Taxation
GST rollout possibility recedes toward September
Admitting that the Goods and Services Tax (GST) Council was racing against time on the government's implementation target of April 1, Finance Minister Arun Jaitley on Wednesday said it is hoping to resolve the vexed issue of dual control over assessees in its next meeting on January 16, even as states indicated a September timeline for GST.
 
"We know the difficulties, we are moving against time. Dual control is a complex issue. We started a discussion that was inconclusive. We have decided to meet on January 16 to untie the knots in this issue," Jaitley told reporters here after the two-day GST Council meet.
 
"We will be meeting to conclude the discussion on the gaps in draft laws. The gaps are on two issues. The first pertains to the definition of the word territory (in Integrated GST) and the second is on dual control and cross empowerment," he said. 
 
Even after eight meetings of the GST Council, the deadlock continues between the Centre and the states on the vexed issue of "cross empowerment", or dual control of assessees and who will exercise control over them.
 
The states want exclusive control on businesses with turnover below Rs 1.5 crore (the current threshold for central excise), including the service taxpayers.
 
The impact of demonetisation on states' tax revenues was also brought up at the meeting and Jaitley said that the states presented their estimates of December revenue figures based on collections made in November, the month of the demonetisation announcement.
 
"A number of state finance ministers gave details of how revenue has actually increased in their states during this period. We've asked for detailed data in this regard," he said. 
 
To a query on the impact of the November 8 demonetisation of high-value currency, Jaitley said that excepting the next quarter of the fiscal, the demonetisation-led process of "integrating the informal economy into the formal one" will actually result in higher revenues.
 
"We will end this year with higher revenues...in both direct and indirect taxes we'll exceed the budget estimates," he added.
 
Instead, declining to set a dateline for implementing the Goods and Services Tax (GST), West Bengal Finance Minister Amit Mitra said demonetisation has hugely impacted states' tax revenues, while Indian industry itself required more time to prepare for the new indirect tax regime.
 
"States are making presentation to the Union Finance Minister, saying we're not geting any money from the Centre," Mitra told reporters.
 
"We could not pass the iGST law. There was no discussion on the dual control issue... the states' right to jurisdiction over small businesses with less than Rs 1.5 crore turnover. All that has still to be discussed. 
 
"We cannot have a GST that is non-sustainable, a GST that does not work," he added.
 
Pointing out that Indian industry has said it is not fully ready for the roll-out of the GST regime, Mitra told reporters that the question on a GST timeline was better addressed to Jaitley.
 
"A number of steps have to be taken for business to prepare, of which there is no sight. Upgrading of companies' ERP (enterprise resource planning) is yet to take place. 
 
"Besides, no fitment has happened," he said, referring to the alignment required to the GST tax rate structure that has been decided. 
 
The possibility of roll out of GST has moved further to September as a new issue has cropped up - the states' demand for an increased share in the new indirect tax collections, Kerala Finance Minister Thomas Issac said.
 
"I am not very optimistic about GST rolling in June or July. It is better to move to GST after all the preparations are done. To my understanding it will be implemented September onwards," he told reporters here.
 
Raising new issues between the Centre and the states, Issac said that the Council members discussed the four tax slabs under the GST and the states felt that the states and Centre share in the taxes should be 60:40 and not 50:50.
 
"Over the years, states' rights have been curtailed. This presents a historic opportunity to correct the states' share to 60 per cent and Centre's share would be at 40 per cent. The states today (on Wednesday) supported this understanding," he added.
 
Four tax rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent have been decided under the GST regime. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

QNet: Michael Ferreira, three others sent to police custody by MPID Court
The special MPID court on Wednesday sent four prime accused in the multi-crore QNet scam, including Michael Ferreira, former world champion of billiards to police custody for seven days. Thane Police had arrested all the four accused.
 
On Tuesday, the economic offences wing (EOW) of Thane Police arrested Ferreira, along with Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct selling (India) Pvt Ltd, Malcolm Nozer Desai, who is a 20% stakeholder in Vihaan. 
 
According to the complaint filed in the Thane EOW, Ferreira and others conducted meetings about investment in various schemes of QNet in a city mall.  
 
