Corporate and Professional updates on 26th February 2019

Indirect Tax Updates:

FAQ’s On GST:

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Ques. Are services supplied without consideration to a recipient other than ‘related party’ / ‘distinct person’ taxable?

Ans.   Section 7 of the CGST Act, 2017 read with Schedule I thereto provides that services supplied without consideration to related persons or distinct persons only would qualify as ‘supply’. Also import of services by bank from a related person or from any of its establishments outside India in the course or furtherance of business will be supply even if imported without consideration. Therefore, where the services are supplied by a supplier without consideration to an unrelated recipient or a person other than a related or distinct person, the same would not amount to supply and not liable to GST.

Ques. Can value of services be enhanced by invoking the CGST Rules in case of services provided by banks at a concessional / differential rate to a recipient other than ‘related party’ / ‘distinct person’?

Ans. Banks provide various services to customers for a charge. However, at times, account holders / customers are provided services free or at a concessional / differential rate. The free or concessional / differential rate is offered considering factors such as credit rating and stability of the customer, size of relationship, expected future business or the opportunity presented in the market elsewhere etc. As a result, the charges for the same service may differ from customer to customer. Such services provided to persons who are not related persons will be taxable on the transaction value, that is, the value of the services charged or recovered from the customers or account holders as per section 15 of the CGST Act, 2017. Thus, in case of services provided at a concessional / differential rate to a recipient other than ‘related party’ / ‘distinct person’, there is no requirement for enhancing the value of services by invoking the CGST Rules, 2017.

Ques. In the case of Banks which are not availing the reversal of ITC at 50%, how should inter-branch services be valued where open market value of services of like kind and quality is not available?

Ans. In such cases, banks can adopt any reasonable basis consistent with Rule 30 and 31 of the CGST Rules, 2017.

Indian GDP:

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  • In Third Quarter the GDP growth rate is likely to further decelerate the current financial year, as compared to the first two quarters. Economists with independent agencies have pegged it at 6.7-6.9% against 8.2% for the first quarter and 7.1% for the sec­ond. Only EY India pegged it at 7.3-7.4%. The growth rate, along with the second advance estimates for FY19, is set to be released by the Central Statistics Office on Thursday.
  • Most economists also projected the entire FY19 GDP growth rate at 7.2%, the same as the first advance estimates. This was despite the fact that 2017-18 GDP growth rate was revised from 6.7% to 7.2%, which could have a dampening impact on the growth numbers for the current financial year. For instance, SBI group Chief Economist Soumya Kanti Ghosh said the new number for 2017-18 would have pulled down GDP growth rate to 5.9% for FY19. However, he said the GDP deflator (a technical name for the inflation rate in the GDP series), which stood at 4.1% in the first advance estimates, could be revised downwards by 50 basis points, pushing the growth rate close to 7.2% for FY19.

Other Updates:

  • Britannia to replace HPCL on Nifty50 in stock reshuffle.
  • SBI Research pegs Q3 GDP at 6.6-6.7%.
  • India lacks good economic, jobs data.
  • Adani wins bids to operate 5 AAI airports for 50 years.
  • MFI loan book growth hits 43% at Rs 1.66 trn in Q3.
  • Regulations against every telco except Jio.
  • 2 cr jobs created in 16 months to Dec 2018.
  • A/cs of IL&FS and its subsidiaries will not be declared NPA for now: NCLAT.
  • GMR wins bid for Andhra’s Greenfield Bhogapuram Int’l Airport Project.
  • EID Parry in talks with Indian Oil to start Compressed Biogas production.
  • Etihad conditions may delay debt-laden Jet Airways resolution plan.
  • Steel cos set to hike price for third time this month.
  • New EPF subscribers’ monthly count hits a 16-month low in Dec.
  • Rabi sowing closes with record rice acreage of 49 lakh hectares.
  • Lupin gets USFDA nod for anti-inflammatory drug.
  • Thomas Cook India buys 51% stake in Digiphoto.
  • Shilpa Medicare gets USFDA nod for cancer drug.
  • Bharti Airtel board to meet on 28 February to consider fundraising plans.
  • RBI extends KYC compliance norms by six months.
  • India’s foreign direct investment inflows fall amid pre-election uncertainty.
  • EPFO begins survey to assess quantum of fund parked in IL&FS bonds.
  • Copper near 8-month high on deferred US tariff hikes.
  • Funding, regulatory process haunts life sciences and healthcare startups.
  • Proceed against Malvinder, Shivinder for Rs 472 crore fraud.
  • Exporters group calls for providing export sops to more products.
  • Real estate defaults could trigger next crisis for struggling Indian NBFCs.
  • Sugar production may exceed demand of 26 MT in SS 18-19.
  • Rupee strengthens by 17 paise against US dollar on easing trade war concerns.
  • Insurers too got stuck in securitised debt deals.
  • Goods and services exports to cross USD 500 bn this fiscal.

