Tag: PRIME MINISTER

Prime Minister launches digital payment solution e-RUPI

Prime Minister Shri Narendra Modi launched digital payment solution e-RUPI, a person and purpose specific digital payment solution, today via video conference. e-RUPI is a cashless and contactless instrument for digital payment.

Addressing the event, the Prime Minister said that the eRUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country and  will give a new dimension to digital governance. This will help everyone in targeted, transparent and leakage free delivery. He said e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology. He also expressed happiness that this futuristic reform initiative has come at a time when the country is celebrating the Amrit Mahotsav on the  75th anniversary of independence.

He said in addition to the government, if any organization wants to help someone in their treatment, education or for any other work, then they will be able to give an eRUPI voucher instead of cash. This will ensure that the money given by him is used for the work for which the amount was given.

The Prime Minister said eRUPI is person as well as purpose specific. eRUPI will ensure that the money is being used for the purpose for which any help or any benefit is being provided.

The Prime Minister recalled that there was a time when technology was considered a domain of the rich people and there was no scope for technology in a poor country like India. He remembered when this government took technology as a mission, it was questioned by the political leaders and certain types of experts.  He added that today the country has also denied the thinking of those people, and has proved them wrong. Today the thinking of the country is different, it is new. Today we are seeing technology as a tool to help the poor, a tool for their progress.

The Prime Minister noted how technology is bringing in transparency and integrity in transections and creating new opportunities and making them available to the poor. He mentioned that for reaching today’s unique product, foundation was prepared over the years by creating the JAM system which connected mobile and Aadhaar. Benefits of JAM took some time to be visible to people and we saw how we could help the needy during the lockdown period while other countries were struggling to help their people, said the Prime Minister. He noted that in India, more than seventeen and half lakh crore rupees have been transferred directly to the accounts of the people via Direct Benefit Transfer. More than three hundred schemes are using DBT. 90 crore Indian are being benefited in some way or the other through in areas like LPG, ration, medical treatment, scholarship, pension or wage disbursal. 1 lakh 35 thousand crore rupees have directly been transferred to farmers under PM Kisan Samman Nidhi, 85 thousand crore rupees for government purchase of wheat were also disbursed in this manner. “The biggest benefit of this all is that 1 lakh 78 thousand crore rupees were prevented from going to the wrong hands, ” he added.

The Prime Minister noted that development of digital transactions in India has empowered the poor and deprived, small businesses, farmers and tribal population.  This can be felt in the record of 300 crore UPI transactions in the month of July amounting to  6 lakh crore rupees.

The Prime Minister said India is proving to the world that we are second to none in adopting technology and adapting to it. When it comes to innovations, use of technology in service delivery, he said that India has the ability to give global leadership alongside major countries of the world.

The Prime Minister said the world is recognizing the impact of the work done in the last 6-7 years for digital infrastructure and digital transactions in the country. Especially in India, a huge base of fintech has been created which is not present even in developed countries, he added.

Class XII CBSE Board Exams cancelled

According to the press release by PIB, in a meeting on Tuesday,  it was decided that Class XII Board Exams would not be held this year. It was also decided that CBSE will take steps to compile the results of class XII students as per a well-defined objective criteria in a time-bound manner.

The meeting was attended by Union Ministers of Home, Defence, Finance, Commerce, Information & Broadcasting, Petroleum and Women & Child Development Ministries and Principal Secretary to PM, Cabinet Secretary & Secretaries of School Education & Higher Education Departments & other officials.

The Prime Minister said that the decision on Class 12 CBSE Exams has been taken in the interest of students. He stated that COVID-19 has affected the academic calendar and the issue of Board Exams has been causing immense anxiety among students, parents and teachers, which must be put to an end.

The Prime Minister further said that the Covid situation is a dynamic situation across the country. While the numbers are coming down in the country and some states are managing the situation through effective micro-containment, some states have still opted for a lockdown. Students, parents and teachers are naturally worried about the health of the students in such a situation. He said that students should not be forced to appear for exams in such a stressful situation.

The Prime Minister stressed that the health and safety of our students is of utmost importance and there would be no compromise on this aspect. He said that in today’s time, such exams cannot be the reason to put our youth at risk. He said that all stakeholders need to show sensitivity for students. The Prime Minister directed officials to ensure that the results are prepared in accordance with well-defined criteria, in a fair and time-bound manner.

It was also decided that like last year, in case some students desire to take the exams, such an option would be provided to them by CBSE, as and when the situation becomes conducive.

It is to be noted that, the Hon’ble Prime Minister had earlier held a high-level meeting on 21/05/21 which was attended by Ministers & officials. Thereafter a meeting under the Chairmanship of the Union Defence Minister was held on 23.05.2021 which was attended by the Education Ministers of States. Various options for conduct of CBSE examinations were discussed in the meeting and feedback obtained from the States and UTs.

