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GST Revenue collection for July 2021 : Rs. 1,16,393 crore gross GST revenue collected in July

Posted on 1st Aug 2021 by Business So Simple in GST

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore (including ₹ 27,900 crore collected on import of goods) and Cess is ₹ 7,790 crore (including ₹ 815 crore collected on import of goods).The above figure includes GST collection received from GSTR-3B returns filed between 1st July 2021 to 31st July2021 as well as IGST and cess collected from imports for the same period.

The GST collection for the returns filed between 1st July to 5th July2021 of ₹ 4,937 crore had also been included in the GST collectionin the press note for the month of June2021since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June21 for the taxpayers with the aggregate turnover uptoRs. 5 crore in the wake of covid pandemic second wave.

The government has settled ₹ 28,087 crore to CGST and ₹ 24100 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlement in the month of July’ 2021 is ₹ 50284 crore for CGST and ₹ 52641 crore for the SGST.

The revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 36% higher and the revenues from domestic transaction (including import of services) are 32% higher than the revenues from these sources during the same month last year.

GST collection, after posting above Rs. 1 lakh crore mark for eight months in a row, dropped below Rs. 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021 and during May2021, most of the States/UTs were under either complete or partial lock down due to COVID. With the easing out of COVID restrictions, GST collection for July2021 has again crossed₹1 lakh crore, which clearly indicates that the economy is recovering at a fastpace.The robust GST revenues are likely to continue in the coming months too.

Ministry of Finance Press Release dated 01 Aug 2021

Thought of the day- 31 July 2021 -Each is great in his own place (Part-4)

Posted on 31st Jul 202131st Jul 2021 by Business So Simple in Thought of the day

This is a great lesson for us all to learn, that in all matters the two extremes are alike. The extreme positive and the extreme negative are always similar.

In reading the Bhagavad-Gita, many of you in Western countries may have felt astonished at the second chapter, wherein Sri Krishna calls Arjuna a hypocrite and a coward because of his refusal to fight, or offer resistance, on account of his adversaries being his friends and relatives, making the plea that non-resistance was the highest ideal of love. This is a great lesson for us all to
learn, that in all matters the two extremes are alike. The extreme positive and the extreme negative are always similar. When the vibrations of light are too slow, we do not see them, nor do we see them when they are too rapid. So with sound; when very low in pitch, we do not hear it; when very high, we do not hear it either. Of like nature is the difference between resistance and nonresistance.
One man does not resist because he is weak, lazy, and cannot, not because he will not; the other man knows that he can strike an irresistible blow if he likes; yet he not only does not strike, but blesses his enemies. The one who from weakness resists not commits a sin, and as such cannot receive any benefit from the non-resistance; while the other would commit a sin by offering resistance. Buddha gave up his throne and renounced his position, that was true renunciation; but there cannot be any question of renunciation in the case of a beggar who has nothing to renounce. So we must always be careful about what we really mean when we speak of this non-resistance and ideal love. We
must first take care to understand whether we have the power of resistance or not. Then, having the power, if we renounce it and do not resist, we are doing a grand act of love; but if we cannot resist, and yet, at the same time, try to deceive ourselves into the belief that we are actuated by motives of the highest love, we are doing the exact opposite. Arjuna became a coward at the sight of the mighty array against him; his “love” make him forget his duty
towards his country and king. That is why Sri Krishna told him that he was a hypocrite; Thou talkest like a wise man, but thy actions betray thee to be a coward; therefore stand up and fight!

-Swami Vivekananda

Functionality to check and update bank account details (GST Portal update 29 July 2021)

Posted on 31st Jul 2021 by Business So Simple in GST

How to add bank account in GST registration details.

A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required to update their Bank Account Details within 45 days of the first login henceforth.

The taxpayers may login and update Bank Account details through Non-core amendment in the manner as specified in the below table. In case the taxpayers who had not updated bank account after registration and are also failed to update within 45 days of their first login henceforth, the system will prompt and force them to comply with the requirements.

Login to the taxpayer portal
Go to ‘Services’
Click on ‘Registration’
Click on the tab ‘Amendment of Registration Non-Core Fields’
Select tab ‘Bank Accounts’
Add details of Bank Account (Account No., IFSC, Address, Bank Account type)
Click on the verification tab, select authorized signatory, enter a place
Sign application using DSC, E-sign or EVC

Note:
After completion of Bank Account update, a success message will appear on the screen, and the acknowledgment will be sent at the registered email and mobile phone.

