The Central Bureau of Investigation ( CBI ) Anti-Corruption Branch has arrested a Chartered Accountant and GST Joint Commissioner in a Bribery Case.
Joint Commissioner, CGST and Chartered Accountant Trapped by CBI, NAGPUR CBI, ACB, Nagpur have registered a case vide RC.04(A)/2022 on 03.03.2022 U/s 7 A of Prevention of Corruption Act, 1988 against Shri Hemant Rajandekar, Chartered Accountant, Ws V. R lnamdar & Co., Ajni Chowk, Nagpur. on receipt of a complaint from Shri Jayant Laxmikant Choupane, Contractor. Ws Jai Electricals & Electronics, District — Yavatmal alleging demand of bribe of Rs. 4,50,000/- as a motive to induce Shri Mukul Patil Joint Commissioner. CGST. Nagpur-2 by corrupt and illegal means to cause the performance of a public duty dishonestly.
Shri Mukul Patil Joint Commissioner, CGST, Nagpur-2 had issued a Show Cause Notice pertaining to service tax liability in the name of the Complainant The accused person has demanded a bribe amount of Rs. 4,50,000/- to get the service tax liability case disposed of by corrupt & illegal means.
A Press Release issued by CBI said that, “Both the accused persons have been caught red-handed while demanding and accepting the negotiated bribe amount of Rs. 4.00,000/- against the demanded bribe amount of Rs. 4,50,000/- from the complainant. The searches are being conducted at the office of the CA and at the office & residential premises of the accused public servant”. The accused persons will be produced in Court of Special Judge, CBI Cases, Nagpur.
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The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, Coaching Institutes to pay 18% GST on Composite Supply basis. A coaching institute cannot deposit GST on individual items basis for the supply of notebooks, t-shirts, bags, sweatshirts, etc. to students along with coaching service. In a weekly communication to officers…
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Amazon has been invited applications from qualified Chartered Accountants for the post of Financial Analyst.
Job responsibilities will include:
· Participate in the annual budgeting and forecasting process and ensure planning deadlines are maintained
· Perform risk and opportunities variance analysis versus plan
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· Chartered Accountant or MBA with 5+ years of related experience in finance, accounting or other related analytical experience
· Experience in business forecasting and spreadsheet modeling
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· Strong communication and presentation skills working with multiple peer groups and levels of management
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The Institute of Chartered Accountants of India (ICAI) has extended the last date for submission of application for Empanelment of CA firms or LLPs with O/o C&AG for 2022-23.
“Considering the difficulties faced by Chartered Accountant firms/LLPs in submitting the online empanelment for audit of PSUs for the year 2022-23, the O/o C&AG on the request of ICAI has extended the last date for submission of online application from 15th February, 2022 to 22nd February, 2022 as a one-time relief. Further, the last date for submission of hard copies of the documents remains unchanged i.e. 28th February 2022,” the ICAI said.
Interested members may avail of the online application may click here.
The Institute of Chartered Accountants of India (ICAI) has released the Peer Review Mandate-Roll Out.
The Council at its 407th Meeting of the Council held from 7th– 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under the Peer Review process.
In phase I the Firms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which will be implemented from 1st April 2022.
In phase II the Firms which have undertaken Statutory Audit of unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures, and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year or Firms having 5 or more partners anytime during the immediately preceding financial year which will be implemented from 1st April 2023.
In phase III the firms which have undertaken the Statutory Audit of entities that have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities which will be implemented or Firms having 4 or more partners may be covered in Phase 3 of the rollout from 1st April 2024. In phase, IV Firms conduct audits of branches of Public Sector banks or Firms having 3 or more partners and render assurance services which will be implemented from 1st April 2025.
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Anti-Evasion wing of CGST Mumbai South arrested Partner of M/s Rushabh Bullion, trader of gold and silver articles today for availing fake GST Input Tax Credit (ITC) amounting to Rs. 7.11 Crores from fake/non-existent entities.
The investigation, in this case, was undertaken based on inputs provided by the Central Intelligence Unit (CIU) of Mumbai Zone at the Zonal Headquarters headed by the Principal Chief Commissioner. The search was conducted at the principal place of business of M/s Rushabh Bullion (GSTIN 27AAMR1367B1Z9) on 11.02.2022.
The partner of M/s Rushabh Bullion in his statement dated 12.02.2022 admitted to availing ineligible ITC amounting to Rs. 7.11 Crores from two entities namely M/s. Goldmine Bullion, Mumbai, and M/s Riddhi Siddhi Gold, Mumbai who were found to be fake/non-existent upon verification of their Principal Place of Business. The fake ITC was availed by M/s Rushabh Bullion from M/s. Goldmine Bullion and M/s Riddhi Siddhi Gold was Rs. 4.89 Crores and Rs. 2.22 Crores respectively.
