MRACAIndia

04/03/2020

PTI GST officials bust fake invoicing racket

The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs 7,896 crore involving fraudulent Input Tax Credit (ITC) of Rs 1,709 crore, using a network of 23 shell companies, Finance Ministry said in a statement.

02/03/2020

You may be fined Rs 10,000 if you don't link PAN with Aadhaar by the end of this month

An individual having an inoperative PAN may face trouble in several financial transactions.

29/04/2019

https://yourstory.com/2019/04/government-gst-einvoice-generation

The proposed 'e-invoice' is part of the exercise to check GST evasion

29/04/2019

https://quickbooks.intuit.com/in/resources/finance-and-accounting/accounting-terms-words-professional-development/

Learn some of the key accounting terms that you need to know as a small business owner in India, including accounts payable, profit, and more. Understanding the definitions of these terms and how they work together is a key factor in understanding your company's financials and being able to deal wit...

27/04/2019

Benami Transactions:

In considering whether a particular transaction is benami, six circumstances can be taken as a guide:

(1) source from which purchase money came;

(2) nature and possession of property, after purchase;

(3) motive, if any, for giving transaction a benami colour;

(4) position of parties and relationship, if any, between claimant and alleged benamidar;

(5) custody of title deeds after sale &

(6) conduct of parties in dealing with the property after sale.

Mere fact that financial assistance was given is not a determinative factor.

25/02/2019

ROC Complainces to be followed in FY 2019-20:

1. Every Company incorporated on or before 31st December 2017 has to file this return called Active Company Tagging Identities and Verification. Due date - On or before 25-04-2019 Late fee - After due date Rs 10000/-

2. Initial MSME 1: within 30 days from date of availability of form on MCA portal or before 30th April 2019.

3. One time DPT 3: within 90 days from date of notifications i.e. 20th April 2019

4. DIN 3KYC of directors: on or before 30th April 2019.

5. Annual DPT 3: on or before 30th June 2019.

6. Annual Filling AOC 4: on or before 30th October 2019.

7. MSME 1 (2nd half): on or before 30th October 2019.

8. Annual Return MGT 7: on or before 29th November 2019

15/02/2019

companies-stare-at-cash-flow-problems-due-to-new-credit-utilisation-rules

​​The government late last year had come out with credit utilisation mechanism that companies have to follow beginning this month.

15/02/2019

gst-threshold-raised-for-suppliers-of-goods-in-most-states

Kerala, Telangana to retain existing trigger for mandatory registration

08/02/2019

GST tax-authorities-to-levy-interest-on-cash-itc-component-of-gst-paid-after-due-date

Officials to conduct due verification of all cases of late filing of returns

23/01/2019

non-filers-will-have-21-days-to-file-i-t-returns-submit-response

The 21-day time period would be from the date of receiving e-mail or SMS from the I-T Department regarding non-filing of tax returns.

22/01/2019

Highlights of Companies (Amendment) Ordinance 2019:

Commencement Certificate is mandatory now to be obtain within 6 months of Incorporation without which, it can not commence its business activity or borrow money.

The ROC can strike off a company if the address of Regd Office is *bogus* orincomplete/improper address.
Conversion of public Ltd to Pvt Ltd matters shifted from NCLT to Regional Directorate.

Company cannot issue shares at discount, - heavy penalty imposed on violation.

Alteration of Authorised Capital to be intimated within 30 days, default - penalty 1000 every day or 5 Lac whichever is less.

Creation of charge filing with ROC- time limit *reduced* from 300 days to 60 days.

Wrong statement/ information in filing Charge forms with ROC may lead to misrepresentation and *jail*

*Annual Return* should be filed within 60 days from AGM, failure to this, penalty of 100 per day to Company + directors max 5 Lakh apart from ROC delay charges is applicable.

Penalty of 5 lakh to Company secretary certifying wrong Annual Return.

Explanatory statement to be given with Notice of General Meeting must contain all details as required by Law, if no detail/short detail/misleading - penalty for Company + Directors + KMP - 50K

*filing of Resolutions* with ROC- delay will be *very costly* now. Penalty for defaulter increased substantially. 500 every day max 25 Lakh

Filing of Balance sheet with ROC within time limit- failure is costly for Company + Directors both. Penalty of 100 per day + 1 lakh to Company + Director each.

*Resignation of Auditor* must be filed by the resigning Auditor within 30 days, failure to which the resigning Auditor is liable for penalty of 50,000 + 500 per day.

A director can not become director in morethan 20 companies. If he continues, he becomes disqualified now.

Appointment of CS on payroll (Pvt Co having paid-up capital 5 cr & above) is mandatory. Default is now very costly- penalty increased substantially.

ROC may strike off a company if subscribers have not paid initial share capital after incorporation of a Company within 6 months.

11/01/2019

Outcome of 32nd GST Council Meeting:

- Wef 1st April 2019 the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh. The threshold for registration for service providers would continue to be Rs. 20 lakhs and in case of special category states Rs. 10 lacs.

- Composition limit increased to 1.5Cr from the present 1 cr. The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. Those who use the scheme from April 1, 2019.

- Quarterly payment and Annual Return. Now Composition tax payers will pay tax quarterly, but file returns annually.

- Composition scheme for services Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.
Rate for services under comp scheme @ 6%. Compounding rate for services under composition scheme is fixed at 6 percent.

- RealEstate: A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.

- Calamity cess by Kerela @1%: GST Council lets Kerala levy 1% cess for 2 years on intra-state sales.