Corporate and Professional updates 3rd April 2018

 

Direct Tax:

• Allahabad High Court held that Goods can not be seized for mere transport after one week from Invoice Date.  {Maa Vindhyavasini Tobacco (P.) Ltd. Vs. State of U.P. (Allahabad High Court)}
• ITAT Delhi held that Disputed Commission cannot be taxed unless received.   {DCIT Vs. S.V.S Prop mart Pvt. Ltd. (ITAT Delhi)}
• CBDT extends timeline for linking PAN with Aadhaar till June 30^t

Indirect Tax:

• Gujarat High Court held that  Outward transport service used by the manufactures for transportation of finished goods from the place of removal up to the premises of the purchaser is covered within the definition of input service provided in rule 2(l) of the Cenvat Credit Rules, 2004.{Commissioner, Central GST And Central Excise Vs. Gujarat Guardian Limited (Gujarat High Court)}
• e.f.1.4.2018 ensure e-way bill for Inter-state Supplies above 50,000 to avoid seizure of goods & penalty from Rs 10,000 to amount of GST.
• File Monthly ISD Returns in GSTR6 from July-2017 to April -2018 by 31.5.18 (Notification 19/2018- CT) & TRAN2 by 30.6.2018 (Order 1 /2018 Π CT) of 28.3.2018.

More read:

• Key characteristics for Auto-population of e-invoice
• Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme

MCA updates

• Condonation of Delay Scheme, 2018 extended by MCA upto 30.04.2018. General Circular No. 02/2018.
• Extension to 30.04.2018 of last date to file AOC-4 XBRL e-Forms using Ind AS. MCA General Circular No. 01/2018.
• The new revenue recognition standard “Ind AS 115” has been notified by Ministry of Corporate Affairs (MCA). Ind AS 115(equivalent to IFRS 15) has become effective to Indian companies following Ind AS from April 1, 2018.

FAQ on Condonation of Delay Scheme (CODS):

• Query:   As per the provisions of section 167(2) every director will attract penalty as per the provision of the Act who is aware of his disqualification and still functions as director.However as per CODS-2018 the DIN of disqualified directors are reactivated for filing of document. Will this attract the penalties of section 167(2)?
• Answer:   No, this shall not attract penalty under the provisions of Section 167(2) as the DIN will be purposely re-activated for filing the overdue documents under the Scheme. However, if any person acts as Director for any other purpose, other than filing of overdue documents, using such re-activation ground, then he shall be liable for both civil and criminal provisions of the Act for his deeds done during this period. Also if any person has done any acts in the capacity of being director during the period which he/she had been disqualified and being fully aware of such disqualification, then such person shall be also held liable as per the provisions of the Act and the immunity granted under Para 6 of the Scheme shall not come to rescue such person.

Key dates

• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018
• Filing of GSTR-1 for feb 2018(turnover more than Rs1.50 cr):10.04.2018