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 25th February 2019

Indirect tax Updates:

GST updates:

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  • A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the credits get transferred to the cash ledger and can be used for making GST payments.
  • A taxpayer can file an appeal against an order passed by an appellate authority or against an advanced ruling by an appellate authority on the GST portal. He even has the option to file an application with the appellate authority in the case of rectification of a mistake in order passed.
  • For affordable housing GST rate reduced from 8% to 1% & for other housing from 12% to 5%.
  • Definition of affordable housing: 90 sq. Meter for non-metro & 60 sq. meter. For metro area.  Cap on Cost of house to be qualified as affordable kept at Rs 45 Lakh for both non-metro and metro areas.
  • A GST registration number can be obtained without the same. New businesses who are in the process of obtaining bank accounts can simultaneously proceed with GST registration, thus saving time.
  • Claiming of ITC and amendment of B2B invoices of 17-18 are re-opened up till March 2019.
  • Users can now amend B2B invoices of FY 2017-18. The facility to amend the GSTR-1 details of FY 17-18 was closed on filing the September 2018 return. The same has been made available while filing returns for the months of January to March 2019. Input tax credit of FY 2017-18 that was omitted and hence unclaimed up till September 2018 can be claimed now up to March 2019 as well. This was a much-needed remedy for taxpayers who made errors reporting any invoice in the past, or previously missed out claiming genuine credit.
  • For composition taxpayers, there is a simpler way to reply to show cause notices(SCN) now. This is in the case of a show cause notice being issued for compulsory withdrawal from the composition scheme, and if proceedings are initiated against the composition taxpayer, he now has the option to reply to show cause notices on the portal.

E-way Bill Updates:

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  • E-way bill data can be imported for GSTR-1.
  • The E-way bill (EWB) and the GST portal has now been integrated. The same gets automatically imported for the B2B and B2C (large) invoices sections as well as the HSN-wise-summary of outward supplies section. Users only need to verify the data and proceed.

Other Updates:

  • Saudi Arabia to make India regional hub for oil supply
  • Assured return scheme for NPS subscribers proposed
  • REC needs nod from at least 50% lenders for PFC deal
  • India to be 2nd-largest 5G market in 10 yrs.
  • 3-4 more banks to come out of RBI’s PCA framework
  • Warren Buffett’s firm reports $25 bn. Q4 loss
  • May postpones vote on Brexit deal until March 12
  • SBI considers moving NCLT for insolvency proceedings against Jet Airways
  • Blackstone, Embassy to launch India’s first real estate investment trust
  • Tata Steel, JSW Steel are key beneficiaries of the rise in steel demand
  • Raymond revamps supply chain, weighs on digital tools for more efficiency
  • Bharti Airtel set to conduct trial of Nokia’s 5G-ready telecom gear
  • JNPT SEZ to bid out 300 acres to manufacturing companies
  • India’s financial condition looking up, says CII-IBA
  • Boards of companies should assert ethical conduct: CII
  • 347 infra projects show cost overruns worth over Rs 3.2 lakh cr.
  • Hindustan National Glass to raise 1,800 cr. to pare debt
  • Uber in talks to sell India food delivery business
  • KKR, Black Rock set to invest in Adnoc pipeline unit
  • Afghanistan launches new export route to India through Iran
  • Wipro shareholders approve bonus issue, increase in authorised share capital
  • Seven of top 10 Indian companies lose₹67,980 crore in m-cap, TCS worst hit
  • RIL preparing to list Reliance Retail soon
  • US-China talks Superpowers haggling over currency pact
  • Lack of big-ticket deals drive down PE/VC investments in January 2019
  • Swiggy in talks to buy Uber Eats India, deal expected to be sealed soon
  • Singapore largest FDI source, leaves Mauritius far behind
  • PNGRB rejects HPCL review petition on ATF pipeline
  • FPIs sell blue-chips take away Rs 30K cr.
  • Foreign portfolio investors pull out over Rs 1,900 cr. from debt market in Feb
  • Unregulated Deposit Ordinance bans only Ponzi schemes not regulated deposits.

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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33rd GST Council Meeting Decision held on Feb 24, 2019

GST Council Meeting:

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  • Meeting adjourned from 20th Feb to 24th Feb 2019.
  • Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. “Housing for all by 2022” envisions that every citizen would have a house and the urban areas would be free of slums. There are reports of slowdown in the sector and low off-take of under-construction houses which needs to be addressed. To boost the residential segment of the real estate sector, following recommendations were made by the GST Council.
  • The GST council met on 20th February 2019 for a brief time to start with the discussions on real estate. However, considering that a meet via video conferencing cannot support the detailed discussion on issue crucial such as real estate taxation, the meeting was adjourned. No discussions were initiated on Lottery.
  • The GST Council also extended the GSTR-3B Due date for the month of January 2019 by two days to 22nd February 2019.
  • GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment. GST shall be levied at effective GST of 1% without ITC on affordable housing properties. The new rate shall become applicable from April 01, 2019.
  • Definition of affordable housing shall be: A residential house/flat of carpet area of up to 90 sq. meters in non-metropolitan cities/towns and 60 sq. meters in metropolitan cities having value up to Rs. 45 lakhs.
  • GST exemption on TDR/ JDA, long term lease FSI Intermediate tax on development right, such as TDR, JDA, lease FSI shall be exempted only for such residential property on which GST is payable. Details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose.
  • Details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose.
  • GST Council decided that the issue of tax rate on lottery needs further discussion in the GOM constituted in this regard. The decisions of the GST Council have been presented in this note in simple language for easy understanding.  The same would be given effect to through Gazette notifications/ circulars which alone shall have force of law.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Overview on Input Tax Credit

Input Tax Credit:

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What is Input Tax Credit:

The meaning of ITC can be easily understood when we take the words ‘input’ and ‘tax credit’. Inputs are materials or services that a manufacturer purchase in order to manufacture his product or services which is his output. Tax credit means the tax a producer was able to reduce while paying his tax on output.

