Certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices are be auto-populated in respective tables of GSTR-1.
The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore. The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 450 crore.
Governments of Punjab has communicated acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 26. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in favour of Option-1.
In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. For unblocking of this facility, taxpayer need to apply to jurisdictional Tax Official in Form GST EWB 05.
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Sh. Satyender Sharma resident of Haryana on charges of manufacturing and supplying illegally manufactured cigarettes without the requisite tax paying documents and without payment of applicable GST and cess.
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.
SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity. The same is in force till November 26, 2020.
Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals who have been empanelled under the SMARTs program attended the launch via web conferencing.
The country is at a critical juncture in its fight against COVID-19. The number of active cases has declined steadily over the last two months, from over 10 lakhs, on September 18, 2020, to less than 4.5 lakhs now.
Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in favour of Option-1.
