MM TAX CLUB

The CBIC has begun an inspection of the first tranche of about 50,000 taxpayers for alleged lapses in the financial year 2018.

The Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory Goods and Service Tax (GST) scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns.

"CBIC to soon introduce mandatory quarterly scrutiny of GST returns. Scrutiny exercise is aimed at better compliance and enhancement of GST collections," reported CNBC-TV18, citing sources.

The CBIC would use business intelligence and other enterprise data available to run the quarterly scrutiny, the report said.

According to the news channel's sources, tax evasion to the tune of Rs 52,000 crore was detected in the period between July 2017 and April 1, 2021.

"Fake invoices noted as biggest tax evasion practice by taxpayers," the report stated.

It was reported on April 11 that the CBIC began an inspection of the first tranche of about 50,000 taxpayers for alleged lapses in the financial year 2018.

The examination of GST returns is initiated to bring transparency and plug tax leakages that remain undetected in the system.

Post the first tranche, another tranche of scrutiny will be opened for FY19, followed by FY20, FY21 and FY22 so that several leakages are plugged.

On March 23, the CBIC issued a standard operating procedure for the scrutiny of GST returns for financial years 2017-18 and 2018-19, the first two years of the roll-out of the new taxation regime.

The Directorate General of Analytics and Risk Management (DGARM) has been assigned the task to select the GST identification numbers (GSTINs) registered, whose returns are to be scrutinised, and to communicate the same to the field officers from time to time.

Field formations have been authorised to open scrutiny of  GSTINs based on artificial intelligence inputs and risk assessment parameters finalised by the department.

India’s Services exports for the first time achieve the targeted $ 250 Billion during April-March 2021-22, exhibiting a positive growth of 21.31 per cent over the fiscal 2020-21

India’s overall exports (Merchandise and Services) touch an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year

“Services sector achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the Covid-19 pandemic”: Shri Piyush Goyal

India’s exports grow by 15.51 per cent in March 2022 to USD 64.75 Billion over same period last year

India’s Services exports for the first time achieved the targeted $ 250 Billion during April-March 2021-22*, exhibiting a positive growth of 21.31 per cent over the fiscal 2020-21. For the month of March 2022, the estimated value of Services export is USD 22.52 Billion, exhibiting a positive growth of 8.31 per cent vis-a-vis March 2021.

India’s overall exports (Merchandise and Services) touched an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year. For the last month, March 2022, India’s exports grew by 15.51 per cent in March 2022 to USD 64.75 Billion over the same period last year.

Addressing a press conference here today, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said India has achieved this exports high despite the slowdown in economy worldwide due to the Covid-19 pandemic and the recent geopolitical developments in Europe.

“Services sector has achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the Covid-19 pandemic,” he said.

Shri Goyal said India has been able to exceed the overall exports target of $ 650 Billion due to the visionary leadership of the Prime Minister Shri Narendra Modi that we turn India into an export focussed economy. “The PM himself conducted meetings with India’s 180 missions abroad. Hectic parleys were held with the Export Promotion Councils and then the bar was set high, and yet doable,” he said.

Shri Goyal said if we have to make India a developed nation, we will have to increase our international engagement. Government has struck vital trade deals with the UAE and Australia towards this end, he said, adding more FTAs and Comprehensive Trade Agreements are in the works with the EU, UK, Canada and Israel.

“Starting from ‘whole of the Government’ approach, today ‘Whole of the Nation’ has joined hands to make India emerge as a trusted partner at the international level, dedicating itself to turn into an economy that provides quality goods and services to the world,” he said.

Following are details of India’s Trade Data statistics:

India’s overall exports (Merchandise and Services combined) in April-March 2021-22* are estimated to be USD 669.65 Billion, exhibiting a positive growth of 34.50 per cent over the same period last year and a positive growth of 27.18 per cent over April-March 2019-20. Overall imports in April-March 2021-22* are estimated to be USD 756.68 Billion, exhibiting a positive growth of 47.80 per cent over the same period last year and a positive growth of 25.49 per cent over April-March 2019-20.

Detailed Press Release can be access from below link

The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at e-filing portal www.incometax.gov.in.

Please note that this functionality may not be used for updating UDIN for Forms submitted prior to April 2021.

In this functionality only those Forms will be shown which are accepted by the Assessee.

This Instruction document has to be read in conjunction with the Instruction for UDIN Functionality

View/ Update UDIN Details

After Statutory Form is uploaded by CA user, they can login to e-Filing Portal and navigate to e-File menu -> Income Tax Forms -> View/ Update UDIN Details

Detailed process note can be access from below link

2- Factor Authentication for e-Way Bill and e-Invoice System

To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2-Factor Authentication for logging in to e-Way Bill/e-Invoice system. In addition to username and password, OTP will also be authenticated for login.

There are 3 different ways of receiving the OTP. You may enter any of the OTP and login to system. The various modes of generating OTP are explained below:

1. SMS: OTP will be sent to your registered mobile number as SMS.

2. On ‘Sandes’ app: Sandes is a messaging app provided by government so that you can send and receive messages. You may download and install the Sandes app on your registered mobile number and receive the OTP in it.

3. Using ‘NIC-GST-Shield’ app: ‘NIC-GST-Shield’ is a mobile app provided by eWay Bill /e-Invoice System, so that OTP can be generated by using the app. This app can be downloaded only from the e-Waybill / e-Invoice portal from the link ‘Main Menu 2-Factor Authentication Install NIC-GST-Shield’. Download, install and register this app on your registered mobile number. You should ensure the time displayed in the app should be in sync with eWaybill / e-Invoice system. On opening the app, OTP is displayed. You may enter this OTP and continue the authentication. The OTP gets refreshed after every 30 seconds. You will not require internet or any dependency on mobile network for generating the OTP on this app.

Registration for 2-Factor Authentication:

On logging to e-Waybill System go to Main Menu 2 Factor Authentication and confirm the registration. Once confirmed, the system will ask OTP along with username and password. The OTP authentication is based on individual user accounts. The sub users of GSTIN will have separate authentication depending on their registered mobile number in the e-Way Bill/ e- Invoice System. Once you have registered for 2 Factor authentications, then the same

is applicable for both e-Way bill and e-Invoice system.

You may de-register this facility anytime using the link ‘2 Factor Authentication Registration / Deregistration'. This facility is presently being introduced on optional basis; however, in future it will be made mandatory.

GSTN (The Goods and Services Tax Network) has enabled new functionality to facilitate the filing of application of advance ruling, appeal, etc. by unregistered persons on the GST portal.

Now a unregistered Dealer will also be able to make application on portal for advance ruling appeal etc.

The functionality to generate user id for unregistered applicant can be access from GST Portal through below navigation;