corporate and professional update july 18, 2017

CORPORATE AND PROFESSIONAL UPDATE July 18, 2017

Direct Tax:

·       CBDT has transferred 245 commissioners across the country. While performance was one of the main criteria for transferring officials in key positions and shifting out non-performers from significant charges.

·       Income Tax 26AS Statement for FY16-17 shows income receipts & TDS. Please ascertain tax liability & file IT Return by due date (31 July 2017, if not auditable). Please link PAN with Aadhaar. E-verify ITR using Aadhaar OTP or other methods.

·       Bombay high court has restrained Gujarat Co-operative Milk Marketing Federation Ltd, which markets ice cream under brand name Amul, from broadcasting two television advertisements as they were disparaging towards plaintiffs product, Kwality Walls. (Hindustan Unilever Limited Vs Gujarat Co-operative Milk MarketingFederation ) Ltd., (Bombay High Court)

·       Gujarat HC allows assessee’s petition challenging action of Income-tax Department not permitting assessee to correct error in PAN ( mistake in 5 characters of PAN) of one of the deductees in TDS statement [TS-277-HC-2017(GUJ)]

Indirect Tax:

·       CBEC make amendments in Custom Act, 1962 by way of notification no 25/2005-Customs, dated the 1st March, 2005, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 123(E), dated the 1st March, 2005. Notification no 67/2017, dated 14th July 2017.

 

GST Updates:

·       GSTN portal to be ready for invoice uploading from July 24. Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal.

·       Centre urges J&K to implement GST from July 1 to ensure that consumers and industry in the State are not put at a disadvantage. FM said that non-implementation of the new levy will have an “adverse impact” and lead to a general increase in the prices of goods.

FAQs on GST

Query: When invoice is required to be issued by a registered person to an unregistered person, wherein registered person is required to pay tax under reverse charge basis?

Answer: If a registered person is required to pay tax under reverse charge basis, he would be required to issue an invoice in respect of goods received by him from the supplier on the date of received by him from the date of receipts of goods, provided supplier is not registered on the date of receipt of goods.

Other Updates:

·       SEBI has made it easier for retail investors to move their money between shares and commodities. It issued an amendment to regulations allowing anyone registered to trade in shares to also trade in commodities, and vice-a-versa.

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