MM TAX CLUB

To mark the final stage of Union Budget making process, sweets provided to core staff due for “lock-in” at their work workplace instead of Halwa ceremony due to ongoing Pandemic and health safety concerns

Union Budget 2022-23 will be available on Mobile App after it is presented in Parliament

“Union Budget Mobile App” to provide easy and quick access to Union Budget information to all stakeholders

Mobile App is bilingual (English & Hindi) and is available on both Android and iOS platforms

Mobile App can be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in)

All Budget documents will also be available for download on Union Budget Web Portal

The Union Budget 2022-23 is to be presented by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 1^st February, 2022 in Paperless form.

To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo “lock-in” at their workplaces, instead of a customary Halwa ceremony every year in view of the prevailing pandemic situation and the need to observe health safety protocols.

To maintain the secrecy of Budget, there is a “lock-in” of the officials involved in making the Budget. Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget. These officers and staff will come in contact with their near and dear ones only after the Budget is presented by the Union Finance Minister in the Parliament.

In a historic move, the Union Budget of 2021-22 was delivered in paperless form for the first time. A “Union Budget Mobile App” was also launched for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public. The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on 1^st February 2022 in the Parliament.

The mobile App allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The mobile app is bilingual (English & Hindi) and is available on both Android and iOS platforms.

Efforts on to identify and nab kingpin of a gang that commits GST frauds

CGST Palghar Commissionerate has arrested an accountant for issuing bogus bills of more than Rs. 1000 Crore and committing GST Input Tax Credit (ITC) fraud of Rs.181 Crore.

The officers of Palghar Commissionerate received specific inputs from data mining and data analysis that one entity M/s Nithilan Enterprises is suspected to be engaged in availing and passing on of fake Input Tax Credit (ITC) by issuing fake invoices without actual receipt or supply of goods or services. Based on this, they conducted thorough investigations and noticed that a 27 years old man, who has studied till 12th standard and now works as freelancer accountant cum GST consultant, cheated and stole the identity of one of his clients for committing such GST frauds for monetary gains.

Confrontation with material evidence made the accountant confess his offence of issuing bogus bills of more than Rs. 1000 crores and availing and passing of fake ITC of Rs. 181 crores without movement of any goods. His confession and evidence collected during the investigation led to his arrest by the CGST officers on Tuesday (January 25, 2022) under Section 69 of the CGST Act 2017 for violations which are punishable under Section 132 of CGST Act 2017. The accused was produced before the Additional Chief Metropolitan Magistrate, Mumbai on the same day. The Hon’ble Court has remanded him to 14 days judicial custody. If convicted, the person may face jail up to five years with fine.

It is suspected that he is a part of bigger network which lures innocent people to obtain GST registrations and then steals their registration. This stolen identity is used for generation, availing and passing on of fake ITC, without actual supply or receipt of goods or services. All efforts are being made to identify and nab the kingpin and other members and beneficiaries of this network.

This case of detection of fake ITC racket is a part of crusade of Anti-Evasion drive launched by CGST, Mumbai Zone against the fraudsters and tax evaders who have been creating unhealthy competition with honest and compliant taxpayers and defrauding the Government exchequer. As a part of this drive, Palghar Commissionerate has detected tax evasion to the tune of Rs 460 Crore, recovered Rs 12 Crore and arrested two persons so far. The CGST Department is going to intensify this drive against the fraudsters and tax evaders in the coming days.

As per GSTN advisory dated 26-01-2022, functionality of interest calculation in GSTR-3B has been made live on GST portal.

Deployment of Interest Calculator in GSTR-3B

This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to which it pertains. The interest applicable, if any, will be computed after the filing of the said GSTR-3B and will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period. The facility would be similar to the collection of Late fees for GSTR-3B, filed after the Due date, posted in the next period’s GSTR-3B. This functionality will inform the taxpayers about the manner of system computed interest for each tax-head and hence will assist the taxpayers in doing correct computation of interest for the tax liability of any past period declared in the GSTR-3B for the current tax period.

Income Tax Department issued a standard format for sharing queries on income tax helpdesk E-mail IDs, so, to send query on I.T Helpdesk everyone should mention all the following details of query in order to proper resolution of the same.

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the press note on Employment Outlook of the country covering the period September, 2017 to November, 2021 based on the administrative records available with selected government agencies to assess the progress in certain dimensions.