Due Dates of GSTR-1 Has been Extension and other GST Updates

Due Dates of GSTR-1 Has been Extension and other GST Updates

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GST RETURNS

Owing to the issues with GSTR online portal and much to the relief of tax payers, the due date for filing of FORM GSTR-1 has been extended vide Notification No. 71/2017-Central Tax and 72/2017-Central Tax dated 29th December 2017. The previously announced due date of 31st December 2017 has been extended to 10th January 2018. The relief has been provided to assessees with aggregate turnover upto 1.5 crore as well as those with aggregate turnover over 1.5 crore.

For assessees with aggregate turnover upto 1.5 crore, the period for which extension has been granted is July to September 2017. There is no modification in due dates for the quarter of October to December 2017 and January to March 2018. On similar lines, extension for assessees with aggregate turnover exceeding 1.5 crore is for the period July to October 2017 and no changes have been provided in due dates of subsequent months. Revised due dates for furnishing FORM GSTR-1 is summarized below-

EXTENSION OF GSTR-1 FILING DUE DATES

For Assessees with aggregate turnover up to 1.5 crores

  1. No. Months involved  Due Date for filing GSTR-1
  2. July – September 2017        10th January 2018
  3. October – November 2017 15th February 2018
  4. January – March 2018           30th April 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-September , 2017 for Registered persons having Aggregate turnover of up to 1.5 crore ,  has been extended to 10thJanuary, 2018 from earlier due date of 31st December, 2017 ( NotificationNo.71/2017 ).

For assessees with aggregate turnover exceeding 1.5 crores

  1. No.  Months involved  Due Date for filing GSTR-1
  2. July – November 2017      10th January 2018
  3. December 2017          10th February 2018
  4. January 2018             10th March 2018
  5. February 2018           10th April 2018
  6. March 2018                10th May 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-October, 2017 for Registered persons having Aggregate turnover of more than Rs 1.5 crore , has been extended to 10th January, 2018 from earlier due date of 31st December, 2017 ( Notification No.72/2017 ).

OTHER GSTR FILLING EXTENSIONS

Return Due date               GSTR-5(for non-resident)

15-December-2017          GSTR-6(for input service distributor)

31-December-2017           ITC-04(for job worker ,for July-sept)

31-December-2017       GSTR-3B Return

GSTR-3B Return

GSTR-3B return will have to be filed by all taxpayers in addition to GSTR-1, GSTR-2 and GSTR-3 return.Earlier, GSTR-3B returns were to be filed for the month of July to December 2017.

IN 23rd council meeting, it has been announced that GSTR-3B return must be filed for all months from July 2017 to March 2018. The due date for GSTR-3B return will be the 20th of every month.

Late fees for GSTR-3B of July, Aug. and Sept waived. Any late fees paid for these months will be credited back in electronic cash ledger under Tax and can be utilized to make GST payments

Reduction of GST Return Penalty

In addition to the waiver of GST Return Penalty, the Government has also announced a reduction in GST return penalty for NIL GST returns. From October 2017, the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs. 200 per day.

GST on Advances Received

In 22nd GST Council, it has now been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.

E-Way Bill

As per E-Way bill rules, any transportation of goods with a value of more than Rs.50, 000 would require an e-way bill. The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 24th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation. The nationwide e-way bill system will be ready to be rolled out on trail basis latest by 16 January 2018. Trade and transporters can start using thi system on voluntary basis from 16 January 2018.

GST REGISTRATION

Registration under GST was mandatory for entities undertaking inter-state supply of goods and/or services, irrespective of aggregate annual turnover.In the 22nd GST Council, it has been decided to exempt service providers from this condition. Hence, service providers will now be allowed to undertake inter-state sales of upto Rs.20 lakhs without obtaining GST registration.Further, this is exemption is also available for service providers supplying services through an e-commerce operator.

But person supply goods will still be required to obtain GST registration mandatorily (in case of inter -state supply)

GST COMPOSITION SCHEME

This scheme is intended for small businesses where compliance less.22nd GST Council has decided to increase the aggregate turnover to Rs.1 crore. (The aggregate turnover threshold for special category States, has also been   increased to Rs. 75 lacs from Rs. 50 lacs excepts J&K and Uttarakhand)

Person opting for composition scheme was restricted from providing any exempted/taxable service .but now a composite can provide exempted service also.

In 23rd GSTcouncil meeting the due date for enrolling under the increased threshold has been made available to both migrated and new taxpayers up to 31.03.2018.

The GST rate payable by GST Composition dealers has been harmonized for all taxpayers (traders or manufactures) at 1%. However, not change has been announced on the GST rate for composition scheme for restaurants.

GSTR 4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that was originally due on the 18th of month following respective quarter. But in 23 council meeting composition returns, GSTR-4 due date extended to 24 /December/2017 for July-September quarter

Reverse Charge Mechanism

Registered taxpayers were required to pay GST on reverse charge basis when they purchased from an unregistered person, the 22ndGST Council has decided to suspend the reverse charge mechanism till 31.03.2018. Now, registered taxpayers can purchase from unregistered persons without having to pay GST on reverse charge basis.

