Page 12 - Banking Finance February 2025

ROUNDUP

GST revenue from domestic transactions
grew by 8.4% to Rs. 1.32 lakh crore, CAs and Tech Professionals Implicated in Rs. 245
while revenue from imports increased by Crore Fraud
about 4% to Rs. 44,268 crore. After months of investigation into a Rs. 245 crore investment fraud linked
Refunds worth Rs. 22,490 crore were to 2,500 fake companies, Bengal Police's cybercrime wing has submitted a
issued during the month, representing charge sheet naming 17 individuals, including chartered accountants, soft-
a 31% increase compared to the same ware engineers, and bank officials.
period last year. After adjusting for The 48-page charge sheet, prepared within 30 days of arrests, cites 120
refunds, the net GST collection grew witnesses and details a network that operated across five countries.
by 3.3%, reaching Rs. 1.54 lakh crore.
The prime accused, Abhishek Bansal alias Rahul, and Vivek Sah allegedly
Supreme Court Directs orchestrated the scam by operating shell companies and using forged docu-
ments to open fraudulent bank accounts.
SEBI to Review Sahara
"The accused persons used technology and the unawareness of people to
Property Proposals hide their identities and siphon off money. Forged rubber stamps, trade li-
The Supreme Court has instructed the censes, and MSME documents were used under the leadership of key play-
Securities and Exchange Board of India ers," stated the charge sheet.
(SEBI) to review proposals submitted
by two developers-Oberoi Realty Ltd For those who have claimed deprecia- 9,52,000 crore in FY2023-24, with a
and Valor Estate Ltd-for the develop- tion on a vehicle, the cost of acquisi- compound annual growth rate (CAGR)
ment of Sahara group's Versova prop- tion will be considered as the deprecia- exceeding 17%.
erty in Mumbai. tion-adjusted value. In all other cases, "India has transitioned from being a
Both developers have been directed to the actual purchase price will serve as mobile importing country in FY2014-15-
deposit Rs. 1,000 crore each via de- the cost of acquisition. when 74% of phones sold were im-
mand drafts, which will remain Additionally, GST will not be applicable in ported-to a mobile exporting nation,
unencashed until the court delivers its individual-to-individual sales of used cars. with over 99% of devices now manufac-
final decision. tured domestically," the minister stated.
The GST Council recently introduced a
The court will reconvene in three uniform 18% tax rate on all old and
weeks to determine which developer used vehicles, including electric vehicles NFRA Fines Deloitte 2
will be permitted to proceed. Earlier, (EVs). Previously, petrol, diesel, and
the Supreme Court clarified that there Crore for Audit Lapses in
LPG-powered vehicles attracted 18%
was no restriction on Sahara selling ZEEL Case
GST, while EVs were taxed at 12%.
properties to meet the Rs. 10,000
The National Financial Reporting Au-
crore obligation set in a 2012 order.
99% of Mobiles Used in thority (NFRA) has imposed a Rs. 2
crore penalty on Deloitte Haskins &
GST Applicable on Used India Are Domestically Sells for lapses in auditing Zee Enter-
Car Sales Only If Sale Mar- Manufactured tainment Enterprises Ltd (ZEEL) during

gin Is Positive Nearly 99% of mobile phones used in FY2018-19 and FY2019-20.
India are now domestically manufac- NFRA also penalized CA A B Jani, the
The government has clarified that GST
tured, Minister of State for Electron- Engagement Partner, with a Rs. 10 lakh
will only apply to the sale of old and
ics and Information Technology Jitin fine and barred him from auditing or
used vehicles if the seller earns a posi-
tive margin, i.e., if the selling price Prasada informed Parliament. undertaking similar roles for five years.
exceeds the cost of acquisition. This India's domestic electronics production CA Rakesh Sharma, the Engagement
rule applies exclusively to "registered has seen exponential growth over the Quality Control Reviewer (EQCR), was
persons," such as businesses engaged past decade, increasing from Rs. fined Rs. 5 lakh and banned for three
in purchasing and selling used vehicles. 1,90,366 crore in FY2014-15 to Rs. years.

BANKING FINANCE | FEBRUARY | 2025 | 11