{"id":3128,"date":"2017-05-03T13:18:00","date_gmt":"2017-05-03T07:48:00","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3128"},"modified":"2021-08-13T11:53:22","modified_gmt":"2021-08-13T06:23:22","slug":"corporate-and-professional-update-may-3-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-3-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 3, 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-69d00487b4a2a\" 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-69d00487b4a2a\"  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-3-2017\/#Direct_Tax\" title=\"Direct Tax:\u00a0\">Direct Tax:\u00a0<\/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-3-2017\/#Indirect_Tax\" title=\"Indirect Tax:\u00a0\">Indirect Tax:\u00a0<\/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-3-2017\/#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-3-2017\/#Key_dates\" title=\"Key dates:\">Key dates:<\/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-3-2017\/#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-may-3-2017\/#Other_Updates\" title=\"Other Updates:\u00a0\">Other Updates:\u00a0<\/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\/12\/10600582_800697433397460_6452363275309472516_n-300x251.jpg\" alt=\"10600582_800697433397460_6452363275309472516_n\" width=\"427\" height=\"358\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>ITAT Mumbai held that the activities of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are prima facie in the nature of carrying on trade, commerce, or business for consideration and are hit by the proviso to s. 2(15). If the receipts from these activities are in excess of the minimum prescribed threshold limit, the DIT is required to conduct detailed enquiry and examination as to the nexus between the activities and trade, commerce or business. [MIG Cricket Club Vs DIT (E)]<\/li>\n<li>Adhaar card and <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">Pan<\/a> linking option now activated on <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax<\/a> website whereby now, name as per Adhaar card also to be given. Both get linked even if there is difference in name.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>A educational coaching is covered by the expression \u201ccoaching centre\u201d as defined in section 65(26) and (27). That it is not on commercial basis or predominantly for profit is the only argument canvassed throughout. On some occasions in the past, it was accepted but after the insertion of the explanation even that is unavailable. Now, irrespective of profit motive and so long as such service is rendered for consideration, it falls within the purview of the service tax. [Chanakya Mandal Vs Union of India (Bombay High Court)]<\/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<ul>\n<li>GST Migration for existing taxpayers has been temporarily discontinued by GSTN w.e.f. 1st May 2017.<br \/>\nNo need for Traders dealing only in petrol, diesel &amp; other exempt or zero-rated goods to register under GST. Register if deal in other goods also.<\/li>\n<li>Round-the-clock\u00a0presence of\u00a0Central Excise officers\u00a0in the cigarette factories is\u00a0not mandatory but directory. Circular No. 1055\/04\/2017-CX dated 1st May, 2017.<\/li>\n<\/ul>\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=\"Key_dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>E- Payment of service tax for April by Cos:\u00a005.2017<\/li>\n<li>Submission of forms received in April to IT Commissioner:\u00a005.2017<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deducted\/collected in April:\u00a005.2017<\/li>\n<li>Return of non \u2013 <a href=\"https:\/\/carajput.com\/services-ssi-registration.php\">SSI<\/a> assesses for april:\u00a005.2017<\/li>\n<li>Return by units paying duty &gt; 1 crore (CENVAT + PLA) for April:\u00a005.2017<\/li>\n<\/ul>\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>What will be status of Tobacco and Tobacco products under the GST regime?<\/p>\n<p><strong>Answer:<\/strong> Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products.<\/p>\n<p>Which authority will levy and administer GST?<\/p>\n<p><strong>Answer:<\/strong> Centre will levy and administer CGST &amp; IGST while respective states will levy and administer SGST.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/strong><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>About 900,000 registered companies do not file annual returns and are potential sources of money laundering. Govt. pitched for the country\u2019s top anti-financial crime agency to be used \u201cexpeditiously\u201d against tax cheats.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has issued\u00a0Guidelines on Merchant Acquisition for Card Transactions.\u00a0Co-operative banks have been permitted to install both onsite\/offsite ATM networks and can issue debit cards.<\/li>\n<li>CA Students Appearing for exam can send Their\u00a0Observations of the question papers of CA exams-May, 2017\u00a0\u00a0to the notice of the Exam Department, by e-mail at examfeedback@icai.in\u00a0or by Speed Post.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">\u00a0SEBI<\/a> has issued a\u00a0Consultation Paper on permitting Category III Alternative Investment Funds (AIFs) in the commodity derivatives market.<\/li>\n<\/ul>\n<ul>\n<li>CPT Exam June-2017 last date extended for examination application forms to 6th May, 2017.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the Day:<\/span><\/strong><\/p>\n<p>\u201cIn order to succeed your desire to success \u00a0should be greater than fear of failure.\u201d<\/p>\n<p>\u201cBelieving in yourself is the first secret of success.\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: Direct Tax:\u00a0 ITAT Mumbai held that the activities of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are prima facie in the nature of carrying on trade, commerce, or business for consideration and are hit by the proviso to s. 2(15). If the receipts from these activities are in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,1],"tags":[5174,2540,338,5173,5176,353,5175],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3128"}],"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=3128"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3128\/revisions"}],"predecessor-version":[{"id":15611,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3128\/revisions\/15611"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}