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Showing posts from September 2, 2017

GST relief

GST relief The government on the recommendation of the Goods and Services Tax (GST) Council on Friday waived the late fees for the GSTR 3B returns for July, filed after the due date.The announcement comes amid concerns raised over difficulties faced by the industry in filing returns.

The Business Standard, New Delhi, 02nd September 2017

Tax laws outdated: PM

Tax laws outdated: PM Prime Minister (PM) Narendra Modi said there was a need to overhaul the old tax structure on Friday at a gathering of top level incometax (IT) officials on Friday, as the existing tax laws are over 50 years old and do not fit in with today´s environment and present economic situation.

Modi is backing a major change in the system, which could change the entire tax department´s strategy to nab tax evaders.According to sources, the PM, in an hourlong speech at Rajasva Gyan Sangam in New Delhi addressing direct and indirect tax officers, highlighted the several defects in the present tax system.

He is learnt to have said there was huge distrust between taxpayers and the tax collector, which was an unpleasant situation.He asked the tax department to buildasystem where there would be no “ITraids”. He questioned the tax system and asked why India hadasystem where people came under the tax net after demonetisation, or when properties were confiscated, or shell companies we…

1% of expected invoices uploaded to GSTN

1% of expected invoices uploaded to GSTN About one per cent of the expected goods and services tax invoices had been uploaded on the GST Network more thanamonth after the facility opened, suggestingalastminute scramble near the September 5 deadline andaclamour for an extension.

Only 4.4 million invoices have been uploaded as part of the GSTR 1 return filing,afacility that became operational on July 25. “At least 440 million invoices should have been uploaded. The facility is open for 38 days, but only 4.4 million invoices have been uploaded.

In last minute filing, they will commit errors and the system will not accept the return,” said a GSTN official.Taxpayers would then seek an extension, he added.“We will consider extending the deadline if people face genuine difficulties in filing GSTR 1,” said another official.

The last date to file provisional return GSTR 3B was extended from August 20 to August 25 after taxpayers faced difficulties in filing.So far, 39.7 million returns have been …

Consent of clients must to use Aadhaar for e KYC

Consent of clients must to use Aadhaar for e KYC The Insurance Regulatory and Development Authority of India (Irdai) has said insurance companies can access details of policyholders provided by the Unique Identification Authority of India (UIDAI) only with their consent.

“It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall be with the consent of the client onavoluntary basis,” it said.UIDAI had issued the Aadhaar (Authentication) Regulations, 2016, prescribing the procedure for eKYC (Know Your Customer) authentication of Aadhaar number.

Irdai has said insurers should perform the verification of clients through eKYC authentication facility provided by UIDAI. This has to be done through biometric authentication (fingerprint or iris scanning) and/or through onetime password received on clients´ mobile number or on the email address registered with UIDAI.

The information provided by the UIDAI will be considered sufficient…

Management of defaulting firms must step aside, says apex court

Management of defaulting firms must step aside, says apex court The Supreme Court has ruled the management ofacompany undergoing bankruptcy proceedings cannot continue in its role.

The court clarified a number of contentious issues, empowering the National Company Law Tribunal (NCLT) in recovering dues.

“Having heard both the learned counsel at some length, and because this is the very first application that has been moved under the Code (Insolvency and Bankruptcy Code), we thought it necessary to deliveradetailed judgment so that all courts and tribunals may take notice ofaparadigm shift in the law,” JusticeRFNariman said. “Entrenched managements are no longer allowed to continue in management if they cannot pay their debts,” he added.

This bolsters the Insolvency and Bankruptcy Code, which says once an insolvency professional is appointed by creditors, the management should step aside and let the company be run by the professional.

The insolvency professional, in turn, will decide if th…