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Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024
February 11th, 2024
Posted By: Team-MMTaxClub

Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024


Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024

Direct Tax collection, Net of refunds, stands at Rs. 15.60 lakh crore with Y-o-Y growth of 20.25%

Net Corporate Income Tax (CIT) grows at 13.57% and Net Personal Income Tax (PIT) grows 26.91% Y-o-Y respectively

Refunds worth Rs. 2.77 lakh crore issued during 1st April, 2023 to 10th February, 2024

 

The provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10th February, 2024 show that gross collections are at Rs. 18.38 lakh crore which is 17.30% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.

The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth.The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April, 2023 to 10thFebruary, 2024.

Medical Benefits to be extended to superannuated Insured Persons with relaxed norms under ESIC
February 10th, 2024
Posted By: Team-MMTaxClub

ESIC to augment medical services and infrastructure in North-East Region and Sikkim

ESIC adopts new Policy on AYUSH 2023 for holistic wellbeing of IPs and beneficiaries

ESIC to acquire more lands for infrastructure development

ESIC to continue concessions/facilities for non-IPs at nil charges at ESIC Medical Colleges and Hospitals at Alwar & Bihta

Revised Estimates 2023-24, Budget Estimates 2024-25 and Performance Budget 2024-25 of ESIC adopted by ESI Corporation

The 193rd Meeting of Employees’ State Insurance Corporation was held today in New Delhi under the chairmanship of Shri Bhupender Yadav, Union Minister for Labour and Employment, Environment, Forest and Climate Change and Chairman, ESIC. Shri Rameswar Teli, Union Minister of State for Labour & Employment, Petroleum and Natural Gas also attended the meeting as Vice-Chairman.

During the meeting, the following important decisions directed towards availability of medical care and cash benefits to Insured Workers and their family members were taken:

 

Medical Benefits to be extended to superannuated Insured Persons with relaxed norms

During the 193rd meeting of the ESI Corporation,  the proposal to provide Medical Benefit to the Insured superannuating workers who went out of the ESI Scheme coverage due to exceeding the wage ceiling, if the worker was under insurable employment for at least 5 years before superannuation/voluntary retirement, has been approved. The persons who were in the insurable employment for at least 5 years after 01.04.2012 and superannuated/voluntarily retired on or after 01.04.2017 with wages up to Rs. 30,000 per month will be benefitted under the new benefit scheme.

ESIC to augment medical services and infrastructure in North-East Region and Sikkim

To augment the service delivery mechanism in North-Eastern states to fulfil the vision of Act East Policy of the Government, the ESI Corporation relaxed the existing norms for establishment of dispensaries, medical infrastructure/Regional/Sub Regional Offices in NE states including Sikkim.

ESIC adopts new Policy on AYUSH 2023 for holistic wellbeing of IPs and Beneficiaries

To promote holistic wellbeing of the ESI beneficiaries, a new Policy on AYUSH 2023 in ESIC institutions was adopted during the meeting. The policy details the establishing of Panchkarma, Kshara Sutra and AYUSH Units in ESIC Hospitals.

 

ESIC to acquire more lands for infrastructure development

During the meeting, to strengthen the infrastructure of medical care, approval for acquisition of lands for construction of 100 bedded hospitals each at Udupi, Karnataka; Idukki, Kerala and 150 bedded hospital at Malerkotla, Punjab was also accorded.

ESIC to continue concessions/facilities for non-IPs at nil user charges at ESIC Medical Colleges and Hospitals at Alwar & Bihta

Concessions/facilities for non-IPs to avail ESI healthcare services at “Nil” user charges at ESIC Medical Colleges and Hospitals at Alwar, Rajasthan and Bihta, Bihar has been extended till 31.03.2025.

Revised Estimates 2023-24, Budget Estimates 2024-25 and Performance Budget 2024-25 adopted by ESI Corporation 

The Revised Estimates 2023-24, Budget Estimates 2024-25 and Performance Budget 2024-25 of the ESIC was adopted by the ESI Corporation during the meeting.

