Professional Update for the day:


Direct Tax: 

  • ITAT Mumbai held that the activities of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are prima facie in the nature of carrying on trade, commerce, or business for consideration and are hit by the proviso to s. 2(15). If the receipts from these activities are in excess of the minimum prescribed threshold limit, the DIT is required to conduct detailed enquiry and examination as to the nexus between the activities and trade, commerce or business. [MIG Cricket Club Vs DIT (E)]
  • Adhaar card and Pan linking option now activated on income tax website whereby now, name as per Adhaar card also to be given. Both get linked even if there is difference in name.

Indirect Tax: 

  • A educational coaching is covered by the expression “coaching centre” as defined in section 65(26) and (27). That it is not on commercial basis or predominantly for profit is the only argument canvassed throughout. On some occasions in the past, it was accepted but after the insertion of the explanation even that is unavailable. Now, irrespective of profit motive and so long as such service is rendered for consideration, it falls within the purview of the service tax. [Chanakya Mandal Vs Union of India (Bombay High Court)]

GST Update

  • GST Migration for existing taxpayers has been temporarily discontinued by GSTN w.e.f. 1st May 2017.
    No need for Traders dealing only in petrol, diesel & other exempt or zero-rated goods to register under GST. Register if deal in other goods also.
  • Round-the-clock presence of Central Excise officers in the cigarette factories is not mandatory but directory. Circular No. 1055/04/2017-CX dated 1st May, 2017.

Key dates:

  • E- Payment of service tax for April by Cos: 05.2017
  • Submission of forms received in April to IT Commissioner: 05.2017
  • Payment of TDS/TCS deducted/collected in April: 05.2017
  • Return of non – SSI assesses for april: 05.2017
  • Return by units paying duty > 1 crore (CENVAT + PLA) for April: 05.2017


What will be status of Tobacco and Tobacco products under the GST regime?

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

Which authority will levy and administer GST?

Answer: Centre will levy and administer CGST & IGST while respective states will levy and administer SGST.

Other Updates: 

  • About 900,000 registered companies do not file annual returns and are potential sources of money laundering. Govt. pitched for the country’s top anti-financial crime agency to be used “expeditiously” against tax cheats.
  • RBI has issued Guidelines on Merchant Acquisition for Card Transactions. Co-operative banks have been permitted to install both onsite/offsite ATM networks and can issue debit cards.
  • CA Students Appearing for exam can send Their Observations of the question papers of CA exams-May, 2017  to the notice of the Exam Department, by e-mail at or by Speed Post.
  •  SEBI has issued a Consultation Paper on permitting Category III Alternative Investment Funds (AIFs) in the commodity derivatives market.
  • CPT Exam June-2017 last date extended for examination application forms to 6th May, 2017.

Quotes of the Day:

“In order to succeed your desire to success  should be greater than fear of failure.”

“Believing in yourself is the first secret of success.”

We look forward for your valuable comment


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