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GST registration closes on July 30

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New Delhi, July 15: The government on Saturday exhorted traders liable for registration under the Goods and Services Tax (GST) regime to do so at the earliest as July 30 is the last date, failing which would attract a penalty.

“As per the GST laws, one is required to take registration on or before July 30. All traders are requested to register now without waiting for the last date,” the Finance Ministry said in a statement.

Traders carrying-out any business with an annual aggregate turnover in the preceding financial year exceeding Rs 20 lakh (Rs 10 lakh in special category states), need to register in all the states/union territories from where they are making taxable supplies.

However, one need not register if exclusively engaged in the supply of exempted goods or services or both.

If one is liable to take registration but does not get registered, he will not be able to take the input tax credit. Also, any registered person, purchasing from such a trader may not be able to get the input tax credit. 

“Not obtaining registration, though liable to do so, would also attract penalty,” the statement said.

To take the registration, a trader needs to file an online application on the portal https://www.gst.gov.in/ for which a valid PAN, email id and a mobile number is a must.

Once these three details are verified, the trader will be required to furnish other details relating to the business.

No physical documents need to be submitted unless a query is raised and documents are asked for.

All necessary documents can be scanned and uploaded.

The trader will receive his/her registration online within thee working days from submission of online application, it said.

The government said that by getting registered a trader can help grow his business and also contribute to nation building.

“Prospective buyers, who are registered under GST, will prefer to buy from suppliers who are also registered under GST, as this would entitle them to the input tax credit. This also means that one is contributing his bit towards nation building, by ensuring that appropriate taxes are collected and paid to the government,” it said.

IANS

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Equity indices close in red on weak global cues

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Mumbai, April 25: The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks.

According to market observers, investors were cautious ahead of April derivatives expiry on Thursday.

On Wednesday, the wider Nifty50 on the National Stock Exchange provisionally closed (at 3.30 p.m) at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.

The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day.

The BSE market breadth was bearish with 1,447 declines and 989 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Mahindra and Mahindra (M&M), Power Grid and Hindustan Unilever, while Tata Steel, ICICI Bank, ONGC, Tata Motors (DVR) and Axis Bank were among the major losers.

On the NSE, the top gainers were Bharti Airtel, TCS and M&M. The major losers were GAIL, Cipla and Hindalco.

On Tuesday, the indices closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings.

The Nifty50 edged higher by 29.65 points or 0.28 per cent to close at 10,614.35 points, while the Sensex closed at 34,616.64 points, up 165.87 points or 0.48 per cent.

IANS

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61% Indian IT managers clueless how bandwidth is being consumed, claims Sophos

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New Delhi, April 25: Around  57 percent Indian IT managers can’t identify network traffic while 61 percent don’t know how their bandwidth is consumed, a new report revealed on Wednesday.

The report claimed also the majority of Indian IT managers have legal liabilities when it comes to unidentified traffic at their workplaces.

As per British IT security firm, Sophos’ global survey titled “The Dirty Secrets of Network Firewalls,” 89 percent of Indian software heads opined that halting malware threats have become harder over the last year.

“While 94 percent agree that stopping ransomware should be a top priority in organisations, a lack of effective application visibility is a serious security concern for 90 percent of Indian businesses,” news agency IANS reported citing the report.

The survey was conducted on more than 2,700 IT decision makers across medium-sized businesses in 10 countries worldwide, including India, the US, Canada, Mexico, France, Germany, the UK, Australia, Japan and South Africa.

“Controlling network traffic is an essential role of every firewall yet, 61 per cent IT managers can’t tell you how their bandwidth is being consumed,” said Sunil Sharma, Managing Director Sales at Sophos India & Saarc.

“If you can’t see everything on your network, you can’t ever be confident that your organisation is protected from threats. IT professionals have been ‘flying blind’ for too long and cybercriminals take advantage of this,” Sharma pointed.

About 79 percent of IT heads witness security risks from unwanted or unnecessary applications.

“While 72 percent want to see applications by risk levels through their organisation’s firewall, 60 percent concerned on productivity loss due to unwanted apps and 52 percent had legal liability or compliance concerns due to potentially illegal content,” it added.

The survey further said that 61 percent would like to see better perimeter security in their organisation’s network firewall along with better threat visibility and better protection.

“Ineffective firewalls are costing you time and money. On an average, organisations are spending 7 working days to remediate infected machines,” assreted Sharma.

With just a single network breach multiple computers can be harmed, so keeping this in the mind faster you can stop the infection from spreading the more you limit the damage and time needed to clean it up.

“Companies are looking for the kind of next-generation, integrated network and endpoint protection that can stop advanced threats and prevent an isolated incident from turning into a widespread outbreak,” Sharma informed.

WeForNews 

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Equity indices close higher, RIL top gainer

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Mumbai, April 24: Healthy buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra, Larsen and Toubro were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 34.05 points or 0.32 per cent to provisionally close (at 3.30 p.m.) at 10,618.75 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

The Sensex touched a high of 34,706.71 points and a low of 34,465.49 points during the intra-day trade.

In contrast, the BSE market breadth remained bearish with 1,479 declines and 1,191 advances.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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