CORPORATE AND PROFESSIONAL UPDATE
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CORPORATE AND PROFESSIONAL UPDATE 11 Sep 2017
Direct Tax:
- SC sets-aside HC order, holds HC was not justified in allowing the appeals filed by Revenue u/s. 27A of the Wealth tax Act without formulating ‘substantial questions of law. [TS-375-SC-2017]
- Punjab and Haryana high court held that if assessee has not filed income tax returns in earlier years, it cannot be said that the activities of the assessee of the charitable trust / society were not genuine and grant of the registration under section 12AA cannot be denied. CIT (Exemptions) Vs. M/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab & Haryana High Court)
Indirect Tax:
- Delhi high court grants interim relief to gold dore bar importers. Kundan Care Products Limited Vs Union of India & ANR. (Delhi High Court)
- Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. Its mandate is to resolve tax disputes in respect of Indian Income Tax & Wealth Tax Laws between the two disputing parties, Income Tax Department on one side and litigating tax payer on the other.
GST Update
- 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.
- 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.
- 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.
- It has come to our knowledge that Govt. of India decides to extend the dates of Forms GST R 1, GST R-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.
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
Key dates:
- Payment of TDS and filling of return of GST TDS for 11.09.2017
Quotes of the Day:
“No matter how many times “teeth bites the tongue” They still “stay and work together”. That’s the “spirit of forgiveness and relationship.”
“New 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: I am constructing a building for my client. The client is required to pay me on completion of plinth, 1st floor and 2nd floor. When should the invoice be raised?
Answer: The above instance is a case of continuous supply of services. Here, since the payment is linked to completion of an event (i.e., milestones set in the contract), an invoice should be raised on or before the due date of completion of event. Therefore, an invoice be raised on or before completion of the 1st floor and the second time on or before the completion of 2nd floor.
RBI Update:
- The Reserve Bank has been conducting the Services and Infrastructure Outlook Survey (SIOS) on a pilot basis since 2014-15. The survey is conducted on a quarterly basis. Vide press release 2017-2018/670, dated 11 September 2017