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Wednesday, December 4, 2019

GST: Here’s what to do if your e-Way bill generation is blocked for tax defaults

The government has introduced an important change around the e-way bill generation with an aim to crack down on GST non-filers and evaders. With effect from December 2, 2019, the blocking and unblocking of the e-way bill generation facility has been implemented on the e-way bill portal. E-way bill generation has been barred for taxpayers who haven’t filed their returns for the previous two consecutive months. 

What is the intention of blocking e-way bill generation for taxpayers? 
As per GSTN data, around 20.75 lakh GSTINs have not filed their GSTR-3B for September and October months. Also, out of these 20.75 lakh GSTINs, around 3.47 lakh GSTINs (16.7%) had transactions for September and October 2019 in the e-way bill system. Considering the rise in the number of tax defaulters, their ability to generate e-way bill had to be blocked. The tax department is of the view that non-filing of returns has been the primary reason for the decline in the GST revenue collection. 

How will blocking of e-way bill generation work? 
Every taxpayer who is registered under GST must file GSTR-3B, on a monthly basis. GSTR-3B has details of sales and purchases made by a business and the final tax payable after claiming input credit. 

As per the new rule, when a taxpayer fails to file his or her GST returns (GSTR-3B) for two continuous months, he or she will get blocked from generating an e-way bill. A GSTIN which is blocked cannot be used for generating an e-way bill either as a consignor or consignee. 

For example, if a taxpayer has not filed his GSTR-3B return for September and

MCA deactivates 19.40 lakh Director Identification Numbers

Non-filing of Know Your Client (KYC) mainly led to deactivation of DINs
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28 November 2019. This was stated by Anurag Singh

Belgian auditor BDO found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group.


Punjab National Bank (PNB) 'fraudulently issued' Letters of Undertaking (LoUs) worth Rs 25,000 crore to the Nirav Modi group, The Indian Express reports.
Belgian auditor BDO found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this,

Tuesday, December 3, 2019

MCA launches Independent Director’s Databank & proficiency test, registration deadline March 2020

The Ministry of Corporate Affairs (MCA), with the objective of strengthening the institution of Independent Directors under the Companies Act,  launched today the Independent Director’s Databank in accordance with the provisions of the

Tata motors launches its first premium hatchback Altroz

Monday, December 2, 2019

Bill for corporate tax reduction passed Lok Sabha

Taxation Laws (Amendment) Bill, 2019, will amend the Income Tax Act 1961 and the Finance (No 2) Act 2019. It replace the Ordinance which was Promulgated by the President in September.

In the biggest reduction in 28 years, the government

Sunday, December 1, 2019

GST revenue crosses Rs 1 lakh crore mark in November

This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark

Reliance Jio to raise tariffs by 40% from December 6

NEW DELHI: Reliance Jio will raise tariffs by up to 40% from December 6 through its all in one (AIO) plans where the Mukesh Ambani owned company said that it will give 300% more benefits. The carrier added that it will take all necessary

Vodafone Idea Announces New Prepaid Plans, Raises tariff From December 3. Here are plans

Vodafone Idea Announces New Prepaid Plans, To Be Available From December 3

Vodafone Idea Announces New Prepaid Plans, To Be Available From December 3
Vodafone Idea on Sunday announced new prepaid tariffs for its prepaid products and services.
Vodafone Idea had stated that it would increase its tariff from December 1. The announcement has come on the backdrop of its highest quarterly loss of Rs 50,922 crore amid an adverse Supreme Court ruling on adjusted gross reve nue

Saturday, November 30, 2019

Vacancy for CA semi-qualifieds in HDFC Bank

Job Description

  • Carrying out audits of mid-size branches / units independently.
  • Sampling of data extracted from core system (as part of pre-audit preparation) to cull-out exception.

GST e-invoicing must for businesses from April 1, 2020

From April 1 next year, electronic invoicing (e-invoicing) will be mandatory for businesses with a turnover of Rs 100 crore, the government said on Thursday.
This will help curb (GST) evasion and make compliance easier.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and

Payment of Membership/COP Fees for the year 2019-20 is further extended:ICAI


Important Announcement
It has been decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 31st December 2019. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 2019 to 31st December 2019.


Date: 29th November, 2019
M&C-MSS Section
ICAI, NOIDA

Tuesday, November 26, 2019

How to Claim GST Refund, Filing GSTR-1 & GSTR-3B

Good and Services Tax (GST), indirect tax in India for the entire nation came into force on 1st July 2017. GST refund is a settlement of any amount that is due to the taxpayers from the administration on export of goods or services, excess reimbursement of taxes or other applicable cases. Complete guide to filing

The government has compulsorily retired another 21 "corrupt" tax officers

Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of the Red Fort when he had said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assessees or taking excessive action for minor or procedural violations.

"We have recently taken the bold step of compulsorily retiring a significant number of tax officials, and

Taxpayers worried over GST red-flag reports

Many GST taxpayers, especially small firms, are a worried lot these days with authorities sending system-generated red flags in their online return forms. A Delhi-based GST practitioner said that taxpayers are given very little time to respond to the red flags,

CA books Europe tour online, duped of Rs 2 lakh

DINDOSHI POLICE is on the lookout for unknown fraudsters for allegedly duping a 27-year-old chartered accountant (CA) of Rs 2.02 lakh on the pretext of

Sunday, November 24, 2019

RBI mulls new corporate governance rules for banks


Speaking to an audience comprising of all the top bankers, he said the new guidelines will be put in public domain and the RBI will be seeking comments before finalising any rules.

Citing the case of under-reporting of NPAs which used to go unrecognised earlier and is made compulsory now, and the benefits it gets, the DG urged banks to

Saturday, November 23, 2019

Income Tax Department creates exchange of information portal Read more at: https://www.caclubindia.com/news/income-tax-department-creates-exchange-of-information-portal--17842.asp

Income Tax Department creates Exchange of Information Portal for dissemination of information to all stakeholders India is committed to exchange financial account information automatically from 2017 under the Common Reporting Standard (CRS) on Automatic

ICSI releases peer review third edition

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