Input tax credit means that when a manufacturer pays the tax on his output, he can deduct the tax he previously paid on the input he purchased. Here, while paying the tax on his output, he can deduct or take credit for the tax he paid while purchasing inputs.

Example: An example will make things much clear. Suppose that a readymade garment firm buys polyester (input) from a supplier (of input) at Rs 100 and a CGST of Rs 10 is also has to be paid (CGST rate of 10%). The price of polyester input will be Rs 110.

Now the garment manufacturer sells the product at Rs 200 plus tax (means his value addition is Rs 100). Imagine that the GST rate of readymade shirt is 12%. Here, the manufacturer must pay a tax of Rs 24. But he has previously paid a tax of Rs 10 while purchasing the input of polyester. Hence, he can claim this Rs 10 and has to pay only the remaining Rs 14 (of the total Rs 24). The Rs 10 that the manufacturer claimed is the input tax credit.

How to calculate Input Tax Credit:

consider how to calculate Input Tax Credit:

Suppose you have a business. The service or product you sell attracts a tax of 18%. You use input services or goods during your business. The tax due from you (of 18%) can be adjusted to the taxes paid already by you on the purchase of such inputs. The manufacturers add taxes only for the value addition done and not on the total product value.

A steel utensils manufacturer who manufactures utensils like spoons, plates, etc. Assume that the manufacturer had bought an INR 500 worth of raw steel to make a pressure cooker and INR 100 worth other raw materials. Let’s assume that the GST for steel is 18%. Also, assume that the GST he paid is 28% of other raw materials.

Hence, the manufacturer has paid Rs. 28 on other raw materials and Rs. 90 on raw steel which he used as inputs.

So, the total input tax paid was INR 118 by the manufacturer.

Now, after considering the cost of manufacturing steel pressure cooker using the raw materials and including a decent profit, he decided to sell the pressure cooker to a distributor at INR 800 + GST.

Assume that the steel utensil attracts a GST of 18%.

Now the tax on it will be INR 144. So the manufacturer will invoice the pressure cooker for INR 944.

Hence, the manufacturer is collecting INR 144 as GST on sale from the distributor. The manufacturer had paid INR 118 towards GST during the purchase of his input raw materials. Hence, out of INR 144 of GST, the manufacturer can now claim a credit of INR 118 which he already paid towards GST for inputs and deposit the difference of INR 26 with the government.

This tax credit is available at all succeeding stages, retailers and distributors charge GST and can claim the Input Tax Credit.

How to claim Input Tax Credit (ITC):

The following conditions have to be met to be entitled to Input Tax Credit under the GST scheme:

  1. One must be a registered taxable person.
  2. One can claim Input Tax Credit only if the goods and services received is used for business purposes.
  3. Input Tax Credit can be claimed on exports/zero-rated supplies and are taxable.
  4. For a registered taxable person, if the constitution changes due to merger, sale or transfer of business, then the Input Tax Credit which is unused shall be transferred to the merged, sold or transferred business.
  5. One can credit the Input Tax Credit in his Electronic Credit Ledger in a provisional manner on the common portal as prescribed in model GST law.
  6. Supporting documents – debit note, tax invoice, supplementary invoice, are needed to claim the Input Tax Credit.
  7. If there is an actual receipt of goods and services, an Input Tax Credit can be claimed.
  8. The Input Tax should be paid through Electronic Credit/Cash ledger.
  9. All GST returns such as GST-1, 2,3, 6, and 7 needs to be filed.

How Input Tax Works Under GST:

Suppose Mr. A is a seller. He sells goods to Mr. B. The buyer Mr. B is now eligible to claim the purchase credit using his purchase invoices.

This is how it works:

  1. A uploads all his tax invoices details as issued in GSTR-1.
  2. The details uploaded by Mr. A is automatically populated or reflected in GSTR-2A.
  3. The details of the sale are then accepted and acknowledged for by Mr. B, and subsequently, the purchase tax is credited to Mr. B’s ‘Electronic Credit ‘ He can use this to adjust it later for future output tax liability and receive a refund.

How to utilize the Input tax credit?

In GST we have three types of taxes CGST, IGST, and SGST/UTGST.
For the inter-state supply of goods/ services, IGST is charged.
And for the intra-state supply of goods/services CGST and SGST/UTGST are charged.

While making payment for the above taxes, input tax credit will be allowed in the following manner-

Credit 1st to be utilized for payment of Balance if any
CGST CGST IGST
IGST IGST CGST and then SGST

/UTGST

SGST/UTGST SGST/UTGST  IGST

The documents and forms required to claim Input Tax Credit:

Each applicant will require the following documents to claim Input Tax Credit under GST:

  1. Supplier issued invoice for supplying the services and goods or both according to GST law.
  2. A debit note issued by the supplier to the recipient in case of tax payable or taxable value as specified in the invoice is less than the tax payable or taxable value on such supplies.
  3. Bill of entry.
  4. A credit note or invoice which is to be issued by the ISD (Input Service Distributor) according to the GST invoice rules.
  5. An invoice issued like the bill of supply under certain situations instead of the tax invoice. If the amount is lesser than INR 200 or in conditions where the reverse charges are applicable according to the GST law.
  6. A supplier issued a bill of supply for goods and services or both as per the GST invoice rules.