TDS and TCS Provisions Postponed

The Government has decided to postpone the TDS/TCS registration and operationalization to 31st March 2018.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

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CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

Image result for corporate images hdDirect Tax:

  • Delhi ITAT upholds assessee’s Resale Price Method (RPM) over TPO’s TNMM for AYs 2003-04 to 2005-06 for benchmarking purchases of finished goods from AE for resale, holds that RPM is most appropriate method absent any value addition by assessee[TS-661-ITAT-2017(DEL) -TP]
  • The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, says CBDT chairman Sushil Chandra.
  • Supreme Court ruling the right to privacy as a fundamental right under the Constitution has triggered uncertainty over the mandatory linking of Aadhaar for stock trading brokers said they will now wait for the SC judgment that will test the validity of Aadhaar.

Indirect Tax:

  • CBEC made amendment in the Integrated Goods and Services Tax Act by way of notification no 8/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 683(E), dated the 28th June, 2017. Vide notification no 354/173/2017 –TRU, dated 22th August 2017.

GST Update

  • GST Authorities have issued clarification w.r.t selling of space for advertisement in print media on the basis of the queries being raised regarding GST applicability on the same. The rate is @ 5%.
  • IT Minister launched a GST filing and reconciliation solution product named ‘XaTTaX’. The product, developed by Sailotech, simplifies the filing of GST returns, claims for refund, raising invoices with comfort from home or workplace.

FAQ on GST

Query: What is the time limit beyond which the inputs/capital goods sent for job work shall be treated as supply?

Answer:The time limit prescribed for return of goods sent to job work under the exemption route is 1 year of being sent out (for inputs) and 3 years of being sent out (for capital goods). Therefore, if the inputs/ capital goods are returned to the principal after 1 year/ 3 years (as applicable), then such return of goods to the principal after the said period would be treated as ‘supply’. This time limit is not applicable to moulds and dies, jigs, fixtures, and tools

Corporate Law:

  • MCA made companies (Arrests in connection with Investigation by serious Fraud Investigation Office) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette.Vide notification no ur2l20r3 cL-V, dated 24th august 2017
  • MCA amend the National Company Law Appellate Tribunal Rules, 2O16. These rules may be called the National Company Law Appellate Tribunal (Amendment) Rules’ 2O17 which shall come into force on the date of their publication in the official Gazette. Vide notification no 1/30/2013-CL-V, dated 23th August 2017
  • The Cabinet has approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps.

Quotes of the day

“Plant your garden and decorate your own soul, instead of waiting for someone to bring you flowers.”

We look forward for your valuable comment www.carajput.com

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 27, 2017

 Professional Update for the Day:

FDi in E Commerce www.carajput.com

Direct Tax:

  • 271(1)(c): ‘Furnishing of inaccurate particulars of income’ and ‘concealment of particulars of income’ have different connotations. The failure by the AO to specify in the s. 274 notice which of the two charges is applicable reflects non-application of mind and is in breach of natural justice as it deprives the assessee of an opportunity to contest. The penalty proceedings have to be quashed Jehangir HC Jehangir vs. ACIT (ITAT Mumbai)
  • Allahabad High Court held that Rejection of Books of Accounts is Pre-Requisite As Per Section 145(3) For Making an Assessment Under Section 144 CIT vs. Pashupati Nath Agro Food Products Pvt. Ltd (Allahbad High Court)

Indirect Tax:

  • HC allows assessee’s appeal, sets aside CESTAT order which denied SSI exemption on ground that turnover of manufactured electric furnace and heating elements exceeded turnover limit prescribed under Notification No. 1/93 [TS-131-HC-2017(MAD)-EXC]

Other Updates:

  • GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.
  • RBI issued Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services up to a limit of Rs.10, 000.

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

Issue of TDS certificate to employee:31/05/2017

TDS returns for march quarter by ALL deductors:31/05/2017

Quote of the Day:

You can get assent to almost any proposition so long as you are not going to do anything about it.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 26, 2017

PROFESSIONAL UPDATE FOR THE DAY

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Direct Tax:

Bogus purchases: In view of the Supreme Court’s order in Vijay Proteins Ltd vs. CIT whereby the verdicts of the Gujarat High Court in Sanjay Oilcake Industries vs. CIT 316 ITR 274 (Guj) and N.K. Industries Ltd vs. Dy. CIT were confirmed, the AO has to accept the law and verify whether the transaction is genuine or not on the basis of the aforesaid three judgments CIT vs. M/s Carpet Mahal (Rajasthan High Court)

ITAT Kolkata held that in absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt. Ltd. (ITAT Kolkata)

 Indirect Tax:

SC dismisses assessee’s SLP, thereby upholds levy of service tax on commission received by automobile dealer from Maruti Finance, a unit of Maruti Udyog Ltd. (Maruti) under ‘business auxiliary service’ (BAS) u/s 65(105) of Finance Act, 1994; HC had earlier dismissed assessee’s writ petition rejecting his plea that, since Maruti had already deposited service tax amount, hence, it (i.e. assessee) cannot be asked to satisfy outstanding demand as same would amount to ‘double taxation’  [TS-127-SC-2017-ST]

FAQ on GST

Query:  What is the time limit for issuance of invoice in case of supply of service stopped before completion of the service?

Answer: In situation when supply of service cease under a contract before completion of supply. The invoice would be issued to the extent of supply which has been made before such cessation.

Other Updates

Central Government directed Income-tax authorities under section 116 of the Income-tax Act, 1961, having headquarters at the places specified, to exercise the powers and perform the functions of the ‘Authority’ under the Prohibition of Benami Property Transactions Act, 1988.