Based on evidence collected during investigation and statement, Partner of M/s Rushabh Bullion was arrested under Section 69 of the CGST Act, 2017 for committing offences under Section 132(1)(c) read with Section 132(5) of CGST Act, 2017. He was produced before Additional CMM court, Mumbai on 12.02.2022 and has been sent to judicial custody for 14 days.
This case is a part of the Anti-Evasion drive launched by CGST, Mumbai Zone against tax evaders. As a part of this drive, CGST Mumbai South Commissionerate has detected tax evasion of more than Rs. 570 Crores, recovered Rs. 7 Crores, and arrested 8 persons during the last six months. The CGST department is using data analytics and network analysis tools to identify potential tax evaders and also coordinating with other tax authorities for nabbing tax evaders. The department plans to intensify this anti-evasion drive in the coming days and months.
The Institute of Chartered Accountants of India ( ICAI ) has announced the dates of CA Final and Foundations Results.
The results of the Chartered Accountants Final Examination (Old Course & New Course) and Foundation Examination held in December 2021 are likely to be declared on Thursday, the 10th February 2022(evening)/Friday, the 11th February 2022, and the same can be accessed by candidates on the following websites:
The ICAI said that, Arrangements have also been made for the candidates of the Final Examination (Old Course & New Course) and Foundation Examination desirous of having results on their e-mail addresses to register their requests at the website i.e. icaiexam.icai.org from 8th February 2022. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.
In addition to the above, it may be noted that for accessing the result at the above-mentioned websites the candidate shall have to enter his/her registration no. or PIN no. along with his/her roll number.
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The Union Finance Minister, Nirmala Sitharaman while giving her budget speech 2022-23 said that the Digital Currency will be issued by the RBI in 2022-23.
“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23,” the finance minister said.
Enabled by blockchain technology, Digital Rupee will be issued by the Reserve Bank of India in 2022-23, Finance Minister Nirmala Sitharaman announced in her Union Budget speech on Tuesday. Digital currency will boost the digital economy, Sitharaman said
Supreme Court and Crypto Ban
The Supreme Court on March 4 set aside an April 6, 2018, circular of the Reserve Bank of India prohibiting banks and entities regulated by it from providing services in relation to virtual currencies (VCs). “Till date, RBI has not come out with a stand that any of the entities regulated by it namely, nationalised banks/scheduled commercial banks/cooperative banks/NBFCs, have suffered any loss or adverse effect directly or indirectly, on account of VC exchanges,” a Bench comprising Justices Rohinton Nariman, Aniruddha Bose, and V. Ramasubramanian observed in a 180-page judgment.
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The Union Finance Minister Nirmala Sithraman is set to present the Union Budget 2022 today. This year will be Sitharaman’s fourth Budget after 2019, 2020 and 2021. Just like last year, this year too Sitharaman will ditch the traditional ‘bahi-khata’ and carry a tablet to deliver a paperless budget.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) while quashing an order of the Commissioner of Income Tax (Exemptions), held that an order passed without giving the assessee an opportunity to hear shall amount to a violation of natural justice. The CIT(Exemptions) has passed the order on 31.08.2020 during the pandemic period. The…
The Institute of Chartered Accountants of India (ICAI) has extended the deadline to convert to the revised scheme of the CA Course till 13th March 2022.
December 2021 was the last exam of Intermediate (IPC) Course – Under Old Scheme and Final Course Examination.
In a press release issued on Saturday, the ICAI held that “under Old Scheme, therefore, old course students who wish to appear in May 2022 exams of Intermediate and Final are required to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 latest by 13th March, 2022.”
“Further, the last date of conversion from Common Proficiency Test (CPT) to Foundation is also 13th March, 2022 for appearing in May 2022 Foundation Exams,” the ICAI said.
For conversion from Earlier Scheme to Revised Scheme of Education and Training, the students may visit Self Service Portal at https://eservices.icai.org/
The Income Tax Department has issued the Frequently Asked Questions (FAQs) on Statutory Forms & related Services. The issue was while submitting Form 3CB-3CD, the “Unique Document Identification Number (UDIN)” page was displayed. Though we have duly taken UDIN before uploading the tax audit report, I am not able to add the UDIN details. Should…
Bitcoin is a type of Crypto Currency that was created in 2009 by an unknown person using the alias, Satoshi Nakamoto. New Bitcoins are generated by a competitive and decentralized process called as ‘Mining’. In this mining process, individuals process the transactions and secure the network by using specialized hardware and in exchange, they are awarded new Bitcoins.
Nowadays, the bitcoin courses are also one of the emerging Edutech Areas which is flourishing. There are a lot Companies now offering Bitcoin-related Courses.