The above documents prepared as per the GST invoice rules should be furnished while filing the GSTR-2 form. Failure to present these forms can lead to either rejection or resubmission of the request.

For taxes paid on goods and services or both due to any fraud or due to order for the demand raised, suppression of facts or wilful misstatement, Input Tax Credit cannot be claimed.

Since input credit will be available to the seller at each stage, the input tax credit is expected to bring down the overall taxes charged on the product at present. So, if input credit mechanism works efficiently, final consumers may see the cost reduction.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

 

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Overview on Assessment under GST

Assessment under GST Act

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Assessment

Section 2(11) of CGST Act defines assessment as determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment.

Types of Assessment under GST

The different types of assessment under GST are as under:

  • Section 59 – Self assessment of taxes payable
  • Section 60 – Provisional assessment
  • Section 61 – Scrutiny of tax returns filed by registered taxable persons
  • Section 62 – Assessment of registered taxable person who have failed to file the tax returns
  • Section 63 – Assessment of unregistered persons
  • Section 64 – Summary assessment in certain special cases

Section 59 – Self Assessment

The taxable person is required to pay tax on the basis of self-assessment done by himself. Hence, all GST return filings are based on self-assessment by the taxpayer.

In this regard, a provision of Section 59 of the GST Act is reproduced hereunder:

“Every registered person shall self-assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39.”

Section 60 – Provisional Assessment

Provisional assessment can be conducted for a taxable person when the taxpayer is unable to determine the value of goods or service or both or determine the rate of tax applicable thereto.

Procedure for Provisional Assessment

Step 1: The taxable person has to give, the concerned GST officer, a request for provisional assessment in writing.

Step 2: The GST officer on reviewing the application, will pass an order, within a period not later than ninety days from the date of receipt of the request, allowing payment of tax on provisional basis or at a GST rate or on such value as specified by him.

Step 3: The taxable person, who is making payment on provisional basis, has to issue a bond with a security promising to pay the difference between provisionally assessed tax and final assessed tax.

Step 4: The GST officer will pass final assessment, with a period not exceeding six months from the date of communication of order of provisional payment.

Interest Payable for Provisional Assessment

In case, after final assessment, the tax is held payable i.e. taxable person is held liable to pay more tax than tax paid at the time of provisional assessment, in such case, the taxable person will be liable to pay interest on such tax payment. Interest would be calculated from the actual due date of tax (please note original due date should be considered and not provisional tax payment date) till the date of actual payment of tax. The interest calculation position will remain same, even if the payment of tax is done before or after final assessment.

Refund under Provisional Assessment

In case of refund, interest will be paid on such refund as provided under section 56.

Section 61 – Scrutiny Assessment

GST Officers can scrutinize a GST return and related particulars furnished by the registered person to verify the correctness of the return. This is called a scrutiny assessment. In case there is any discrepancies noticed by the officer, he/she would inform the same to the registered person and seek his explanation on the same. On the basis of the explanation received from the registered person, the officer can take following action:

  • If the explanation provided is satisfactory, the officer will inform about the same to the registered person and no further action will be taken in this regard.
  • If the explanation provided is not satisfactory or the registered person has failed to take corrective measures after accepting the discrepancies, the proper officer will initiate appropriate action like conducting audit of registered person, conducting special audit, inspect and search the place of business of registered person, or initiate demand and recovery provisions.

Section 62 – Failure to File GST Return – Best Judgement Assessment

When a registered person fails to furnish the required returns, even after service of notice under Section 46 an assessment would be conduced by the GST Officer. In such cases, the GST officer would proceed to assess the tax liability of the taxpayer to the best of his judgement taking into account all the relevant material which is available or which he has gathered and issue an assessment order within a period of five years from the date for furnishing of the annual return for the financial year to which the tax not paid relates.

On receipt of the said assessment order, if the registered person furnishes a valid return within a period of 30 days from the date of issuance of assessment order, then in such case, the assessment order would deemed to have withdrawn. However, the registered person will be liable to pay interest under Section 50 (1) and/or liable to pay late fee under Section 47.

Section 63 – Assessment of Unregistered Person – Best Judgement

When a taxable person fails to obtain GST registration even though liable to do so or whose registration has been cancelled under section 29 (2) but who was liable to pay tax, the GST officer can proceed to assess the tax liability of such taxable person to the best of his judgment for the relevant tax periods and issue an assessment order within a period of five years from the date specified under section 44 for furnishing of the annual return for the financial year to which the tax not paid relates.

Section 64 – Summary Assessment

A GST Officer can on any evidence showing a tax liability of a person coming to his notice, proceed to assess the tax liability of such person to protect the interest of revenue and issue an assessment order, if he has sufficient grounds to believe that any delay in doing so may adversely affect the interest of revenue. In order to undertake assessment under section 64, the proper officer is required to obtain previous permission of additional commissioner or joint commissioner. Such an assessment is called summary assessment.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Overview on GST Advance Rulling

Advance Ruling

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What is Advance Ruling:

Advance ruling” means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in Section 97(2) or Section 100(1) of the CGST Act, in relation to the supply of goods or services or both proposed to be undertaken or being undertaken by the applicant.