During the meeting, the Union Minister said that overall improvements have been made in the service delivery mechanism of ESIC by building and increasing capacity, renovation & construction of medical infrastructure throughout the country and adopting robust policies. He further added that the quantum and magnitude of efforts made to extend the social security benefits to the vulnerable workforce of our country should always be strengthened.

The Secretary, Labour & Employment said that the work of infrastructure development in ESIC has been done swiftly in the past few years. She also desired to formulate a standardised plan for disbursement of cash benefits, medical benefits, and construction management for enhanced service delivery.

A book on HR Norms of the ESI Corporation was also released during the 193rd meeting of the ESI Corporation by the Hon’ble Union Minister.

Ms. Arti Ahuja, Secretary (L&E), Ms. Dola Sen, MP, Shri Ram Kirpal Yadav, MP, Shri Khagen Murmu, MP, Dr. Rajendra Kumar, Director General, ESIC attended the meeting alongwith Principal Secretaries/Secretaries of the State Governments, representatives of Employers, Employees, experts in the medical field and  other members of ESI Corporation.

The Central Board Trustees (CBT) EPF recommends 8.25 % rate of interest to EPF subscribers for FY2023-24
February 10th, 2024
Posted By: Team-MMTaxClub

The 235th meeting of Central Board of Trustees, EPF was held today on 10th February 2024 in Delhi under the Chairmanship of Shri Bhupender Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The Vice-Chairman Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersons Ms. Arti Ahuja, Secretary Labour & Employment and the Member Secretary Smt. Neelam Shami Rao, Central P F Commissioner were also present during the meeting.

The Central Board recommended an annual rate of interest of 8.25% to be credited on EPF accumulations in members' accounts for the financial year 2023-24. This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest into its subscribers' accounts.

The Board has  recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.

Comparing to the previous financial year, there has been significant growth. The income has grown by more than 17.39%, while the principal amount has increased by 17.97%. This suggests a healthy financial performance and potentially strong returns for the members.

EPFO has a strong track record of distributing higher income to its members over the years with prudence. The interest rate offered by EPFO tends to be higher compared to other comparable investment avenues available to subscribers. This indicates confidence in the credit profile of EPFO's investments, as well as its ability to provide attractive returns to its members.

Rajasthan GST Department notified the ‘Amnesty Scheme 2024
February 10th, 2024
Posted By: Team-MMTaxClub

In exercise of the powers conferred by sub-section (2A) of section 174 of the Rajasthan Goods and Services Tax Act, 2017 (Act No. 9 of 2017), the State Government being of the opinion that it is expedient in the public interest so to do, hereby notifies the following "Amnesty Scheme-2024", hereinafter referred to as the scheme, for rebate of tax and settlement of outstanding demands and disputed amounts, namely:-

  1. Short title and operative period.- (1) This scheme may be called the Amnesty Scheme-2024.

(2) This scheme shall come into force with immediate effect and shall remain in force upto 31.07.2024.

  1. Application.- This scheme shall be applicable to all dealers or persons having outstanding demands or disputed amounts under any Act in respect of period upto 30.06.2017, except outstanding demand or disputed amount pertaining to the Rajasthan Value Added Tax Act, 2003 and the Central Sales Tax Act, 1956 in respect of goods included in the Entry 54 of the State List of the Seventh Schedule to the Constitution oflndia.
    1. Definitions.- (1) In this scheme, unless the subject or context otherwise requires,­
    2. "Act" means any of the following Acts:-
      1. The Rajasthan Sales Tax Act, 1954 (Act No. 29 of 1954);
      2. The Rajastl1an Sales Tax Act, 1994 (Act No. 22 of 1995);
      3. The Central Sales Tax Act, 1956 (Central Act No. 74 of 1956);
      4. The Rajasthan Value Added Tax Act, 2003 (Act No. 4 of2003);
      5. The Rajasthan Tax on Entry of Goods into Local Areas Act, 1999 (Act No. 13 of 1999);
      6. The Rajasthan Tax on Entry of Motor Vehicles into Local Areas Act,

1988 (Act No. 14 of 1988);