Thane EOW has appealed other victims in the QNet scam to contact them. 
 
Earlier, the Bombay High Court had rejected the anticipatory bail applications of all the accused calling the whole business of QNET as “prima facie illegal business”.
 
The HC order mentioned "The motto of the company 'sell more, earn more' appears very attractive and innocuous. However, this motto is fully camouflaged. The company stands on a basic statement that people can be fooled. Thus, the true motto is 'sell more earn more' by fooling people. In fact it is a chain where a person is fooled and then he is trained to fool others to earn money. For that purpose, workshops are conducted where study and business material is provided with a jugglery of words, promises and dreams. Thus, the deceit and fraud is camouflaged under the name of e-marketing and business."
 
"It has very grave and serious impact on the economic status and mental health of the people on a large scale. On considering parameters of section 438 of the Code of Criminal Procedure, I am not inclined to protect the accused. It will not be out of place to mention that such circulation is required to be stopped. It is necessary for the prosecution to take injunctive steps against this business activity, which is prima facie, illegal.”
 
Even, the Serious Frauds Investigation Office (SFIO) had termed the whole business of the QI GROUP in India as a “threat to the national security” said the whistle blower Gurupreet Anand who submitted the SFIO report in Bombay High Court as well as Supreme Court of India along with other documents and the supreme Court dismissed all SLPs filed by the accused ordering them to surrender within seven days.
 

User

COMMENTS

jitu moni

3 months ago

http://www.mid-day.com/articles/qnet-case-scam-mumbai-news-mumbai-airport-arrest-eow-aditi-mitra/18084164
The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
Too much baggage
Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

Active player
Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.

gurupreet

5 months ago

QNET VICTIMS please beware of this shady character one Mr. Rafiq whose posing as an "High Court Advocate & RTI Activist" at various online web sites.

This guy is a sweet talker and will promise you refund from QNET if you appoint him as an advocate, he is doing nothing but cheating your further...here is his modus operandi...

He also claims to be behind several actions that have been taken place by mumbai police and FFVA but the FACT remains that he has nothing to do with any of these actions being taken all over India.

He will convince victims to appoint him as an ADVOCATE and thereafter tell victims to deposit Rs 50,000 in various bank accounts to show that he has been apponited.

He will promise that he will return back the money after showing that to QNET office but the FACT remains that after the money is transferred he will stop recieving your calls and vanish .

We have recieved multiple complaints against this FRAUD, please BEWARE you all have already been cheated dont get cheated again.

For your REFUNDS only follow the correct and LEGAL way to get your refunds along with compensation, for more info do drop us a email at [email protected]

FFVA i.e Financial Frauds Victims Association has been formed to help and provide legal aid to victims of QNET SCAM.

http://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179

Please stay away from crooks and fight for your legal rights in correct and proper way.

Regards
Gurupreet

goel002

5 months ago

Qnet is threat to genuine companies. Which are the genuine direct selling companies in india . ? Please name a few.

goel002

5 months ago

It's amusing to read such comments like national security risk, money going out of country, people get fooled etc.. ignorance is threat to national security fools. Company like amazon , samsung, apple are not india based and still they make billions. Potentially making the argument about money leaving the country, straight to the bin. National security risk. Hahahahaha. Who thought of this idea. Are they selling bombs, arms ammunition , conducting terrorist training camps, printing fake currency, doing hawal transaction , political affiliated, make religious comments ,. no they are not . Q net is definitely not a threat to national security. Whoever talk about logic . Please apply your mind to this logic as well.
Second argument is in qnet person is fooled n all.. everyday someone is getting fooled by people on the ground, small traders, auto wallas, lawyers, at your work place, popular online e-commerce portals.
People will not crib about high price tag for apple products whi reduces to 25 % of its original value in retail after 2- 3 years . That is actually fooling people.