“Applicant” means any person registered or desirous of obtaining registration.

Why is advance ruling under GST necessary:

The objective of any advance ruling, including under GST is to-

  1. Provide certainty for tax liability in advance in relation to a future activity to be undertaken by the applicant.
  2. Attract Foreign Direct Investment (FDI) – By clarifying taxation and showing a clear picture of the future tax liability of the FDI. The clarity and clean taxation will attract non-residents who do not want to get involved in messy tax disputes.
  3. Reduce litigation and costly legal disputes.
  4. Give decisions in a timely, transparent and inexpensive manner.
  5. Pronounce ruling expeditiously in a transparent and reasonable manner;
  6. Seeking advance ruling does not include much cost.
  7. Opportunity of personal hearing can be granted to applicant.

Significance of Advance Ruling

  • Helps the applicant in planning his activities which are liable for payment of GST, well in advance.
  • Determining the tax liability well in advance.
  • Binding on the applicant as well as Government authorities.
  • Avoiding long drawn and expensive litigation at a later date.
  • Seeking an advance ruling is inexpensive and the procedure is simple and expeditious.
  • Certainty and transparency to a taxpayer with respect to an issue which may potentially cause a dispute with the tax administration.

Constitution of ‘Authority for Advance Ruling:

CGST Act – The Authority for Advance Ruling constituted under the provisions of SGST Act or UTGST Act shall be deemed to be the Authority for Advance Ruling in respect of that State or Union Territory.

SGST Act - The State Government shall, by notification, constitute an Authority to be known as the Delhi State Authority for Advance Ruling. Provided that the Government may, on the recommendation of the Council, notify any Authority located in another State to act as the Authority for the State.

UTGST Act - The Central Government shall, by notification, constitute an Authority to  be known as the (name of the Union territory) Authority for Advance Ruling: Provided  that the Central Government may, on the recommendations of the Council, notify any  Authority located in any State or any other Union territory to act as the Authority for the  purposes of this Act.

The Authority shall consist of-

(i) one member from amongst the officers of central tax to be appointed by the Central Government; and

(ii) One member from amongst the officers of State tax to be appointed by the State Government.

  • The qualifications, the method of appointment of the members and the terms and conditions of their services shall be such as may be prescribed.
  • The Central Government and the State Government shall appoint officer of the rank of Joint Commissioner as member of the Authority of Advance Ruling.
  • Each State & UT will have its own Advance Ruling Authority.
  • The Authority will comprise one member CGST and one member SGST.
  • Such members will be of designation Joint Commissioner.

Application for Advance ruling – Sec 97

Advance Ruling can be sought for the following questions:

  • Classification of goods or services or both;
  • Applicability of a Notification;
  • Determination of time and value of supply of goods or services or both;
  • Admissibility of Input Tax Credit;
  • Determination of liability to pay tax on any goods or services or both;
  • Whether the applicant is required to be registered;
  • Whether any particular thing done by the applicant qualifies as ‘supply’ within the meaning of the term

Procedure of Filing Application

  • An Applicant desirous of obtaining an Advance Ruling may make an application in such form and manner and accompanied by such fee as may be prescribed.
  • An application for obtaining an advance ruling shall be made on the common portal in FORM GST ARA-01 and shall be accompanied by a fee of five thousand rupees, to be deposited in the manner specified in Section 49.
  • Payment of fees    can    be      made only   using electronic cash ledger. Electronic     credit ledger cannot be used for payment fee.

When can one request for GST Advance Ruling:

Any taxpayer can request for advance ruling when he is uncertain of the provisions. Advance tax ruling is applicable on –
(a) Classification of any goods and/or services under the Act
(b) Applicability of a notification which affects the rate of tax
(c) Determination of time and value of supply of goods/services
(d) Whether input tax credit paid (or deemed to be paid) will be allowed
(e) Determination of the liability to pay tax on any goods/services
(f) Whether the applicant has to be registered under GST
(g) Whether any particular thing done by the applicant regarding goods/services will result in a supply.

Process of Advance Ruling under GST

An advance ruling is first sent to Authority for Advance Ruling (Authority). Any person unhappy with the advance ruling can appeal to the Appellate Authority for Advance Ruling (Appellate Authority).

Process of Advance Ruling under GST

Forms

Application for Advance ruling has to be made in FORM GST ARA-01 along with Rs. 5,000.

Decision of the Authority

The Authority can by order, either admit or reject the application.

Will all applications be allowed:

The Authority will NOT admit the application when-
(b) The same matter has already been decided in an earlier case for the applicant
(c) The same matter is already pending in any proceedings for the applicant

Applications will be rejected only after giving an opportunity of being heard. Reasons for rejection shall be given in writing.

When will the authority give their decision:

Advance ruling decision will be given within 90 days from application.

If the members of the Authority differ in opinion on any point, they will refer the point to the Appellate Authority.

Advance Ruling will have prospective effect only.

On whom will the advance ruling apply:

The advance ruling will be binding only –
(a) On the applicant
(b) On the jurisdictional tax authorities in respect of the applicant.