Thanking You,
Team GSTN

Government has received complaints from traders, retailers and industry associations against marketplace e-commerce entities regarding deep discounting, predatory pricing and misuse of market dominance

Posted on 31st Jul 2021 by Business So Simple in Entrepreneurship

Complaints have been forwarded to relevant Government agencies for necessary examination and investigation

Government has received complaints from traders, retailers and industry associations against marketplace e-commerce entities regardingdeep discounting, predatory pricing and misuse of market dominance.The said complaints have been forwarded to relevant Government agencies for necessary examination and investigation.

Consumer Protection (e-Commerce) Rules, 2020 were notified on 23^rd July, 2020. In order to further strengthen the regulatory framework for prevention of unfair trade practices in e-Commerce, Government has sought suggestions on the proposed Amendments to the Rules by placing it on the website of the Department of Consumer Affairs.

Comments from many stakeholders on draft e-Commerce policy have been received relating to definition of e-Commerce, role of marketplace entities and liabilities of e-Commerce companies, among other related issues.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Som Parkash, in a written reply in the Rajya Sabha today.

Ministry of Commerce & Industry Press Release dated 30 July 2021

APEDA organizes orientation programme for start-ups for boosting agricultural products exports from Rajasthan

Posted on 31st Jul 2021 by Business So Simple in Startups

In a bid to give fillip to the start-up ecosystem for promotion of agricultural products exports, APEDA in association with Agriculture University, Jodhpur, Rajasthan organized a programme where more than 430 farmers, students, traders and other stakeholders had participated.

The orientation programme for start-ups in agri-export, was aimed at creating awareness among farmers and agriculture students in the western region of Rajasthan on agri-exports. The focus of the programme was to urge the Rajasthan government to adopt ‘agriculture export’ as a business opportunity for boosting livelihood and farmers’ income.

The aim of programme organized on 28th July, 2021 through virtual mode was to support the farmers, agriculture students and other stakeholders in the export oriented supply chain which generate rural employment.

During the programme, APEDA officials explained issues around agricultural exports and challenges in the export oriented agri supply chain.

APEDA officials also explained various Government initiatives on agriculture exports such as Financial Assistance Schemes, Risk Management in agriculture export, RBI Guidelines, Pesticides issues, Digital Traceability in agri supply chain, etc.

The Agriculture department of Rajasthan, Agricultural University, Jodhpur and other state government officials discussed the agriculture export potential from the west zone of Rajasthan especially in the crops such as barley, caster, legums, mustard, pomegranate, dates, etc. The programme also discussed the export potential of commercial crops including Capparis decidua, (referred locally as karira or kerda), Acacia Senegal (Kummat), Prosopis cenararia (Sangari).

Besides the export potential of cumin, isabgol, pomegranate, anise seeds, caster, guargam, hina etc were discussed. The programme emphasized the need for automation, mechanization in agriculture for achieving quality production which would enhance competitiveness in the international market. The officials from Rajasthan Agricultural Marketing Board (RSAMB) have participated in the meet.

APEDA has been focusing on collaborative approach to bring synergy with number of organizations and institutions having inherent professional and specialized expertise in different areas for capacity building of various stakeholders and providing solutions for addressing some of the identified interventions for the development of Agriculture and its export enhancement in consonance with the objectives set under Agri Export Policy (AEP) announced by Government of India in 2018.

APEDA has been engaged with State Governments for the implementation of AEP. The States of Maharashtra, U.P., Kerala, Nagaland, Tamil Nadu, Assam, Punjab, Karnataka, Gujarat, Rajasthan, Andhra Pradesh, Telangana, Manipur, Sikkim, Uttarakhand and M.P. have finalized the State specific Action Plan for exports while the action plans of other States are at different stages of finalization.

Ministry of Commerce & Industry Press Release dated 30 July 2021

The combined Index of Eight Core Industries increases by 8.9 per cent as compared to the Index of June 2020

Posted on 31st Jul 2021 by Business So Simple in Entrepreneurship

The combined Index of Eight Core Industries increases by 8.9 per cent as compared to the Index of June 2020

The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries mark an increase in June 2021 over the corresponding period of last year

INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR JUNE, 2021 RELEASED

Ministry of Commerce & Industry Press Release dated 30 July 2021

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing Index of Eight Core Industries (ICI) for the Month of June, 2021.ICI measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). Details of yearly and monthly indices and growth rates are provided at Annex I & II respectively.

