GST TAX INVOICE SERIES TO BE USED WEF 1ST APRIL, 2019 AND BILL
OF SUPPLY-GSTN ADVISORY
Attention of all taxpayers
is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax
invoice issued by a registered person should have a consecutive serial number
not exceeding sixteen characters, in one or multiple series, containing
alphabets or numerals or special characters – hyphen or dash and slash
symbolized as - and / respectively, and any combination thereof, unique for a
financial year. This rule implies that with the start of new financial year
2019-20 (w.e.f. 01/04/2019), a new invoice series, unique for the financial
year is to be started by the GST taxpayers. Similar provision is there in Rule
49 of the CGST Rules 2017, in respect of issue of Bill of Supply by registered
taxpayers availing Composition Scheme or supplying exempted goods or services
or both. If the provisions of Rule 46 or Rule 49 are not adhered to, apart from
being a compliance issue, taxpayers may face problem while generating E-Way
Bill on E-way bill system or furnishing their Form GSTR 1 or for applying for
refund on GST Portal. It is therefore necessary that suitable modification may
be made by the taxpayers in this regard in their invoices or bill of supply, to
avoid any inconvenience in the future.
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TAXMEN TO SCRUTINISE MISMATCH BETWEEN ITR AND SERVICE TAX
RETURNS
The revenue department has
asked tax officials to scrutinise the mismatch in turnover towards services
between income tax returns and service tax returns by businesses during 2015-16
and 2016-17. P K Das in a letter to field formation stated that there was a
considerable gap of Rs 12 lakh crore between the turnover on account of
services as per the ITR/TDS (tax deducted at source) data and the value of
services declared in the corresponding service tax returns for fiscal 2015-16.
Mismatches were also noticed for the financial year 2016-17, for which data is
being shared with the field offices. "the sheer magnitude of the mismatch
is a pointer to the possibility of revenue leakage which cannot be
ignored," Das said, asking the tax officers to quickly verify the data and
report it to the CBIC. The mismatch in ITR and service tax returns has come to
notice in respect of permanent account numbers (PANs) that are either not at
all registered under service tax or PANs which are registered but did not file
the service tax returns. In some cases, there is a value mismatch between the
turnover declared in ITR or TDS and the service tax returns.
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REDUCE GST, KEEP ONLY TWO SLABS: TRADERS ASSOCIATION
The Federation of Retail
Traders Welfare Association has written to Prime Minister Narendra Modi and BJP
national president Amit Shah to apply only two slabs for the Goods and Services
Tax - 5% and 12%. We traders across India have always supported BJP and Shri
Narendra Modi ji during election time. Business for the last three years,
especially for small traders, manufacturers and shops have been severely
affected and reducing every year due to demonetisation, online competition, FDI
in retail and now because of a steep GST, reads the letter. Overall retail
business has come to a standstill, he said. Shah said they appreciated the
BJP's efforts to reduce GST but there are many items that are still in the 18%
GST bracket. We want only two slabs for GST - 5% and 12%. Also, fabric should
be tax free as there was never any sales tax on it and the 5% GST on readymade
garments should be further reduced, states the letter. It has asked for
simplification of labour laws and online procedures to be simplified We hope
positive steps will be taken on a priority looking at the large BJP supporters
amongst trading communities all over India, says the letter.
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GST PORTAL UPDATES: 11 NEW FEATURES ON GSTN THAT YOU NEED TO
BE AWARE OF
There have been several new
updates on the GST portal over the last six months. The GST portal keeps
rolling out new updates to help taxpayers file their returns more smoothly and
effectively Taxpayers need to stay up-to-date to avoid missing out on vital
compliances, which in turn would prevent notices being issued to them.
Comparison of liability
declared and input tax credit claimed
A new functionality
released by the portal now helps tax filers in comparing their GSTR-3B tax
liabilities with the GSTR-1s that have been filed. Likewise, users can also
compare their input tax credit claimed in the GSTR-3B with the credit available
in GSTR-2A. There are also 4 different tabs under which data validation and
comparison can be carried out-
·
Liability other than
export/reverse charge
·
Liability due to reverse
charge
·
Liability due to export
and SEZ supplies
·
ITC credit claimed and due
This is a very useful
functionality that will help in reconciling the GST returns filed, as well as
in the preparation of the annual return. The data is available for both
financial years, 2017-18 and 2018-19.
GSTR-9 and GSTR-9A enabled
for filing annual returns
GSTR-9, the annual return
form for normal taxpayers, and GSTR-9A, the annual return form for composition
taxpayers have been recently enabled on the portal. Even though the due date
has been extended till June 31, 2019 for filing the same, taxpayers are
encouraged not to wait till the last moment, but file their returns as soon as
possible. A guide for filing these returns is also available, which users can
refer in the case of possible doubts.
Filing of Appeals can be
done online
A taxpayer can now file an
appeal online in the case of
an order passed by an
appellate authority an advanced ruling by an appellate authority OR an
application to the appellate authority in the case of rectification of a
mistake in an order. A system generated acknowledgement will be issued if the
appellate authority fails to issue a final acknowledgement within the
stipulated time. The system generated acknowledgement will bear the remark
subject to validation of certified copies.
A taxpayer’s GSTIN can be
entered while filing a refund application
Due to the inverted duty
structure under GST, a refund application can be filed by a registered taxpayer
for accumulated input tax credit. The portal has enabled the entry of a
taxpayer’s own GSTIN in the inward supply detail statement, while filing the
same on the GST portal. This option wasn’t previously available.
Quarterly-filers can file
refund applications monthly
Tax filers who file their
returns quarterly now do not have to wait for the quarterly filing of refund
applications too. The portal has enabled the monthly filing option of the same.
However, in order to file the refund application, a user has to ensure that the
GSTR-1 for the quarter has been filed. Businesses, especially SMEs, can
mobilize their cash flows as they do not need to wait till the end of the
quarter to apply for a refund.
New window enabled for
claiming TDS/TCS credits
The GST portal has enabled
a new window for claiming TDS/TCS credits while filing GST returns. A taxpayer
can accept or reject these credits, after which they get moved to the cash
ledger. These credits can then be used for making GST payments. This function
helps the taxpayers in identifying the credits available, and taking the
required action.
Responding to show-cause
notices for compulsory withdrawal
There is an easy way for
Composition taxpayers to reply to show-cause notices that have been issued for
compulsory withdrawal from the composition scheme. If a show-cause notice has
been issued and if proceedings have been initiated, there is now the option to
reply to the same on the portal. This saves time and has simplified responses
for composition taxpayers.
Bank account details can
be given any time after registration
For Normal, OIDAR and NRTP
taxpayers, it is now optional to declare bank account details at the time of
registration, and the same can be submitted later. Earlier, it was mandatory to
submit these details at the time of registration, however, the same can now be
given when logging in for the first time. Hence, for new business, this is
particularly useful as a GST registration number can be obtained without the
hassle of needing to open a bank account first.