If the law, facts of the original advance ruling change then the advance ruling will not apply.

Appeal to the Appellate Authority

If the applicant aggrieved by the advance ruling he can appeal to the Appellate Authority.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 22nd February 2019

Indirect tax Updates:

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  • GST Council meeting on February 20 remained inconclusive after Some State Finance Ministers sought a physical meeting as they felt an issue as crucial as a special scheme for Real Estate Sector should not be discussed through a video conference. The meeting will now take place in Delhi on February 24.

RBI Updates:

Image result for rbi d Pics

  • The Reserve Bank of India on Friday allowed bank exposures to all non-banking financial companies, excluding core investment companies, to be risk weighted according to the ratings assigned by the rating agencies. RBI had said it would consider this when it released its statement on developmental and regulatory policies on 7 February and is expected to facilitate the flow of credit to well-rated NBFCs.
  • Exposures on rated as well as unrated non-deposit taking systemically important NBFCs other than asset finance companies (AFCs), NBFCs–infrastructure finance companies (NBFCs-IFC), and NBFCs–infrastructure development funds (NBFCs-IDF), are uniformly risk weighted at 100%.
  • Exposures to AFCs, NBFCs – IFC, NBFCs–IDF and other NBFCs that are not NBFCND-SI are risk-weighted according to ratings assigned by the rating agencies accredited by RBI. Risk-weighted assets are used to determine the minimum amount of capital that must be held by banks and other institutions to reduce the risk of insolvency and the capital requirement is based on a risk assessment for each type of bank asset.
  • It has been decided that exposures to all NBFCs, excluding core investment companies will be risk weighted as per the ratings assigned by the rating agencies registered with Sebi and accredited by the Reserve Bank of India, in a manner similar to that of corporates.

MCA Updates:

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  • Initial MSME 1 within 30 days from date of availability of form on MCA portal.
  • One time DPT 3 within 90days from date of notifications i.e 20th April 2019.
  • E form Active (INC 22A) on or before 25th April 2019.
  • DIN 3KYC: on or before 30th April 2019.
  • MSME 1 (1st half) on or before 30th April 2019.
  • Annual DPT 3 on or before 30th June 2019.
  • Annual Filling AOC 4 on or before 30th October 2019.
  • MSME 1 (2nd half) on or before 30th October 2019.
  • Annual Return MGT 7 on or before 29th November 2019.
  • Late Fees of Rs. 10000 for newly notified e-form ACTIVE – MCA
  • MCA has notified vide ‘Companies Amendment Rules, 2019’ fees for filing of new notified e -form ACTIVE. Fees – Nil for filing till 25.04.2019 and Rs. 10000/- for Filing after 25.04.2019.

Other Updates:

  • Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1. Bank of Baroda said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the govt.
  • The Reserve Bank of India (RBI) on Friday allowed bank exposures to all non-banking financial companies (NBFCs), excluding core investment companies (CICs), to be risk weighted according to the ratings assigned by the rating agencies. RBI had said it would consider this when it released its statement on developmental and regulatory policies on 7 February and is expected to facilitate the flow of credit to well-rated NBFCs. Exposures on rated as well as unrated non-deposit taking systemically important NBFCs (NB F C-N D-S I), other than asset finance companies (AFCs), NBFCs–infrastructure finance companies (NBFCs-IFC), and NBFCs–infrastructure development funds (NBFCs-IDF), are uniformly risk weighted at 100%.
  • Exposures to AFCs, NBFCs – IFC, NBFCs–IDF and other NBFCs that are not NBFCND-SI are risk-weighted according to ratings assigned by the rating agencies accredited by RBI. Risk-weighted assets are used to determine the minimum amount of capital that must be held by banks and other institutions to reduce the risk of insolvency and the capital requirement is based on a risk assessment for each type of bank asset. “It has been decided that exposures to all NBFCs, excluding core investment companies will be risk weighted as per the ratings assigned by the rating agencies registered with Sebi and accredited by the Reserve Bank of India, in a manner similar to that of corporate.

Key Due dates:

  • Due Date of GSTR 3B has been Extended upto 22nd February 2019.

Quote of the Day:

My personal life is lived as ‘me,’ but my professional life is lived as other people. In other words, when I go to the office, I lie down, dream, and become ‘someone else.’ That’s my job.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 21st February 2019

Direct tax Updates:

Image result for HD pics On Income Tax

  • DIRECTORATE OF INCOME TAX (SYSTEM) issued Instruction No. 6 dt. 20-02-2019 regarding Processing of Return of AY 2017-18 and Issue of notice for prima facie adjustment under 143(1)(a).

Indirect tax Updates:

Image result for Hd pics On Indirect tax

  • GST Council adjourns meeting, to decide on lowering levy for real estate on Sunday
  • CBIC vide Notification No. 09/2019-CT dt. 20-02-2019 extended the last date of filing GSTR-3B for the month of January, 2019 up to 22.02.2019.