REPLY

jitu moni

In Reply to goel002 3 months ago

Do you make retail sales or lure people of financial freedom in 4-5 years and then ask them to invest lakhs in products so that associated Tracking centres can be bought and placed under upline. You want to go to jail, Mister.

goel002

5 months ago

If qnet is not legitimate direct selling company then who else is. Q net is a legitimate company with complete transparency in dealing with customers. There is no money transaction in making members. Transaction only takes place only when somebody buys a product, watches, holiday packages etc.. what is wrong with that. Just like amazon, flipkart. You sign up for free and then choose to buy whatever you like. Here the publicity is word of mouth. Where is the fraud in that. People who crib about the company is because they r not successful. Specially sardarji who has nothing substantial to do. Imagine someone given a ferrari and is not able to drive it. You cannot blame the company for providing faulty car or fraud car company. Getting my point. As an independent representative, they only promote the portal. Whether people want to purchase anything is upto them. Its fantastic becoz whatever purchase happened from your promotion, you get paid. Its a business. Just like you open a shop, whatever selling happens the owner makes money. Here the person who is getting customers to the shop also makes money. Its legal. People with half knowledge and unsuccessful are spreading negative propoganda about the company and the industry. There are direct selling guidelines by the govt of india which q net follows. So relax and dont be afriad about qnet.

Agyat Vyakti

6 months ago

Yes together we can destroy qnet.. To help people from trap of online ponzy schemes like qnet which will come in future. Alexa and online site statistics can save you. I reccomend you to read this to save yourself from emotional trap of friends and relative who work for qnet http://qnetindiascam.blogspot.in/ or google qnetindiascam blogspot to read deeds of Ashwin Baluja and Prithvi Raj Grover share it . I need to populate this.

Laughter 24X7

6 months ago

Its not truth ...

REPLY

jitu moni

In Reply to Laughter 24X7 3 months ago

47 Arrests, bank accounts reveal commission paid on enrolling members. Want to challenge Bombay and Delhi High Court , go file PIL

vimlesh

6 months ago

I know the reality....gone through the whole peocedure which is qnet claims as false.........ferreira should be hanged till death...

REPLY

Laughter 24X7

In Reply to vimlesh 6 months ago

How can say this .. Qnet not scam

Nifty, Sensex Continue to Struggle – Wednesday closing report
We had mentioned yesterday that the market is in a resistance zone. Indian markets were pulled marginally lower on Wednesday on the back of weak domestic cues. Disappointing domestic services data for December and a lack of consensus at the GST council meet subdued investors' sentiments. The key indices provisionally closed marginally in the red, as banking, finance and energy stocks witnessed selling pressure. The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 1.75 points or 0.02 per cent to 8,190.50 points. The Sensex touched a high of 26,723.37 points and a low of 26,606.06 points during the intra-day trade.
 
The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
The BSE market breadth was tilted in favour of the bulls - with 1,575 advances and 1,161 declines. On Tuesday, positive global indices, along with value buying and short covering, buoyed the benchmark indices.
 
In the broader market, the S&P BSE 500 closed 3 points lower at 11,116.92. The S&P BSE SmallCap index bucked the trend to close 60 points higher at 12,375.22. Meanwhile, the S&P BSE MidCap index ended 11 points lower at 12,194.63. Banking stocks bled the most while realty stocks emerged as the top gainer followed by consumer durables. The S&P BSE BANKEX index closed 170 points lower at 20,446.24 
 
Jubilant Life Sciences zoomed 12% after the company signed a long-term contract in Radiopharma business with Montreal Canada for distribution of products used for diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans.
 
Ramco Systems shot up 9% on the BSE. Panasonic Group of companies in Malaysia has signed a multi-million-dollar strategic deal with Ramco Systems Sdn. Bhd. Malaysia part of India-headquartered HR software major Ramco Systems to digitize and transform HR and Payroll operations for nearly 20,000 employees nationwide on a unified platform. 
 
The top gainers and top losers of the major indices are given in the table below:
 
 
China stocks ended higher extending Tuesday's gains, as improving liquidity in money markets and moderating interest rates lifted market sentiment. Japan's Nikkei rose 2.5% to 19.594.16, making the biggest gains in about two months and closing at its highest level since early December 2015. The blue-chip CSI300 index rose 0.8% to 3,368.31 points, while the Shanghai Composite Index gained 0.7 per cent to 3,158.79 points.  European markets were steady at the open. 
 
The closing values of the major Asian indices are given in the table below:
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)