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160,000 firms deregistered till July 12: Jaitley

More than 160,000 companies been deregistered and a series of actions are being taken against shell firms, Corporate Affairs Minister Arun Jaitley told the Lok Sabha on Friday. His response was to a query on whether a large number of shell companies and entities that are primarily used as conduits for dealing in black money and hawala transactions have come to the notice of the government. Out of the 162,618 companies that have been struck-off the register, the registration of 33,000 were cancelled by RoC (Mumbai), according to a written reply by minister of state for corporate affairs Arjun Ram Meghwal. The Business Standard, new Delhi, 22th July 2017
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GST Council may Examine Sectoral Issues in Aug 5 Meet

The Goods and Services Tax Council could take up at its next meeting taxation issues raised by sectoral bodies along with a review of the implementation of the new tax regime, a top official has said. “Different issues will be coming to the table (at the next council meeting). Things that have been brought to our notice may be on the rules and implementation. Maybe, even on rates,“ Central Board of Excise and Customs (CBEC) chair person Vanaja Sarna told reporters on the sidelines of a Ficci event here on Friday . The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will meet on August 5 to review implementation of the new tax regime. On whether concerns raised by the textile sector will be taken up, she said, “Possibly.“ GST is a uniform tax structure that replaces 17 different levies, including excise, service tax and VAT. Some textile traders have been seeking removal of the 5% GST on fabric. Surat-based traders, who had gone on strike in protest,…

GSTN to Analyse Statistics of Tax Payers Registered with GSTIN

Three weeks into the new tax regime, the Goods and Services Tax Network (GSTN) has said that it will analyze the statistics of tax payers registered with GSTIN and give them ratings based on the data they would provide on the portal. GSTN is the technology backbone for implementing the single producer levy, which came into effect from July 1. The company will also study tax-payer behaviour after the system has captured data for a couple of years. It will undertake studies of various kinds for the central government to help in the future planning process. “We would also be studying trends in various sectors production types, or turnover for certain commodities such as steel or coal or anything else,“ GSTN Chairman Navin Kumar said. The GSTN will also help the government locate tax evaders. “We will compare the data of compani es registered on our portal with those of the income tax department to find discrepancies.“ The system will alert the tax departments in case of any discrepancy betwe…

So far, 76 lakh businesses, service providers register with GSTN

GST Network, the technology platform for indirect taxes, has registered 76 lakh businesses and service providers with the total base expected to top the 80-lakh mark, which includes those paying central excise, service tax, state VAT, central sales tax and other levies. With 10 days left for registration of existing businesses, the government expects that it will be able to significantly expand the base, helping generate 20-25% rise in indirect tax collections, said sources. So far, 70 lakh existing taxpayers have enrolled, while six lakh new players have registered. A large number of businesses did not have to register as the threshold for GST was pegged at Rs 20 lakh, twice the level for VAT. There are, however, some companies which are in multiple businesses that can register each vertical se parately . For instance, a company which is in tobacco and hotels can seek two GST registration numbers.In addition, service providers -from Indian railways to banks, telecom and insurance compan…

F. No. 345/114/2017-GST

F. No. 345/114/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing *** New Delhi, the 21st July, 2017 Order No. 01/2017-GST Subject: Extension of time limit for filing intimation for composition levy under subrule (1) of rule 3 of the CGST Rules, 2017 In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017, the Board hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule 3 of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017. -sd- (Upender Gupta) Commissioner (GST)

Goods bought with loyalty points will face tax under GST

Your shopping out of the accumulated loyalty or bonus points will face tax under the goods and services tax (GST) regime. GST would be levied on the total price of the product and not on the discounted value after adjusting the bonus, loyalty or rewards points.  “Loyalty points are nothing but a mode of payment, GST must be paid on total value of supply irrespective of the fact that loyalty points are utilised while making a purchase,” according to a report on textiles prepared by a group of officials.  The government had set up 18 sectoral groups to ensure smooth transition to GST. The law committee, which is meeting on Thursday and Friday, would take a final view on this now.  Loyalty cards are very popular with retail chains these days as a means of coaxing customers to make repeat purchases. Customer earns certain bonus points on shopping at stores and these points can then be set off from the total bill amount in subsequent purchase. Usually, a customer earns 1 point for a certain a…

NSE seeks to settle unfair access issue with regulator

The National Stock Exchange of India Ltd (NSE) on Thursday sought a settlement with the markets regulator over allegations that it provided unfair access to its high-frequency trading systems to some brokers. NSE applied to the Securities and Exchange Board of India (Sebi) for a settlement through the so-called consent mechanism three days after Vikram Limaye took charge as MD and CEO. Consent mechanism is a process through which entities can settle charges by paying a penalty without admission or denial of guilt. "Sebi will review the application and get back to NSE on the future course of action. NSE will work with Sebi on early resolution of this matter," the exchange said in an emailed statement. On May 22, the market regulator had sent show-cause notices to the bourse and 14 percent and former officials over charges of providing some brokers unfair access to its algorithmic, or high frequency , trading systems that allow thousands of orders to be executed in less than a se…