Posts in: August, 2018

Director of a company arrested for evasion of Service Tax

Officers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer.

The power to arrest is provided under Section 91 of the Finance Act 1994 for violating the provisions of Section 89 of the Finance Act 1994 read with Section 174 of CGST Act, 2017. He was produced in the Court of Hon’ble CMM, Patiala House Court and has been sent to Judicial Custody for 15 days. Further investigations are being conducted and the amount of Service Tax evaded is bound to increase.

Government wants to assure taxpayers that compliant taxpayers donot run the risk of facing such punitive action

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2,25,910 companies under scanner of Ministry of Corporate Affairs for not filing returns for Year 2015-16 & 2016-17

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha on 3rd August 2018, that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies.

Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years

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Ministry of Corporate Affairs ordered inquiry in 87 real estate companies in 2017-18

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies. (Source-PIB)

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