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

corporate and professional updates 26th march 2018

corporate and professional updates 26th march 2018

Direct tax

  • ITAT holds that assessee (a builder and developer) can claim deduction u/s 80-IB(10) for the first time in return filed u/s 153A (even though such claim not made in original returns), holds that assessments for these years were abated in terms of provisions of Sec 153A; [TS-137-ITAT-2018(Mum)]

Indirect tax

  • Kerala High Court permitted the assessee, M/s Vajra Rubber Products (P) Ltd to release goods detained by the State GST department by furnishing a simple bond.

GST updates

  • Ministry of Finance has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST and exemption on skill development, start-ups, and tourism is taken after due deliberation in GST Council.
  • E-way bill shall be required wef 01.04.2018 for inter-state supplies where the value of consignment  Excluding Exempted goods exceeding Rs. 50000.
  • GST has set up camps across India for Exporter’s refund beginning March 15, CBEC Chairperson Vanaja Sarna said they have already given refunds to the tune of Rs 50 billion but as much as 70 percent of total refunds to exporters is still stuck even after eight months of GST rollout.

MCA updates

  • MCA has notified the national financial reporting authority manner of appointment and other terms and conditions of service of chairperson and members rules, 2018.
  • MCA has made amendments to the Companies (Incorporation) Rule, 2014. These rules may be called The Companies (Incorporation) Second Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.
  • As part of the Ministry’s commitment for continuous improvement of processes and providing greater ease to stakeholders, it has been decided to permit (w.e.f 24.03.2018) two proposed names and one Resubmission (RSUB) while Reserving Unique Names for companies through the RUN web service. Stakeholders may plan accordingly.

Other updates

  • Govt asked NBFC Cos. to register with the country’s financial intelligence unit (FIU-IND) and report details of clients as per the requirements under the Prevention of Money Laundering Act.

Key Dates:

  • Filing of ITR for AY 2017-18: 31.03.2018
  • A Filing of ITR for AY 2016-17 with penalty of Rs. 5000: 31.03.2018
  • Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018
Tags: assessee can claim deduction u/s 80-IB(10) for the first time in return filed u/s 153ACondonation of Delay Scheme(CODS)E-way bill shall be required wef 01.04.2018 for inter-state suppliefiling fees for registering under Condonation of Delay Scheme-Rs 30000MCA has made amendment in the Companies (Incorporation) RuleMCA has notified the national financial reporting authority manner of appointmentrevised maximum retail price (MRP)
7 years ago
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