Till now, RBI has neither declared cryptocurrencies as illegal nor has accepted these as legal tenders. Further, RBI has clarified that it has not given any licence or authorisation to any entities to operate such schemes or deal with Bitcoins or any virtual currency. RBI has rather cautioned people about the risks associated with virtual currencies.
Whether a Bitcoin would be classified as currency or not is a debatable issue and arguments until RBI clears its stand on it. If RBI declares that Bitcoin is a currency, any trading in it would be subject to FEMA Regulations. However, Bitcoins can be treated as intangible assets.
When it comes to issues related to tax on Bitcoins, income tax is leviable on it since they could be deemed as capital assets if they are purchased for the purpose of investments by the taxpayers. However, if the transactions in bitcoins are substantial and frequent, it could be held that the taxpayer is trading in bitcoins and the sale of such bitcoins would attract income tax under the head ‘business income’.
For Income-tax purposes, situs of an intangible asset may vary according to their nature and obligations attached with them. Situs of intangible properties is well decided on the basis of law of the land where the protection to the property is sought.
If gains arising from transfer of Bitcoins are treated as capital gains, their further classification in to short-term or long-term gain would depend upon the period of holding of Bitcoins.
Further, the Bitcoins earned in the ‘mining’ process are also taxable as business profits. However, if Bitcoins are classified as capital assets, the virtual currency earned from Bitcoin ‘Mining’ may not be charged to tax.
The situs of a property plays an important role in determining the taxability of capital gains arising from sale of that property. Since Bitcoin is an intangible asset, income accruing or arising from its transfer outside India by a person who is not a resident in India cannot be taxed in India. Hence, Sale of Bitcoins by a Non-Resident through an Indian Bitcoin exchange may not be charged to tax.
If Bitcoins are classified as currencies, then it will be considered as ‘Money’ in CGST Act and no GST could be charged on its trading. The exchange of a Bitcoin to Indian Rupees(INR) might be considered as service for the purpose of levy of GST under the category of ‘Financial Services’ for which 18 percent tax is leviable.
The Institute of Chartered Accountants of India ( ICAI ) has released the Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2021-22.
The ICAI informed that the Draft Bank Branch Auditors’ Panel (MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at www.meficai.org.
The ICAI also added that, it is a Draft Panel, and the category of the applicants of Multipurpose Empanelment Form for the year 2021-22 is subject to validation of Financial Documents of the applicants. Changes or inconsistencies if any, will be communicated separately to the applicants. The applicants would also be able to view the reasoning for the change in their category, wherever applicable, in the Draft Panel itself. However, in case of any observations/ complaints, the applicants may raise the query with details at https://app.meficai.org/complaints which will be suitably addressed and replied to individually.
The Draft Panel will be available up to Sunday, 23rd January, 2022. Complaints if any have to be lodged by then. After suitable addressal of the queries, the final panel will be sent to RBI for their consideration.
This weekly round-up analytically summarizes the key stories related to Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) reported at Taxscan.in during the previous week from January 10 to January 15, 2022. Gautam Industries Vs. Commissioner The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Chandigarh bench, while allowing an appeal filed by…
This weekly round-up analytically summarizes the key stories related to Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from January 10 to January 15, 2022. Pushp Steel and Mining Vs. PCIT The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of…
This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from January 10 to January 15, 2022. Re Cognizance for Extension of Limitation The Supreme Court has once again suo moto agreed to extend the limitation period to file cases across the…
The Institute of Chartered Accountants of India ( ICAI ) has extended the last date for complying with the mandatory CPE hours’ requirements for the Calendar Year 2021 either in physical/offline mode or in virtual mode through VCM/DLH – from 31st December, 2021 to 28th February, 2022.
The ICAI said that, In view of the impact of Covid-19 across the world and the difficulties faced by Members for completing their mandatory CPE hours’ requirements during the Calendar year 2021, it has been decided by the Competent Authority to extend the last date for complying with the CPE hours’ requirements for the Calendar Year 2021 from 31st December 2021 to 28th February, 2022. The same may be complied by attending the CPE Programmes in physical/offline mode or in virtual mode through Virtual CPE Meetings/ Digital Learning Hub.
Accordingly following may be noted:
“Requirement of completion of 20 Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP for Calendar Year 2021, can be fulfilled through online mode (either through Digital Learning Hub or through Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 28th February, 2022. To clarify, if a member has earned more than 20 Structured CPE hours through Digital learning Hub and/or VCMs till 28th February, 2022, for compliance purposes, only 20 Structured CPE hours will be credited for Calendar Year 2021.