Input tax credit can be
claimed, and amendment of B2B invoices of FY 2017-18 can be done up till March
2019
Taxpayers can claim any
input tax credit that was omitted to be claimed as of September 2018, as the
portal has reopened the option. Even B2B invoices of the FY 2017-18 can be
amended. Both facilities are available up till March 31, 2019. This would
greatly help taxpayers who had made errors in reporting invoices or missed out
on claiming input tax credit due to genuine mistakes.
6 preferred banks are now
available while making payments
While making GST payments,
six preferred banks will now be available to a taxpayer to choose from. With
this function on the portal, a user does not need to enter his bank details
every time and can select the same from a drop-down menu. If a payment is made
through a seventh bank account, then that bank account gets added, and the
least used account gets removed.
Import E-way bill data to
file GSTR-1
The GST Portal has been
integrated with the E-way bill (EWB) portal, allowing taxpayers the seamless
importing of data. Users can now import the B2B and B2C (large) invoices
sections, as well as the HSN-wise-summary of outward supplies section
automatically. Taxpayers can verify the data and then proceed, thus saving time
and unnecessary data-entry.
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GST OFFICERS SEEK CLARIFICATION FROM COMPANIES FOR MISMATCH IN
SALES RETURNS, E-WAY BILL DATA
GST officers have started
seeking clarification from companies whose tax payments did not match with the
e-way bills generated as revenue authorities start matching supplies data to
check tax evasion, sources said. Touted as an anti-evasion measure, e-way bill
system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000
from one state to another. The same for intra or within the state movement was
rolled out in a phased manner from April 15, 2018. Following this, it has come
to the notice of tax officers that some transporters are doing multiple trips
by generating only a single e-way bill or not reflecting e-way bill invoices
while filing sales return. It has also come to the notice that certain
businesses are not generating e-way bills even as supplies are being made. Goods
and Services Tax Network (GSTN), the company which handles the technology
backbone for GST, has started sharing details of e-way bills vis-a-vis taxes
paid to help tax officers identify any discrepancy, sources added. In one of
the letters issued by Ghaziabad GST commissionerate, a taxpayer has been asked
to provide clarification within three days on the difference between taxes paid
and the liability which the tax officer has ascertained after analysing sales
return GSTR-3B and e-way bill data for the period October 2018 and January
2019. Matching of invoices of e-way bills with the sales shown in sales returns
helps taxmen in assessing whether the supplies have been accurately shown in
the returns and GST paid on the same. GSTN has also provided the facility to
businesses to include details of e-way bills generated while filing the final
monthly sales return under GSTR-1 to avoid double data entry. The government is banking on anti-evasion
measures to meet its GST collection target for the current fiscal.
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COUNCIL TO REVIEW FOOD AGGREGATOR'S GST WOES
Online food aggregators
such as Zomato, Swiggy and UberEats are facing a curious issue in goods and
services tax (GST) compliance, prompting a review. The aggregators are unable
to show tax collected at source (TCS) from restaurants using their platform,
thereby preventing the partner restaurants from claiming credit. The government
has referred the matter to a law committee under the GST Council. The industry
has represented the issue. It will be examined by the law committee, said a
government official privy to the developments. The glitch stems from a bar on
goods and services composition dealers from registering with ecommerce
platforms. This prevents food aggregators from filing TCS collected from
partner eateries — that are also under the composition scheme — on the GSTN
portal. However, restaurants enjoy a carveout under the composition scheme are
are thus permitted to register with ecommerce platforms. But with their TCS not
being recorded on the GSTN portal, the restaurants cannot claim credit or
refund. This particularly hits small restaurants’ cash flow. The composition
scheme allows small businesses to opt for a fixed rate of tax — 5% in case of
restaurants — on their turnover, without the tedious compliance and paperwork.
The government is now examining if a carveout needs to be created for small
restaurants under the TCS regime, said the official quoted above. The GSTN is
also working on the online utility to facilitate this.
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ATF SHOULD BE BROUGHT UNDER GST TO PROVIDE LEVEL PLAYING
FIELD: PRABHU
Aviation turbine fuel
(ATF) should be brought under the Goods and Services Tax (GST) regime as it
will ensure a level playing field for the domestic airline industry, Civil
Aviation Minister Suresh Prabhu said. He said input costs should be competitive
for any sector and the ministry has been of the strong view that the fuel
should be brought under the GST regime. Different rates of taxes in states
pushes the price of ATF, he said. Each state has a different tax. Due to this,
the refuelling (for airlines) cost completely changes. We feel that it should
be done. I hope the GST Council takes a call on that and we are pursuing this
with the council continuously. We will work on it that aviation fuel should
also be brought under GST for predictability and for ensuring level playing
field, the minister told. Airlines could expect an annual relief of up to Rs
5,000 crore by way of input tax credit if ATF is brought under GST.
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SERVICE PROVIDERS CAN OPT FOR GST COMPOSITION SCHEME BY APRIL
30: CBIC
The tax department has given
service providers with turnover of up to Rs 50 lakh time till April 30 to opt
for the composition scheme and pay six per cent goods and services tax (GST). The
option to pay GST at reduced rate of 6 per cent would be effective from the
beginning of the financial year or from the date of obtaining new registration
during the financial year. Service providers opting for the composition scheme
can charge a lower tax rate of six per cent from customers, as against the
higher rates of 12 and 18 per cent for most services under GST.
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CLARIFICATION REGARDING EXERCISE OF OPTION TO PAY TAX
Attention is invited to
notification No. 02/2019-Central Tax (Rate) dated 07.03.2019 (hereinafter
referred to as the said notification) which prescribes rate of central tax of
3% on first supplies of goods or services or both upto an aggregate turnover of
fifty lakh rupees made on or after the 1st day of April in any financial year,
by a registered person whose aggregate annual turnover in the preceding
financial year was fifty lakh rupees or below. The said notification, as
amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019,
provides that Central Goods and Services Tax Rules, 2017 (hereinafter referred
to as the said rules), as applicable to a person paying tax under section 10 of
the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the
said Act) shall, mutatis mutandis, apply to a person paying tax under the said
notification. In order to clarify the issue and to ensure uniformity in the
implementation of the provisions of the law across field formations, the Board,
in exercise of its powers conferred by section 168 (1) of the said Act, hereby
clarifies the issues raised as below:–
(i) a registered person who
wants to opt for payment of central tax @ 3% by availing the benefit of the
said notification, may do so by filing intimation in the manner specified in
sub-rule 3 of rule 3 of the said rules in FORM GST CMP-02 by selecting the
category of registered person as Any other supplier eligible for composition
levy as listed at Sl. No. 5(iii) of the said form, latest by 30th April, 2019.
Such person shall also furnish a statement in FORM GST ITC 03 in accordance
with the provisions of sub-rule (3) of rule 3 of the said rules.
(ii) any person who
applies for registration and who wants to opt for payment of central tax @ 3%
by availing the benefit of the said notification, if eligible, may do so by
indicating the option at serial no. 5 and 6.1(iii) of FORM GST REG-01 at the
time of filing of application for registration.