Under GST Casual taxable person or Non-resident taxable person cannot opt for Composition scheme under GST. (Rule 3(1) (a) of Composition Rules).

GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.

RBI issued Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services up to a limit of Rs.10, 000.

Union Cabinet scrapped the 25-year-old Foreign Investment Promotion Board (FIPB), which has been overseeing foreign direct investment (FDI) proposals requiring government approval.ICAI issued Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements.

LIVE Webcast on SFT in Form 61A under Rule 114E on 26.5.17 from 3-5 PM addressed by DIT (I&CI) -organized by DTC, ICAI. Visit www.icai.org

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

Issue of TDS certificate to employee:31/05/2017

TDS returns for march quarter by ALL deductors:31/05/2017

Quote of the Day:

“Remember your yesterdays, dream your tomorrows and live your todays..”

” The biggest challenge in life is being yourself… In a world trying to make you like everyone else.”.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 25, 2017

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Direct Tax:

ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B. Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Delhi High Court held that Addition is justified for Voluntarily admitted tax liability retracted after 2 years PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

 Indirect Tax:

  • High court held that Section 35L is being amended so as to clarify that determination of disputes relating to tax ability or excisability of goods is covered under the term ‘determination of any question having a relation to rate of duty’ and hence, appeal against Tribunal orders in such matters would lie before the Supreme Court. Commissioner Service Tax Vs DLF Golf Resorts Ltd. (Punjab & Haryana High Court)
  • MCA has revised the versions of e Forms – Form DIR-3C and Form RD – 1 (Applications made to Regional Director) are being revised w.e.f. 11th May, 2017.

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

 Other Updates:

Takeaways of Final GST Rules passed by GST Council:

 

In its 14th meeting in Srinagar on 18th and 19th May,2017 the all-powerful GST council cleared seven rules pertaining to different aspects of GST. These rules relate to Registration, Input Tax Credit, Payment, Refund, Invoice, Valuation and Composition and have paved the way for the rollout of GST from July 1, 2017. The key highlights of these final GST Rules are as follows:

Registration:

1)  PAN is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted.

2)  If a person has a SEZ unit, then he is required to make separate registration application for that unit. Similarly, a separate application of registration is required for becoming Input Service Distributor.

3)  A non- resident seeking registration under Non-Resident Taxable Person has to appoint an authorized signatory who will sign the application of registration. That person must be resident of India having a valid PAN.

4)  A person registered under GST is required to display his certificate of registration at a prominent location at his principal place of business and GST Number on the name board at entry of his principal place of business.

5)  Physical verification of place of business will not be conducted to grant registration under GST. But officer can do physical verification after granting of registration, if he is satisfied that it is necessary to do the same. He must upload verification report on GST Portal within 15 working days after verification.

Invoice:

6)  Tax invoice in case of supply of taxable services must be issued within 30 days of date of supply of services. However, time limit for banking company, insurance company or financial institutions is 45 days.

7)  The invoice shall be in triplicate for Supply of Goods and in duplicate for Supply of Services.

8)   The serial number of invoices issued will be furnished electronically on GST Portal.

9)  On receiving advance, Receipt Voucher will be issued. If rate is not determinable, tax is to be paid at 18%. If nature of supply is not determinable, it will be treated as Inter-State Supply.

10)  If reverse charge is applicable, the recipient will issue Payment Voucher.

Payment:

11)  Electronic Liability Register shall be maintained for each person liable to pay tax on the GST Portal.

12)  Electronic Credit Ledger and Electronic Cash Ledger shall also be maintained on the GST Portal for the person eligible for input tax credit and for person liable to pay tax respectively.

13)  Tax will be paid only through internet banking, RTGS, NEFT or Debit and Credit Cards. However, over the counter payment is allowed through authorized banks for the amount up to Rs.10,000 per challan per tax period.

Refund:

14)  A separate formula is prescribed for Maximum Refund in case of inverted duty structure, i.e., GST rate is higher on Inputs than on Output Supply.

15)  Refund application shall be filed electronically on GST Portal.

16)  The grant of provisional refund shall be made if person clamming refund has not been prosecuted during any period of 5 years preceding the tax period for which refund is claimed. However, the following 2 condition mentioned in Draft Refund rules have been deleted:

a)     The assessee should have a GST compliance rating of not less than

b)     The assessee should not have any pending proceeding or appeal on any issue.

17  17)   If Commissioner wants to withhold refund, order must be issued along with reasons of withholding refund.

Valuation:

18)  The value of supply made by principal to its agent or made to any related person shall be 90% of price charged for the supply of like kind and quality to unrelated person.

19)  The value of a token, coupon or a voucher shall be equal to the money value of goods redeemable against such token or voucher or coupon.

20)  The expense incurred by a supplier as a pure agent will not form value of supply and shall be excluded. The supplier will be treated as pure agent on complying with following three conditions:

a)     He makes payment to third party on authorization by such recipient.

b)     The payment made by pure agent on behalf of recipient has been shown separately on invoice.

c)     The supplies procured from third party by pure agent on behalf of recipient are in addition to services he supplies on his own account.

Earlier, in draft rules, 8 conditions were prescribed. Now, only these three conditions have to be fulfilled.

Input Tax Credit:

 

21)  The person eligible to take credit in respect of input of goods held in stock after registartion is required to file a declaration on GST Portal that he is eligible for input tax credit within 30 days.

