CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017

Professional Update for the Day:

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Direct Tax:-

  • CBDT has issued press circular regarding signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services.
  • Punjab & Haryana Court in the below cited case held that deduction under section 80IB is allowable over the period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed.
  • Supreme Court in Gopal and Sons(HUF) vs. CIT Kolkata-XI has held that even if a HUF itself is not a registered shareholder, the provisions of deemed dividend are attracted once the payment is received by the HUF, and shareholder is a member of the said HUF and has substantial interest in it.

Indirect Tax:-

  • CBEC has issued a circular via circular no. 1/2017- Customs regarding extending the Single Window Interface for Facilitation of Trade (SWIFT) to Exports.
  • Supreme court in the below cited case held that in case the goods are purchased from other states or are imported from outside the country for the purpose of only using in the works contract, then the transaction would be covered under the Central Sales Tax Act and not liable to tax under local VAT act. [Commissioner, Delhi Value Added Tax Vs M/s. ABB ltd.]

GST Update:-

  • GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

  • Finance Minister expressed confidence that direct and indirect tax mop-up will surpass budget estimate of Rs.16.3 lakh crore by March-end.
  • SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
  • ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

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