Release Rs 10,208 crore GST dues to Karnataka: BSY govt urged Modi govt

coastaldigest.com web desk
June 14, 2020

Bengaluru, June 14: Chief Minister B S Yediyurappa-led BJP government of Karnataka has once again urged the Prime Minister Narendra Modi-led union BJP government to release GST compensation worth Rs 10,208 crore that is due for the state.

The request was placed with Finance Minister Niramala Sitharaman during the 40th GST council meeting, in which Karnataka Home Minister and state’s representative to the council, Basavaraj Bommai, participated.

Speaking to reporters after the meeting, Bommai said that Rs 10,208 crore was due from the Centre as GST compensation for four four months - from March to May.

“We have requested the Centre to release Rs 1,460 crore - pertaining to GST compensation for the month of March - as soon as possible due to the dire financial conditions of the state,” he said.

Bommai said that the state was confident that the funds will be released soon, noting that Karnataka had recently received Rs 4,314 in GST compensation for three months, between December 2019 to February 2020.

Meanwhile, the state also proposed the Council to reduce penalty for delay in filing GST. Bommai said that while people are made to pay 18% of the tax as fine in delay in payment, Karnataka has asked the Centre to reduce the percentage by half to 9%.

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News Network
January 2,2020

Mysuru, Jan 2: Mysuru-based Karnataka State Open University is gearing up to offer courses online from this year onwards and a proposal in this connection will be placed before the University Grants Commission (UGC) this month, after approval from the board of management.

As of now, the university offers 31 courses, including undergraduate, postgraduate, and diploma programmes.

Vice-chancellor Vidyashankar S Said that the university will submit its proposal to the UGC soon.

“This is being done to make learning convenient and help students study their courses of choices from the comfort of their homes.”

After launching online admissions for courses, this is another step to go paperless and towards an e-campus, the V-C explained.

The university has also proposed to launch 12 new courses for 2020-21.

A proposal in this regard will be placed before the board for approval on Thursday and the same will be submitted to the UGC for its nod.

Prof. Vidyashankar said the these courses will be in addition to the 31 already available.

The new courses include LLM, MA in Education, BBA, BSc, BCA, diploma in Information Technology, postgraduate diploma in Information Technology, BSc in Information Technology, MSc in Information Technology, MSc in Botany, PG diploma in Banking and Insurance, MSc in Zoology, MA in Telugu, Executive MBA, and MSc in Food Sciences and Nutrition.

The new courses had been proposed based on students’ feedback and the trend.

The V-C said the admissions for the January cycle have begun and over 380 students had so far taken admissions online.

“We are hoping for good admissions this cycle and are expecting around 12,000 admissions,” he replied.

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News Network
February 12,2020

Mumbai, Feb 12: The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.

In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.

In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.

However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.

The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.

The IT department will initiate action against the accused under the Black Money Act.

Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.

Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.

In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.

Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details.

Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.

Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.

The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.

It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.

The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.

Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.

Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.

The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.

On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA.

In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.

The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.

The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.

ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.

The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.

The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.

The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.

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News Network
April 22,2020

Mangaluru, Apr 22: City Police Commissioner Dr P S Harsha, on Wednesday, interacted with families of Covid-19 warriors of the Police Department through a special video conference to infuse confidence in them.

He spoke to the family members of the police personnel who, along with ASHA workers, are monitoring the home quarantined people and even assist them in supplying essentials and medicines.

Most of the family member of the police personnel were of North Karnataka origin and the Commissioner asked them to stay safe by staying at home and explained to them the good work done by their family members in the Police Department.

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