Govt considering private sector corruption law
Govt considering private sector corruption law
The government has proposed to make bribery in private sector, both giving and accepting it. A criminal offence by amending the Indian Penal Code (IPC).
The draft Indian Penal Code (Amendments) Bill, 2011, circulated to States and Union Territories by the Centre for their comments, would cover graft by an individual, firm, society, trust, association of individuals, company, whether incorporated or not, which undertakes any economic or financial or commercial activity.
At present, there are no legal provisions to check graft in the private sector. According to the draft law, whoever in the course of economic, financial or commercial activity promises, offers or gives, directly or indirectly, any gratification, in any capacity, for a private sector entity, for the person himself or for another person shall be punishable.
The Centre has asked all States and UT administrations to give their views on the proposed amendments in the IPC.
“However, the law and order enforcement agency would have to establish a quid pro quo agreement or a deal between the offenders,” the official said. So far most of the states have either agreed to the proposal or suggested some changes in it.
In most of the states, there is a provision under the VAT Act for adjustment of excess tax paid. Generally the provision reads as ” if a dealer has charged tax in excess of tax actually payable”…. in such cases, there is a provision for issuing credit note and adjust the excess tax. Whether a revised annual return has to be filed again depends upon the state specific provision. This is because, in some states, adjustment of tax has to be made in the month in which the credit is issued and hence there is no need for the revision of returns already filed for the previous period. Since the procedual provisions under VAT will be applicable for CST assessments, the provisions for adjustment of tax will be applicable for CST as well