  1. The Rajasthan Entertainments and Advertisements Tax Act, 1957 (Act No. 24 of 1957);
  2. The Rajasthan Tax on Luxuries (in Hotels and Lodging Houses) Act, 1990

(Act No. 9 of 1996); and

  1. The Rajasthan Tax on Luxuries (Tobacco and its Products) Act, 1994 (Act No. 11 of 1994);
  2. "Applicant" means any dealer or person who conveys his willingness for

availing benefit under this scheme;

  1. "Assessing Authority" means any officer or authority appointed under the Act;
  2. "Dealer" means any deal er as defined under the Act;

 

  1. "Declaration Form" means the statutory form or certificate prescribed under the Act for sale or purchase of goods at concessional rate of tax or exemption from tax;
  2. "Demand and Collection Register (DCR)" means the register containing the

details, in the form of entries, of outstanding demand(s) pertaining to any assessment at the ward level either on departmental portal or in physical form;

  1. "Department" means the Commercial Taxes Department, Rajasthan;
  2. "Difference Tax" means difference between full rate of tax applicable in the State under the Act and concessional rate or exemption which is applicable on submission of declaration form;
  3. "Disputed Amount" means any tax, interest, fee or penalty for which any show

cause notice has been issued or against which an appeal, revision, writ petition or special leave petition is pending or contemplated including that pertaining to cases which have been remanded by any authority;

G) "Final amount" means the amount of outstanding demand or disputed amount which the assessing authority determines after adjustment/ rectification/ reassessment etc., if any;

(k)  "Outstanding Demand" means any demand pertaining to the Act, which is

pending in the Demand and Collection Register; and

  1. "Tax" shall include the composition amount or lump sum in lieu of tax and exemption fee.
  2. The words and expressions used in this scheme but not defined shall have the same meaning as assigned to them in the Act to which the outstanding .demand or disputed amount pertains.
  1. Benefits under this scheme.- The rebate of tax and waiver of interest, penalty or fee shall be to the extent as mentioned in column number 4 of the Table given below on fulfilment 6f conditions as mentioned in column number 3, for the category of outstanding demand or disputed amount as mentioned in column number 2 of the said table and the conditions mentioned in clause 5 of this scheme:-

Table

 

For Rebate of Tax and/or Waiver of Interest, Penalty and Late Fee

 

S.No.

Category of outstanding Demand or disputed amount

Conditions

Extent of Rebate of Tax and/or Waiver of Interest, Penalty and Late

Fee

1

2

3

4

1.

Outstanding demand which relates to declaration forms.
  1. The applicant has submitted following proof for inter-state sale, alongwith an undertaking:-
    1. details of invoices

Whole amount of difference          tax, interest, penalty and late fee, if any, alongwith  interest

 

 

 

alongwith copy of accrued upto the invoices of inter- date of order under state sale; and            this scheme.

(ii)  proof of payment

regarding above invoices.

(b) In cases not covered under  Remaining   amount clause     (a)          above,  the  of    difference   tax, applicant     has     deposited   whole          amount                  of 10%          of            the amount   of           interest, penalty and difference tax.          late         fee,    if   any, alongwith         interest

accrued upto the date of order under this scheme.

2.

Outstanding demand/ disputed amount which relates exclusively to interest and 1s more than rupees twenty five crore.

The applicant has deposited      Remaining amount 20% of interest.                         . of                     interest alongwith interest

accrued upto the date of order under this scheme.

3.

Outstanding demand or disputed amount not covered under serial nwnber 1 and 2 of this table.

The applicant has deposited Remaining amount 20% of the amount of tax.             of tax, if any, whole

amount of interest, penalty and late fee, if any, alongwith interest accrued upto the date of order  Lmder  this

scheme.

