Categories: GST (Goods and Services Tax)Income TaxIndirect Tax

CORPORATE AND PROFESSIONAL UPDATE DEC 20,2016

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Professional Update For the Day:

Direct Tax:-

CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on ‘part project’ [TS-659-SC-2016]

Indirect Tax:-

CESTAT : Allows CENVAT credit refund; Mandap-keeper, health & fitness services ‘relate to business’ –[TS-505-CESTAT- 2016-ST]
DVAT has issued circular regarding Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 Vide Circular No. No. JCTT/Policy/2016/751-769 dated 14.12.2016.

GST UPDATE:-

Migrated Taxpayers not liable for registration under GST shall apply online in Form GST REG-24 for cancellation of registration.

Read our articles: E-Invoice Mechanism under the GST

Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN

RBI update:-

RBI issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

ESIC Update:-

ESIC Rate Chang to 3% from 4.75% for employers, it’s applicable from this month onwards. It has also chang for employees from 1.75% to 1% as monthly contribution.

Other Update:-

Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.

Key Dates:-

E- Payment of DVAT & CST for Nov : 21.12.2016.
Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

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Tags: Form GST REG-24 for cancellation of registrationGSTprofit of 8% referred to in section 44ADprofit of 8% under section 44ADprovisional Identification Number and Password

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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.