Corporate and Professional updates 12th march 2018

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