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Direct Tax<\/span><\/strong>:<\/strong><\/p>\n ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, no penalty should be levied u\/s 271(1)(b) in such circumstances as the same is covered under exception of \u2018reasonable cause\u2019 as enshrined in section 273B.\u00a0Sangeeta Sawhney Vs. ACIT (ITAT Delhi)<\/p>\n Delhi High Court held that Addition is justified for Voluntarily admitted tax liability retracted after 2 years\u00a0PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)<\/p>\n More read:<\/p>\n How to\u00a0 Claim\u00a0 Foreign Tax\u00a0 Credit\u00a0 Under DTAA\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/a><\/u><\/strong><\/p>\n CORPORATE AND PROFESSIONAL UPDATE \u00a0may\u00a0 25, 2017\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/a><\/strong><\/p>\n \u00a0<\/strong>Indirect Tax:<\/span><\/strong><\/p>\n Key dates:<\/span><\/strong><\/p>\n Advance Information for 1st<\/sup>\u00a0fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT:\u00a027\/05\/2017<\/p>\n Issue of TCS<\/a> Certificates by collectors for quarter ended March:\u00a030\/05\/2017<\/p>\n \u00a0<\/strong>Other Updates:<\/span><\/strong><\/p>\n Takeaways of Final GST<\/a> Rules passed by GST Council:<\/strong><\/p>\n <\/p>\n In its 14th meeting in Srinagar on 18th and 19th May,2017 the all-powerful GST council cleared seven rules pertaining to different aspects of GST. These rules relate to Registration, Input Tax Credit, Payment, Refund, Invoice, Valuation and Composition and have paved the way for the rollout of GST from\u00a0July 1, 2017. The key highlights of these final GST Rules are as follows:<\/p>\n Registration<\/span><\/strong>:<\/p>\n 1)\u00a0\u00a0PAN<\/a> is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted.<\/p>\n 2)\u00a0\u00a0If a person has a SEZ unit<\/a>, then he is required to make separate registration application for that unit. Similarly, a separate application of registration is required for becoming Input Service Distributor.<\/p>\n 3)\u00a0\u00a0A non- resident seeking registration under Non-Resident Taxable Person has to appoint an authorized signatory who will sign the application of registration. That person must be resident of India having a valid PAN.<\/p>\n 4)\u00a0\u00a0A person registered under GST<\/a> is required to display his certificate of registration at a prominent location at his principal place of business and GST Number on the name board at entry of his principal place of business.<\/p>\n 5)\u00a0\u00a0Physical verification of place of business will not be conducted to grant registration under GST. But officer can do physical verification after granting of registration, if he is satisfied that it is necessary to do the same. He must upload verification report on GST Portal within 15 working days after verification.<\/p>\n Read more:<\/p>\n CLOSURE OF SUBSIDIARY COMPANY<\/a><\/p>\n Compliance for Foreign Subsidiary Companies in India<\/a><\/p>\n Invoice<\/span><\/strong>:<\/span><\/p>\n 6)\u00a0\u00a0Tax invoice in case of supply of taxable services must be issued\u00a0within 30 days\u00a0of date of supply of services. However, time limit for banking company, insurance company or financial institutions is 45 days. 7)\u00a0\u00a0The invoice shall be in triplicate for Supply of Goods and in duplicate for Supply of Services.<\/p>\n 8)\u00a0 \u00a0The serial number of invoices issued will be furnished electronically on GST Portal.<\/p>\n 9)\u00a0\u00a0On receiving advance, Receipt Voucher will be issued. If rate is not determinable, tax is to be paid at 18%. If nature of supply is not determinable, it will be treated as Inter-State Supply.<\/p>\n 10)\u00a0\u00a0If reverse charge is applicable, the recipient will issue Payment Voucher.