KSA Infomatrix

Third in the series of meetings to rev up economy Representatives of the automobile industry, who met Finance Minister Nirmala Sitharaman on Wednesday, have sought a lower Goods & Services Tax (GST) and a higher depreciation rate to tide over the current crisis. They also impressed on Sitharaman the need for a host of others measures to help the sector ride out the rut. The Finance Minister has been meeting representatives of various sectors to understand the issues concerning them even as several key agencies have lowered growth projection for India. Wednesday’s meeting, the third in the series, was attended by RC Bhargawa, Chairman, Maruti Suzuki; Pawan Munjal, CMD, Hero Motors; Nirmal Mind, CMD, Uno Minda; Gurpratap Bopara, MD, Skoda India; besides the Presidents of three industry bodies — SIAM, ACMA and FADA. According to sources, the government is expected to come out with a detailed action plan for boosting the economy. The auto industry has been on the slow lane ...

The Government intends to add 1.3 crore new income tax filers during the current fiscal, the Finance Ministry informed the Lok Sabha on Monday. Minister of State for Finance Anurag Singh Thakur, in a written reply, said the new target is against 1.1 crore filers added during FY19. For achieving the new target, various measures are being taken including identification of potential non-filers through centralised Non-filer Monitoring System (NMS), formulation of region-specific strategies for identifying potential non-filers, issue of statutory notices to enforce compliance, holding of outreach programmes to encourage voluntary compliance, use of mass media for creating awareness, simplification in income-tax returns and filing process to encourage voluntary filing, etc. he said. The Government is also examining recommendations of a committee for granting certain privileges to some categories of taxpayers. These could be giving access to lounges at domestic and international airport...

A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore have been detected in April-June, the first three months of this financial year. In a response to a question regarding tax frauds under GST, Minister of State for Finance Anurag Thakur said tax fraud worth Rs 37,946.41 crore was detected in 7368 cases in 2018-19. Also, in 2018-19, Rs 11,251 crore worth of cases of tax credit availment by issue of fake invoices were detected by the tax authorities and Rs 2,805 crore in April-June of the current fiscal, Thakur said in his written reply. Just five cases of tax credit availment by fake invoicing were detected by Central GST formations in the first year of the GST implementation (July 2017 to March 2018) involving an amount of Rs 12.67 cro...

The government has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the CBDT chief said is difficult but achievable. He also said that the government can only think of further "lowering" corporate tax rates once the exemptions and deductions in this sector are phased out. "In the last revised estimates, our target (for 2019-20 financial year) was fixed as Rs 13.78 lakh crore which appeared to be rather unrealistic because it was showing an increase of almost 24 per cent year-on-year. This is the submission we made while budget deliberations were going on," CBDT Chairman Pramod Chandra Mody told PTI. "I am happy to say that the government in its wisdom was appreciative of that and they went by the actual collections which happened last year. And consequent to that the budget (collection target for direct taxes) has now been fixed at Rs 13.35 lakh crore," he said. This translates, ...

A spate of show cause notices, statutory appeals and review petitions is likely to grow the volume of litigation substantially over the next two-three years, say experts Last month, the power of GST officers to arrest tax evaders hogged headlines and courts’ time. Following conflicting orders from various high courts, the apex court stepped in. A three-judge Supreme Court Bench is now looking at the constitutionality of such arrest powers in course of an investigation. Source: https://www.business-standard.com/article/economy-policy/volume-of-litigation-under-gst-regime-to-grow-in-a-big-way-experts-119061600538_1.html

Here is a list of issues to keep in mind when you file your annual returns The Union Finance Ministry, on Tuesday, issued a detailed clarification on the annual return filing for the Goods & Services Tax (GST). The last date to file returns will continue as June 30. GST assessees should keep the following issues in mind at the time of filing the return: a) Information contained in  FORM GSTR-2A  as on May 1, 2019 shall be auto-populated in Table 8A of  FORM GSTR-9 . b) Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of  FORM GSTR-9 . c) Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of  FORM GSTR-9 . Such particulars may contain details of amendments furnished in Table 10 and Table 11 of  FORM GSTR-1 . d) It may be noted that irrespective of when the supply was declared in  FORM GSTR-1 , the principle of decl...

The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which could be used for tax evasion. Tax evasion A senior IT officer said that the department has asked the AOs to expand their outlook and not treat shell companies as mere money laundering entities that use penny stock route or have received cash deposit during demonetisation. The AOs will need to look closely as such companies use IT returns to confuse investigators. The officer said the department has reiterated that AOs handling assessment of such companies must not perceive that a case is small based on Profit and Loss Account, which shows a very small amount as its income. Such AOs miss huge amounts of current liabilities, loans and advances that...