(iii) the option of
payment of tax by availing the benefit of the said notification in respect of
any place of business in any State or Union territory shall be deemed to be
applicable in respect of all other places of business registered on the same
Permanent Account Number.
(iv) the option to pay tax
by availing the benefit of the said notification would be effective from the
beginning of the financial year or from the date of registration in cases where
new registration has been obtained during the financial year.
It may be noted that the
provisions contained in Chapter II of the said Rules shall mutatis mutandis
apply to persons paying tax by availing the benefit of the said notification,
except to the extent specified in para 2 above.
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CAPITAL INTRODUCED BY PARTNER CAN NOT BE TAXED IN FIRMS HAND
AS UNDISCLOSED INCOME
India Rice Mills vs. CIT
reported in 218 ITR 508
The assessee was a
partnership firm. The firm had challenged the order of the CIT(A) in confirming
the addition made by the Assessing Officer on account of capital introduced by
the one of the partner of the firm. It was the case of the assessee that the
capital introduced by any of the partners has to be taxed in the hands of the
partner and not in the hands of the firm It was submitted that the Hon’ble High
Court had held so and various Benches of the Tribunal are also taking this
consistent view that addition. The Tribunal observed that it had been held in
various decisions that when any partner invests or contributes in capital to
the partnership firm, it is the partner who has to explain the source of such
contribution and addition if any, can be made in the hands of the partner only
u/s 68 or 69 of the Income Tax Act, 1961 (the Act) and no addition can be made
in the hands of the firm. The Tribunal noted that the Hon’ble High Court while
dealing with an identical case had held that it is for the partners to explain
the source of the deposits and if they fail to discharge the onus, then, such
deposits could be added in the hands of the partners only. Following the
decision the Tribunal opined that no addition in the hands of the firm could
have been made and addition, if any, can be made only in the hands of the
partner who has contributed such capital. Accordingly, the order of the CIT(A)
was set aside and the ground raised by the assessee on this issue was allowed.
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SALE OF CLIENT RELATIONSHIP/ GOODWILL BY CA FIRM HELD CAPITAL
ASSET ELIGIBLE FOR EXEMPTION U/S 54EC
The appellant assessee was
a partnership firm carrying on the profession of chartered accountancy. The
firm had sold client relationship and goodwill of internal audit and risk
consultancy (IARC) practice to another firm and the amount received was shown
as sale of long-term capital asset and also exemption u/s 54EC of the Income
Tax Act, 1961 (the Act) was claimed by way of investment in specified bond. However
the Assessing Officer (AO) passed the assessment order u/s 143 (3) of the Act
wherein he held that the claim of the assessee of the sale of the client
relationship and goodwill of the internal audit practice was a non compete fee
received for not to carry out a specific business activity and was chargeable
to tax under section 28(va) of the Act meaning thereby that there was no
question of granting deduction u/s 54EC of the Act. The CIT(A) also rejected
the claim of the assessee. The Tribunal observed that the assessee was a firm
of chartered accountant carrying on the profession of chartered accountancy
having a standing of almost 60 years, discontinued its business of internal
audit by transferring it to an international firm by an agreement titled as
agreement for the purchase and sale of assets. The Tribunal noted that as per
the agreement, it was agreed by the parties that the assessee was engaged in
the business of providing services related to internal audit and risk
consulting practice. The buyer agreed to purchase the specified assets in terms
of the above agreement and the assessee firm had agreed to transfer all rights/
interest entitled in the specified assets. It was further stated that the
assessee firm was owner of the purchased asset being client relationships and
goodwill who agreed to sale, transfer aside and convey to the purchaser all the
purchased assets. Going through the various terms of the agreement, the
Tribunal opined that the agreement itself showed that before buying the IARC
practice of the assessee the buyer had made a complete due diligence of the
practice hand and purchased the ongoing contracts along with the client
relationship. The Tribunal opined that the client list, contracts were property
of the assessee firm which was connected with the profession of the assessee
and fall into the definition of capital asset according to section 2 (14) of
the act. Therefore the Tribunal was of the view that the assessee had
transferred it capital assets as defined under section 2(14) of the income tax
act it could not be said that the sum received by the assessee was a capital
receipt which was not chargeable to tax. The Tribunal opined that the assessee
had transferred capital asset, therefore, it was chargeable to tax under the
head capital gain and It could not be considered as a non compete fees because
in the agreement through which the assessee had received the sums did not talk
about the noncompete conditions. For the same the assessee had entered into
another agreement and the amount received under that agreement had been offered
by them as a noncompete fees as business income. Further, the Tribunal pointed
out that as the said client list and contract relationship was been built by
the assessee over past 30 years it could also not be held to be a short-term
capital asset but they were a long-term capital asset. The Tribunal clarified
that since the assessee had not purchased those capital assets they were
self-acquired therefore according to the provisions of section 55(2)(a)(ii) the
cost of the acquisition of these essential be taken to be nil. Further, the
Tribunal opined that as the assessee had made an investment in the specified
bonds and capital gain had arisen to the assessee from transfer of a long-term
capital asset, assessee was also eligible for exemption under section
54EC.
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HOLDING PERIOD OF HOUSE STARTS FROM DATE OF ALLOTMENT, NOT
REGISTRATION: ITAT
In a decision that will
benefit many taxpayers the Mumbai bench of Income Tax Appellate Tribunal (ITAT)
recently held that the date of allotment of a house shall be treated as the
date of acquisition The holding period will be counted from this date and not
from the date of registration. Gains arising from the sale of a long-term
capital asset are treated as long-term capital gain (LTCG). For an asset to be
regarded as long-term, the holding period of a house property is 24 months.
Prior to 2017-18 financial year, it was 36 months. The tribunal’s decision is
important as a taxpayer (under Section 54-F) is entitled to a deduction from LTCG
arising on sale of a house if investments are made in another house within a
stipulated period. This deduction reduces the taxable component of the capital
gains and results in a lower tax outgo. On the other hand, if the gains arising
on sale of a house are treated as short-term, purchase of a new house will not
entitle a taxpayer to any such benefit. With the ITAT saying that the holding
period should be computed from the date of allotment, it will help many
taxpayers as typically the registration happens much later.
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FIRM BOOKED FOR NON-PAYMENT OF GST IN LUCKNOW
12 outlets of a firm
manufacturing illegal tobacco were raided by officials of the directorate
general of Goods and Sales Tax (GST) Lucknow unit on Friday. The firm was
illegally manufacturing tobacco from various secret premises along with goods
to their dealers at Bareilly, Shahjhanpur, Hardoi, Kanpur, Farrukhabad, and
also Lucknow without payment of GST. SK Agarwal said that premises of the
tobacco dealer were also raided where unaccounted records showing sale of
tobacco from various secret places was recovered. Rs 7 crore was also seized
and recovered. The owner also deposited Rs 1.85 crore GST tax by accepting his
fault of nonpayment of taxes, added the officer.
