि, बीड़ी को अहितकर उत्पाद की श्रेणी में माना जाने के कारण इसपर 28 प्रतिशत जीएसटी दर लागू है, जिससे श्रमिकों, विशेषकर ग्रामीण और आदिवासी क्षेत्रों की महिलाओं के जीवन पर बड़ा नकारात्मक प्रभाव पड़ रहा है।" उन्होंने कहा, ‘‘सरकार को यह भी समझना चाहिए कि इतनी ऊंची कर दर के कारण भारत के सबसे पुराने स्वदेशी उद्योगों में से एक का सफाया होने का खतरा हो सकता है। इसके परिणामस्वरूप बड़े पैमाने पर बेरोजगारी और सामाजिक-आर्थिक प्रभाव पड़ेगा, जो लाखों लोगों को गरीबी रेखा से नी...

  GST officers have unearthed a racket of 54 bogus firms involved in fake invoicing of Rs 611 crore involving tax evasion of Rs 38.5 crore, the finance ministry said on Thursday. Officers of Delhi South CGST Commissionerate conducted searches and inspections spread across Delhi, unearthing a cartel running 54 bogus firms registered in Delhi-NCR region that were engaged in fake invoicing and circular trading. Incriminating documents such as rubber stamps and letter heads of various firms, mobile phones, laptops etc have been seized from the search premises. "Preliminary enquiry conducted so far into these transactions has revealed fake invoicing of around Rs. 611 crores and tax evasion of over Rs. 38.5 crores. The members of cartel in their confessional statements have accepted their roles in managing these bogus firms," the ministry said in a statement. Three key persons of the cartel, namely Ankit Gupta, the mastermind managing these bogus firms and two of his accomplices Ra...

  Officials of the Commercial Taxes Department, Erode Division, have detected Goods and Services Tax (GST) evasion by cargo transporters in Tiruppur. A press release from the Department said it received complaints that six transport companies in Tiruppur were transporting hosiery goods to other cities without documents, thus evading tax. Based on it, the officials conducted raids at the companies and their godowns on February 16. It was found that 99 bundles of hosiery goods worth ₹19.54 lakh were kept ready for transport without documents. The Department levied ₹19.54 lakh in fine and penalty. The Department warned transporters of action if they were found carrying goods without proper documents or evading GST. Source: https://www.thehindu.com/news/cities/Coimbatore/gst-evasion-detected/article65080180.ece Download our App to get knowledge updates:   https://play.google.com/store/apps/details?id=com.app.gstmitra Join Our Telegram Channel for more updates : https://t.me /prave...

  The government’s October-December GST data shows states such as Himachal Pradesh and Haryana clocked a 0-3 percent growth in revenues. Uttarakhand clocked a negative growth, while revenues of Bihar and West Bengal have fluctuated from 30 percent-plus growth to 6-10 percent growth levels during the said period. Even for big states such as Rajasthan and Madhya Pradesh, the GST revenue trend has shown major fluctuations, probably indicating the collection trend has yet to stabilise fully. Given this scenario, sources told CNBC-TV18 the government might be needed to extend GST compensation beyond June for a few states, especially the hilly ones. In their opinion, an arrangement may need to be worked out by the GST Council. However, the constitution guarantees compensation for GST shortfall to all states and not a select few. Also, whichever state receives compensation after June, will eat into the revenue share of other states. Even widening the number of items for levying compensati...

  The Directorate General of GST Intelligence (DGGI) has filed a complaint against perfumer Piyush Jain before the court of special chief judicial magistrate (Economic offences)/Additional chief metropolitan magistrate-III, Kanpur Nagar, to prosecute the accused. The complaint was filed on Tuesday under section 132 (1) (a) read with section 132(I) (i) and section 132 (5) of the Central Goods and Services Tax Act 2017, section 132(1) (a) read with section 132(I) (i) and 132 (5) of the Uttar Pradesh GST Act, 2017 further read with section 20 of the GST Act, 2017. The court in its order observed that a charge sheet/complaint had been filed by the DGGI Ahmedabad zonal unit Sarvodaya Nagar Kanpur Nagar. As there are sufficient grounds to take cognizance of the matter under section 190 Cr P C/section 134 GST Act, 2017 and other papers, the court therefore orders to register a case against Piyush Jain. The accused was present through video conferencing. The court, after rejecting his warr...

