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Saradha group company logo,

ED has provisionally attached movable assets and immovable assets worth Rs 6.30 Crore in the matter of Saradha Group of Companies
February 4th, 2023
Posted By: Team-MMTaxClub

ED has provisionally attached movable assets worth Rs 3.30 Crore and immovable assets with market value of over Rs 3 Crore in its ongoing investigation into the matter of Saradha Group of Companies under the Prevention of Money Laundering Act, 2002 in the form of balance in the bank accounts, buildings and plot in Assam and West Bengal.

Press Release dated 03.02.2023

Directorate of Enforcement, Kolkata has provisionally attached movable assets worth Rs 3.30 Crore and immovable assets with value of over Rs 3 Crore in its ongoing investigation into the matter of Saradha Group of Companies under the Prevention of Money Laundering Act, 2002. These properties were owned by Saradha Group and other persons, who were beneficiaries of Proceeds of Crime generated by Saradha Group of Companies. The beneficiaries include Smt. Nalini Chidambaram, Debabrata Sarkar, Debendranath Biswas (Ex IPS and ex MLA CPM) and M/s Anubhuti Printers and Publications owned by Late Shri Anjan Dutta, ex Minister in Assam.

 

Saradha Group ran a chit fund scam with operations spread over the states of West Bengal, Assam and Orissa, till 2013. The quantum of total money mobilized by this group company is about Rs. 2459 Crore out of which nearly Rs 1983 Crore remains unpaid to the depositors till date excluding the interest amount.

ED had registered case against Saradha Group of Companies in 2013 on the basis of FIRs by Kolkata Police and CBI. In the past, prior to issue of this attachment order, ED Kolkata had issued eight Provisional Attachment Orders attaching assets / properties (value of more than Rs. 600 crores).

Further investigation is in progress.

Access Press Release

GST Audit Manual Gujarat,

Gujarat Govt. issued ‘Model GST Audit Manual – 2022’ for officers to conduct GST audit
February 4th, 2023
Posted By: Team-MMTaxClub

Office of Chief Commissioner of State Tax, Gujarat issued Model GST Audit Manual – 2022 for the use of GST officials to conduct audit under GST.

It is also beneficial for the taxpayers to understand the intent behind the modus operandi of the audit officers.

Following are some of the topics covered in Manual;

  1. Legal Provisions of Audit by the Tax Authorities
  2. Access to Business Premises
  3. Obligation of Auditee and Dealing with Auditee
  4. Audit flow chart
  5. Different steps of Audit etc

The full Manual can be accessed from this link

GST filing for composition dealer,

Option to opt for Composition dealer for FY 2023-24 enable on GST Portal
February 4th, 2023
Posted By: Team-MMTaxClub

The Goods and Services Tax Network has enabled the functionality for regular taxpayers can opt for the Composition Scheme for Financial Year 2023-2024, the functionality can be accessed on GST portal after login by navigating to;

‘Services -> Registration -> Application to Opt for composition Levy’ and filing Form CMP-02 on the GST Portal. 

This functionality will be available on the GST Portal till 31st March 2023.
unregistered person allowed to sale products on e-commerce operators,

Unregistered Taxpayer and Composition suppliers allowed to supply their products through E-commerce Platform
February 3rd, 2023
Posted By: Team-MMTaxClub

Finance Minister Nirmala Sitaraman presented union budget 2023 in parliament in 1st February 2023, wherein so many changes are proposed under direct tax and indirect tax.

One of the most awaited proposed in union budget to allow unregistered person and composition dealer to supply their products through e-commerce platform. This proposal can benefit number of small trader and business entities to who are unregistered under GST or their aggregate turnover does not exceeding the threshold limit to get registered under GST.

Presently e-commerce operators do not allow the listing of business on its platform if the supplier does not hold GST registration. So if any trader wishes to access the e-commerce platform they had to take GST even though threshold limit does not exceeds, and it was creating unnecessary extra burden on these small traders and vendors.

The proposal to allow unregistered supplier and composition supplier is made for the intra-state supplies, as the GST law mandate compulsory registration under GST for inter-state supply. Since the composition dealers also cannot make inter-state supplies, both Unregistered and composition suppliers allowed to list on e-commerce platform for Intra-State supplies only.

{Inter-state supply: refers to supply of goods or service made from on state to other states or union territories, similarly for Intra-state supply: refers to supply of goods or service within the states or Union Territory.}

To curb the inter-state supplies made through e-commerce platform by the Unregistered or composition supplier, the law provides additional reporting requirement on e-commerce platform fail to which attract penal provision on E-commerce Operators.

Section 122 of CGST act proposed to amend in this regard as following;

In section 122 of the Central Goods and Services Tax Act, after sub-section (1A), the following sub-section shall be inserted, namely:––

“(1B) Any electronic commerce operator who––

  1. allows a supply of goods or services or both through it by an unregistered person other than a person exempted from registration by a notification issued under this Act to make such supply;
  2. allows an inter-State supply of goods or services or both through it by a person who is not eligible to make such inter-State supply; or
  3. fails to furnish the correct details in the statement to be furnished under sub-section (4) of section 52 of any outward supply of goods effected through it by a person exempted from obtaining registration under this Act,

shall be liable to pay a penalty of ten thousand rupees, or an amount equivalent to the amount of tax involved had such supply been made by a registered person other than a person paying tax under section 10, whichever is higher.”.