An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes.
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […]
Further, the applicant has filed rectification application on 10.10.2019 which is beyond the statutory limit of six months as prescribed under Section 102 of CGST Act/MGST Act, 2017. It is delayed and barred by limitation. Therefore, the said application is not found tenable under scope of rectification. Hence it is rejected.
The applicant have themselves submitted that the scrap is the property of the vendors. Hence question with respect to taxability of sale/supply of such scrap can be raised only by the concerned vendors and not by the applicant. Hence in view of the provisions of Section 95 of the GST Act, since the supply of scrap, will not be undertaken/is proposed to be undertaken, by the applicant, we are of the opinion that this authority is not allowed to answer the question raised by the applicant, being out of the purview of sec. 95 of CGST Act.
In other words, Section 97(2), which encompasses the questions, for the ruling by this Authority does not deal with the issue of whether a GST registration should be surrendered. Hence, it is held that this authority does not have jurisdiction to pass any ruling on such matters.
i. These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2019. ii. They shall come into force from the date of their publication in the official Gazette.
High Court held that in the case of deposits made by the petitioner societies with the Co-operative Banks, they would be entitled to the benefit of exemption under Section 194A(3)(iii)(v) of the Income Tax Act and, in respect of the deposits made by the petitioner societies with the Treasury, they will not be entitled to the benefit of exemption under Section taxguru.in 194A(3)(iii)(a) of the Income Tax Act.
The gross GST revenue collected in the month of November, 2019 is Rs. 1,03,492 crore of which CGST is Rs. 19,592 crore, SGST is Rs. 27,144 crore, IGST is Rs. 49,028 crore (including Rs. 20,948 crore collected on imports) and Cess is Rs. 7,727 crore (including Rs. 869 crore collected on imports). The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2019 is Rs. 77.83 lakh.
As per the provisions of the Companies Act, prosecutions are filed by the Ministry of Corporate Affairs (MCA) through Registrar of Companies against such companies which have not filed Financial Statements from time to time and there are 11,082 number of prosecutions filed by the MCA during the said period for non-filing of financial statements.