  The accused, who has been absconding since June 2021, was nabbed by the Anti-Terrorist Squad (ATS) of Gujarat Police and later handed over to SGST officials. However, the officials refused to reveal any information on where Patel was apprehended by ATS. Chairman of Madhav Copper Ltd, Nilesh Natubhai Patel, an accused in the Rs 762-crore bogus billing scam of Bhavnagar, has been arrested by State Goods and Services Tax (SGST) department, said an official release Wednesday. The accused, who has been absconding since June 2021, was nabbed by the Anti-Terrorist Squad (ATS) of Gujarat Police and later handed over to SGST officials. However, the officials refused to reveal any information on where Patel was apprehended by ATS. Acting on information provided by the intelligence wing of the SGST department, a team of officials on February 22, visited the Thaltej locality where Patel was hiding. The team ended up chasing the suspect who did not surrender despite officials identifying them...

  जोधपुर के धारा हैंडीक्राफ्ट और कंस्ट्रक्शन कारोबारी के यहां आयकर विभाग की टीम जांच कर रही है। 100 अधिकारियों और कर्मचारियों की टीम दस्तावेजों की जांच कर पूछताछ भी कर रही है। जिन कारोबारियों के यहां छापा पड़ा है वे भाजपा नेता के रिश्तेदार बताए जा रहे हैं। राजस्थान के जोधपुर में आयकर विभाग की टीम ने मंगलवार को सुबह-सुबह धारा हैंडीक्राफ्ट और एक कंस्ट्रक्शन कारोबारी के यहां छापा मारा। विभाग के 100 अधिकारियों और कर्मचारियों की टीम ने कारोबारियों के छह अलग-अलग ठिकानों पर पहुंचकर जांच शुरू की है। जानकारी के अनुसार कुछ ठेकेदारों के यहां भी आयकर विभाग की टीम पहुंची है। जिन कारोबारियों के यहां छापा मारा गया है, वे भाजपा नेताओं के रिश्तेदार बताए जा रहे हैं। विभाग की टीम दस्तावेजों की जांच कर परिवार सहित अन्य लोगों से पूछताछ भी कर रही है। हालांकि अभी कुछ भी जानकारी देने से विभाग के अधिकारी इंकार कर रहे हैं। उनका कहना है कि जांच पूरी होने के बाद ही स्पष्ट रूप से कुछ बताया जा सकता है। Source: https://www.amarujala.com/rajasthan/income-tax-department-raids-on-premises-of-handicraft-and-constr...

  The income tax (I-T) department on Tuesday cautioned general public against falling prey to fraud job offers, saying that aspirants should only consider advertisements appearing on either its official website or that of the Staff Selection Commission (SSC). "Income Tax Department cautions the public not to fall prey to fraudulent persons misleading job-aspirants by issuing fake appointment letters for joining the Department," the I-T department tweeted. In a public notice, the apex direct tax body said it has come to its notice that some fake persons are misleading candidates by issuing fake appointment letters for joining the I-T department. It said direct recruitment in all Group B and C posts are conducted by the SSC and notification or results are made available on the SSC website. CommentsThereafter, regional allocation of the candidate is done and the list is uploaded on the I-T department portal. Source: https://www.ndtv.com/business/income-tax-department-cautions-pu...

  Industrialists dealing in steel, scrap and furnaces are sore over the lackadaisical approach of the government in controlling steel prices. As if it was not enough, they faced a double blow from the government itself when the department concerned asked them to deposit the already paid GST. Despite this, there is a revenue loss of Rs 30,000 crore per month on steel in the country. Talking to The Tribune, Mahesh Gupta, president, Furnace Alliance, Ludhiana, who had recently raised the issue with Union Minister Piyush Goyal, said genuine industrialists paid the GST on a regular basis and after six months, officials bring to their notice that the same was due, which was a jolt to them. “Instead of cracking a whip against those generating fake invoices, the government has started targeting genuine persons. If we are paying lakhs of rupees to the PSPCL that means we have purchased steel and paid the GST too. The government needs to find a permanent solution to the GST evasion which is ...

