Taxation Current Affairs

GSTN reopens composition scheme window for small traders

The GST Network (GSTN) has reopened composition scheme window facility for small taxpayers with turnover of up to Rs.75 lakh to opt for composition scheme, which offers easy compliance for business as returns are to be filed only quarterly. The window will be open for those taxpayers who have migrated from earlier excise, service tax or VAT regime as well as for the newly registered taxpayers.

Earlier, small taxpayers were given time deadline of August 2017 to opt for composition scheme. But, only 10.86 lakh taxpayers, out of total 85 lakh registered businesses had opted for the scheme.

Background

The GST Council headed by Union Finance Ministry had decided to reopen window for allowing taxpayers to opt for scheme. Taxpayers who will opt for the composition scheme during the period will be given the facility from 1 October 2017. These taxpayers will be treated as normal taxpayer and will have to file monthly return.

About Goods and Services Tax Network (GSTN)

GSTN is a not for profit, non-Government, private limited company incorporated in 2013. The Union Government holds 24.5% equity in GSTN. It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST).

All States including two UTs (Delhi and Puducherry) and the Empowered Committee of State Finance Ministers (EC) together hold another 24.5%. Balance 51% equity is with non-Government financial institutions-HDFC Bank Ltd (10%), HDFC Ltd (10%), ICICI Bank Ltd (10%), NSE Strategic Investment Corporation Ltd (10%) and LIC Housing Finance Limited (11%).

The Revenue Model of GSTN after GST rollout will consist of User Charge to be paid by stakeholders who will use the system and thus it will be a self-sustaining organization.

Tags:

Ministry of Corporate Affairs, CBDT ink MoU for Automatic and Regular Exchange of Information

The Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) have signed Memorandum of Understanding (MoU) for automatic and regular exchange of tax information.

The purpose of the MoU is to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes,

Key Facts

The MoU will facilitate sharing of data and information between MCA and CBDT on automatic and regular basis. It will enable sharing of specific information such as Permanent Account Number (PAN) data of corporates, financial statements filed with Registrar by corporates, Income Tax returns (ITRs) of corporates, returns of share allotments, audit reports and statements of financial transactions (SFT) received from banks relating to corporates.

The MoU will ensure that both MCA and CBDT have seamless PAN-DIN (Director Identity Number) and PAN-CIN (Corporate Identity Number) linkage for regulatory purposes. The information shared will pertain to both Indian corporates as well as foreign corporates operating in India.

In addition to regular exchange of data, CBDT and MCA will also exchange with any information available in their respective databases with each other, on request, for purpose of carrying out scrutiny, inspection, investigation and prosecution.

Under the MoU, Data Exchange Steering Group also has been constituted for initiative, which will meet periodically to review data exchange status and take steps to further improve effectiveness of CBDT and MCA.

Tags:

12345...102030...52