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GST Registration Portal to Re-Opend for 15 Days from 1 June

GST Registration Portal

GST registration portal is going to open from June 1 for fifteen days for the taxpayers who haven’t enrolled in the earlier registration. The government is giving a chance to the people once again to enroll for the Goods and Services Tax.

In earlier, only 61 lakh taxpayers out of 84 lakh enrolled in the GST with the deadline of March 31st which was further extended to April 30th. Revenue Secretary Hasmukh Adhia in a meeting with GSTN and CBEC and Infosys made the decision to reopen the GST enrolment window.

The first leg registration was closed on April 30 and who haven’t registered can use this opportunity. The process started back in November 2016 with the aim to enroll 84 lakh VAT; Service Tax assesses to the GSTN to enable migration.

One nation one Tax GST bill make some items Cheaper and others Costlier

An official statement said, ““As on April 30, 2017, when Phase-1 of enrolment was closed, 60.5 lakh taxpayers out of 84 lakh had enrolled. The enrolment window will be re-opened for 15 days from 1st June, 2017 to give another opportunity to taxpayers to enroll.”

24,668 tax officials out of 62,937 involved in training on the application software on live system and the remaining officials will be trained by June 15.

The training will be on Registration, Returns and Payment Modules development by GSTN, adding pilot the GSTN system software from May 2 to May 16. Under this pilot, 3,200 taxpayers from each state and UT will be picked to test the three modules.

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Stakeholders involved in the GST system from banks to RBI to taxpayers to accounting authorities participated to rehearsal for the real rollout. The Pilot’s feedback will be used for further development of the GST software.

Vanaja N Sarna, Chairperson Central Board of Excise and Customs (CBEC), B N Sharma, Additional Secretary Revenue, Navin Kumar, Chairman GSTN and other senior officials attended the meeting

100% Penalty For Accepting Cash Over RS 3 Lakh

100% fine on 3lakhs

The Union Budget 2017-2018 had received mixed opinions from the people of India. Someone would say it’s benefiting the middle-class people and some sections are opposing it.

However, among the most discussed things, Govt decision of barring cash transactions above 3 lakh stood in the first place.

Finance minister says that this rule is devised with the intention of making India, a cashless country and also to stop the generation of black money. If anyone breaching the new rule imposed by the govt has to pay 100% penalty.

Union Budget 2017-2018 by Arun Jaitley: Key Points of the Budget

From 1st April those who will accept cash over Rs 3 lakh have to pay 100% percent penalty on the excess amount received.

Revenue Secretary Hasmukh Adhia in an interview explained that “Supposing you do a transaction of Rs 4 lakh in cash, then the penalty would be Rs 4 lakh. If you do a transaction of Rs 50 lakh, the penalty would be Rs 50 lakh.”

He added that ”if someone buys an expensive watch for cash, it is the shopkeeper who will have to pay the tax.

Adhia stated that the primary motive of this provision is to deter people from doing large cash transactions. The government would have an eye on every large transaction done, and respective measures will be taken to curb them from roots.

Union Budget 2017-18: Slab Balances More for Poor

So from 1st of April, this new rule will be in force, and black money holders, others who have unaccounted money will be facing the heat. So no there will be no scope for buying costly and luxury things chance with illegal money.

The previous rule of quoting PAN details for Transactions more than Rs.2 Lakh will also be active.However, the government, any banking company, post office savings bank or co-operative bank will be exempted from these restrictions.

It’s known that the Chief Ministers panel lead by AP CM Chandrababu Naidu recommended a tax on payments of over Rs 50,000. The committee was constituted by the PM said that their proposal would encourage people using digital money rather than physical cash.

If People Deposited Upto Rs 2.5 Lakhs of Demonetised Currency: Chances to Get Taxed at 50%

If People Deposited Upto Rs 2.5 Lakhs of Demonetised Currency

The users who are holding the unaccounted cash, they can deposit the demonetised notes up to Rs 2.5 lakh under the scheme being implemented by the Government.

The government is about to introduce the new amendment in this week in Parliament. This new amendment will let the people who are depositing the unaccounted cash in demonetised Rs 500 and Rs 1,000 notes have to pay 50% tax, along with this they have to lock in 25% amount for four years at zero interest and to leave only 25% of the amount for immediate use.

With the implementation of this new scheme, all the large amount deposits beyond the certain totals could be asked to explain the source. 50% Tax and mandatory 25% deposit scheme must not be applied.

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Tax officials will have an eye on all the significant deposits for the demonetised notes to see if the unaccounted wealth or smaller deposits in a household in different family members accounts.

One of the government official says “There is a Rs 2.5 lakh exemption, but if you have split (the money) and four family members have each deposited this amount, then it will need to be seen.”

These changes to the income tax law were authorised and approved by Union Cabinet on Thursday. The earlier government has mentioned that it will not go to look into the deposits up to Rs 2.5 lakh income tax exemption threshold.

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Revenue Secretary Hasmukh Adhia says that they will be getting all the reports of all cash deposits during November 10 to December 30 and it is above the threshold of Rs 2.5 lakh in every account.

“The department would do matching of this with income returns filed by the depositors. And suitable action may follow.” As per the reports people with the unaccounted cash in the old denominations have been farming it out to the others for depositing in their accounts.

Tracking on Black Money: Deposits above Rs 2.5 Lakh to Face Tax, 200% Penalty on Mismatch

Deposits over Rs. 2.5 lakh are subjected to face tax

The impact of banning Rs 500 and Rs 1000 Notes in India is creating huge quandaries in the day to day expenses. However banks will allow depositing the amount in their accounts. Here comes the one of the key point in the story. The users who deposit the amount more than Rs.2.5 lakh in their bank accounts for scrapping Rs. 500 and Rs. 1,000 notes should pay the tax to the Government. In case of any uneven values are deposited in their accounts based on the owner’s income, there will be chance of collecting 200% penalty. These are the terms issued by the Government of India.

Government has also asked the banks to maintain the details of the PAN numbers of the users who are depositing the amounts in large numbers. These details have to be maintained for 50 days till December 30, 2016.

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In the similar way, people who are purchasing the Gold, Jewelry and more, in the form of cash has to submit their PAN details. Merchants will collect these details from the customers while the purchasing is happened. In case of non-compliance severe actions will be taken against them.

The recent decision from the government is for scrapping the high denomination notes in India and flush out the black money and fake currency, which is killing the economy and growth in the country.

Revenue Secretary Hasmukh Adhia says “We will be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs. 2.5 lakh in every account”. He also mentioned that these all transactions are filed by the depositors in the income tax returns. Any transactions were mismatch, suitable actions are taken and considered as the case of tax payment violation.

Form for the Exchange of Rs. 500 and 1000 Notes in Banks : Detail Process Explained

In this scenario, the tax amount is included with the penalty of 200% of the tax payable will be charged under the sections of Income Tax Act.

The people who are working with small businesses, housewives, workers, and artists who are having the cash as the savings in their homes are no need to worry about Tax department inspections. Says Mr Adhia.

There will be no questioning and annoyance from the Income Tax Department for the Deposits up to Rs. 1.5 or Rs. 2 lakh. These amounts come under the taxable income.