{"id":3090,"date":"2017-03-30T13:56:34","date_gmt":"2017-03-30T08:26:34","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3090"},"modified":"2021-08-13T11:47:14","modified_gmt":"2021-08-13T06:17:14","slug":"corporate-and-professional-update-march-30-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eaa6aeabb7a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eaa6aeabb7a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#_MCA_update\" title=\"\u00a0MCA update:\">\u00a0MCA update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#FAQ_on_GST\" title=\"FAQ on GST\">FAQ on GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-30-2017\/#GST_UPDATE\" title=\"GST UPDATE \">GST UPDATE <\/a><\/li><\/ul><\/nav><\/div>\n<p>Professional Update For the Day:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/asd-300x231.png\" alt=\"asd\" width=\"525\" height=\"404\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Last date for submission of a valid return for AY 2015-16 expires on\u00a031st March 2017\u00a0u\/s 139. Those taxpayers whose returns for AY 2015-16 have been declared invalid u\/s 139(9) by CPC are requested to file their return u\/s 139(4)\/139(5) before\u00a031 March.<\/p>\n<p>As per the statutory provisions of the Motors Vehicle Act as well as the law laid down in judicial pronouncements that payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u\/s.37(1)\u00a0Aparna Agency Ltd. v. <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a> Officer (ITAT Kolkata)<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CESTAT holds that freight is not includible in assessable value where assessee clears pipes and fittings to own site for pipeline construction under composite contract and valuation is done in terms of Rule 8 of Central Excise Valuation Rules;\u00a0However, CESTAT clarifies that freight cannot be claimed as applicable deduction where deduction method has been adopted\u00a0[TS-66-CESTAT-2017-EXC]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><span style=\"text-decoration: underline;\">RBI Update:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> advised all Agency Banks via circular\u00a0DBR.No.Leg.BC.56\/09.07.005\/2016-17\u00a0dated\u00a0March 24, 2017\u00a0to keep all their branches dealing with government business open on all days in the current financial year and on\u00a0<span data-term=\"goog_1018624314\">April 1, 2017\u00a0(including\u00a0<span data-term=\"goog_1018624315\">Saturday,\u00a0Sunday\u00a0and all holidays)<strong>.\u00a0<\/strong> <\/span><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"_MCA_update\"><\/span><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><strong><span style=\"text-decoration: underline;\">MCA update:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MCA has issued notification via\u00a0No G-21018\/17\/2016-BGT\u00a0regarding presenting of bill to pay and account officer for expenditure out of budget 2016-17 dated\u00a0March 23,2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong>Will\u00a0 Tobacco and Tobacco products come under the GST regime?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer<\/span><\/strong><strong><span style=\"text-decoration: underline;\">:<\/span><\/strong><strong>\u00a0<\/strong>Tobacco and tobacco products would be subject to GST. In addition, the Centre have\u00a0 power to levy Central Excise duty.<\/p>\n<p>More read:<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking the E-way bill creation system if fails to file GSTR-3B<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/\">Extension of the due date of GSTR-1<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/einvoices-details-are-autopopulated-in-the-respective-gstr1-tables.html\">E-invoice details are auto-populated in the respective GSTR-1<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> UPDATE <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CGST, SGST, IGST AND UTGST passed by the Lok Sabha being the money bills need not require the approval of Rajya Sabha. Historical Reform of India after Independence.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">MAJOR CHANGES IN <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> BILL:<\/span><\/strong><\/p>\n<ol>\n<li>Non-Applicability of GST Law in the State of Jammu and Kashmir.<\/li>\n<li>Change in the Scope of Taxable Event i.e. Supply.