The total gross GST revenue collected in the month of July, 2019 is ₹ 1,02,083 crore of which CGST is ₹ 17,912 crore, SGST is ₹ 25,008 crore, IGST is ₹ 50,612 crore (including ₹ 24,246 crore collected on imports) and Cess is ₹ 8,551 crore (including ₹797 crore collected on imports).
The accused and their associates were found to be operating 19 fake firms created to facilitate fraudulent Input Tax Credit (ITC), thus defrauding the Exchequer. Prima facie fraudulent ITC of about Rs 25 crores has been detected to have been passed on using invoices involving an amount of Rs 137 crores.
E-Tender for Appointment of Concurrent Auditors for the year 2019-20 w.e.f. October 01, 2019 to September 30, 2020 by Reserve Bank of India, HRMD, CO cluster and CSBD, CO.
This Compendium of Accounting Standards is relevant for all companies, other than the companies following Ind AS, and also to non-corporate entities for the purpose of preparation and presentation of good quality financial statements.
Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on ‘Portal Login’ […]
Chartered Accountants with fulltime Certificate of Practice should register and generate their UDINs on the UDIN Portal by registering the certificates attested/certified by them. I am happy to inform that the number of UDINs generated touched the noteworthy 2-million mark.
The Central Bureau of Investigation has today arrested a Superintendent, GST Division, Khanna (Punjab) for demanding and accepting a bribe of Rs. 50,000/- from the complainant.
Smt. Nirmala Sitharaman- Minister of Finance and Corporate Affairs moves the Companies (Amendment) Bill, 2019 for consideration in the Rajya Sabha. She replies to the debate on Companies (Amendment) Bill, 2019 in the Rajya Sabha. Gandhiji’s trusteeship principle is with which profit-making can not be devoid of social responsibility. The amendments we are bringing now […]
Report No.11 of 2019 – Compliance Audit of Union Government, Department of Revenue (Indirect Taxes – Goods and Services Tax) This is the first Audit Report of CAG on Goods and Services Tax (GST), prepared on the basis of audits conducted during the year 2018-19. The Report acknowledges the magnitude of the tax reform that […]
New Return filing System: In the proposed system of new GST Return filing, you would be required to file FORM GST RET-1/2/3, on the basis of option selected. The Annexure of Supplies in Form GST ANX-1 i.e. supply commonly called sales, made by you and the Annexure of Inward Supplies in Form GST ANX-2 i.e. purchases made by you, will be uploaded prior to filing of these returns. The taxpayer will also be required to take action on Form GST ANX-2, which will contain details of inward supplies auto-populated from the suppliers GST ANX-1, Form GSTR-5 and Form GSTR-6.
