CORPORATE AND PROFESSIONAL UPDATE SEPT 20, 2016

Professional Update For the Day:

29

DIRECT TAX:

CBEC has issued a clarification regarding supply of goods manufactured by EOUs without payment of central excise duty against advance licence/authorisation vide circular No. 1046/34/2016-CX  dated on 16/09/2016.

CBDT’s reiteration of maintaining strict confidentiality of the declarant and the declaration so made vide its press release dated 15-09-2016.

CBDT clarifies on last date to avail Direct Tax Dispute Resolution Scheme, 2016, to be 31st December, 2016.

CBDT has issued a office memorandum vide F. No. 225/233/2016-ITA II dated 15/09/2016 that the last date for making declaration under the Income Declaration Scheme 2016 is 30th September ,2016 hence the declaration can be filed till the midnight of the day.

ITAT Mumbai in the below case held that deduction will be allowed Where assessee is carrying out CGS activities which is nothing but infrastructure facility as defined under section 80IA(4).( ACIT-2 (1) , Mumbai Vs. Ameya Logistics P Ltd, Mumbai and Ameya Logistics P Ltd Vs. ACIT -2 (1) , Mumbai)

 

Indirect Tax:

 

CBEC seeks to amend Form ARE-2 vide Notification No. 44/2016 dated 16/09/2016.

Cbec has issued a clarification regarding rebate of duties paid on raw materials used in manufacture or processing of export of goods and admissibility of dutydraw back in such cases vide circular No. 1047/35/2016-CX  dated on 16/09/2016.

MVAT rate has been increased wef. From 17/09/2016, under schedule C except declared goods from 5.5% to 6% and under schedule E from 12.5% to 13.5% [Notification no, VAT.1516/CR-31/Taxation-1].

MCA has released the revised the versions of e-Forms –

FORM NAMES PARTICULAR
Form CRA-2 Form of intimation of appointment of cost auditor by the company to Central Government
Form CRA-4 Form for filing Cost Audit Report with the Central Government
Form SH-8 Letter of offer for Buy-Back
Form CHG-4 Form for Satisfaction of Charge thereof
Form MR-2 Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or overpayment to managing director or whole-time director or manager and commission or remuneration to directors

The revised forms will be available on the portal on the portal w.e.f 22nd September, 2016 of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

MCA has released the revised the versions of e-Forms – Form CRA-2, Form CRA-4, Form SH-8,  Form CHG-4, Form MR-2. The revised forms will be available on the portal on the portal w.e.f 22nd September, 2016 of MCA. 

GST UPDATES  

GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000 & not  by Book Entry/Adjustment or Debit to Export Scrips.

GST Abatement for crucial services e.g. life or medical insurance expected to avoid significant increase in overall burden on consumers.

Under GST By Oct end, GSTIN & Passwords to be issued to exisiting Assessees who will have to update Address, Names of Owners / Directors etc & Bank details.

Under GST apply for registration in 30 days from becoming liable, to claim ITC of inputs in stock  on  date preceding  date of liability.

RBI & SEBI UPDATE

SEBI made Unique Client Code (UCC) and Permanent Account Number (PAN) mandatory for all the persons transacting on commodity exchanges.

Key Dates:

Return of TDS for June quarter in DVAT-48- 19/09/2016

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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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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

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