  वस्तु एवं सेवा कर (GST) को 'गब्बर सिंह टैक्स' कहने पर केंद्रीय वित्त मंत्री निर्मला सीतारमण ने अपनी प्रतिक्रिया जाहिर की है। सीतारमण ने कहा कि GST को 'गब्बर सिंह टैक्स' कह कर आलोचना करने से यह देश के संस्थानों का अनादर है। उन्होंने कहा कि यह बिना सोचे-समझे दी गई प्रतिक्रिया है। सीतारमण ने देश की वाणिज्यिक राजधानी में बजट के बाद आयोजित एक कार्यक्रम में कहा कि जीएसटी के बारे में निर्णय लेने वाली सर्वोच्च संस्था जीएसटी परिषद में केंद्र के साथ सभी राज्यों के प्रतिनिधि शामिल होते हैं और केंद्र का निर्णयों पर सिर्फ एक-तिहाई असर रहता है दरअसल, कांग्रेस के प्रमुख नेता राहुल गांधी लगातार जीएसटी को 'गब्बर सिंह टैक्स' कहकर इसकी आलोचना करते रहे हैं। राहुल गांधी का कहना है कि जीएसटी की वजह से देश की आर्थिक वृद्धि में गिरावट आई है। इस बारे में सीतारमण ने कहा, "चाहे जो भी वजह हो, जानबूझकर या अनजाने में, जब हम अपने जिस भी एजेंडे से जीएसटी की छवि को धूमिल करते हैं तो हम उस संस्थान को छोटा कर रहे हैं जिसने सभी राज्यों को एक मंच पर लाने का काम किया है। उन्होंने कहा कि जीएसट...

  Goods and Services Tax (GST) officials in Mumbai have arrested a person for allegedly using and passing on fake tax credits to other businesses using bogus invoices of ₹479 crore, said an official statement. The statement said that the arrested person was the director of a company in Navi Mumbai, who has now been remanded to Judicial custody for 14 days by a magistrate. The arrest was part of a special anti-evasion drive launched by the Mumbai zone officials, said the statement. Acting upon intelligence from data analytics tools, searches were conducted at various locations including the business premises of the firm and its transporter leading to recovery of certain incriminating documents, the statement said. Investigation revealed that there was no movement of traded goods. Evidence recovered during the operation showed that breach of law was being committed with full disregard to the statutory provisions, with an intention to defraud the government of its revenue, the state...

  According to sources, "A likely proposal which can be put forward to the GST Council for their deliberation is to allow 18 percent GST plus VAT or Excise rate acceptable to states, as a proposed levy for Aviation Turbine Fuel (ATF)." "VAT or excise rate can vary from state to state and the council can ensure that the cost of ATF doesn't really go up from the average existing cost," sources added. The proposal is likely to be presented to states in the next GST Council meeting, which is believed to meet in March. Sources say that "the government believes that the proposed formula will help protect states' revenues from ATF and also give the window for the aviation companies to claim input tax credit." However, this is a thinking doing rounds at Central board of indirect taxes and customs (CBIC) and no final decision has been taken on the matter. Also, as per the norms, any rate proposal is made to the council after GST Council nominated fitment ...

  After the blows incurred by the economy due to the pandemic, people are now more cautious and prudent when it comes to entering into the equity market and investing their capital. Of course, mutual funds are one of the interesting options to invest in, but people also want to save tax, and hence go for a modified version of mutual funds – Equity Linked Saving Scheme (ELSS) funds. Under section 80C of the Income Tax Act, an individual is exempted from paying tax on money that he/she invests in ELSS, up to Rs 1.5 lakh. People who are comfortable with the lock-in period associated with ELSS funds, which is 3 years, must definitely consider using this instrument to get good returns and grow their capital. Financial advising firm, Value Research, has analysed an array of ELSS funds to find out the best options available. Here are the top five stocks rated by Value Research: BOI AXA Tax Advantage With returns of 31.61 percent on a lump sum investment of Rs 1 lakh, the BOI AXA Tax Advan...

  The High Court of Karnataka has said that leasing of residential premises as hostel for students and working professionals is exempted from payment of Goods and Services Tax (GST). A Division Bench comprising Justice Alok Aradhe and Justice M.I. Arun passed the order while allowing a petition filed by Taghar Vasudev Ambarish, a resident of Jayanagar in Bengaluru. The petitioner, along with co-owners, had leased out a residential property, having 42 rooms, to lessee, M/s DTwelve Spaces Private Limited for using as a hostel for providing long-term accommodation to students and working professionals for their stay between three to 12 months period. The petitioner had moved the Court questioning orders of the authorities for advance ruling set up under the GST Act as they had rejected his plea seeking clarification that he was entitled for exemption from payment of GST in terms of a notification issued on September 28, 2017 with the title ‘services by way of renting of residential dw...