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GST EVASION RACKET BUSTED IN JUNAGADH
State Goods and Service
Tax (SGST) department raided nine traders in Junagadh on Friday and busted a
bogus billing racket with estimated transactions of Rs 227 crore. During
preliminary investigation, it came to light that nine firms were floated in the
name of these traders using forged documents and goods worth Rs 227 crore were
sent out of Gujarat. According to officials, the masterminds, who are yet to be
identified, secured the PAN numbers and other official ID details of some
labourers and small-time traders. Using these documents, other some papers like
rent agreement and local body tax bill were also forged to create bogus firms.
Then, using the ID proofs and firm’s details, they secured GST numbers. Using
the GST numbers of these nine bogus firms, e-way bills were generated and the
goods were transported, an SGST official said. According to GST officials, the
e-way bills of groundnut were generated in most of these cases. The nine
traders who were raided on Friday told officials that they were unaware about
the transactions. The masterminds will be identified only after those persons
who procured the goods outside Gujarat are known. Primarily, it’s believed
that, those involved have by evaded around Rs 12 crore tax.
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CBI ARRESTED TWO INCOME TAX OFFICERS IN A BRIBERY CASE OF RS.
14 LAKH
The Central Bureau of
Investigation (CBI) has arrested two Income Tax Officers (ITOs) posted in Ward
7(1)(4) and Ward 7(1)(3) at Koramangala, Bangalore in a bribery case of Rs. 14
lakh A case was registered U/s 120 B of IPC and 7 of PC Act, 1988 (as amended
in 2018) on 03.04.2019 against an Income Tax Officer, Ward 7(1)(4), and another
Income-Tax Officer, Ward 7 (1)(3), Koramangala, Bangalore on a complaint
received from a Managing Director of a private company. It was alleged that the
accused persons had demanded illegal gratification of Rs. 14,00,000/- from the
complainant for showing an official favour in the matter of settling the issue
pertaining to Income-Tax survey conducted at the office premises of the
complainant on 06.03.2019 and had asked to deliver the above amount on the
evening of 03.04.2019. Searches were carried out at the residential and
official premises of both the accused. Cash of Rs. 1.65 crore (approx.) and USD
1450 were recovered from the premises and locker of the Income Tax Officer
posted in Ward 7(1)(4).
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AFTER GIFTING ROUTE, CHINESE E-SELLERS CUT INVOICE PRICE
Following the government’s
clampdown on Chinese e-commerce companies and sellers allegedly sending goods
as gifts some Chinese firms are now circumventing the current set of laws by
undervaluing the products being sold to Indian consumers on their invoices.
According to a senior excise official in Mumbai, the companies are recording as
much as 50% less pricing on the final invoice compared to the listing on the
online platforms. Courier Bill of Entry, commonly known as CBE-13, which allows
import of goods valued up to Rs 1 lakh, is being used by the companies to evade
duties since the invoices show reduced price. Essentially, the reduced prices
would eventually show lower duties that need to be paid on these products. Sellers
on Chinese e-commerce companies like Club Factory, Shein or Ali Express have
been exploiting regulatory loopholes that resulted in homegrown traders
complaining about the issue to the government last year. Sources added post
offices are now also being told to scrutinise these shipments coming from
China. We have tracked a bunch of shipments coming from Chinese e-commerce
companies and found the invoice price records are significantly lower than the
actual price of the product on their platform. The idea is to value it as low
as possible so that you pay minimum duties and they can leverage their pricing
accordingly, the senior excise official based in Mumbai said. According to him,
other key entry points of such commercial goods entering India have been
alerted as well. Citizens’ engagement platform Local Circles noted that volumes
of commercial products coming to India as gifts via Mumbai have gone down by
almost 60% in the last three months. Chinese goods are typically cheaper than
many other branded or non-branded goods sold by Indian sellers. The evasion of
duties adds another layer of price reduction, which gets passed on to the
consumers, slashing the final price further. This makes it hard for Indian merchants
to compete with Chinese rivals. Owing to the recent political developments,
Chinese companies or their products are being seen critically by some industry
stakeholders. The government’s move to go for a tighter vigil on the ‘gifting’
route has seen volumes of such products coming to India going down by a
significant margin, the official said, requesting anonymity.
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DISCREPANCY OF RS 12 LAKH CRORE IN DECLARED VALUE OF SERVICES
FOR 2015-16 STOKES LEAKAGE WORRY
The study has prompted the
Central Board of Indirect Taxes and Customs (CBIC) to undertake a similar
exercise for the demonetisation year of 2016-17, with the Board’s top tax officer,
in a missive to field formations, asserting that the sheer magnitude of such a
mismatch is a pointer to the possibility of revenue leakage, which cannot be
ignored. The mismatch detected in the declared value of services in FY16 is
nearly five times the service tax collections of that year. The gap was
discovered by the department while analysing the data of both direct tax and
indirect tax returns, with the discrepancy showing up on comparing the turnover
on account of services as per the ITR/TDS data and the value of services
declared in the corresponding service tax returns. The Board has now asked its
field formations to verify the mismatch data for both 2015-16 and 2016-17 and
take necessary follow-up action. There is a considerable gap between the
turnover on account of services as per the ITR/TDS data and the value of
services declared in the corresponding service tax returns (above threshold of
Rs 10 lakh). For 2015-16 alone, the mismatch is to the tune of approx Rs 12
lakh crore, the missive stated. The total mismatch in the declared value of
services is nearly five times the service tax collections of the respective
financial year. To put the numbers in context, service tax collections in
2015-16 had stood at Rs 2.11 lakh crore and at Rs 2.55 lakh crore in 2016-17,
government data shows. This mismatch has arisen on account of Permanent Account
Numbers (PANs) that are either not at all registered in service tax or PANs
that are so registered but have not filed the service tax returns, the missive said,
adding that in some cases, there is simply a value mismatch between the
turnover declared in the ITR/TDS and the service tax returns. The CBIC is of
the view that this mismatch could have also arisen from valid reasons, such as
exempted or exported services not being declared in the service tax returns,
missing service tax returns, reverse charge mechanism (RCM), services outside
the scope of service tax etc., but the magnitude of the mismatch may be a
pointer to revenue leakage. Tax experts said though service tax has been
subsumed under the new indirect tax regime of Goods and Services Tax (GST)
regime, taxmen can reopen cases related to audit and recovery up to previous
five financial years A targetted, data analysis based drive is already being carried
out by CBIC since January through analysis of data of GST returns, in an
attempt to shore up revenues to meet the targets.
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CBI RAIDS BHUSHAN STEEL AND POWER'S PREMISES IN RS 2,348 CRORE
BANK FRAUD CASE
The CBI carried out
searches in multiple cities on Saturday at the premises of Bhushan Steel and
Power Limited after registering a case of alleged cheating amounting to Rs
2,348 crore against it, officials said. The agency has booked the firm, it's
directors, unidentified public servants and other private persons in the case. It
is alleged that the directors of the company allegedly diverted huge amount of
bank funds using their companies and shell companies.