 

 

Explanation:

  1. Where any dealer conveys his willingness for availing benefit of this scheme and deposits the required amount upto 31.07.2024 or within ten days from the day on which the assessing authority conveys the final amoLmt required to be paid under this scheme, whichever is later, he shall be eligible for the benefits available in the scheme. In case, the dealer fails to deposit the final amount in the time specified above, he shall not be eligib_le for any benefit under this scheme. However, the Commissioner may, if he is satisfied that the applicant was prevented by sufficient cause from paying the required amowi.t in the stipulated time, condone such delay and may allow the applicant to avail the benefits under this scheme.
  2. Where any amow1t has been deposited prior to issuance of tlris scheme against the demand after its creation, including the amount deposited for filing of an appeal, and if option is being submitted for the balance outstanding demand/ disputed amount, the amount already deposited, if not adjusted in the Demand and Collection Register (DCR) prior to the issuance of this scheme and if not specifically mentioned in the challan, shall be adjusted firstly

 

against the liability of tax, then it shall be adjusted against the liability of interest, penalty and late fee, respectively. However, if any amount has been deposited in compliance of any court order, it shall be adjusted accordingly. The benefits of this scheme shall be available only for the balance of outstanding demand/ disputed amount as per the provisions of this scheme.

  1. Where the outstanding demand or disputed amount comprises entirely of interest and/ or penalty and/ or late fee, in such cases, the amount of tax shall be deemed to have been deposited.
  2. For category of outstanding demand or disputed an1ount where the dealer or person is not required to deposit any amount as per the Table above, in such cases, he may convey the same to the Assessing Authority. In cases where no intimation is received from the dealer or person, the assessing authority may proceed to dispose the case at his own level.
    1. Where the outstanding demand or disputed amount pertaining t.o the period upto

30.06.2017 has already been deposited and demand for interest pertaining to the same is leviable but not levied, in such cases the interest payable alongwith the interest accrued upto the date of order under this scheme shall be waived to the .extent as per the Table above.

  1. Where any application for adjustment/ rectification/ reassessment etc. related to the demand, for which the dealer or person intends to opt under this scheme is pending before the assessing authority concerned, then on intimation in writing from dealer or person, he shall dispose it on priority basis.
  2. In cases pertaining to disputed amount for which the demand is not outstanding in the Demand and Collection Register (DCR), the amount of tax, interest, late fee and/ or penalty shall be deemed to be as per the original assessment/ reassessment order or show cause notice issued in regard of the said disputed amount. In such cases, the assessing authority concerned shall withdraw the proceeding, if any, pending before himself or submit an application for withdrawal of the case pending before any Court or Tax Board or Appellate Authority, as the case may be, after deposit of prescribed amount as per the Table above, within the stipulated time.
  3. Where the case of prosecution has been filed by the department under clause (d) of sub­ section (1) of section 67 of the Rajasthan Value Added Tax Act, 2003 or similar provisions of the repealed Act(s) and the applicant has deposited the amount as required under this scheme, the assessing authority shall proceed to withdraw the case from the court.
  4. Conditions.- The benefits of this scheme shall be available on the fulfillment of the following conditions, namely:-
  1. The applicant has deposited the amount required as per column number 3 of the Table above and as.per Explanation (1) to clause 4 above;
  2.     The applicant has submitted an undertaking for withdrawal of case, if any, pending before any Court or Tax Board or Appellate Authority, as the case may be, within the operative period of this scheme; and

 

  1. No refund for any year or regarding any Act shall be allowed if it is co-related in any manner due to rebate of tax and/ or waiver under this scheme.
  1. Procedure for availing benefit.- (!) To avail the benefit under this scheme, the applicant shall electronically convey his willingness on the Commercial Taxes Department's website www.rajtax.gov.in regarding the same to the concerned Assessing Authority.
  1. Separate intimation of willingness shall be conveyed for outstanding demand/ disputed amount under separate Acts as well as before separate Assessing Authorities.
  2. In case of any dealer or person opting for benefits under this scheme, the Assessing Authority shall electronically convey the details of pending demand(s) and disputed amount(s) against the dealer or person alongwith the payment to be made in pursuance of this scheme and consequent benefits to be accrued.
  3. The detailed procedure, clarification and order for removal of difficulties, if any, for availing benefit under 111is scheme shall be as notified by the Commissioner, Commercial Taxes Department, Rajasthan.
  4. In case of any dispute regarding the categorization of outstanding demand or disputed amount under serial number I to 3 of the Table above, the decision of Commissioner, Commercial Taxes shall be final.
  1. Provisions.for cases pending under Amnesty Scheme-2023.- (1) Where a dealer has opted for payment in instalments under Amnesty Scheme-2023 and has paid any instalment, such cases shall be governed by the provisions of the said scheme of 2023.
  1. In all other cases not covered under sub-clause (1) above, in which any task is pending under Amnesty Scheme-2023 prior to the issuance of this scheme, willingness submitted under the said scheme of 2023 shall be deemed to have been submitted under this scheme and amount required to be paid shall be communicated afresh to the dealer as per the Table of this scheme. The amount deposited, if any, under Amnesty Scheme-2023 shall be adjusted against the amount required to be paid as per the Table of this scheme.