The combined Index of Eight Core Industries stood at 126.6 in June 2021, which increased by8.9 per cent (provisional) as compared to the Index of June 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries increased in June 2021 over the corresponding periodof last year.

Final growth rate of Index of Eight Core Industries for March 2021 is revised to 12.6 %from its provisional level 6.8%. The growth rate of ICI during April-June 2021-22 was 25.3% (P) as compared to the corresponding period of lastFY.

The summary of the Index of Eight Core Industries is given below:

Coal –Coal production (weight: 10.33 per cent) increased by 7.4 per centin June,2021 overJune,2020. Its cumulative index increased by 8.0 per centduring April to June, 2021-22 over corresponding period of the previous year.

Crude Oil–Crude Oil production (weight: 8.98 per cent) declined by 1.8 per centinJune, 2021 overJune, 2020. Its cumulative index declined by 3.4 per centduring April to June, 2021-22over the corresponding period of previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 20.6 per cent in June, 2021over June, 2020. Its cumulative index increased by 21.8 per cent during April to June, 2021-22 over the corresponding period of previous year.

Petroleum Refinery Products–Petroleum Refinery production (weight: 28.04 per cent) increased by 2.4 per centin June, 2021 over June, 2020. Its cumulative index increased by 15.4 per cent during April to June, 2021-22over the corresponding period of previous year.

Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 2.0 per centin June, 2021 over June, 2020. Its cumulative index decreased by 1.7 per centduring April to June, 2021-22 over the corresponding period of previous year.

Steel –Steel production (weight: 17.92 per cent)increased by 25.0 per cent in June, 2021 over June, 2020. Its cumulative index increased by 86.0 per centduring April to June, 2021-22 over the corresponding period of previous year.

Cement –Cement production (weight: 5.37 per cent) increased by 4.3 per centin June, 2021 over June, 2020. Its cumulative index increased by 52.9 per centduring April to June, 2021-22 over the corresponding period of previous year.

Electricity –Electricity generation (weight: 19.85 per cent) increased by 7.2per centin June, 2021 over June,2020. Its cumulative index increased by 16.4 per centduring April to June, 2021-22 over the corresponding period of previous year.

Note 1: Data for April, 2021, May, 2021 and June, 2021 are provisional.

Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for July,2021 will

The combined Index of Eight Core Industries increases by 8.9 per cent as compared to the Index of June 2020The production of Coal, Natural Gas, Refinery Product

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1740728&RegID=3&LID=1

For the first time, Agri Exporters from the remote Districts of India connected to the international buyers from USA, the UAE, and Japan

Posted on 31st Jul 2021 by Business So Simple in Entrepreneurship

For the first time, Agri Exporters from the remote Districts of India connected to the international buyers from USA, the UAE, and Japan

Virtual trade fair organised by DGFT sees 197 exhibitors from the states of Punjab, Himachal Pradesh, and Union Territories of Jammu & Kashmir and Ladakh showcase their products to 300 visitors and importers from domestic and international buyers

DGFT conducts a Virtual Outreach Event “From India to the World” under Districts as Export Hubs

Under the Districts as Export Hubs initiative, the Directorate General of Foreign Trade (DGFT) under Department of Commerce in partnership with the Agricultural and Processed Food Products Export Development Authority (APEDA) and Invest India conducted a 2 Day Virtual Outreach Event connecting exporters from the Districts to the buyers outside India. Following the opening ceremony, a virtual trade fair was held where 197 exhibitors participated from the states of Punjab, Himachal Pradesh, and Union Territories of Jammu & Kashmir and Ladakh. The event provided a platform to small sellers from areas earlier not known for exports, apart from large exporters from India. 28 stalls from Jammu and Kashmir and 5 from Ladakh were highlighted in the exhibition.

The virtual outreach event saw a footfall of over 300 visitors and importers from domestic and international buyers inclusive of the USA, the UAE, and Japan. Putting a spotlight on agricultural products under five categories namely spices and tea, food grains and agro-products, fruits and vegetables, dry fruits, and processed food, three buyer-seller interactive sessions were held with the support of Indian Embassies from the USA, the UAE, and Japan. Few leading supermarkets such as Spinney, Walmart, and Lulu also participated during the interactive sessions and showed keen interest in India’s agricultural products.

The event marked the beginning of a series of events to be held to boost India’s exports and commemorate 75 years of India Independence under the Districts as Export Hubs initiative.

Ministry of Commerce & Industry Press Release dated 30 July 2021.

