Direct Tax :
- Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue’s capital expenditure plea for non-compete fees paid by assessee-company (a television broadcasting co.) to one of its directors for not competing with assessee’s business for 5 years; Though HC acknowledges that the doctrine of enduring benefit is on the wane for determining whether an expenditure is capital or not, it observes that “… the assessee has not acquired any new business, profit making apparatus has remained the same, the assets used to run the business remained the same and there is no new business or no new source of income, which accrue to the assessee on account of its payment”;[TS-429-HC-2018(MAD)]
- Madras HC (Division Bench) upholds Single Judge’s order dismissing assessee’s writ against DRP order & AO’s final assessment order for AY 2012-13 citing alternate remedy before CIT(A); Notes that DRP rejected assessee’s objections against AO’s draft assessment order on the ground of limitation (citing 1 day delay in filing) on the basis that DRP had no power and/or authority and/or jurisdiction to condone the delay in filing the objection;[TS-759-HC-2018(MAD) -TP]
- India could consider offering a one-time settlement to clear legacy central excise duty and VAT issues to ensure they do not linger and act as a drag in the GST regime.
- Incentives on digital payments-customers making payments through Rupay card and BHIM UPI, would get a cash back of 20 per cent of the total GST amount, subject to a maximum limit of Rs 100,
FAQ on GST :
- Query: What are the prescribed offences under CGST/SGST Act?
- Answer:The CGST/SGST Act codifiesthe offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty prescribed under section 10 for availing compounding by a taxable person who is not eligible for it.
- MCA has revised the version of the eForm ADT-1 (Information to the Registrar by Company for appointment of Auditor) and Form DIR – 3KYC (Application for KYC of Directors),
- RBI has added some gold to its reserves. the central bank bought 2.5 tonnes in March, following a fractional 0.3-tonne addition in December. These increases are the first since November 2009 when it bought 200 tonnes from IMF.
- DGFT has issued a Trade Notice stating that Activation of E-com module for applying for SEIS, based on ANF 3B shall be effective from 01-09-2018.
KEY DUE DATES
- GSTR-3B (JULY 2018)-AUG 20th, 2018
- GSTR-5 (JULY 2018)-AUG 20th, 2018
- GSTR-6 (JULY 17 – AUG’18)- SEP 30TH, 2018
- GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018
- GSTR-5A (JULY 2018)-AUG 20th, 2018
- Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 10TH, 2018.
- Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(july 2018)-Aug 10th 2018
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