Corporate & professional updates 14th march 2018

Direct Tax:

• Bombay HC sets aside CCIT’s order rejecting assessee-society’s (running a hospital providing medical facilities at subsidized rates) application for grant/continuation of exemption u/s 10(23C)(vic) for AY 2009-10; [TS-641-HC-2017(BOM)]

• CESTAT upholds CENVAT credit reversal on ‘capital goods’ cleared under Rule 4(5)(a) of CENVAT Credit Rules, 2004 (CCR) to sister unit and not returned within stipulated period of 180 days of clearance;  [TS-428-CESTAT-2017-EXC]

Indirect Tax:

• CBEC has issued circular regarding Processing of refund applications for UIN entities. Vide Circular No. 36/10/2018-GST, dated 13th March 2018.

Gst updates

• E-way bill shall be required w.e.f 1.4.2018 for inter-state supplies where value of consignment excluding Exempted goods, exceeds Rs. 50000.

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Mca updates

• NCLAT allowed the appeal to extend the period of resolution process for another 90 days when the extension is sought beyond the completion of 180 days. Quantum ltd Vs. Indus Finance Corp Ltd.

Rbi updates

• RBI had discontinued the Letter of Undertaking (LOU) & Letter of Comfort (LOC) for trade credit for import into India with immediate effect from.

Other updates

• Auditing and Assurance Standards Board of ICAI has issues Guidance Note on Audit of Banks 2018, dated 11.03.2018.

• The Supreme Court on extended indefinitely the March 31 deadline for mandatory linking of Aadhaar with bank accounts and mobile phones.

• EPFO makes online claims mandatory for provident fund withdrawals above Rs. 10 lakhs

FAQ on Condonation of Delay Scheme (CODS):

• Query:From the particulars of e-Form CODS 2018 it appears that any application related to overdue documents has to be withdrawn before making application in e-Form CODS 2018. Does this mean that MCA will definitely approve all the filings and condone the delay?

• Answer: It is very likely that the ROC shall condone the delay but annual filings shall be scrutinized in the same way as if uploaded normally and all the punishments for any false filings, miss-statements or mis-representations shall be applicable as per the provisions of the Act

Key Dates:

• Payment  of annual membership and COP fees for the year 2017-18: 15-03-2018
• E- Payment of PF for February: 15.03.2018
• GSTR return summary for February: 20.03.2018