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I-T SEARCHES 50 LOCATIONS OF PEOPLE LINKED TO MP CHIEF
MINISTER KAMAL NATH
The Election Commission
(EC) on Sunday wrote to the finance ministry’s revenue department saying that
agencies under it should conduct enforcement actions in an impartial manner.
This comes on the day the Income-Tax (I-T) department launched pre-dawn
searches against people linked to Madhya Pradesh Chief Minister Kamal Nath on
charges of alleged tax evasion. The commission also asked the revenue
department to inform it about any raids when the Model Code of Conduct was in
force. On Sunday, the I-T department searched at least 50 locations in Delhi
and Madhya Pradesh against people linked to Kamal Nath. PTI reports said the
searches were linked to suspected hawala money movement during the polls season
and tax evasion. Cash amounting to Rs
10-14 crore was recovered, a PTI report quoting I-T department officials said.
Black money worth crores were recovered at the house of private secretary of MP
Chief Minister Kamal Nath. This has made one thing clear that those who are
thieves have a complaint against the watchman, PTI quoted BJP’s national General
Secretary Kailash Vijayvargiya as saying.
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I-T RAIDS BEING PLANNED AT MY HOUSE TO CRIPPLE POLL CAMPAIGN:
CHIDAMBARAM
Senior Congress leader P
Chidambaram Sunday alleged that the government was planning Income Tax raids at
his residence in a bid to cripple the Lok Sabha election campaign. He said the
people of the country were watching and would give a befitting reply in this
election. I have been told that the I-T Department has plans to raid my
residence in Sivaganga constituency and in Chennai. We will welcome the search
party, he said on Twitter. The I-T department knows that we have nothing to
hide. They and other agencies have searched our residences before and found
nothing. The intention is to cripple the election campaign, he claimed.
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VVIP CHOPPER CASE: DELHI COURT SENDS DEFENCE AGENT TO JUDICIAL
CUSTODY TILL APRIL 20
A Delhi court Monday sent
Sushen Mohan Gupta, an alleged defence agent arrested in the Rs 3,600-crore
VVIP chopper case, to judicial custody till April 20. The probe agency had said
Gupta's role in the case came to light on the basis of disclosures made by
Rajiv Saxena, who has turned approver in the case after he was deported from
the UAE and arrested by the agency here.
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MADRAS HC QUASHES LAND ACQUISITION FOR RS 10K-CR CHENNAI-SALEM
ROAD PROJECT
The Madras High Court has
quashed acquisition proceedings for the ruling AIADMK's Rs 10,000 crore
Chennai-Salem eight-lane expressway project that landed in a controversy after
a section of farmers, political parties and NGOs opposed the plan. A division
bench of Justices T S Sivagnanam and V Bhavani Subbaroyan on Monday cancelled
the land acquisition announcement for the project. The state government had in
May 2018 issued notification and started acquiring lands for the project
evoking strong protests by the farmers. The project requires a grand total of
2,791 hectares to be acquired, which includes agricultural land, community
land, and residential plots. According to the pre-feasibility report submitted
to the Union Ministry of Environment, Forests and Climate Change, the residents
would be 'adequately compensated' according to the Land Acquisition,
Rehabilitation, and Resettlement Act, 2013. While ruling faction wants to
implement the 8-lane highway is a mega-project spread over 277-km long, its
main rival DMK in its manifesto said that the project has been outrightly
rejected by the farmers and people of the five districts through which the proposed
road will go. Hence the DMK will not accept this project.
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PEOPLE ARE BEING TAUGHT A NEW DEFINITION OF PATRIOTISM: SONIA
GANDHI
Sonia Gandhi Saturday
launched an offensive on the Modi government, saying people are being taught a
new definition of patriotism while those not accepting diversity are being
called patriots. Gandhi alleged the current government was not ready to respect
dissent, and said when there are attacks on people who stick to their faith,
this government turns away. She said the country’s soul is being crushed
through well-planned conspiracy, which is a matter of concern. Gandhi also
alleged that the BJP-led government was not ready to fulfil its duty of
enforcing rule of law in the country.
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RAHUL GANDHI ACCUSES PM MODI OF HUMILIATING BJP VETERAN LK
ADVANI
Rahul Gandhi Friday
accused Prime Minister Narendra Modi of humiliating BJP veteran L K Advani,
saying disrespecting one’s guru is not Hindu culture Gandhi’s swipe at Modi
over the treatment meted out to Advani follows the BJP patriarch’s blog
published Thursday where he said the BJP never considered its political
adversaries as anti-national. BJP talks of Hinduism. In Hinduism, guru is
supreme. It talks of guru-shishya tradition. Who is Modi’s guru? Advani. Modi
just kicked Advani out (`Joota marke stage se utara’), Gandhi said. The remark
was a veiled reference to Advani not getting Lok Sabha poll ticket from
Gandhinagar, from where BJP has fielded party president Amit Shah instead. 2019
(polls) is a battle of ideologies and the Congress ideology of brotherhood,
love and harmony will win against Modi’s hate, anger and divisive ideology. The
Congress chief also said he was not bothered by the criticism of the Nyay
minimum income scheme promised in the party manifesto. I felt direct bank
transfer was a good idea. Only the Rs 15 lakh promise was false and I am giving
you a true number, Rs 72,000 per year will be deposited in the bank accounts of
poor people, he said. Rs 15 lakh in bank account could not have happened since
the economy would collapse. But Nyay can be implemented, he said. If bank loans
of a few rich can be waived, loans of farmers and the needy can also be waived,
Gandhi said. Targeting industrialist Anil Ambani over the Rafale offset
contract, he said, A person who is not able to make even paper planes bagged
the biggest defence contract with Rs 30,000 crore going directly to him. The
entire budget of MNERGA scheme was given to a single person.
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PM MODI TOOK CREDIT FOR AIR STRIKE, CAN HE EVEN HOLD A RIFLE
Narendra Modi of hogging
credit for the Balakot air strike, Rahul Gandhi Friday dared him to hold a
rifle for just five minutes or travel alone in a bus in Jammu and Kashmir.
Gandhi said the only thing chowkidar Modi did was to ensure his boss
industrialist Anil Ambani got the Rafale fighter jet contract. The Congress
believes in uniting people while the BJP divides people, he said. It was the
Air Force personnel who displayed real valour by carrying out the air strike in
Pakistan, he said. The Indian Air Force carried out strikes on terrorist camps
in Balakot in Pakistan after the Pulwama terror attack in which 40 CRPF men
were killed. (But) the prime minister says he did it. You (Modi) did it? Could
you please show (us) how to hold a rifle? Hold a rifle, the way our CRPF men
do, for just five minutes. Or travel in a bus alone in Jammu and Kashmir. Show
us. You did the air strike? What did you do? The Air Force carried out the
bombing, Gandhi said. Referring to Modi’s rally in Wardha on Monday, Gandhi
said, A few days ago, he was here. Did he talk about employment? Did he
apologise for not keeping the promises? Demonetisation and the Goods and
Services Tax (GST) as introduced by the Modi government hurt the economy,
Gandhi said.