Notification No. 63/2021-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Posted on 31st Jul 2021 by Business So Simple in Custom

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –

Refer Ministry of Finance Press Release dated 30 July 2021

Notification No. 63/2021-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1740921&RegID=3&LID=1

Income Tax Department conducts searches in Kanpur

Posted on 30th Jul 2021 by Business So Simple in Income Tax

The Income Tax Department carried out a search action on 29.07.2021 on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A total of 31 premises were searched spread across Kanpur, Noida, Ghaziabad, Delhi and Kolkata.

The group has been earning huge amounts through unaccounted sale of Pan Masala and through unaccounted real estate business. This unaccounted income was laundered back into the concerns through a vast link of shell companies. Digital and paper evidence found during search revealed a nation-wide network of such paper companies created by the group. The Directors of these companies are persons of no financial means. While some of these persons are not even filing income tax returns, some others who file returns do so of extremely meagre amounts. Field investigations further revealed that these paper companies did not exist at the addresses mentioned and never conducted any business.

However, surprisingly these companies advanced so called loans and advances to the real estate group amounting to Rs 226 crore in just three years. A network of 115 such shell companies has been found. Forensic analysis of the digital data is in progress. The main ‘directors’ also admitted that they were only ‘dummy directors’ and signed on the dotted lines as and when required in return for commission for their ‘services’.

During the search, the income tax teams also discovered secret hideouts where troves of documents containing details of unaccounted money and their process of laundering have been unearthed. Analysis of such documents and evidence is also underway. The complete modus operandi has been uncovered by the team including the role of ‘cash handlers’ and their details.

The modus-operandi is similar with respect to the business of Pan Masala. They too have laundered back their unaccounted income through an extensive network of such shell companies. Unaccounted loans and premia received from such paper companies exceeding Rs. 110 crore in three years, have been detected. The group ploughed back their unaccounted money through such shell companies by showing bogus advances against property sale, bogus loans and share premia.

Forensic analysis of evidence is in progress. So far 34 bogus bank accounts of shell companies have been found. Deductions claimed under Income-tax Act, 1961 with respect to treatment of biodegradable waste are under detailed scrutiny. It has also been discovered that through some of these paper companies based in Kolkata, bogus sale and purchase of manure has been shown, amounting to Rs. 80 crore so that cash can be deposited into bank accounts.

During the search, cash of more than Rs. 52 lakh was found along with more than 7 kg gold. Preliminary figures indicate unaccounted transactions exceeding Rs. 400 crore.

Further investigations are in progress.

Ministry of Finance Press Release dated 30 July 2021

Income Tax Department conducts searches in Jharkhand

Posted on 29th Jul 2021 by Business So Simple in Income Tax

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate. The search began on 28.07.2021 in Ranchi and Kolkata. More than 20 premises were covered.

During the search, it was found that the group was not maintaining regular books of account. In view thereof, the audit certificates and statements submitted to the Income Tax Department are under investigation for genuineness. As per details found during the search operation, it was seen that the group has been undertaking huge outside-the-books transactions in the building construction business and a large portion of sale proceeds is received in cash which remains unaccounted. Part of the cash generated has been brought into the business through bogus share capital and unsecured loans from shell companies. Investigations have revealed that at least 8 shell companies were involved. Relatives and persons of no means were appointed as directors of these ‘companies’ which existed only on paper. These ‘directors’ have admitted that they were only ‘dummy directors’ and would sign wherever the group told them to do so. Transactions of unsecured loan and bogus share capital to the tune of Rs. 25 crore have been detected. Shell companies investing money in the group have been found to be non-existent in Kolkata. Incriminating documents about front companies having employees as directors that received share capital and unsecured loan from shell companies have been seized.

The group has purchased a very large tract of land measuring 1458 acres on the outskirts of Ranchi and is developing the same by constructing and selling residential apartments. It was seen that the land has been registered at a consideration of one-tenth of the value for stamp duty purposes. Brokers have been paid fee in cash running into crores. Other expenses with regard to the purchase of land also are in crores. The sellers of the land have also been searched and they have admitted that more than 25% of land included in the registered document is forest land, not owned by them and for which they have received no consideration. Evidence gathered during the search established that the group had fraudulently got more than 300 acres of forest land registered in its name.

Unexplained cash of Rs. 50 lakh has been seized and three lockers have been found and placed under restraint. Preliminary evidence found suggests evasion of tax of more than Rs. 50 crore.

Post search investigations are going on and tax evasion figures may go up substantially.

Ministry of Finance Press release dated 29 July 2021