22)  ITC would not be available to registered person if tax has been paid by supplier after issuing demand order on account of fraud, wilful misstatement or suppression of facts.

23)  The time limit to claim input tax credit is not applicable to re-claim credit reversed earlier due to non-payment of consideration to supplier.

Composition:

24)  Following persons will not be eligible for composition scheme:

a)     Casual taxable person or non-resident taxable person

b)     Person having goods in stock which were purchased in course of inter-State trade or from unregistered person

25)  Rates of Taxes for Composition Levy

a)     Manufacturers, other than manufacturers of such goods as may be notified by the Government – at 1%

b)     Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II – at 2%

c)     Any other supplier – at 0.5%

 

 

Quote of the Day:

 

“Take rest; a field that has rested gives a bountiful crop.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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Quick review of the latest updates of Income tax:

Image result for updates of Income tax:

AADHAAR VS PAN VS NEW ITR FORMS

Government of India mandates Aadhar Card for Atal Pension Yojana (APY). Finance Ministry has exempted nonresident, non citizens, a person who is of the age of eighty years or more at any time during the year from Mandatory Quoting of Aadhaar for filing ITR and for allotment of PAN. Adhaar card and Pan linking option now activated on income tax website whereby now, name as per Adhaar card also to be given. Both get linked even if there is difference in name.

Govt. asserted in the Supreme Court that Aadhaar was made mandatory for PAN card to weed out fake PAN cards which were used for terror financing and circulation of black money, while terming the concerns over privacy as “bogus”.

Finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017.

CBDT has issued draft rules for stakeholder comment providing the manner of valuation- of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.

All cash payments over Rs 2 lakh for loans and credit card bills during the 50 day period after demonetization will have to be disclosed in the new one page Income Tax return form.

Prime Minister has asked the revenue department to scale up e-assessment facilities to cover 25 cities, take corrupt officers to task and promote a regime friendly to taxpayers. He also asked the department to train guns on benami properties and focus on broadening the tax net.

Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.

Members who have not shared their PAN with ICAI, It has been informed by the Income Tax Dept that the e-Filing account of the members will be blocked by the Income Tax Authorities.

New ITR forms released by I. Tax Department, effective from 01.04.2017. The Income-tax (Fourth Amendment) Rules, 2017 dated 30.03.2017.

Form No. ITR-1: SAHAJ: For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakhs (1 Page Return).

Form No. ITR-2: For Individuals and HUFs not carrying out business or profession under any proprietorship.

Form No. ITR-3: For individuals and HUFs having income from a proprietary business or profession.

Form No. ITR-4: Sugam: For Presumptive Income from Business & Profession.

Form No. ITR-5: For persons other than  (i) individual (ii) HUF (iii) company and (iv) person filing Form ITR-7

Form No. ITR-6: For Companies other than companies claiming exemption under section 11].

Form No. ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Section 269ST from 1-4-2017 provides that no person shall receive an cash amount of two lakh rupees or more:

  1. In aggregate from a person in a day; or
  2. In respect of a single transaction; or
  3. In respect of transactions relating to one event or occasion from a person.

Otherwise penalty, a sum equal to the amount of such receipt.

Lease deed, power bill etc may be needed for claiming HRA rebate as producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden.

Major Role: Secretarial, Legal Compliances and FEMA Compliances, Banking related documentation, etc. The work done is categorized below:

Secretarial & legal compliances:

Filing of replies for notices of strike off of Companies · Advisory services to Corporates- Legal opinions · Incorporation of Companies as per Companies Act, 2013

Preparation of Directors’ Report, Management Discussion and Analysis, Corporate Governance Report, · Convening of Board Meetings and EGM of Private and Public Limited Companies · Preparation of various e – Forms CHG-1, CHG-4, INC 7, INC 1, INC 22, INC 24, MR1, GNL 2, DIR 12 and addendum forms & Annual returns filing of the Private and Public Limited Companies. · Filing of MGT-14 for various purposes.

Handling XBRL and non XBRL Annual Filings, E-forms and Secretarial Compliances with MCA portal · Prepare Minutes of Board Meetings, Annual General Meetings & Extra-Ordinary General Meetings. · Drafting of various documents, e.g. Notice, Resolutions, Board Report, Minutes, etc. · Work relating to increase in authorized capital, alteration in MOA, change of name, change of registered office. · Apply & obtaining of DIN & DSC of class 2 and class 3.

Maintaining the statutory register & records under Companies, Act 2013

Liasoning & dealing with Registrar of Companies, Revenue Department, DGFT etc. · Preparation of share certificates & payment of stamp duty online on allotment of shares of the Company. · Inspection of Company document by paying requisite fees in MCA -21.

Allotment of Shares through Preferential cum Private Placement Basis and Right Issue.

Preparation of various Board resolutions & authorization letters for various purposes like execution of MOU, lease deed, sale deed, registration in sales tax, service tax, VAT, obtaining license from PESO and various other industries

Vetting of various agreements like Lease Agreements, Takeover agreement, Shareholder agreement, etc. · Formation & winding up of LLPs

Compliance in relation to appointment and remuneration of KMP in accordance with Companies Act, 2013. · Issue of Debentures · E-voting

FEMA, DGFT & other related Compliances: · Online Reporting of FDI to RBI through AD banker in ARF form. · Filing of online FCGPR with RBI · Filing of Foreign Liabilities & Assets return (FLA) with RBI · Compliances related to Downstream Investment · Application and online modification of IEC with DGFT, also done some compliances related to the application of EPCG license. · Liasoning with various Banks for the documents like KYC, UIN, FCGPR registration no. & other acknowledgements related to FDI.