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CONGRESS SUFFERING FROM ‘MUSLIM LEAGUE VIRUS’, SAYS YOGI
ADITYANATH
Yogi Adityanath on Friday
dubbed the Muslim League a virus and claimed the Congress was affected by it,
prompting the opposition party to retort that it was he who was a virus that
would be eradicated in the election. The tit-for-tat verbal duel was sparked
with a tweet from Adityanath a day after Congress chief Rahul Gandhi filed his
nomination from Wayanad in Kerala. Muslim League is a virus If someone is
affected by this virus, he cannot survive and today main Opposition party
Congress is affected by it. Think, if they win what will happen? This virus
will spread in the entire nation, Adityanath said on Twitter. The chief
minister was apparently referring to the Indian Union Muslim League (IUML),
which is a long-time member of the Congress-led United Democratic Front (UDF)
in Kerala, equating it with the pre-Partition Muslim League. He brought in the
1857 movement for freedom and its hero Mangal Pandey. The virus will be
completely eradicated in this Lok Sabha election, Surjewala said. Adityanath
had on Thursday accused Gandhi of having a secret agenda in Kerala with the
Muslim League, the same organisation which caused the country’s division. UP
Congress Anshu Awasthi told PTI that the Election Commission should take notice
of Adityanath’s statement and take action.
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RJD RELEASES PARTY MANIFESTO, PROMISES RESERVATION
Bihar's opposition
Rashtiya Janata Dal (RJD) on Monday released its election manifesto for the
coming Lok Sabha polls, where it has promised reservation for the Dalits, OBCs,
EBCs and tribals in the private sectors RJD leader Tejashwi Yadav, who released
the manifesto at the party headquarters, said the main aim was to provide bread
to each plate and pens to all hands. We are committed to social justice and
will implement remaining recommendations of the Mandal Commission, he said.
Tejashwi Yadav said the party has decided to spend 6 per cent of the GDP on
education and 4 per cent on healthcare. RJD has promised a tax free toddy to
woo a particular Dalit community and to give a relief to millions of daily
consumers of it.
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TERROR INCIDENTS IN PAKISTAN DECLINED BY 21 PER CENT IN 2018:
REPORT
Terror-related incidents
in Pakistan declined by 21 per cent in 2018 as compared to 2017, says an
official report. The National Counter Terrorism Authority (NACTA) issued its
2018 report on terrorism. It shows that there were 584 incident of violence in
2018 while 741 such incidents were recorded in 2017. Islamabad and Punjab
witnessed a decrease of 50 per cent in terrorism-related incidents. Balochistan
and Khyber-Pakhtunkhwa witnessed 92 per cent reduction in terrorist incidents,
says the report. Sindh witnessed a decline of 80 per cent in terrorist
incidents in 2018. It says that 517 people were killed in terrorist incidents
in 2018. Majority 288 victims were killed in Balochistan and 138 in former tribal
region. The report showed that 59 were killed in Khyber-Pakhtunkhwa, 15 in
Punjab, 10 in Sindh, five in Gilgit-Baltistan and one each in PoK and
Islamabad. The report shows that the
month of July was the worst in 2018 as 221 were killed in terror-related
incidents.
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INDIA REJECTS PAKISTAN’S CLAIM OF ANOTHER ATTACK PLAN
India on Sunday rejected
as irresponsible and preposterous Pakistan Foreign Minister Shah Mahmood
Qureshi’s comments that India was planning to attack Pakistan again between
April 16 and 20. In a strongly worded statement, External Affairs Ministry
spokesperson Raveesh Kumar said the comments by the Pakistani Foreign Minister
were aimed at whipping up war hysteria in the region. We have reliable
intelligence that India has made a new scheme and the planning is under way and
there are chances of another aggression against Pakistan and according to our
information this action can take place between April 16 and 20, he said. I am
saying it with responsibility and I have a responsible position, I know each
word I say would make headlines in the international press, he said, stressing
the reliability of his claim.
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CRPF, POLICE CLASH DURING BHOPAL I-T RAIDS
In a high-level drama,
CRPF personnel accompanying IT officials conducting raids at the premises of
Ashwin Sharma linked to Chief Minister Kamal Nath clashed with the state police
in scenes, which evoked memories of the face-off between Kolkata police and CBI
earlier this year. Madhya Pradesh police personnel alleged that people inside
the housing complex of Sharma, an associate of Praveen Kakkar, who is Kamal
Nath's officer on special duty (OSD) had reached out to the Station House
Officer (SHO) of the area seeking assistance. We've nothing to do with Income
Tax and its ongoing raids. It is a residential complex, there are people inside
who need medical assistance and they called the local SHO for help. They have
closed the entire residential complex because of the raid, said City SP
Bhupinder Singh. The CRPF, which is accompanying the IT officials in conducting
the searches have alleged that the police was obstructing it from performing
its duty. We have not done anything to anyone. They are just trying to show off
their rank and obstruct us. The Madhya Pradesh Police is not letting us work.
We are from the CRPF and we only follow the orders of our seniors. CRPF is
always there for the safety and security of the people. The investigation is
still on and this is why we are not allowing people inside, CRPF official told
media.
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CHIT FUND SCAM: CBI SEEKS SC PERMISSION TO ARREST TOP COP
RAJEEV KUMAR
The CBI has moved the
Supreme Court seeking recall of the court's February 5 order staying the arrest
of former Kolkata police commissioner Rajeev Kumar to let the agency put him to
custodial interrogation in the Saradha and Rose Valley ponzi scam cases. In its
plea to the apex court, the agency said the recall of the order granting Kumar
an interim protection from the arrest was necessary to unravel the entire gamut
of the larger conspiracy in the ponzi scam cases. The CBI also sought the
court's directions to the West Bengal authorities to comply with the court's
earlier orders in letter and spirit and not to create any hurdle in the CBI
probe or try to intimidate, harass and scare the agency officials probing the
cases. A bench of Chief Justice Ranjan Gogoi is to hear the CBI's plea on
Monday.
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'MODI KI SENA' REMARK TO NAMO TV: EC BURIED UNDER TIDE OF
COMPLAINTS
Did Indian Prime Minister
Narendra Modi break election rules by addressing the nation on an
anti-satellite test recently? Is it right to have a channel dedicated to the
leader? Can the country's armed forces be called Modi's soldiers?Ahead of a
general election that starts next week, the Election Commission of India (ECI)
says it is swamped with hundreds of thousands of such questions and complaints
of alleged violation of election rules, known as the model code of conduct.