<\/li>\n<li>Removal of uncertainty relating to chargeability of GST on Supply of Immovable Property.<\/li>\n<li>Non Chargeability of GST on Actionable Claims.<\/li>\n<li>Fixing the Upper cap of GST rate at 20% in case of CGST Law, and 40% in case of IGST Law.<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> by recipient under Reverse Charge in case of supply of taxable goods or services or both by a unregistered supplier to a registered person.<\/li>\n<li>Reduction in Composition rates, a welcome move for<a href=\"https:\/\/carajput.com\/services\/msme-registration.php\"> MSME<\/a> sector.<\/li>\n<li>Requirement to seek permission from proper officer for composition scheme is dispensed with.<\/li>\n<li>Change in the provision for determining the liability to pay tax in case of Services (Time of Supply of Services).<\/li>\n<li>a) If the invoice is issued within the period prescribed, the date of issue of invoices or the date of receipt of payment, whichever is earlier;<\/li>\n<li>b) If the invoice is not issued within the period prescribed, the date of provision of services, or the date of receipt of payment, whichever is earlier;<\/li>\n<li>c) The date on which the recipient shows the receipt of services in his books of accounts, in a case where aforesaid clause (a) or (b) does not apply.<\/li>\n<li>Change in Actual Payment Condition for Non-reversal of Credits.<\/li>\n<li>Credit of Rent-a-cab, life insurance, and health insurance allowed, if used for making an outward taxable supply of same category.<\/li>\n<\/ol>\n<p><strong><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/strong><\/p>\n<p>Important dates for March 2017:<\/p>\n<ul>\n<li>6 March \u00a0: Service tax monthly deposit other than Ind, HUF &amp; P.Firm<\/li>\n<li>7 March\u00a0\u00a0: <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/ TCS<\/a> deposit<\/li>\n<li>15 March\u00a0: Deposit of PF<\/li>\n<li>15 March\u00a0: Payment of Advance Tax<\/li>\n<li>20 March\u00a0: Monthly UP VAT return &amp; tax<\/li>\n<li>21 March\u00a0: Deposit of<a href=\"https:\/\/carajput.com\/pf-esi.php\"> ESI<\/a><\/li>\n<li>31 March\u00a0: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/li>\n<li>31 March\u00a0: Filing of Belated<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax returns<\/a> for the A\/Y 15-16 &amp; A\/Y 16-17<\/li>\n<li>Return of TDS for dec quarter in DVAT 48\u00a0: 17:03:2017<\/li>\n<li>E payment of DVAT &amp; CST tax for Feb\u00a0: 21:03:2017<\/li>\n<li>Date of filing of<a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\"> DVAT Return<\/a> in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto\u00a031.03.2017\u00a0vide circular 28 dated 17.03.2017.<\/li>\n<li>E payment of service tax for quarter ended march\u00a0: 31:03:2017<\/li>\n<li>E payment of excise duty for quarter ended\u00a0: 31:03:2017<\/li>\n<li>Filing of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> for AY 2016-17 without penalty &amp; AY 2015-16 with penalty of 5000\u00a0: 31:03:2017<\/li>\n<li>Payment of balance Advanve income tax by ALL (sec 234B&amp;234C)\u00a0: 31:03:2017<\/li>\n<li>Issue of DVAT certificate for deduction made in feb\u00a0:\u00a022.03.2017<\/li>\n<\/ul>\n<p>Relationship with a nice person is like a Sugarcane. You break it, crush it, squeeze it even beat or grind it, still you will get only sweetness.<\/p>\n<p>We believe that good luck will do some day, Something for us. But we don&#8217;t know good luck is also waiting that we do something \u00a0someday.<\/p>\n<p>The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>\u00a0or call at\u00a0011-23343333 \/ 9555555480<\/p>\n<p>We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: Last date for submission of a valid return for AY 2015-16 expires on\u00a031st March 2017\u00a0u\/s 139. Those taxpayers whose returns for AY 2015-16 have been declared invalid u\/s 139(9) by CPC are requested to file their return u\/s 139(4)\/139(5) before\u00a031 March. As per the statutory provisions of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[1996,1998,1995,443,1997,1994],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3090"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3090"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3090\/revisions"}],"predecessor-version":[{"id":15609,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3090\/revisions\/15609"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}