Application of Registration Cum Membership Certificate (RCMC) from Federation of Indian Export Organization (FIEO). · Liasoning with NIC. · Registration of Trust under FCRA (Foreign Contribution Regulation Act) · Registration of Societies and Trusts.

Banking, Demat, Pledge & other Compliances: · Preparing Due Diligence Report of the Company · Preparing Search Report of the Company · Vetting of the availing of term loan and working capital limits documents with various Banks. · Opening of Bank accounts · Preparation of Corporate Action Information Forms for the demat of shares · Opening of Demat Account of Individuals & Companies. · Pledging of shares with the Bank. · Liasoning with Depository, Depository Participant & RTA in relation to the demat of shares. · Entering into agreement with Depository for opening of demat account of Companies. · Application of PAN & TAN of Companies

Application of Trademarks, Copyrights and other Intellectual Properties: Application of trademarks, copyrights, patents, designs, logos and filing their replies.

Attending hearing We provide services to CA firms, Corporates, individuals into their own business for ROC and other related work. We look forward to the opportunity to work with you in the near future.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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Quick Review of the latest updates of Goods and Services Tax:

Image result for Quick Review of the latest updates of Goods and Services Tax:

GST Updates:

  1. Four Important ConditionsTo be fulfilled before you can Claim Input Tax Credit  under  GST:
  • The Buyer should be in possession of Tax Invoice / Debit or Credit Note / Supplementary Invoice issued by a supplier registered under GST Act.
  • The said goods/services have been received.
  • Returns (Form GSTR-3) have been filed.
  • The tax charged has been paid to the government by the supplier.

Place of Supply is very important to determine whether a transaction is a intra-state sale or inter-state sale. And accordingly SGST, CGST & IGST will be determined.

Situation for determining Place of Supply of Goods:

A)Where the supply involves movement of goods- Place of Supply is the Place where movement of Goods Terminates.

B) Where goods are delivered by the Supplier to a recipient or any other person on the direction of a third personby way of transfer of documents of title of goods – Principal place of business of third person (the place which is mentioned in the registration certificate).

C)Where the supply involves no movement of goods-Place of Supply shall be the location of such goods at the time of the delivery to the recipient.

D) Where goods involve Installation / assembly at site- Place of Supply shall be the Place of such installation or assembly

E) Where the goods are supplied on board a conveyance, such as a vessel, an aircraft, a train or a motor vehicle- Place of supply shall be Location at which such goods are taken on board. For example Goods sold in Aircraft, Cruise, etc

F) Where supply involves export & import of goods.- Goods Imported or exported are always Treated Inter state supply and IGST will be Charged.

Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities has enrolled them with the GSTN system.

IGST to be deposited again if CGST & SGST/ UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST. IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST & SGST input tax credit can be adjusted in specified order.

GST Migration for existing taxpayers has been temporarily discontinued by GSTN w.e.f. 1st May 2017.

Credit of GST paid on inward supplies of goods and services can be claimed only within 1 year from date of relevant tax invoice.

In the goods and services tax (GST) era, movement of goods worth more than Rs 50,000 within or outside a state will require securing an e-way bill by prior online registration of the consignment.

GST panel works out rates for 6,000 items. Ahead of the Goods and Services Tax (GST) Council meeting in Srinagar from Thursday, the Centre and states seem arrived at the consensus of the Rates.

Under Final GST Bill, Supplies of specified Goods & Services from Unregistered person to registered person to be taxable under Reverse Charge.

Centre issues 8 GST Rules viz. Composition Rules, Valuation Rules, Transition Rules, ITC Rules, Revised Invoice Rules, Revised Payment Rules, Revised Refund Rules and Revised Registration Rules. Visit www.Cbec.gov.in to download.

GST Council has decided that Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime.

Rules for GST Returns, Registration, Payment of GST, Invoicing & Refunds finalized.  Rules for ITC, Valuation, Transition etc. tentatively final.

Every entity registered under the proposed GST might have to maintain separate accounts relating to each activity. This is a part of the draft GST rules on accounts and records released by the Centre.

Government released draft norms on GST advance ruling and appeals and revision.

GST applies on Free Supplies in course or furtherance of business to related or distinct persons. Gifts to staff upto 50,000 pa exempt. Scheduleedule I.

Under GST Word Family used in several places like definition of agriculturist means spouse, children & Dependent Parents, grand-parents, brothers & sisters.

Complete your GST Migration by extended date of 30-4-2017. Unused Provisional IDs may be cancelled after that. Source www.gst.gov.in/enrolplan.

GST council to debate tax on services,

Cess applicable on CGST & IGST on vehicles, cold drinks, pan masala, tobacco, solid fuels made from coal, lignite etc& other specified supplies.

Rajya Sabha passes all 4 GST Bills (CGST, IGST, UTGST, State Compensation Bill) without any amendments. Now the State Governments to pass respective SGST Law before GST roll out on 1st July, 2017.

Under GST SEZ Unit or Developer to take separate registration even if another unit of entity outside SEZ already has separate registration in same state.

