Corporate and professional update july 22, 2017

 

corporate and professional update july 22, 2017

Direct Tax:

• CBDT make amendment in Income-tax Rules, 1962. These rules may be called the Income-tax (21st Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from the 1st day of April, 2017. Vide notification no. 62 /2017/ F. No. 370142/ 20/2017-TPL], dated 18th July 2017

Indirect Tax:

• CESTAT Hyderabad held that the import of spares along with clearance of dredger claiming NIL rate of duty, claiming benefit under Customs N/N. 21/2002 Sl. No. 353A consequently, non-payment of SAD by N/N. 20/2006 is correct as per law. (CC, CE & ST, Guntur Versus M/s Navayuga Engineering Company Ltd.)

GST Update

• The filing of intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017 has been extended upto 16-08-2017 vide order No. 01/2017-GST dated 21-07-2017.
• Supply of Service by RWA or Registered Non Profit Entity to its own Members not taxable to GST.
• The exemption is Upto Rs 5000 per Member per month. If the aggregate turnover of such RWA is Upto 20 Lakh in a Financial Year then such supplies would be exempt from GST even if the charges per month per member is more than Rs.5000.
• Goods bought with loyalty points will face tax under GST. GST would be levied on the total price of the product and not on the discounted value after adjusting the bonus, loyalty or rewards points.

FAQ on GST

Query:  If certain goods/ services are used partly for business and partly for non-business purposes, will the credits be allowed in full or proportionately?

Answer:  The credit on goods/ services used partly for business and partly for non-business purposes will be allowed proportionately to the extent it is attributable for business purposes. The manner of calculation of such credit is provided in Rule 7 (1) of the Input Tax Credit Rules, 2017.

Corporate Law:

• SEBI plans to reduce the time taken for a security to list on an exchange to three days from the date of closure of its initial public offer (IPO), instead of the earlier envisaged timeline of four days.
• NSE sought a settlement with the markets regulator over allegations that it provided unfair access to its high-frequency trading systems to some brokers.
• NSE applied to the SEBI for a settlement through the so-called consent mechanism.
• The Reserve Bank of India has today notified that the foreign investment limit for investment by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) in M/s The Byke Hospitality Limited has increased from 24% to 40% of its paid up capital. Vide press release 2017-20181/87, dated 19th July 2017

Quotes of the day

“Do one thing every day that scares you.”

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