Team of Foreign Heads of Missions visits India

Team of Foreign Heads of Missions visits India

A team of Heads of Foreign Missions visits India and envoys have been briefed about COVID-19 research and Manufacturing at the Bharat Biotech International Limited in Hyderabad and also at the Biological e laboratory. They visited the two laboratories in Hyderabad to have first-hand information about the ongoing efforts to develop vaccines. The team comprising high commissioners and government representatives has interacted with the Bharat Biotech team and extensively discussed manufacturing of India’s indigenous COVID-19 vaccine, Covaxin. The Covaxin is being developed by Bharat Biotech in collaboration with the ICMR.Bharat Biotech founder Krishna Ella said the laboratory aims at producing 500 million covaxin doses by the end of next year. He said personalised covaxin is being developed and the first type for children and pregnant mothers. He added the second type for the population with cancer and kidney issues while the third type is for the general population. He further said efforts are also underway to develop nasal vaccines. He informed that Bharat Biotech is setting up two more Biosafety Level -3 laboratories.

also read CBIC issues FAQs on Quarterly Return Monthly Payment (QRMP) Scheme in GST

also read Due Dates for Income Tax and GST Compliances for December 2020 (Due Dates Calendar)

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

Date : 11.10.2020

Ref.: TC/20-21/1

To,

Hon’ble Prime Minister,

Government of India,

New Delhi

Subject : To attract your kind attention on Serious Issues regarding GST

Hon’ble Sir,

GST was introduced in India to simplify the Indirect Tax Structure and to promote Ease of Doing Business. Indian business houses appreciated you for this step and had a lot of expectations from GST. GST was a new initiative of Indirect Tax Reforms.

Government said in 2017 that Indirect Tax structure is very complicated and this needs reforms. But today’s time of GST is saying that GST has made Indirect Tax structure more complicated due to several reasons.

We are here explaining those problems which businesses and professionals are facing due to wrong implementation of GST :

(1.) No opportunity to correct the mistakes committed in regular GST returns :

A lot of problems in GST are due to the reason that the government has not provided any opportunity to correct the mistakes which were committed by the businesses during filing of regular GST returns like GSTR-3B etc.

In previous Indirect Taxation system, there was opportunity to amend the returns filed and even Income Tax Department is also providing opportunity to correct the mistakes by amending filed returns. But why there is no option to amend filed returns in GST? You may note that without correcting GST returns, even annual return can not help tax authorities and all assessment will be done by issuing a lot of notices and this will be against the policy of Ease of Doing Business.

Some taxpayers paid GST tax under wrong head or some claimed GST under wrong head. However GST tax has been reached to government but either they have to reverse or to paid tax with interest because they have not any opportunity to amend the GST returns.

So your good self are kindly requested to provide an opportunity to amend the GST returns with retrospective effect.

(2.) Is GST for collecting Late Fees only?

GST was a new tax system for Indian business houses and professionals, so it is implied that they required some time to read and understand it. But in GST, late fees for late filing of GST returns is huge from starting, so businesses faced and facing huge GST late fees burden. Even late fees is more than tax liability in some cases.

Sometimes the delay in filing GST returns is due to that GSTN portal is not working effectively specially on last dates but the GSTN has not accepted the fact that the portal is committing mistakes and not working effectively. We are attaching screenshots of GSTN portal to let you know about some mistakes which GSTN has not corrected till date :

Due date for quarterly GSTR-1 is “the last day of month succeeding the month ending quarter” but for the quarter July- September, 2020, GST portal is showing due date as 11.10.2020 whereas actual due date of the same is 31.10.2020.

(3.) Notifying rules which are overriding GST Act and even Indian Constitution :

Vide Notification No. 49/2019- Central Tax (09.10.2019) CBIC has inserted new rule 36(4) under the CGST Rules, 2017 and capped the maximum ITC to 120% of invoices uploaded by supplier in his GSTR-1 which was reduced to 110% in 38th GST council meeting held on 18.12.2019.

If we refer the CGST Act, 2017, we can understand that the power to insert Rule 36(4) is coming from Section 43A of the CGST Act, 2017 and the said section is not notified till date. So if the section of any act is not notified then how the rule is notified and implemented? This is against the Article 265 of the Indian Constitution which says that “Rules and Circulars can not override Act”.

The question is that why our lawmakers are not following the law? Please look into this and direct them to notify rules etc. which have a legal validity.

(4.) Restriction on Claiming Input Tax Credit (ITC) :

Due to technical mistakes of taxpayers they have not claimed the ITC of previous years but Section 16(4) of the CGST Act, 2017 is restricting them to avail the said ITC whereas the seller who sold goods to them has paid the tax to government. So when the government has received the tax paid by buyer to seller then why the buyer is not allowed to take ITC of the same? This will result in double taxation.

Hon’ble sir, by mentioning these issues, our team has tried to attract your kind attention on some serious matters of GST.

So your good self are kindly requested to look into these matters and to provide solutions for the same.

Thanking You

Yours Faithfully,

Team Tax Concept

Thanks for Reading Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

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