It is pertinent to mention here that the members may acquire contemporary knowledge and skills relevant to their professional duties simultaneously complying with the mandatory Structured CPE hours’ requirements through ICAI’s Digital Learning Hub and Virtual CPE Meetings without paying any fee. The members who have completed their Unstructured Learning Activities (ULAs) but have not updated its details on the CPE Portal for Calendar year 2021 are requested to kindly claim the CPE Hours credit of unstructured learning online by login into your account on the CPE portal www.cpeicai.org
It may be noted here this is the last opportunity for members to complete their respective CPE hours’ requirements for the Calendar year 2021, till 28th February, 2022 as no further extension will be granted.
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The Institute of Chartered Accountants of India ( ICAI ) has submitted a representation on 6th January 2022 to Chairman, CBDT requesting to consider waiver of penalty and other consequences for furnishing of Report of Audit under any provision of the Income-tax Act, 1961 for the A. Y. 2021-22 after January 15, 2022.
This is because of the outbreak of the pandemic and consequently, taxpayers are finding difficulties in completing data for completing accounts, confirmations, reconciliation, and preparing inputs for compiling tax audit reports.
Further, issues like the non-availability of Form No. 3CEB and difficulties in filing forms like 10C and 10B are still continuing. Further, considering the current situation of lockdowns and extremely fast spread of Omicron/COVID19 and consistent technical glitches being faced in the operation of the new portal, compliance is meeting with hinderances.
Therefore, the ICAI has requested that the penalty and other consequences should be waived off for filing tax audit reports and other reports/certificates for AY 2021-22 till 31st March 2022.
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The Central Board of Indirect Taxes and Customs (CBIC) has issued the guidelines for recovery proceedings under the provisions of section 79 of the CGST Act, 2017 in cases covered under explanation to sub-section (12) of section 75 of the CGST Act, 2017.
Sub-section (12) of section 75 of the CGST Act, 2017 provides that notwithstanding anything contained in section 73 or section 74 of the Act, where any amount of self-assessed tax in accordance with the return furnished under section 39 remains unpaid, either wholly or partly, or any amount of interest payable on such tax remains unpaid, the same shall be recovered under the provisions of section 79. An explanation has been added to subsection (12) of section 75 vide section 114 of the Finance Act, 2021 with effect from 01.01.2022 to clarify that “self-assessed tax” shall include the tax payable in respect of outward supplies, the details of which have been furnished under section 37 but not included in the return furnished under section 39.
The doubts are being raised by the trade and the field formations regarding modalities for initiation of the recovery proceedings under section 79 of the Act in the cases covered under the explanation to sub-section (12) of section 75 of the Act.
Where the payable in respect of details of outward supplies furnished by the registered person in GSTR-1, has not been paid through GSTR-3B return, either wholly or partly, or any amount of interest payable on such tax remains unpaid, then in such cases, the tax short paid on such self-assessed and thus self-admitted liability, and the interest thereon, are liable to be recovered under the provisions of section 79.
There may, however, be some cases where there may be a genuine reason for the difference between the details of outward supplies declared in GSTR-1 and those declared in GSTR-3B. For example, the person may have made a typographical error or may have wrongly reported any detail in GSTR-1 or GSTR-3B. Such errors or omissions can be rectified by the said person in a subsequent GSTR-1/ GSTR-3B as per the provisions of sub-section (3) of section 37 or the provisions of sub-section (9) of section 39, as the case may be. There may also be cases, where a supply could not be declared by the registered person in GSTR-1 of an earlier tax period, though the tax on the same was paid by correctly reporting the said supply in GSTR-3B. The details of such supply may now be reported by the registered person in the GSTR-1 of the current tax period. In such cases, there could be a mismatch between GSTR-1 and GSTR-3B (liability reported in GSTR-1 tax paid in GSTR-3B) in the current tax period. Therefore, in all such cases, an opportunity needs to be provided to the concerned registered person to explain the differences between GSTR-1 and GSTR-3B, if any, and for short payment or nonpayment of the amount of self-assessed tax liability, and interest thereon, before any action under section 79 of the Act is taken for recovery of the said amount. “Accordingly, where ever any such amount of tax, self-assessed by the registered person in his outward supply statement GSTR-1 is found to be short paid or not paid by the said person through his GSTR-3B return in terms of the provisions of sub-section (12) of section 75 of the Act, the proper officer may send a communication (with DIN, in terms of guidelines issued vide Circular No. 122/41/2019-GST dated 5th November 2019) to the registered person to pay the amount short paid or not paid or to explain the reasons for such short payment or non-payment of self-assessed tax, within a reasonable time, as prescribed in the communication. If the concerned person is able to justify the differences between GSTR-1 and GSTR-3B or is able to explain the reasons for such short-payment or non-payment of tax, to the satisfaction of the proper officer, or pays the amount such short paid or not paid, then there may not be any requirement to initiate proceedings for recovery under section 79,” the Instruction read.
CIRCULAR NO: 01/2022-GST
DATE: 7th January,2022
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