Many are coming via ever expanding social media. Opposition parties have
accused the ECI of being biased towards the ruling Bharatiya Janata Party
(BJP), which they say is giving Modi an unfair advantage in the election. There
is even a threat to jail commission officials if Modi is ousted. The BJP denies
getting any special treatment from the ECI. The ECI - an autonomous
constitutional body tasked with the smooth conduct of the world's biggest
democratic exercise with as many as 900 million eligible voters - said it was
impartial and taking action against the guilty irrespective of party
affiliation. But Tarun Kumar, a secretary for the main opposition Congress
party, said the model code of conduct had became a joke because the recently
launched NaMO TV that carries Modi's rallies live and runs other promotional
material for the ruling party was still on air despite several complaints
against it.
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NGT FINES ANDHRA PRADESH GOVT RS 100 CRORE OVER FAILURE TO
STOP SAND MINING
The National Green
Tribunal has slapped an interim penalty of Rs 100 crore on the Andhra Pradesh
government for inaction to prevent illegal sand mining in the state. A bench,
headed by NGT Chairperson Justice Adarsh Kumar Goel, directed the chief
secretary of Andhra Pradesh to forthwith prohibit all unregulated sand mining. The
green panel said it is the duty of the government to provide complete
protection to the natural resources as a trustee of the public at large.
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INDIA IN CONTINUOUS TALKS WITH US OVER IRAN WAIVER
India has asserted that it
is engaged with the Trump administration on the issue of US waiver on import of
Iranian crude oil, which expires early next month. We are engaged with the US. The
important thing is that we will continue our engagement with the US on the
issue, Raveesh Kumar said. Waiver for Iranian oil was a key item on agenda of
dialogue when foreign secretary V K Gokhale met US Secretary of State Mark
Pompeo and his counterpart in the US State Department last month. India is
hopeful of waiver following series of meetings following reduction in oil
imports from Tehran, sources indicated.
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NIA ARRESTS JEM OPERATIVE FOR 2017 TERROR ATTACK ON CRPF CAMP
The NIA on Saturday
arrested an operative of Pakistan-based terror group Jaish-e-Mohammed in
connection with the 2017 terror attack on a CRPF camp in South Kashmir,
officials here said. Syed Hilal Andrabi, 35, of Jammu and Kashmir's Pulwama
district, was produced before a court which sent him to five days' police
custody, they said. He was arrested from
Jammu by the National Investigation Agency (NIA) in connection with the attack
on the CRPF camp at Lethpora in South Kashmir on December 30 night in 2017, in
which five personnel were killed. Three Jaish-e-Mohammed terrorists were killed
during the 36-hour-long gunfight. With his arrest, the total number of accused
arrested in the case has risen to four, it said.
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IMRAN KHAN CITES US REPORT ON F-16 TO CLAIM BJP TRYING TO WIN
ELECTIONS WITH ‘WAR HYSTERIA’
Pakistan Prime Minister
Imran Khan on Saturday hit out at BJP over its false claims of downing a
Pakistani F-16 jet and accused it of whipping up war hysteria in an attempt to
be re-elected during the upcoming Lok Sabha elections. Khan’s reaction came
after New Delhi rubbished claims by a US media report that Pakistan did not
lose any F-16 jet in the aerial combat on February 27. Khan said, The truth
always prevails and is always the best policy.
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ELECTRONIC SIGNATURES CONFIRM F-16 HIT: IAF
During the aerial
engagement on February 27, a Mig-21 Bison shot down a Pakistan Air Force (PAF)
jet and electronic signatures confirm it as an F-16, the Indian Air Force (IAF)
said on Friday. The clarification comes amid reports that no F-16 was downed
and all PAF F-16s were accounted for. Indian forces have confirmed sighting
ejections at two different places on that day. The two sightings were at places
separated by at least 8-10km. One was an IAF Mig-21 Bison and the other a PAF
aircraft. Electronic signatures gathered by us indicate that PAF aircraft was
an F-16, the IAF said in a statement. In addition to electronic signatures,
radio transmissions of their ground forces intercepted by the Army also confirm
that the PAF jet shot was an F-16, official sources said. Images from AWACS
shown by IAF sources show the call sign of the an aircraft identified as F-16
facing of the Mig-21 piloted by Wing Commander Abhinandan Varthaman
disappearing in a time frame of 8-10 seconds. Each radar has a particular
signature and over time a threat library is made. From that we could make out
that the aircraft was F-16, one IAF source said. Another official said in the
general area where Wg Cdr Varthaman was engaged in aerial combat, only F-16s
were present. Of the 24 PAF aircraft that came in, 11 were identified as F-16s
based on their electronic signature.
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VVIP CHOPPER CASE: DELHI COURT SEEKS ED'S RESPONSE ON GUPTA'S
BAIL PLEA, EXTENDS CUSTODY
A Delhi court Saturday
sought response from Enforcement Directorate on bail plea of Sushen Mohan
Gupta, an alleged defence agent arrested by the agency in the ₹3,600-crore
VVIP chopper case. Gupta moved his bail plea before Special Judge Arvind Kumar,
who sought the agency's reply by April 9. The court also allowed the agency to
interrogate Gupta for two more days after the agency sought his custody before
it.
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TERRORISTS UNDERGOING COMPULSORY DERADICALISATION COURSE
TRIPLES IN UK
The number of terrorists,
including returning fighters from the ISIS-held territories in Syria and Iraq,
who are being made to undertake a compulsory deradicalisation course set up by
the UK government has nearly tripled in the last year. The Desistance and
Disengagement Programme (DDP) has been running since October 2016 as part of
UK's wider counter-terrorism strategy named Contest and is aimed at all
terrorism and terrorism-related offenders released from prison or those
returning from war-zones. According to the latest UK Home Office figures, from
30 individuals who undertook the programme during its first year of operation
in 2016-17, the number rose to 86 in 2017-18. The threat posed by ISIS
returnees is forcing the government to take drastic action to keep up
desistance and disengagement is both the most restrictive and expensive branch
of the government's deradicalisation programme, Alan Mendoza, executive
director of counter-terrorism think tank Henry Jackson Society, told. He said
that the number has undergone such a dramatic rise underscores the
unprecedented nature of the new threat. There are very few details available on
the DPP process but it is the first-ever compulsory element of the UK
government's anti-terror Prevent strategy aimed at tackling the danger posed by
returning foreign fighters and released terrorists. It can also be made a
condition of the monitoring of released terrorists and extremists, as was the
case with radical Pakistani-origin preacher Anjem Choudary who was released on
strict conditions from London's high-security Belmarsh prison recently. Keeping
the public safe is our first priority and an important part of this is working
with individuals who have been radicalised to reintegrate them safely back into
society, a Home Office spokesperson said.
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UK STARTS ISSUING PASSPORTS WITHOUT 'EUROPEAN UNION' ON COVER
Britain has begun issuing
passports with the words European Union removed from the front cover - despite
Brexit being delayed and uncertainty over when the country will leave the bloc.
