CORPORATE AND PROFESSIONAL UPDATE 14 Sep 2017

Direct Tax

1.Gov.has now set its sights on overhauling the 56-year-old direct taxes law covering income and corporation taxas it seeks to make the Indian regime more contemporary and tailor it to current requirements.

2.Madras HC confirms ITAT order, holds that commission paid by assessee-individual (engaged in garments exports) to an Indian agent on behalf of the foreign entity is taxable in India, confirms Sec. 40(a)(i) disallowance for AY 2002-03. [TS-390-HC-2017(MAD)]

3.ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)

Indirect Tax

CBEC extends the time limit for furnishing the details or return, as the case may be, under section 37(1), 38(2) and section 39(1) of the said Act, as specified in column (2) of the Table for the month of July, 2017,for such class of taxable persons or registered persons, as the case may be, as specified in the corresponding entry in column (3) of the Table till the time period as specified in the corresponding entry in column (4) of the Table. Vide notification no 30/2017, dated 11th September 2017.

GST Update

1.Govt. has now set its sights on overhauling the 56-year-old direct taxes law covering income and  as it seeks to make the Indian regime more contemporary and tailor it to current requirements.

2.Jewellery sales have declined by around 50 per cent over the past four weeks, due to consumers’ deferring of orders amid fear of future action against them under the Prevention of Money Laundering Act.

3.GST @5% on GTA Service will be paid by Service Receiver under RCM. Service Receiver can take full credit of GST so Paid on GTA. GTA can opt for 12% GST with ITC or 5% GST with no ITC.

4.It has come to our knowledge that Govt. of India decides to extend the dates of Forms GSTR 1, GSTR-2 and GSTR-3 for the month of July to 20th, 25th and 30th September 2017 respectively. Dates for August Returns extended to 5th, 10th and 15th October respectively. Official notification is awaited.

Others Updates

1.Jewellery sales have declined by around 50 per cent over the past four weeks, due to consumers’ deferring of orders amid fear of future action against them under the Prevention of Money Laundering Act.

2.The Central Government delegates powers to Regional Directors to make representations in case of Reduction of Share Capital by the Company.

Key dates:

1.Payment of TDS and filling of return of GST TDS for  15.9.2017

Quotes of the Day:

1.No matter how many times “teeth bites the tongue”​ ​They still “stay and work together”. That’s the “spirit of forgiveness and relationship.

2.Education is not the name of any degree or certificate that can be shown to others as a proof.  But education is the name of our behavior, attitude, actions, language and personality with others in real life.

FAQ on GST:

Query: How will transfer of credit on account of sale, merger, amalgamation etc be effected?

Answer: The registered person is required to furnish the details of sale, merger, amalgamation, de-merger, lease, transfer of business in Form GSTR ITC-02 electronically with a request to transfer the unutilized credit to the transferee.

RBI Update:

1.Survey (SIOS) on a pilot basis since 2014-15. The survey is conducted on a quarterly The Reserve Bank has been conducting the Services and Infrastructure Outlook basis. Vide press release 2017-2018/670, dated 11th September 2017

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