CORPORATE AND PROFESSIONAL UPDATE August, 28 2017

CORPORATE AND PROFESSIONAL UPDATE August, 28 2017

Direct Tax:

CESTAT held that data retrieved from CAs cannot be used as incriminating material against assessee. Shri. Mahalaxmi Distilleries Vs CCE (CESTAT Chandigarh)

Indirect Tax:

Allahabad high court held that GST return and deposit of tax thereon provided the returns and the tax is deposited within two weeks of the issuance of the correct registration certificate. M/s Modern Pipe Industries Vs. State Of U.P. (Allahabad High Court)

GST Update

As many as 2,964,653 filers had submitted returns for July under the GST regime by the Friday evening. Friday was the deadline for filing returns. The numbers of filers are likely to increase.

Filing of GST TRAN – 1 Forms is mandatory for anyone to carry forward the Balances of Tax Credit lying unutilized in the erstwhile Central Excise/Service Tax/VAT Regime and to claim the unavailed credit either on Capital Goods or Inputs lying in stock. Today is the last date for filing of GSTR – 3B for the month of July, 2017.

Read more about: What is core Business Activity GST

Read more about: All about GST Offenses, Penalties, and Appeals

FAQ on GST

Query: Whether recovery provisions can be initiated in case of wrong distribution of credit?

Answer: Yes. In terms of Section 21 of the Act, the recovery provisions can be initiated if the       Input Service Distributor distributes credit in contravention of the law resulting in excess distribution of credit to one/ more recipients of credit. Such credit can be recovered from the recipients along with applicable interest

Corporate Law:

MCA introduced new sub-sections (8), (9) and sub-section (10) of section 212 in the Companies Act, 2013 (18 of 2013). Vide notification no rlt2l2013 CL-v, dated 24th August 2017.

Quotes of the day

Aim for success, not perfection. Never give up your right to be wrong, because then you will lose the ability to learn new things and move forward with your life.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com

E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Can Employer Restrict their PF contribution to 1,800/Month

EPF Scheme 2026: Can Employers Suddenly Restrict PF Contributions to INR 1,800? A question is currently circulating across HR departments,… Read More

1 week ago

Can Employer introduce New Rules After Standing Orders

Can an Employer Introduce New Rules After Standing Orders Come Into Force? Many employers believe that once an organization grows,… Read More

1 week ago

High Court : When GST Fraud Notices Can Be Issued U/s 74

Madras High Court on GST Fraud Notices under Section 74 – Key Takeaways The Madras High Court, in Fastenex Private… Read More

2 weeks ago

ITR Filing AY 2026-27: Eligibility, Document required

ITR Filing AY 2026-27: Eligibility, Documents Required, Due Dates & Penalties for Non-Filing Who Must File ITR for Assessment Year… Read More

2 weeks ago

New Reporting field in Schedule Exempt Income for AY 2026-27

Tax Dept introduced a new reporting field in Schedule Exempt Income for AY 2026-27  The Income Tax Department has introduced… Read More

2 weeks ago

DPDP Act, 2023: Compliance Guide, Requirements & Penalties

Digital Personal Data Protection (DPDP) Act, 2023: Complete Compliance Guide, Requirements, Penalties & Implementation Framework The Digital Personal Data Protection… Read More

2 weeks ago
Call Us Enquire Now