Under GST to carry forward input tax credit under existing laws and on stock, assesses to file GST TRAN-1 on www.gst.gov.in in 60 days from appointed date.

Under GST Supplier MUST maintain Stock records of raw materials, finished goods, scrap etc (including gifts, goods lost). Composition supplier exempt.

No need for Traders dealing only in petrol, diesel & other exempt or zero-rated goods to register under GST. Register if deal in other goods also.

Under GST every registered person to keep in physical /electronic form, books of account at Principal & EVERY related place of business mentioned in his RC.

Under GST The Word Family used at several places such as definition of agriculturist means spouse, children, Dependent Parents, grand-parents, brothers & sisters.

FAQs on GST

Query:  Whether a person suo moto can apply for revocation of cancellation of registration whose registration has been cancelled by the proper officer and what is the time limit for submitting such application?

Answer Yes, a person whose registration has been cancelled by the proper officer suo moto can apply for revocation and such application has to be submitted within thirty days from the date of service of cancellation order.

Query: So far as registration is concerned, what could be the liabilities on transfer of business?

Answer:  The transferee or the successor shall be liable to be registered with effect from such transfer or succession and he will have to obtain a fresh registration with effect from such date. (Scheduleedule III of MGL).

Query: What will be the time of supply when invoice is not issued and date of payment or date of completion of provision of service are also not ascertainable ?

Answer:  The time of supply shall be the date on which the recipient shows the receipt of services in his books of accounts.

Query: Kindly clarify – Whether the Department through the proper officer, can suo-moto proceed with registration of a Person under GST Act?

Answer: Yes. In terms of sub-section (5) of Section 19, where a person who is liable to be registered under this Act fails to obtain registration, the proper officer may, without prejudice to any action that is, or may be taken under the MGL, or under any other law for the time being in force, proceed to register such person.

Query: Kindly clarify whether registration is  compulsory for the Govt. organization?

Answer A unique identification number (ID) would be given by the respective state tax authorities through GST portal to Government authorities / PSUs not making outwards supplies of GST goods (and thus not liable to obtain GST registration) but are making inter-state purchases.

Query: Kindly clarify the classification of goods and services under GST regime?

Answer:  HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC)

Query:  Whether summary assessment order to be necessarily passed against the taxable person?

Answer: No. In certain cases like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be 131 ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax.

Query: In case of e-commerce operator, is it mandatory for him to obtain registration under GST?

Answer:   Yes. Section 19 r/w Schedule-III of the MGL, provides that the threshold exemption is not available to e-commerce operators and they would be liable to be registered irrespective of the value of supply made by them.

Query: Kindly clarify the treatment of transactions of supply of goods for use but without transfer of title in such goods?

Answer:  The transactions of supply of goods for use without transfer of title in such goods to recipient will be considered a transaction of supply of services as provided in Schedule II of Model GST Law.

Query: Kindly clarify the applicability of valuation rules of GST.

Answer:  Valuation Rules of GST are applicable when

(i)            Consideration not in money terms;

(ii)          parties are related or supply by any specified category of supplier;                                      and

(iii)         transaction value declared is not reliable.

Query: Who will adjudicate the cases and pass orders under GST Regime?

Answer: The duly appointed adjudicating authorities shall adjudicate the matters other than appeals in the GST Regime. As per sec. 2(4), ‘adjudicating authority’ means any authority competent to pass any order or decision under this act, but does not include the Board, the First Appellate Authority and the Appellate Tribunal. Thus, adjudicating authority would exclude the Board itself (CBEC or CBIT) and appellate authorities viz first appellate authority and appellate tribunal.

Query: What would be the treatment for supply of goods by unincorporated associations to its members under GST Regime?

Answer:  Supply of goods by unincorporated associations to its members have been considered as supply of goods. Clause 6 of Scheduleedule II of model GST Law provides that supply of goods by any unincorporated association or body of persons to a member thereof for cash, deferred payment or other valuable consideration shall be treated as supply of goods.

Query: Does the threshold exemption limit will be applicable to a taxable person required to pay GST under reverse charge basis?

Answer:  Any taxable person, who has an obligation to pay tax on reverse charge basis, will not get the benefit of INR 20 lakhs (general) or 10 lakhs (for north-east states) threshold limit. Thus, the reverse charge liability will start from the very first transaction, irrespective of its amount, on which tax liability is to be paid on reverse charge basis.

Query: Under GST Regime, whether unregistered person would also be included under taxable persons?

Answer As per sec 9(1) of the model GST Law, a taxable person means person:

  1. Who carries on any business in any place in India and who is registered under GST Law, or
  2. Who carries on any business in any place in India and who is required to be registered under Schedule III of the Act.

Therefore, an unregistered person would be considered as taxable person.

Query: How to deal with transactions involving transfer of the right to use goods under GST Regime?

Answer:  The transactions of transfer of goods which were being taxed as a sale transaction under the state VAT law will be considered as transaction of supply of services as provided in clause 5(g) of the schedule II of Model GST Law.

Query: Whether GST will be payable on goods which are removed for purpose other than supply?

Answer:  Goods are said to be removed when they are given to transporter for taking those goods to recipient or when goods are collected by recipient personally or through an agent. Any other movement of goods will not be considered removal for the purpose of GST.

Query: Kindly clarify the treatment of work contract including transfer of property in goods for the purpose of GST.

