Corporate and Professional Updates 17th April 2018

Direct Tax:

• Kolkata ITAT grants exemption u/s 54 to assessee (an individual) for AY 2010-11, rules that mere availing of housing loan from bank cannot justify denial of exemption u/s 54 when the primary conditions for exemption have been satisfied ; Revenue denied benefit u/s 54 on the ground that assessee had obtain house building loan and capital gains earned from sale of residential units were not invested in new residential unit; Notes that assessee sold his residential units during FY 2009-10 and purchased a new residential flat whose possession was received in June, 2010, thus clarifies that the transaction was well within time stipulated u/s. 54.  [TS-176-ITAT-2018(Kol)]

• Allahabad High Court held that Deemed dividend u/s 2(22)(e) not attracted in absence of ‘actual’ payment. [TS-179-HC-2018(ALL)]

Indirect Tax:

• Central Board of Indirect Taxes and Customs gives clarification on the queriesregarding processing of refund applications for UIN agencies.
• E-Way Bill system for Intra-State movement of goods, has been implemented from 15.04.18 for the States of Andhra Pradesh, Gujarat, Kerala, Telangana & Uttar Pradesh.
• Last date for submitting GSTR 3b and payment of taxes for March 2018 is 20th April 2018.
• The Central Board of Indirect Taxes and Customs, inter-alia, lays down procedure for recovery of central excise duty / service tax and CENVAT credit thereof riasing out of proceedings under existing law, unless recovered thereunder, and that of inadmissible transitional credit, as “arrears of tax” under CGST Act. Circular No. 42/16/2018-GST DT 13/04/2018.
• CBIC has issued Circular, clarifying the various procedures for interception of conveyances, etc. in the light on compulsory introduction of e-way for inter-state movement of goods w.e.f April 1, 2018 and intra-state movement of goods Circular No. 41/15/2018-GST dt 13/04/2018.
• GST Rate of Rubber Wood is 18%: In an order by the Authority for Advance Ruling, ( AAR ) Kerala, the authority clarified that rate of GST on rubber wood as 18% under the HSN4403

FAQ on E-WAY BILLS:

• Query: How to generate the e-way bill from different registered business places?

• Answer: The registered person can generate the e-way bill from his account from any registered business place. However, he/she needs to enter the address accordingly in the e-way bill. He/she can also create multiple sub-users and assigned to these places and generate the e-way bills accordingly.

Read more about: What is core Business Activity GST

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

MCA updates

• It is proposed to amend Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond  the normal date of filing) shall become payable in respect of 23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A, MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS.

Key Dates:

• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018