{"id":3123,"date":"2017-05-01T15:48:33","date_gmt":"2017-05-01T10:18:33","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3123"},"modified":"2023-12-02T10:49:00","modified_gmt":"2023-12-02T05:19:00","slug":"corporate-and-professional-update-may-1-2017-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-1-2017-2\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 1, 2017  \u00a0"},"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-69d01f2d1fe2d\" 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-69d01f2d1fe2d\"  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-may-1-2017-2\/#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-may-1-2017-2\/#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-may-1-2017-2\/#GST_Update\" title=\"GST Update\">GST 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-may-1-2017-2\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-1-2017-2\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Professional Update for the day:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/10\/IDS-300x205.jpg\" alt=\"IDS\" width=\"375\" height=\"256\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ITAT Delhi has held that right to receive a property is a valuable and a transferable right and falls within the ambit of \u201ccapital asset\u201d and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources.[Satnam Overseas Exports Vs DCIT]<\/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<ul>\n<li>Extension to 15.05.17 of last date to file <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a>-16, DVAT-17 &amp; DVAT-48 for Q4 of 2016-17. CIRCULAR NO.2 of 2016-17.<\/li>\n<li>Supreme Court and jurisdictional High Courts gave the rulings that reversal of Cenvat credit will amount to not taking Cenvat credit and accordingly benefit of relevant exemption notifications was held to be available to such assessees who reverse Cenvat credit earlier taken.[C.C.E. &amp; S.T., Surat II Vs Shri Rakesh M. Shah]<\/li>\n<li>SC held that It would neither be a case of discrimination nor it can be said that the appellants have any right under Article 14 or Article 19(1)(g) of the Constitution which has been violated by non-issuance of notification under Section 11C of the Act. Once the appellant accepts that in law it was liable to pay the duty, even if some of the units have been able to escape payment of duty for certain reasons, the appellant cannot say that no duty should be recovered from it by invoking Article 14 of the Constitution. It is well established that the equality clause enshrined in Article 14 of the\u00a0Constitution is a positive concept and cannot be applied in the negative<\/li>\n<\/ul>\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>Under GST Law IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST &amp; SGST input tax credit can be adjusted in specified order.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on GST <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>How will <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> benefit the exporters?<\/p>\n<p>Answer: The subsuming of major Central and State taxes in GST, complete and comprehensive setoff of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.<\/p>\n<p>Why is Dual <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> required?<\/p>\n<p>Answer: India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.<\/p>\n<p><strong>Related blogs are<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/prevent-common-errors-when-filing-with-gstr1.html\">common mistake is done while filing GSTR-1<\/a><\/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><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><\/p>\n<p>Bogus share capital: Source of source relevant even for period before amendment to section 68\u00a0of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act<\/a>.\u00a0Pragati Financial Management Pvt. Ltd Vs CIT (Calcutta High Court).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">Other Updates<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>ICAI is organizing 3 CPE hrs National Live Webcast on Overview, Application and Implications of ICDS, Thursday ,4th \u00a0May, 5 to 8 pm\u00a0https:\/\/estv.in\/icai\/04052017\/<\/li>\n<li>Real Estate (Regulation and Development) Act, 2016 which seeks to protect home-buyers as well as to boost investments in the real estate industry, will come into force across the country from 1st May, 2017. Under the Act, all the States will constitute a Real Estate Regulatory Authority (RERA).<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has said banks cannot refuse to accept faded notes or those with scribbles. Such banknotes had to be treated as \u201csoiled notes\u201c and dealt with according to the RBI&#8217;s \u201cclean note policy\u201c.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the Day:<\/span><\/strong><\/p>\n<p>\u201cGo after your dreams how unattainable others think it is.\u201d<\/p>\n<p>\u201cYou have to expect things from yourself before you can do them.\u201d<\/p>\n<p>We look forward for your valuable comment <a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the day: &nbsp; Direct Tax: ITAT Delhi has held that right to receive a property is a valuable and a transferable right and falls within the ambit of \u201ccapital asset\u201d and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,4],"tags":[341,344,343,340,342],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3123"}],"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=3123"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3123\/revisions"}],"predecessor-version":[{"id":7410,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3123\/revisions\/7410"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}