Other updates:

  • MCA Notification dated 19-02-2019 Central Government makes the following rules, further to amend the Companies Rules, 2014 and also to amend the Companies.
  • Supreme Court of India in the case of Ram Siromani Tripathi & Ors. Vs State of U.P. & Ors. Held that No adjournment on the ground of non-presence of counsel in court.
  • Non-filing of appeal changes character of protective additions to substantive additions.
  • DCIT Vs M/s Nirala Housing Pvt. Ltd.
  • Moody’s upgrades outlook on Yes Bank to stable.
  • IL&FS probe ED registers money laundering case.
  • India to remain fastest growing economy.
  • Case SC dismisses contempt plea against SBI
  • FDI during April-Dec 2018-19 falls 7% to $33.49 Billion.
  • Allahabad Bank, IOB’s stake sale in Universal Sompo General Insurance gathers pace
  • to infuse Rs 48,239 cr. in 12 PSBs Corporation Bank gets Rs 9,086 cr.
  • Saudi Aramco in talks with Reliance Industries, others to invest in oil.
  • FinMin expects bad loan recoveries to touch Rs 1.80 trillion in FY19.
  • France court orders UBS to pay $5.1 billion for Swiss accounts scandal.
  • Govt calls meeting next week on mandatory hallmarking of gold jewellery.
  • Supreme Court holds Anil Ambani guilty in Ericsson case.
  • Alembic Pharma gets USFDA nod for glaucoma drug.
  • IRDAI spells out draft norms of standard mediclaim policy.
  • Aviation industry is challenging, says Naresh Goyal.
  • Lite Bite Foods to buy 4 restaurant brands from Phoenix Mills Group arm.
  • Only Jio, BSNL add mobile users in Dec, Voda Idea lost maximum Coal India gets SEBI exemption for share buyback programme
  • EPFO likely to announce 8.55% interest on EPF for FY19
  • Tata Motors betting big on electric buses, hopeful demand will grow
  • Vodafone Idea eyes 100% network integration by June 2020
  • Mukesh Ambani’s RIL world’s 6th fastest growing retailer beats Jeff Bezos’ Amazon, Nike
  • World’s biggest mortgage-backed covered bond market sets another record
  • Maruti Suzuki, Hyundai rule list of top 10 cars sold in January
  • Sonalika Tractors’ exports soar 130% in January
  • Govt mulls additional petroleum reserves
  • Fine on benami can be up to 25 per cent of property rate
  • SBI writes of Rs 10,000 as bad loans; 19 PSBs totalling Rs 41,000 as bad loans
  • Sensex snaps 9-day losing run, rebounds over 400 points
  • TCS recognised as a global top employer.

Key Due dates:

  • Due Date of GSTR 3B has been Extended upto 22nd February 2019.

Quote of the day:

I have always said ‘yes’ to opportunities and experiences.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and professional Updates on 20th February 2019

Direct Tax Updates:

Image result for direct Tax hd pics'

  • The government announced a series of changes aimed at freeing investors and entrepreneurs from the so-called angel tax that’s roiled India’s startup ecosystem. It raised the exemption threshold and kept investments by listed companies of certain minimum size, venture capital funds and non-residents in startups outside the ambit of the tax.
  • A notification issued by the government also widened the definition of startups to benefit a larger number of innovators and protect them from the tax. An entity that has been in operation for up to 10 years from its date of incorporation or registration will be considered a startup instead of the current seven years.

Excluded Investors:

  • The investment limit was raised to Rs 25 crore from Rs10 crore now for availing of tax exemption. “Considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore.
  • The Rs 25 crore limit will exclude funds from certain sources. These include non-residents, Category 1 registered alternative investment funds and frequently-traded listed companies with a net worth of Rs 100 crore or turnover of at least Rs 250 crore. The development comes in the wake of startups having been served demands for taxes on angel funds received by them.

Tax Scrutiny:

  • The new norms don’t address cases in which tax demands have already been raised. “In cases where demand notices have been raised, we have directed the tax officers to not enforce recovery of demand.
  • The increase in investment limit to Rs 25 crore and self-declaration procedure with DPIIT are game changers for the startup fraternity.

Indirect Tax Updates:

Image result for hd [pics on GST

  • Compulsory mentioning of the Place of Supply in case of Interstate supply to Unregistered Person.
  • CBIC mandates the reporting of all inter-State supplies made to unregistered persons in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR-1.
  • The Central Board of Indirect Taxes & Customs in its Circular No. 89/08/2019-GST dated February 18, 2019 it shows that the registered persons making inter-State supplies to unregistered persons, composition taxable persons and UIN holders shall report the details of such supplies along with the place of supply of FORM GSTR-3B and the details of all inter-State supplies made to unregistered persons where the invoice value is up to Rs 2.5 lakhs are required to be reported in Table 7B of FORM GSTR-1 as mandated by the law.
  • Contravention of any of the provisions of the Act or the rules made there under attracts penal action under the provisions of section 125 of the CGST Act.