No refund of any payment already made under Amnesty Scheme-2023 shall be allowed due to rebate of tax and/or waiver under this scheme.

Source

Nine NBFCs and One HFC surrender their Certificate of Registration to RBI
February 10th, 2024
Posted By: Team-MMTaxClub

The following Nine Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

i) Due to exit from Non-Banking Financial Institution (NBFI) business:

Sr. No.

Name of the Company

Registered Office Address

CoR No.

CoR Issued on

Date of Cancellation of CoR

1

S.M.I.L.E. Microfinance Limited

8th Floor No 2, South Tower, KRM Plaza, Harrington Road, Chetpet, Egmore Nungambakkam, Chennai, Tamil Nadu - 600031

B-07.00537

May 29, 2015

January 05, 2024

2

JFC Impex Pvt. Ltd.

42, Dilkhusa Street, Kolkata, West Bengal 700017

N-05.06548

June 06, 2005

January 08, 2024

3

Cauvery Tradefin Private Limited

Ambika House, Batra Colony, Village - Bharatpur, Tehsil - Bilaspur, Rampur, Uttar Pradesh, - 244921

B-12.00238

September 27, 2000

January 11, 2024

4

Ginni Tradefin Limited

15-79(2), Civil Lines, Kanpur, Uttar Pradesh, 208001

12.00075

March 02, 1998

January 11, 2024
 

ii) Due to NBFC ceasing to be a legal entity after amalgamation/ merger/dissolution/ voluntary strike-off, etc.:

Sr. No.

Name of the Company

Registered Office Address

CoR No.

CoR Issued on

Date of Cancellation of CoR

1

J G Trading & Investment Pvt Ltd

128, Sukanta Sarani, P.O – Bhadrakali, Hoogly, West Bengal -712232

B.05.05116

October 19, 2022

December 27, 2023

2

S. K. Finserve Private Limited

67, Park Street, Apsara Apartment, Ground Floor, Near Park Street Post Office, Kolkata, West Bengal - 700016

B-05.03893

January 06, 2021

December 27, 2023

3

Microfirm Capital Private Limited

Development House, 3rd Floor, 24, Park Street, Kolkata, West Bengal 700016

N.05.07053

October 03, 2017

December 27, 2023

4

Bohra & Co Pvt Ltd

A-705, 7th Floor, A- Wing Krishna Regency, Datta Mandir Road, Santacruz (E), Mumbai, Maharashtra - 400055

B-13.02394

October 21, 2020

January 11, 2024

5

Mahyco Grow Finance Private Limited

19, Raj Mahal, 84 Veer Nariman Road, Mumbai, Maharashtra - 400020

N-13.01983

September 17, 2018

January 30, 2024
 

Further, the following Housing Finance Company (HFC) has surrendered the Certificate of Registration (CoR) granted by National Housing Bank. The RBI, in exercise of powers conferred on it under Section 29A of National Housing Bank Act, 1987, has therefore cancelled its CoR.

iii) Due to exit from Housing Finance Institution business:

Sr. No.

Name of the Company

Registered Office Address

CoR No.

CoR Issued on

Date of Cancellation of CoR

1

Reliance Home Finance Limited

Trade World, Kamala Mills Compound,7th Floor, B Wing, Senapati Bapat Marg, Lower Parel (West), Delisle Road, Mumbai, Maharashtra - 400013

07.0101.12

July 16, 2012

January 25, 2024