CORPORATE AND PROFESSIONAL UPDATES 27-JAN-2018

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Direct Tax:

Kerala HC upholds ITAT’s deletion of interest charged u/s. 234B(3) for AY 1992-93, but rejects ITAT’s reasoning that  if there is no interest payable under sub-section (1) of Sec. 234B there would be no liability under sub-section (3); [TS-28-HC-2018(KER)]

Delhi ITAT rules that amount received by the assessees (who have formed a consortium for the purpose integrated township development) on account of transfer of development rights in the underlying land during AY 2008-09, not chargeable to tax u/s. 2(47)(v), being not accrued to assessees in subject AY;  [TS-26-ITAT-2018(DEL)]

Indirect Tax:

CBEC extends the time limit for furnishing the return by an Input Service Distributor in FORM GSTR-6 under sub-section (4) of section 39 of the said Act read with rule 65 of the Central Goods and Services Tax Rules, 2017, for the months of July, 2017 to February, 2018, till the 31st day of March, 2018. Vide notification no 8/2018, dated 23rd January 2018.

GST updates

CBEC notifies www.gst.gov.in as GST Electronic Portal for registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as GST Portal for furnishing electronic waybill.

GST Refund: officers appointed under the respective State GST Act, 2017 or the UTGST Act, 2017 are authorized for the purpose of sanction of refund filed in FORM GST RFD-01.

E-commerce firms may get 6-month tax breather for provision of tax collected at source (TCS) imposed on suppliers as the recommendation by the law review committee.

Transporter/ other person carrying goods in conveyance must carry Tax Invoice/ Bill of Supply where e-way bill not required. Rule 55A, CGST Rules

FAQ on GST: 

Query:  In an amalgamation supplies effected for the period effective date and the date of order of the court between the companies inter-se is liable to tax?

Answer:  Yes. In terms of Section 87(1) of the CGST Act, 2017, the supplies between the companies inter-se for the period starting effective date and the date of order of the court is liable to tax and supply and receipt shall be included in the turnover of supply or receipt of the respective companies.

MCA Update:

MCA has introduced the provisions of Section 1 and section 4 of the companies (Amendment) Act, 2017 (1 of 2018) which shall come into force from 26th January 2018. Dated 23rd January 2018.

Key Dates:

GSTR-5A (Non-Resident Foreign Taxpayers) July to December, 2017-31/01/2018

Payment of TDS on purchase of Property for December: 30/01/2018

Other Updates:

SEBI investigation of money laundering by Indian nationals through foreign capital markets seems to have hit a hurdle. Sebi has sought several key pieces of evidence from foreign agencies, but a majority of these requests have been pending for months.

Quotes of the day:

Ego is like a dust in the eyes, without clearing that dust you can’t see anything clearly…!!!

In life you’ll realize that there is a purpose for everybody you meet. Some are there to test you. Some will use you. Some will teach you, and some will bring out the best in you.

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