corporate and professional update 8-jan-2018

CORPORATE AND PROFESSIONAL UPDATE 8-Jan-2018

MCA update:

MCA is proactively designing a Front Office service (replacing INC-1 eform with Web-Form) for Name Reservation and Change of Name for
companies capturing only absolutely essential information from the applicants. The said service is likely to be rolled out on 26th January 2018.

 

The Companies (Amendment) Act, 2017, has received the assent of the President on the 3rd January, 2018. It shall come into force on such date as the Central Government may, by notification in the Official Gazette.

RBI Update:

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India.

The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. Vide press release 2017-2018/1848, dated 5th January 2018.

 

RBI issues updated Master Direction on Foreign investment in India dated 4th Jan 2018 RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18.

 

Direct Tax:

Madras HC allows assessee-HUF’s writ, grants waiver of interest under Sections 234A (for delay in furnishing the return of income), 234B (for default in payment of advance tax) and 234C (for shortfall/deferment in the payment of advance tax) for AYs 1997-98 and 1998-99​​, observes that when the property continues to remain undivided, the assessee cannot anticipate the ​​accrual/receipt of such income​; [TS-613-HC-2017(MAD)]

Mumbai ITAT rejects Revenue’s request for constitution of Special Bench on software taxation matter involving various Reliance ADAG group of companies (‘assessees’)   rejects the constitution of Special Bench;  [TS-2-ITAT-2018(Mum)]

Indirect Tax:

CBEC has issued  Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc.{Vide circular no  27/01/2018, dated 4th January 2018.

Key Dates:

Taxpayers with annual aggregate turnover less than Rs. 1.5 Cr. Need to file Quarterly GSTR 1 from July to September: 10/01/2018

Taxpayers with an annual aggregate turnover of more than Rs. 1.5 Cr. Need to file monthly GSTR 1 from July to November: 10/01/2018

FAQ on GST:

 Query:   Who can direct the registered person to get his records audited under Section 66?

Answer: An officer not below the rank of Assistant Commissioner may, with the prior approval of the Commissioner, direct such registered person by a communication in writing to get his records including books of account examined and audited.

Gst updates

Taxman plans to match GST invoices to plug leakage. Instead of asking taxpayers to match invoices, we may do it ourselves at the back end. We may follow a risk-based approach; when the gross level of transactions does not match, we may match invoices.

Input Tax Credit Reversal in GST has begun from Dec 28, 2017. If you are availing ITC and have not made payment to the supplier of goods or services within 180 Days from the date of Invoice then ITC Credit availed need to be reversed. Interest @ 18% p.a. also needs to be paid on the amount of ITC so reversed.

GSTN has advised that Taxpayers should file online application for Core Amendment or Non-Core Amendment one at a time.

Once the first amendment is reflected in their Registration Certificate on the GST Portal, only then they should file the application for second amendment.

GST: Truck owners carrying the goods are exempt and not required to take      registration even though aggregate value of service exceeds Rs. 20 lakhs during last year Vide Notification No. 12/2017 – Central Tax (Rate) dated 28.06.2017.

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more read: Analysis of Provisions of issue of Summon Under GST