corporate and professional updates 12th oct 2018

Image result for corporate and professional updatesDIRECT TAX

  • CBDT lays down the functionality for processing of Returns having Refund Claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons.
  • Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during original assessment is invalid. Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court)

Indirect Tax:

  • CBEC has amend the Central Goods and Services Tax Rules, 2017. These rules may be called the Central Goods and Services Tax (Eleventh Amendment) Rules, 2018 which shall be deemed to have come into force with effect from the 23rd October, 2017. Vide notification no 53/2018, dated 9th October 2018.
  • CBIC amends Rule 96, refund of integrated tax paid on goods or services exported out of India: Notification No. 53/2018 – Central Tax dated 9th October 2018.
  • CBEC has clarified that both the state and central authorities handling the goods and services tax have enforcement powers over all assessees in a state, triggering fears that the industry may get caught in a crossfire between the two.
  • National anti-profiteering authority (NAA) orders to Companies or dealers may have to cut prices of each stock keeping unit (SKU) of their products to pass on the benefits of any lower GST rate. in a case related to a Maggi noodles (Nestle’s) dealer.
  • CBIC clarifies that both the State and Central Authorities handling the GST have Enforcement Powers over All Assessee in a State. Both the Central Tax and State Tax Authorities are allowed to Initiate Intelligence-Based Enforcement Action on the entire taxpayer base, irrespective of the administrative assignment of the taxpayers to any authority.
  • The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) is conducting an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of  sub-rule (1) of Rule 83 of Central Goods and Service Tax Rules, 2017. Such GSTPs are required to pass the examination before 31 December, 2018. The examination will be held on 31.10.2018 from 1100 hrs to 1330 hrs at designated examination centers across India. In this matter kindly refer Press Release dated 17 September 2018.The registration for this exam by the eligible GSTPs has already started on 25 September, 2018.

FAQ on GST Audit:

  • Query:What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration?
  • Answer:Section 63 of CGST/SGST Act provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from the due date for furnishing the annual return for the financial year to which non-payment of tax relates.


  • SEBI has allowed eligible foreign entities including stock exchanges to hold 15 per cent stake in depository participants in India. Earlier, foreign players were allowed to hold 15 per cent in domestic stock exchanges but none of them have scaled up their holdings to that mark so far as India’s exchange space is considered heavily regulated


  • CCI amends its regulations to make it easier for corporations to Secure Approvals for Mergers and Acquisitions (M&A). It allows companies to Voluntarily Divest Assets for M&A Approvals.
  • ICAI releases Exposure Draft on Accounting Standard (AS) 40:  Investment Property, which is slightly different from the Indian Accounting Standards (Ind-AS) of the Ministry of Corporate Affairs (MCA).The stakeholders can submit their comments on or before 10th November 2018
  • ICAI has made it mandatory for its members to get a unique document identification number, or UDIN, a move to identify and weed out fake chartered accountants. From January 1, 2019, all paperwork for clients will need to show UDIN of the CA.
  • As per Govt. Sources, IL&FS will be New Audit Watchdog NFRA’s First Test Case. Set up recently, NFRA has the powers to launch a Sue Moto Investigation on Suspected Accounting Irregularities. It is also empowered to penalize Chartered Accountants and Audit Firms
  • With an aim to deepen the Commodity Derivatives Market, SEBI allows trading in this segment by Foreign Entities with exposure to the Indian Physical Commodity Market.


October 2018 Due Dates:

  • 14th October- ADT 1 for Appointment of Auditor
  • 15th October- TCS Return for Jul to Sep 2018
  • – Tax Audit & ITR for FY 2017-18
  • 18th October- GSTR 4 for Composition Dealer for Jul 2017 to Sep 2018
  • 20th October- GSTR 3B – Sep 2018 Month
  • 30th October- AOC 4 for FY 2017-18
  • 31st October- GSTR 1 for July 2017 to Sep 2018
  • 31st Oct- TDS Return for Jul to Sep 2018


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 decisions do consult your Professional / tax advisor. For 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 & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at any query you can write to Hope the information will assist you in your Professional endeavors. For query or help, contact: or call at 09811322785/4 9555 5555 480)