Other Updates:

  • RBI May launch exchange traded fund of PSU bank stocks next fiscal.
  • I-T for charging GST on logo use by subsidiaries.
  • Yes Bank denies any wrong-doing in making report public.
  • National electronics policy eyes 1 cr jobs.
  • Arcelor Mittal buys back shares worth $89 million.
  • Walmart Q4 profits jump 69.5% to $3.7 bn, top estimates.
  • Irdai asks all non-life insurers for a uniform standard health product.
  • WTO pegs global trade at 9-yr low; India exports may face repercussions.
  • Govt raises investment limit for angel tax concession to startups.
  • SIP closure ratio at 18-month high, Dec applications slip to 750,000.
  • Honda to close only UK factory, blames global trends.
  • Reliance Power promoter’s eye 2,500 cr from sale of 18% stake.
  • Vedanta says no revised bid for Essar Steel.
  • I-T dept raids Divi’s Lab premises.
  • Wheat output may cross 100 mt.
  • SEA in pact with Argentinian body to boost vegoil trade.
  • ABB bags 270 cr. orders from Railways.
  • reverts back to old system of awarding oil and gas blocks.
  • Cabinet clears promulgating fresh ordinance for company’s law amendments.
  • SC to pronounce order on Ericsson’s contempt plea against RCom chief Anil Ambani.
  • Jaypee Infra’s promoter makes second attempt to settle dues.
  • Bad loans: 19 PSBs write off nearly Rs 41,000 crore in Q3.
  • Insolvency process: Gaur offers to clear Jaypee Infra dues of Rs 8,358 crore.
  • Vedanta to file fresh writ in High Court Sterlite Copper row.
  • French aerospace firm Safran to have engine plant in Hyderabad.
  • JSW Cement to invest Rs 2,000cr to take capacity to 20mt by’20.
  • Sensex falls for 9th straight session, ends 146 points lower.
  • India’s fuel demand rose 6.4 per cent year-on-year in January.
  • Brent oil eases from 2019 highs as markets await trade talk’s outcome.
  • No PAN is required for transfer of equity shares of listed entities executed by non-residents to their Immediate Relatives.
  • Now INDIAN COMPANIES who are in CIRP process can use ECB to repay their rupee term Loan.

Key Due Dates:

  • Due dates of GSTR-3B (summary return of January) for the month of January 2019 is 20th February 2019.

Quote of the day:

“A professional is someone who can do his best work when he doesn’t feel like it.”

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates On 19th February 2019

Direct Tax Updates:

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Case Law On Income Tax:

  • Shrivardhan Mohta Vs. Union Of India

Prospective application of Black Money – the Act of 1961 does not impose a punishment of imprisonment while the Act of 2015 does. In such circumstances, it cannot be said that, the petitioner has been sought to be punished twice for the same offence – Calcutta High Court.

  • M/S. Vasan Healthcare P Ltd. Vs. The Additional CIT Central Range-2, Chennai

Penalty u/s 271D and 271E – If loan in cash is taken once or twice, in exceptional exigencies, may be a ground for interference, but when the fact remains that a lender not even licensed was illegally giving loans only in cash and accepting repayment in cash cannot be a ground for condonation of regular transaction with such unauthorised lender – Madras High Court.

  • DCIT, Circle 19 (1) New Delhi Vs. M/S Oxigen Services(P) Ltd.

Depreciation on POS terminals – assessee was entitled to the depreciation at 60% on the ground that the equipment was akin to a computer – ITAT Delhi.

  • M/S. Jaya Permai Enterprise(India) Pvt. Ltd. Vs.ITO, Ward- 15 (2) (2) Mumbai

Levy of penalty levied u/s 271(1)(c) – disallowance under section 40(a)(ia), does not amount to concealment of income – No penalty – ITAT Mumbai.

Indirect Tax Updates:

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  • Two new features in the Official Website including System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1.
  • The Directorate General of Goods and Services Tax Intelligence has unearthed a fraud worth a whopping Rs 1,000 Crore in the state of Chhattisgarh. The GST officials said that such traders are on their radar and the GST intelligence department is keeping a close tab on the tax evaders.
  • GOM panel set up to Review Tax Rate on lottery favours a uniform GST rate of either 18% or 28%– a final call on which would be taken by the GST Council at its meeting on February 20. Currently, a State-Organised Lottery attracts 12% GST while a State-Authorised Lottery attracts 28% tax.
  • CBIC issues Clarification regarding tax payment made for Supply of Warehoused Goods while being deposited in a Customs Bonded Warehouse for the period July, 2017 to March, 2018.
  • CBIC vide it’s Circular No:89 dated 18th February 2019 seeks to clarify situations of mentioning details of inter-State supplies made to unregistered persons in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR-1.

RBI Updates:

Image result for rbi hd pics

  • The Reserve Bank of Indiawill pay Rs.28,000 crore as interim dividend to the government, which will help the Centre meet its revised budget estimates that include an allocation for the first ever income transfer to farmers and burnish its fiscal credentials ahead of the general elections.
  • RBI in its Board Meeting on February 18 decides to transfer Rs 28,000 Crore as Interim Dividend to the Govt for the period of July to December 2018. The interim surplus has been decided after a limited Audit Review and after applying the Economic Capital Framework.
  • RBI Governor Shaktikanta Das will meet top officials of state-run banks and Private Sector Lenders later this month to discuss the issue of transmission of the RBI’s rate cut move to the wider economy.
  • RBI will inject Rs 12,500 Crore into the system through Purchase of Government Securities on Thursday which is Feb 21 to increase liquidity. The purchase will be made through Open Market Operations.

Key Due Dates:

  • Due dates of GSTR-3B (summary return of January)for the month of January 2019 is 20th February 2019.

Quote of the day:

It’s NOT the job you DO It’s HOW you DO the job.”

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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