The interior ministry confirmed that some passports introduced from March 30,
the day after Britain was originally due to depart, no longer include
references to the EU following a 2017 decision. However, it said some
newly-issued travel documents would still bear the bloc's name - which has sat
atop British passport covers - in a bid to save public money. In order to use
leftover stock and achieve best value for the taxpayer, passports that include
the words 'European Union' will continue to be issued for a short period, a
spokeswoman said. There will be no difference for British citizens whether they
are using a passport that includes the words European Union, or a passport that
does not, she added, noting both designs would be equally valid for travel. Britain
was set to leave the EU on March 29 but has been forced to delay its exit amid
political paralysis in Westminster over the terms of the divorce deal. Prime
Minister Theresa May on Friday was forced to ask the bloc for another
extension, until June 30, to prevent the country crashing out next Friday
without an accord. But it is unclear whether the other 27 EU members, which
must give unanimous backing, will grant the request or insist on an even longer
delay. The new production contract is to begin in October 2019, with the
passports currently being issued without reference to the EU on them still in
the burgundy colour.
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PREVENT IMF BAILOUT TO PAK TO REPAY 'CHINESE DEBT': US
CONGRESSMEN TO TRUMP
Three influential US
lawmakers have urged the Trump adminstration to oppose the proposed
multi-billion bailout package being sought by Pakistan from International
Monetary Fund (IMF) arguing it could be used to repay the Chinese debt. In a
letter to Treasury Secretary Steven Mnuchin and Secretary of State Mike Pompeo,
the bipartisan group of three lawmakers Ted Yoho, Ami Bera and George Holding
expressed their deep concern over the likely use of IMF's bailout package to
repay the massive Chinese debt that Pakistan has accumulated under China
Pakistan Economic Corridor (CPEC). We write to express our deep concern over
attempts made by the Government of Pakistan to seek a bailout deal with the
International Monetary Fund to retrieve debts incurred from predatory Chinese
infrastructure projects, the Congressmen said in a letter dated April 5. China,
they said, is investing $62 billion in Pakistan under CPEC. Its debt repayment
and profit repatriation terms are not transparent and have understandably
raised concerns inside Pakistan, they said.
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INDIA CHARGES AMERICA OVER 100% TARIFF ON A LARGE NUMBER OF
PRODUCTS: TRUMP
India charges America over
100 per cent tariffs on a large number of products while the US imposes nothing
on the similar or same items, President Donald Trump has said, urging his
administration to work on the stupid trade. His statement came days after he
criticised India, saying it is one of the world's highest taxing nations. The
US President has repeatedly claimed that India is a tariff king and imposes tremendously
high tariffs on American products. Trump said: We have a case where a certain
country, India, is charging us what great country, great friend, Prime Minister
(Narendra) Modi -- charging us over 100 per cent for many things. The United
States, he said, is charging India nothing for similar or same products. India,
he alleged, continues to wage stupid trade and unfair trade practices, and
called out Prime Minister Modi for the trade imbalance with the US. I have
Senators who say, you can't do that. It's not free trade. When did they come
from? Where did they come from? It's not free trade, he said, ramping up his
rhetoric against India's trade and tariff policies.
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INDIA WANTS TO KNOW IF US TEAMS WERE AT PAKISTAN BASES
India has asked the United
States if American personnel were present, as per its end-user conditions, at
Pakistani bases from where F-16 fighters were deployed on February 26-27, when
Islamabad decided to bomb Indian military installations after India struck a
terror camp at Balakot. US had not yet given a formal response the information
available with New Delhi is that the Pakistani military had asked all American
personnel to leave the respective bases as they were preparing for forward
deployment. The issue is still being pursued with the US, added sources. Under
end-user conditions agreed between the US and Pakistan, a detachment of
American military personnel has to be present at each of the bases where the
F-16s are stationed to oversee their actual usage and deployments. However,
this safeguard did not help avert the aerial battle on the morning of February
27 in which the Indian side showed restraint despite F-16s intruding deep into
Indian airspace. The dogfight that ensued saw a MIG-21 Bison piloted by Wing
Commander Abhinandan Varthaman being shot down after it chased and hit a Pakistani
F-16. The Indian officer was captured by Pakistan and later released at the
instance of the US. However, Islamabad has denied using F-16s even though
AMRAAM ammunition used by the plane was found on the Indian side. Pakistan has
also lately denied that it has lost one of its F-16s. The US, for its part, has
told India that it’s still trying to ascertain the details and working on
measures to ensure that such a situation doesn’t arise in the future. The
matter was also discussed when foreign secretary Vijay Gokhale visited the US
after the Balakot strikes last month.
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SCANDAL-PRONE KOREAN AIR CHAIRMAN DIES WEEKS AFTER OUSTER FROM
BOARD
Korean Air patriarch,
chairman and CEO Cho Yang-ho died of a chronic illness on Monday just weeks
after shareholders ended his 27-year tenure on the board of the country's
biggest carrier due to perceived leadership failings. Shares of the
family-controlled airline and Hanjin Kal, the holding company for parent Hanjin
Group, jumped on news of the death, as investors push for better governance
under new management or a younger generation of the Cho family. The death also
raised the possibility of a bidding war over the 70-year-old patriarch's stake
in the holding firm, said Um Kyung-a, an analyst from Shinyoung Securities. Of
course, his family will try to inherit his shares, but that can take time and
money. So that opens a window for expectations about a takeover battle, Um
said. Cho holds a 17.8 percent stake in Hanjin Kal that controls the airline
conglomerate. Cho, his relatives and the family's academic foundations own a
total 29 percent of the holding firm. Cho's only son, company President Cho
Won-tae, is widely seen as his likely successor. Before his family's
high-handedness became an object of public ridicule, Cho was regarded as a
paragon of South Korean business acumen. After taking control of the company
from his father, Cho gained a reputation for daring and smarts as he built the
airline into one of Asia's biggest, operating 166 aircraft with international
flights to 111 cities in 43 countries.
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'BOTH SIDES' MUST COMPROMISE IN CROSS-PARTY BREXIT TALKS:
THERESA MAY
British Prime Minister
Theresa May on Sunday conceded that concluding a Brexit deal with the main
opposition will need compromise on both sides as she faced criticism for being
inflexible. The embattled leader opened negotiations this week with the Labour
Party in a bid to end months of political crisis over her divorce deal struck
with European leaders last year but repeatedly rejected by MPs. However after
several days of talks Labour complained May's team were rigid over her plan,
while the talks sparked fury among some Conservatives who detest involving
leftist leader Jeremy Corbyn. We need to get a deal over the line and that's
why we've been looking for new ways to find an agreement in parliament -- and
that means cross-party talks, May said in a video recorded at her country
retreat Chequers. There's a lot of things on which I disagree with the Labour
Party on policy issues but on Brexit I think there are some things we agree on
so we're talking. On the prospects of reaching a deal, the prime minister
added: It'll mean compromise on both sides. Time is running out for May to end
Britain's 46 years of European Union membership in an orderly manner. She will
head to an EU summit Wednesday seeking to secure another Brexit extension,
until June 30, to prevent Britain crashing out the bloc at the end of next week
with no deal.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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