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GST officials Arrest chartered accountant for Rs 10.63 Cr fraud

A chartered accountant has been arrested by the sleuths of the Central Goods and Services Tax (GST), Mumbai West unit for allegedly availing fake Input Tax Credit (ITC). The unit arrested Chandraprakash Pandey, partner of CP Pandey and Associates. “He was arrested on account of indulging in circular trading by way of issuing fake invoices, availing and passing on fraudulent ITC involving GST of about Rs 10.63 crore on turnover of Rs 59.10 crore (approximately),” said a statement issued on Saturday. On the basis of specific intelligence gathered by the GST officials of investigation wing, Mumbai West Commissionerate, an investigation revealed that numerous companies were created in the name of his family members and were indulging in issuance of invoices without any actual supply of goods or services. The unit stated that he was also enabling other companies to avail ITC on invoices for which no goods or services were supplied, in violation of provisions of the CGST Act, 2017. The ITC i...
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GST FRAUD AND NON COMPLIANCE मामले मे 1.63 लाख रजिस्ट्रेशन हुए रद्द, 4 CA समेत 132 लोग गिरफ्तार

GST FRAUD AND NON COMPLIANCE मामले मे 1.63 लाख रजिस्ट्रेशन हुए रद्द, 4 CA समेत 132 लोग गिरफ्तार GST के फर्जी बिल (Fake Invoices),  गलत तरीके से इनपुट क्रेडिट (Input credit) हासिल करने और शेल कंपनियां (Shell Companies) बनाकर टैक्स चोरी (Tax Evasion) करने के मामले तेजी से बढ़े हैं, GST अथॉरिटीज ने ऐसे लोगों की धरपकड़ तेज कर दी है |   1.  28,635 टैक्सपेयर्स रडार पर Goods and Services Tax (GST) अथॉरिटीज ने 1,63,042 GST रजिस्ट्रेशन को रद्द कर दिया है. ये रजिस्ट्रेशन अक्टूबर और नवंबर में मासिक टैक्स रिटर्न नहीं भरने की वजह से रद्द किए गए हैं. GSTN ने उन टैक्सपेयर्स के खिलाफ मुहिम छेड़ रखी है जो समय पर अपना टैक्स रिटर्न नहीं भर रहे हैं. अब ऐसे टैक्सपेयर्स का GST रजिस्ट्रेशन रद्द किया जा रहा है |  livemint में छपी खबर के मुताबिक जिन GSTIN ने 6 महीने तक GSTR-3B रिटर्न दाखिल नहीं किया था, उन्हें पहले तो नोटिस दिया गया इसके बाद उनका रजिस्ट्रेशन रद्द कर दिया गया. 28,635 दूसरे टैक्सपेयर्स की भी पहचान की गई है, जिन्होंने 1 दिसंबर तक 6 महीने से ज्यादा समय से टैक्स रिटर्न दाखिल नहीं...
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Tax Audit Limit For Chartered Accountants: Supreme Court Transfers To Itself Pleas Challenging Constitutional Validity Of ICAI Guidelines

The Supreme Court has transferred to itself the writ petitions pending before Kerala, Madras and Calcutta High Courts which challenge the constitutional validity of guidelines issued by Institute of Chartered Accountants of India (ICAI) limiting the number of Tax Audits of Chartered Accountants. The Chapter VI of the  Council General Guidelines, 2008  stipulates that a member of the Institute in practice shall not accept, in a financial year, more than the "specified number of tax audit assignments", which is at present 60 under Section 44AB of the Income-tax Act, 1961. Further, Section 22 of the Chartered Accountants Act, 1949 defines "professional or other misconduct" to include any act or omission provided in any of the Schedules to the Act. Clause (1) of Part II of the Second Schedule to the Act stipulates that a member of the Institute, whether in practice or not, shall be deemed to be guilty of professional misconduct if he contravenes any of the provisions of...
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How to Revoke Cancellation of Registration Under GST

Step 1 : A registered person, whose registration is Cancelled by the Proper officer on his own motion, may submit an application for revocation of cancellation of registration, in FORM GST REG-21 , to such proper officer, within a period of thirty days from the date of the service of the order of cancellation of registration at the common portal, either directly or through a Facilitation Centre notified by the Commissioner. The proper officer shall not reject the application for revocation of cancellation of registration without giving a show cause notice and without giving the person a reasonable opportunity of being heard. Revocation of cancellation of registration under State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act shall be deemed to be a revocation of cancellation of registration under the Central Goods and Services Tax Act. No application for revocation shall be filed, if the registration has been cancelled for the failure of the regis...
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F & O Trading Allowed to CA in Practice or Not ?

Whether CA in Practice is allow to do trading under F&O segment ? As per Clause 11 of Part 1 of the First Schedule of The Chartered Accountant Act, 1949  A Chartered Accountant in Practice shall be deemed to be guilty of professional misconduct if he engaged in any business or occupation other than profession of Chartered Accountant unless permitted by Council so to engage. According to ethical standard board of ICAI Derivatives Transactions are considered in the nature of business or occupation other than the profession of chartered Accountant, not in the nature of investment. It Covers under Clause 11 of Part 1 of the First Schedule of Chartered Accountant Act 1949. It Simply Means that Trading of Future and options are not consider like the investment. Also we need to understand that the same is not covered in the list of General Permissions Granted under regulation 190A of the CA Regulations 1988 as amended from time to time. Therefore, Specific Prior Permissio...
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Taxability of Voucher under GST (Includes E Voucher)

  Taxability of Voucher under GST (Includes E Voucher) Background With the increasing trend of electronic commerce, adoption of prepaid vouchers and gift cards has reached new heights. Vouchers are instruments which are redeemable on its face value against supply of goods or services. For example, multi-brand retailers supply gift cards and certificates to customers which can be redeemed against purchase of merchandise of value equal to the face value as printed on such gift card or certificate. Taxability of vouchers under the erstwhile Sales Tax (or Value Added Tax) and Service Tax law was a tricky and contentious issue, with disputes often travelling to the Apex Court for final adjudication. The Legislature has sought to tax vouchers under the Goods and Services Tax (“GST”) regime, by including specific provisions in the law. In the current writeup, an effort has been made to discuss the taxability of Gift cards in the nature of Closed PPI (Pre-paid Instrument)....
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Faceless E-Assessment Scheme | All About

Introduction- With effect from 13 August 2020, the e-assessment scheme of 2019 has been amended and hence is known as the Faceless Assessment Scheme. The Faceless Assessment Scheme applies to scrutiny assessments and best decision assessments. In the Union Budget 2019 the Finance Minister proposed the introduction of a plan for faceless e-assessment. The plan seeks to end the human interface between the taxpayer and the income tax department. The scheme completes the process of conducting faceless evaluation through electronic mode. Framework for Faceless Assessment For the purpose of faceless assessment, the CBDT would set up the below ‘centres’ and ‘units’ and specify their respective jurisdiction: A ‘National e-Assessment Centre’ for facilitating e-assessment and central control. ‘Regional e-Assessment Centers’ under the jurisdiction of the regional Principal Chief Commissioner to conduct assessment. Assessment units for identifying points or issues’, materials for det...
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