CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2017

Professional Update For the Day:

Direct Tax:

Last date for submission of a valid return for AY 2015-16 expires on 31st March 2017 u/s 139. Those taxpayers whose returns for AY 2015-16 have been declared invalid u/s 139(9) by CPC are requested to file their return u/s 139(4)/139(5) before 31 March.

As per the statutory provisions of the Motors Vehicle Act as well as the law laid down in judicial pronouncements that payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) Aparna Agency Ltd. v. Income-tax Officer (ITAT Kolkata)

Indirect Tax:

CESTAT holds that freight is not includible in assessable value where assessee clears pipes and fittings to own site for pipeline construction under composite contract and valuation is done in terms of Rule 8 of Central Excise Valuation Rules; However, CESTAT clarifies that freight cannot be claimed as applicable deduction where deduction method has been adopted [TS-66-CESTAT-2017-EXC]

RBI Update:

RBI advised all Agency Banks via circular DBR.No.Leg.BC.56/09.07.005/2016-17 dated March 24, 2017 to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays). 

MCA update:

MCA has issued notification via No G-21018/17/2016-BGT regarding presenting of bill to pay and account officer for expenditure out of budget 2016-17 dated March 23,2017.

FAQ on GST

Query: Will  Tobacco and Tobacco products come under the GST regime?

Answer: Tobacco and tobacco products would be subject to GST. In addition, the Centre have  power to levy Central Excise duty.

More read:

Blocking the E-way bill creation system if fails to file GSTR-3B

Extension of the due date of GSTR-1

E-invoice details are auto-populated in the respective GSTR-1

GST UPDATE

CGST, SGST, IGST AND UTGST passed by the Lok Sabha being the money bills need not require the approval of Rajya Sabha. Historical Reform of India after Independence.

MAJOR CHANGES IN GST BILL:

1. Non-Applicability of GST Law in the State of Jammu and Kashmir.
2. Change in the Scope of Taxable Event i.e. Supply.
3. Removal of uncertainty relating to chargeability of GST on Supply of Immovable Property.
4. Non Chargeability of GST on Actionable Claims.
5. Fixing the Upper cap of GST rate at 20% in case of CGST Law, and 40% in case of IGST Law.
6. Payment of GST by recipient under Reverse Charge in case of supply of taxable goods or services or both by a unregistered supplier to a registered person.
7. Reduction in Composition rates, a welcome move for MSME sector.
8. Requirement to seek permission from proper officer for composition scheme is dispensed with.
9. Change in the provision for determining the liability to pay tax in case of Services (Time of Supply of Services).
10. a) If the invoice is issued within the period prescribed, the date of issue of invoices or the date of receipt of payment, whichever is earlier;
11. b) If the invoice is not issued within the period prescribed, the date of provision of services, or the date of receipt of payment, whichever is earlier;
12. c) The date on which the recipient shows the receipt of services in his books of accounts, in a case where aforesaid clause (a) or (b) does not apply.
13. Change in Actual Payment Condition for Non-reversal of Credits.
14. Credit of Rent-a-cab, life insurance, and health insurance allowed, if used for making an outward taxable supply of same category.

Key Due Dates:

Important dates for March 2017:

• 6 March  : Service tax monthly deposit other than Ind, HUF & P.Firm
• 7 March  : TDS/ TCS deposit
• 15 March : Deposit of PF
• 15 March : Payment of Advance Tax
• 20 March : Monthly UP VAT return & tax
• 21 March : Deposit of ESI
• 31 March : E-payment of service Tax by all assesses Monthly/ Quarterly
• 31 March : Filing of Belated Income Tax returns for the A/Y 15-16 & A/Y 16-17
• Return of TDS for dec quarter in DVAT 48 : 17:03:2017
• E payment of DVAT & CST tax for Feb : 21:03:2017
• Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017 vide circular 28 dated 17.03.2017.
• E payment of service tax for quarter ended march : 31:03:2017
• E payment of excise duty for quarter ended : 31:03:2017
• Filing of ITR for AY 2016-17 without penalty & AY 2015-16 with penalty of 5000 : 31:03:2017
• Payment of balance Advanve income tax by ALL (sec 234B&234C) : 31:03:2017
• Issue of DVAT certificate for deduction made in feb : 22.03.2017

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