Answer:  According to schedule – II to the Model GST law, works contract including transfer of property in goods (whether as goods or in some other form), involved in the execution of a works contract, shall be treated as supply of service.

Major Role: Secretarial, Legal Compliances and FEMA Compliances, Banking related documentation, etc. The work done is categorized below:

Secretarial & legal compliances:

Filing of replies for notices of strike off of Companies · Advisory services to Corporates- Legal opinions · Incorporation of Companies as per Companies Act, 2013

Preparation of Directors’ Report, Management Discussion and Analysis, Corporate Governance Report, · Convening of Board Meetings and EGM of Private and Public Limited Companies · Preparation of various e – Forms CHG-1, CHG-4, INC 7, INC 1, INC 22, INC 24, MR1, GNL 2, DIR 12 and addendum forms & Annual returns filing of the Private and Public Limited Companies. · Filing of MGT-14 for various purposes.

Handling XBRL and non XBRL Annual Filings, E-forms and Secretarial Compliances with MCA portal · Prepare Minutes of Board Meetings, Annual General Meetings & Extra-Ordinary General Meetings. · Drafting of various documents, e.g. Notice, Resolutions, Board Report, Minutes, etc. · Work relating to increase in authorized capital, alteration in MOA, change of name, change of registered office. · Apply & obtaining of DIN & DSC of class 2 and class 3.

Maintaining the statutory register & records under Companies, Act 2013

Liasoning & dealing with Registrar of Companies, Revenue Department, DGFT etc. · Preparation of share certificates & payment of stamp duty online on allotment of shares of the Company. · Inspection of Company document by paying requisite fees in MCA -21.

Allotment of Shares through Preferential cum Private Placement Basis and Right Issue.

Preparation of various Board resolutions & authorization letters for various purposes like execution of MOU, lease deed, sale deed, registration in sales tax, service tax, VAT, obtaining license from PESO and various other industries

Vetting of various agreements like Lease Agreements, Takeover agreement, Shareholder agreement, etc. · Formation & winding up of LLPs

Compliance in relation to appointment and remuneration of KMP in accordance with Companies Act, 2013. · Issue of Debentures · E-voting

FEMA, DGFT & other related Compliances:

Online Reporting of FDI to RBI through AD banker in ARF form. · Filing of online FCGPR with RBI · Filing of Foreign Liabilities & Assets return (FLA) with RBI · Compliances related to Downstream Investment · Application and online modification of IEC with DGFT, also done some compliances related to the application of EPCG license. · Liasoning with various Banks for the documents like KYC, UIN, FCGPR registration no. & other acknowledgements related to FDI.

Application of Registration Cum Membership Certificate (RCMC) from Federation of Indian Export Organization (FIEO). · Liasoning with NIC. · Registration of Trust under FCRA (Foreign Contribution Regulation Act) · Registration of Societies and Trusts.

Banking, Demat, Pledge & other Compliances:

Preparing Due Diligence Report of the Company · Preparing Search Report of the Company · Vetting of the availing of term loan and working capital limits documents with various Banks. · Opening of Bank accounts · Preparation of Corporate Action Information Forms for the demat of shares · Opening of Demat Account of Individuals & Companies. · Pledging of shares with the Bank. · Liasoning with Depository, Depository Participant & RTA in relation to the demat of shares. · Entering into agreement with Depository for opening of demat account of Companies. · Application of PAN & TAN of Companies

Application of Trademarks, Copyrights and other Intellectual Properties: Application of trademarks, copyrights, patents, designs, logos and filing their replies.

Attending hearing We provide services to CA firms, Corporates, individuals into their own business for ROC and other related work. We look forward to the opportunity to work with you in the near future.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 17, 2017

Professional Update for the day:

tax

Direct Tax:

  • Delhi HC upholds charity exemption u/s. 11 to Vishwa Hindu Parishad (assessee, ‘VHP’) for AY 1993-94 despite assessee’s failure to comply with mandatory condition u/s. 12A(b) of filing of audit report [TS-184-HC-2017(DEL)]
  • Delhi HC held that deprecation cannot be claimed in respect of Written Off / unusable Assets. Commissioner of Income Tax Vs Brawn Pharmaceuticals Ltd. (Delhi High Court)
  • Interest liability arising due to order of court was allowable expense, though order was stayed by divisional bench.
  • Reduced price charged from Hawkers to supply newspaper couldn’t be treated as commission, No TDS liability u/s 194H

 Indirect Tax:

  • DVAT has extended the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures upto 30.05.2017 Vide Circular No. 5 of 2017-18 dated 15.05.2017.
  • HC upholds levy of excise duty along with interest and penalty on removal of mercury, upon closure of Mercury Cell Processing Plant where Caustic Soda was being manufactured; Rejects assessee’s reliance on Indian Organic Chemicals Ltd. decision and contention that since Mercury acts only as a cathode in process of electrolysis without being consumed, no tax is payable on Mercury recovered / retrieved pursuant to closure of plant [TS-109-HC-2017(KER)-EXC]

GST Updates:

  • Federation of Indian Export Organizations (FIEO) Allow exporters to pay GST on transaction through e-currency.

Key dates:

  • E-payment of DVAT & CST for April: 21.05.2017
  • Payment of ESI of April: 21.05.2017
  • Issue of DVAT certificates for deduction made in April: 22.05.2017

Other Updates:

  • The Ministry of Home Affairs has offered a one-time exemption to Non-Government Organizations to file ‘missing’ returns as mandated by the Foreign Contribution (Regulation) Act without being levied any fine.
  • Vijaya Bank invites applications for empanel as concurrent Auditors for the year 2017-18, by 20.05.2017.

