Easing the burden: No filing of returns in new GST model
In a simplified payment process under the goods and services tax (GST) Okayed by a group of ministers (GoM) recently, taxpayers won’t need to file returns, making compliance easy. According to sources, under the new model, the IT system run by the GST Network (GSTN) will produce monthly returns based on supply data uploaded and inward supplies accepted. According to a model that is to be considered by the GST Council on May 4, there will be a facility for sellers to continuously add invoices and for buyers to view them.
NCLAT stays CCI penalty of Rs 136 cr on Google in search bias case
The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of Rs 136 crore on Google for unfair business practices in online search market. While admitting the plea of Google against the order, the NCLAT bench headed by Chairman Justice S J Mukhopadhaya directed the internet major to deposit 10 per cent of the penalty amount with it in four weeks. The NCLAT listed the matter for hearing on May 28. A Google spokesperson said: “NCLAT has accepted our appeal for review of aspects of the CCI decision and its associated findings.”
Officers empowered to search, seize properties of economic offenders
Individuals booked under the Fugitive Economic Offenders Ordinance and who do not appear at a specified place and time, as ordered by the Special Court, shall be declared as fugitive economic offenders, under the new rule. Under the Fugitive Economic Offenders (Application for Declaration of Fugitive Economic Offender) Rules, 2018, the Director or the authorized officer shall be responsible for preparing a list of properties or value of properties believed to be the proceeds of crime.
Essar Steel lenders to give time to bidders to cure ineligibility
The committee of creditors (CoC) in the Essar Steel insolvency resolution case has decided to issue notices, in compliance with the National Company Law Tribunal (NCLT) Ahmadabad Bench’s order of April 19, to ArcelorMittal and Numetal to cure their ineligibility. The notice, which has not yet been officially issued, will ask bidders ArcelorMittal and Numetal to comply with the NCLT Bench order, said a source.
MCA begins inspection of Deepak Kocher’s NuPower Renewable
The Ministry of Corporate Affairs (MCA) started an inspection on Friday into the filings made by Nupower Renewable, a company owned by Deepak Kocher, since its inception in 2008, for violations of the Companies Act, if any. The MCA’s Mumbai office has sought details of investments made by the company, including by Videocon, and sought valuation reports based on which it received investments from overseas.
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