Page 12 - Banking Finance September 2020

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data showed that after settlement for of reports that global retailing giant the return is electronically verified
inter-state transactions, central gov- Amazon has been offered a $20-billion through Aadhaar number OTP, EVC
ernment collected Rs. 34,122 crore worth of stake in its retail venture. generated through bank account or
while states collected Rs. 35,714 crore From being an entity with a market cap physically verified by posting the signed
in August. of nearly $43 billion a little over five ITR-V (acknowledgement) to
During August, revenue from import of years ago and a pure-play business-to- Centralised Processing Centre (CPC)
goods was 77% while the same from business (B2B) entity, RIL's market within 120 days of filing the return.
domestic transactions (including im- value has risen almost five times as it Normally, a taxpayer has a time limit
port of services) was 92% of the rev- scaled up its two consumer-focused of 120 days, from the date of return
enues from these sources during the businesses - telecom and organised filing, to verify his/her returns. The
same month last year. It may also be retail - during the intervening period. earlier one gets the verification done,
noted that the taxpayers with turnover In the process, it has leap frogged to the earlier the CPC will process one's
less than Rs. 5 crore continue to enjoy become one of the 10 most valued returns. Once the returns are pro-
relaxation in filing of returns till Sep- companies in Asia and also among the cessed by the CPC at the primary level
tember, said the statement by the top 40 globally. RIL is the only Indian for arithmetical errors etc, refund will
ministry of finance. company in these exclusive clubs, be issued to the taxpayer.
The GST revenue dip on account of Bloomberg data showed.
imports shows the pandemic taking a Direct tax refunds worth Pre-filled GST return form
toll on international trade, said soon, says GSTN CEO
Abhishek Jain, tax partner, EY. Domes- Rs. 1.06 lakh cr issued till Gst-registered businesses will soon get
tic GST revenue at 92% year-on-year Sept 15 pre-filled Return form, GSTR-3B, GST
for operations in July is a sign of eco- Network Chief Executive Officer
nomic recovery after lifting the Nearly 31 lakh direct tax assessees Prakash Kumar said. "We are moving
lockdown, explained Jain. The tax col- have been issued refund this fiscal. towards providing taxpayers with a
lections in August is in respect of trans- "The Central Board of Direct Taxes is- pre-filled GSTR-3B form so that they
actions in July. sues refunds of over Rs. 1,06,470 crore can pay taxes at ease. To start with,
to more than 30.92 lakh taxpayers an option to edit the form would be
Over 380,000 firms struck between April 1 and September 15," provided to allow businesses to make
a Finance Ministry statement said. This
off under law in 3 years: past adjustments etc," he said.
includes personal income tax refunds of
Govt Rs. 31,741 crore for over 29.17 lakh PM launches scheme
More than 380,000 firms have been assesses. Corporate tax refunds ac-
struck off from official records under count for Rs. 74,729 crore have been worth Rs. 20,050 crore for
the companies law during the past issued in over 1.74 lakh cases. fisheries
three years, according to the govern- Get access to premium Portfolio con- Prime Minister Narendra Modi
ment. In a written reply to the Rajya tent for 14 days launched Rs 20,050-crore Pradhan
Sabha, Minister of State for Corporate Income-tax refund arises when taxes Mantri Matsya Sampada Yojana
Affairs Anurag Singh Thakur also said paid are higher than the actual tax li- (PMMSY) to boost production and ex-
the term "shell company" is not de- ability (including interest). It could be ports in the fisheries sector as part of
fined under the Companies Act.
in the form of advance tax, self-assess- the government's aim to double farm-
ment tax, tax deducted at source, for- ers' income.
RIL 1st Indian co to hit eign tax credit etc. There is no sepa- Through video conference, the Prime
$200 bn mcap rate procedure to claim an income tax Minister also launched several other
refund. One can claim tax refund by
Reliance Industries (RIL) became the initiatives in the fisheries and animal
filing the return of income in the usual
first Indian company to cross the $200- husbandry sectors in Bihar, a state
billion market capitalisation mark after manner. which is heading for the assembly polls
its stock surged over 8% on the back A taxpayer is supposed to ensure that in October-November.

12 | 2020 | SEPTEMBER | BANKING FINANCE