Categories: Companies Act / ROCDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

Corporate and Professional updates 12th march 2018

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Direct Tax:

Uttarakhand HC allows Revenue’s appeal, denies Sec. 10B benefit to assessee (engaged in manufacture of handicrafts) for AY 2009-10; Notes that assessee claimed deduction u/s. 80HHC from AYs 1992-93 to 2003-04 and u/s. 80IC from AYs 2004-05 to 2008-09 and it started claiming deduction u/s.10B from subject AY 2009-10; [TS-108-HC-2018(UTT)]
Delhi HC sets-aside Central Information Commission’s (‘CIC’) order directing CBDT to supply the information pertaining to the net wealth of certain MLAs and MPs under the Right to Information Act, 2005 (‘RTI’), allows CBDT’s writ; [TS-98-HC-2018(DEL)]

GST updates

GSTR-3B to continue for further 3 months i.e. for Apr- Jun months.
GST Implementation Committee (GIC) being tasked to redress the grievances caused to the taxpayers due to IT glitches.
Deferred the implementation of E-wallet scheme for 6 months i.e. 1st Oct, 2018.
Tax Exemption for exporters extended for further 6 months till 1st Oct, 2018 which was earlier 31st Mar, 2018.
Suspended the provisions of TDS and TCS under section 52 & 53 respectively of CGST Act, 2017 till 30th Jun, 2018.
No need for vehicle no in E-way bill for intra-state transport from seller to transporter or transporter to buyer upto 50 kms instead of 10 earlier.
26th GST Council Meeting Updates.
Reverse Charge Mechanism on supplies from un-registered supplier to a registered person is deferred till June, 2018.
Nationwide E-way Bill on Inter-state supplies to be rolled out from 1st April, 2018.
Also, E-way Bill on Intra- state supplies to be made applicable from 15th April, 2018 in phases but not later than 1st June, 2018.
To facilitate the same states are divided into 4 lots.
Karnataka, Kerala and Tamil Nadu are likely to implement the same in first phase from 15th April.
No decision on simplification of Returns.

Read more about: What is core Business Activity GST

Read more about: All about GST Offenses, Penalties, and Appeals

Mca updates

MCA notifies The Companies (Filing of Documents & Forms in XBRL) Amendment Rules, 2018. Mandate to continue filing for subsequent years. Ntfcn dtd 08.03.2018.

FAQ on Condonation of Delay Scheme (CODS):

Query: What are the implications of non-compliance of this Scheme?
Answer:The Scheme in its Para 7 clarifies this position that ROCs shall be allowed to prosecute defaulting companies which do not make compliance with provisions of law using this Scheme.

Key Dates:

Payment of annual membership and COP fees for the year 2017-18: 15-03-2018
PF & ESI Payment for the month of Feb 2018-:15-03-2018
GSTR-3B for the Month of February 2018: 20-03-2018
due date for linking of Aadhaar number with PAN, mobile, insurance policy, bank accounts etc:-31-03-2018
ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018
Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018

Tags: advance authorization (AA) and export promotion capital goods (EPCG)Condonation of Delay Scheme(CODS)e-commerce platform has been deferred till 30 June.MCA notifies The Companies (Filing of Documents & Forms in XBRL) Amendment Rules- 2018Reverse charge mechanism deferredSpecial Scheme of payment of GST @ 0.1% to merchant exportesrTDS/TCS mechanism has been postponed till June 30The present system of filing GSTR 3B and GSTR 1 is extended for three months till June 2018

6 years ago

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.