Central GST Delhi North Commissionerate has unearthed a racket involving supply of goods-less invoices and invoice-less goods. One person has been arrested and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The accused was found to be operating 10 fake firms which were created for rotation of money and fraudulent Input Tax Credit (ITC), thus defrauding the Exchequer. Prima facie fraudulent ITC of about Rs 140 crores has been passed on using invoices involving an amount of Rs 1,040 crores.
The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved the signing of the Double Taxation Avoidance Agreement (DTAA) and Protocol between the Republic of India and the Republic of Chile for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income.
The Institute of Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA) in Kuwait on November 21, 2019.
Peer Review plays significant role in the maintenance as well as enhancement of quality of services rendered by members of the Institute and the Guidelines developed by the Council has made the same mandatory for certain Audit and Certification services, thus according both Peer Review as well as the services greater significance.
Currently, the wordings, terms and conditions in respect of the basic policy for Motor Own Damage cover are driven by the erstwhile India Motor Tariff, 2000. However, insurers have been permitted to sell add-ons to the basic cover within the framework provided under the extant Product Filing Guidelines for General Insurance.
The GST Council in its 27th meeting held on 4th May, 2018 resolved that GSTN will be converted into a 100% Government-owned entity by transferring 51% equity shares held by the Non-Government Institutions to the Centre and States equally.
The main components of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 are dispute resolution and amnesty. The number of applications received from taxpayers, including small taxpayers, and disputes resolved as on 18.11.2019 are as under:
Union Government is aware that MSMEs are facing challenges in getting due payments on time from large corporations. In order to ensure timely payments and to prevent their accounts from being treated as Non-Performing Assets (NPAs), Government has taken following steps:
We are happy to announce One Day GST workshop for effective GST Audits and Annual Returns. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up.
Scheme of Financial Scheme of Financial Assistance/Scholarship to Students of CA Course, Year 2019-20 The Board of Trustees of the Chartered Accountant Students Benevolent Fund (CASBF) has decided to provide financial assistance/scholarship for amount of Rs. 1500/- PM, to students who are registered in CA Intermediate /IPCC course and serving articled training as well as […]
