CORPORATE AND PROFESSIONAL UPDATE August, 28 2017

CORPORATE AND PROFESSIONAL UPDATE August, 28 2017

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Direct Tax:

CESTAT held that data retrieved from CAs cannot be used as incriminating material against assessee. Shri. Mahalaxmi Distilleries Vs CCE (CESTAT Chandigarh)

Indirect Tax:

Allahabad high court held that GST return and deposit of tax thereon provided the returns and the tax is deposited within two weeks of the issuance of the correct registration certificate. M/s Modern Pipe Industries Vs. State Of U.P. (Allahabad High Court)

GST Update

As many as 2,964,653 filers had submitted returns for July under the GST regime by the Friday evening. Friday was the deadline for filing returns. The numbers of filers are likely to increase.

Filing of GST TRAN – 1 Forms is mandatory for anyone to carry forward the Balances of Tax Credit lying unutilized in the erstwhile Central Excise/Service Tax/VAT Regime and to claim the unavailed credit either on Capital Goods or Inputs lying in stock. Today is the last date for filing of GSTR – 3B for the month of July, 2017.

FAQ on GST

Query: Whether recovery provisions can be initiated in case of wrong distribution of credit?

Answer: Yes. In terms of Section 21 of the Act, the recovery provisions can be initiated if the       Input Service Distributor distributes credit in contravention of the law resulting in excess distribution of credit to one/ more recipients of credit. Such credit can be recovered from the recipients along with applicable interest

Corporate Law:

MCA introduced new sub-sections (8), (9) and sub-section (10) of section 212 in the Companies Act, 2013 (18 of 2013). Vide notification no rlt2l2013 CL-v, dated 24th August 2017.

Quotes of the day

Aim for success, not perfection. Never give up your right to be wrong, because then you will lose the ability to learn new things and move forward with your life.

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