Quote of the Day:

“It’s always seem to be impossible until it’s done.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 15, 2017

Professional Update for the day:

22

Direct Tax:

  • CBDT Request stakeholders to comments on Draft Income Computation and Disclosure Standards (ICDS) on Real Estate Transactions to be applicable from assessment year 2017-18.
  • Delhi High Court refused to stay the income tax proceedings against Young Indian Ltd in the case of alleged misappropriation of assets of National Herald newspaper involving Congress leaders Sonia Gandhi and Rahul Gandhi.
  • Government of India mandates Aadhar Card for Atal Pension Yojana (APY).
  • The CA firms should be on RBI panel and be a partnership concern. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
  • The CA firms should be on RBI panel and be a partnership concern. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
  • Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.

 Indirect Tax:

  • Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities have enrolled them with the GSTN system.
  • IGST to be deposited again if CGST & SGST/ UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST.

Key dates:

  • E-payment of PF for April : 15.05.2017
  • Deposit of DVAT TDS for April : 15.05.2017
  • TCS returns by all collectors : 15.05.2017
  • Return of DVAT TDS for quarter ending march : 15.05.2017

Other Updates:

  • RBI has introduced additional settlements in the NEFT system at half-hour intervals to enhance the efficiency of the system and add to customer convenience.
  • Vijaya Bank invites online application for empanellement of concurrent auditors from the CA firms which are on RBI panel. Last date 20.05.2017.
  • SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India.
  • NOC from Advocate to appoint new advocate not required as litigant has the absolute right to appoint an advocate of his choice and to terminate his services any time and for whatever reason. Karnataka Power Transmission Corp Ltd vs. M. Rajashekar (Karnataka High Court)

Quote of the Day:

“Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE May 11, 2017

Professional Update for the day:

RAJPUT JAIN AND ASSOCIATES  4

Direct Tax:

  • ITAT Hyderabad has held that Mobilisation/ trade advance has been wrongly treated as trade receivable. It is not to be subjected to TP. It cannot be re-characterised as receivables. Moreover, advances given as part of contract work does not require any special addition, when the TPO was already examined and held that the transaction relating to ‘work contract expenses’ are within the ALP during the year. [ DCIT Vs. M/s. Lanco Infratech Limited]
  • Time limitation for “initiation” of penalty proceedings under section 275(1)(c) of the Income Tax Act, starts from the date on which the AO wrote a letter recommending the issuance of the Show Cause Notice, and not from the date mentioned in the Show Cause Notice. Delhi High Court CIT v. Mahesh Wood Products Pvt. Ltd.
  • Generating profits out of publishing and selling of school text books can be treated as “Charitable purpose” and therefore, exemption under sections 11 and 12 of the Income Tax Act cannot be denied to the assesses-society. Delhi Bureau Of Text Books v. DIT(E), Delhi High Court.
  • The present Chairman of the CBDT Mr. Sushil Chandra got a one-year extension to continue in his post. He had taken over as chief of the Board on November 1 last year. 

Indirect Tax:

  • The case of the department is that the Cenvat credit on production or processing of goods is not liable to be paid by the job worker as service provider as the same was exempted under N/N. 8/05-ST dated 1-3-2005. It was held that from the combined reading of both the provisions of Section 93 and Section 5A of CEA, it is an option to the assesee in service tax whether to avail exemption notification or to pay service tax. [M/s V.N.S Industries Pvt. Ltd. Vs Commissioner of Central Excise]
  • Excise & Custom: Commissioner (Appeals) cannot entertain an appeal, namely, hear and decide it unless pre-deposit is made, he cannot insist upon payment of pre-deposit as a condition precedent for filing an appeal. [2017] 81 taxmann.com 37 (Gujarat) 

GST Updates:

  • Under GST Inter-state supplies to Consumers up to Rs. 2.50 lacs made directly & through e-commerce portal to be shown separately in GSTR-1.
  • Goa Goods and Service Tax (GST) Bill 2017 will come into force from July onwards. The bill was unanimously passed in the Goa assembly amid projections of an increase in revenue between Rs 600 to Rs 1,000 crore.

FAQ on GST

Kindly clarify under what circumstances can a special order of exemption from tax under GST be issued?

Answer: Section 10(2) of Model GST law provides that the Central or State governments under circumstances of an exceptional nature, on the recommendation of the GST Council, by special order, exempt the levy of tax on goods and/or services on which tax is otherwise leviable. The circumstances of exceptional nature would need to be mentioned in the special order of the government.

Key dates:

  • Return of non – SSI assesses for april : 10.05.2017
  • Return by units paying duty > 1 crore (CENVAT + PLA) for April : 10.05.2017
  • Advance information for 2nd fortnight of may of functions with booking cost > Rs 1 lakh in banquet halls, hotels, etc. in delhi : 12.05.2017
  • E-payment of PF for April : 15.05.2017
  • Deposit of DVAT TDS for April : 15.05.2017
  • TCS returns by all collectors : 15.05.2017
  • Return of DVAT TDS for quarter ending march : 15.05.2017

Quote of the Day:

“Style is the reflection of your attitude and your personality.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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