<\/p>\n Payment<\/span><\/strong>:<\/span><\/p>\n 11)\u00a0\u00a0Electronic Liability Register shall be maintained for each person liable to pay tax on the GST<\/a> Portal.<\/p>\n 12)\u00a0\u00a0Electronic Credit Ledger and Electronic Cash Ledger shall also be maintained on the GST Portal for the person eligible for input tax credit and for person liable to pay tax respectively.<\/p>\n 13)\u00a0\u00a0Tax will be paid only through internet banking, RTGS, NEFT or Debit and Credit Cards. However, over the counter payment is allowed through authorized banks for the amount up to Rs.10,000 per challan per tax period.<\/p>\n Refund<\/span><\/strong>:<\/span><\/p>\n 14)\u00a0\u00a0A separate formula is prescribed for Maximum Refund in case of inverted duty structure, i.e., GST<\/a> rate is higher on Inputs than on Output Supply. 15)\u00a0\u00a0Refund application shall be filed electronically on GST Portal.<\/p>\n 16)\u00a0\u00a0The grant of provisional refund shall be made if person clamming refund has not been prosecuted during any period of 5 years preceding the tax period for which refund is claimed. However, the following 2 condition mentioned in Draft Refund rules have been deleted:<\/p>\n a)\u00a0\u00a0\u00a0\u00a0\u00a0The assessee should have a GST compliance<\/a> rating of not less than<\/p>\n b)\u00a0\u00a0\u00a0\u00a0\u00a0The assessee should not have any pending proceeding or appeal on any issue.<\/p>\n 17 \u00a017)\u00a0\u00a0\u00a0If Commissioner wants to withhold refund, order must be issued along with reasons of withholding refund.<\/p>\n Valuation<\/span><\/strong>:<\/span><\/p>\n 18)\u00a0\u00a0The value of supply made by principal to its agent or made to any related person shall be 90% of price charged for the supply of like kind and quality to unrelated person.<\/p>\n 19)\u00a0\u00a0The value of a token, coupon or a voucher shall be equal to the money value of goods redeemable against such token or voucher or coupon.<\/p>\n 20)\u00a0\u00a0The expense incurred by a supplier as a pure agent will not form value of supply and shall be excluded. The supplier will be treated as pure agent on complying with following three conditions:<\/p>\n a)\u00a0\u00a0\u00a0\u00a0\u00a0He makes payment to third party on authorization by such recipient.<\/p>\n b)\u00a0\u00a0\u00a0\u00a0\u00a0The payment made by pure agent on behalf of recipient has been shown separately on invoice.<\/p>\n c)\u00a0\u00a0\u00a0\u00a0\u00a0The supplies procured from third party by pure agent on behalf of recipient are in addition to services he supplies on his own account.<\/p>\n Earlier, in draft rules, 8 conditions were prescribed. Now, only these three conditions have to be fulfilled.<\/p>\n Input Tax Credit:<\/span><\/strong><\/p>\n 21)\u00a0\u00a0The person eligible to take credit in respect of input of goods held in stock after registration is required to file a declaration on GST<\/a> Portal that he is eligible for input tax credit within 30 days.<\/p>\n 22)\u00a0\u00a0ITC would not be available to registered person if tax has been paid by supplier after issuing demand order on account of fraud, wilful misstatement or suppression of facts.<\/p>\n 23)\u00a0\u00a0The time limit to claim input tax credit is not applicable to re-claim credit reversed earlier due to non-payment of consideration to supplier.<\/p>\n Composition<\/span><\/strong>:<\/strong><\/p>\n 24)\u00a0\u00a0Following persons will not be eligible for composition scheme:<\/p>\n a)\u00a0\u00a0\u00a0\u00a0\u00a0Casual taxable person or non-resident taxable person<\/p>\n b)\u00a0\u00a0\u00a0\u00a0\u00a0Person having goods in stock which were purchased in course of inter-State trade or from unregistered person<\/p>\n 25)\u00a0\u00a0Rates of Taxes for Composition Levy<\/p>\n a)\u00a0\u00a0\u00a0\u00a0\u00a0Manufacturers, other than manufacturers of such goods as may be notified by the Government \u2013 at 1%<\/p>\n b)\u00a0\u00a0\u00a0\u00a0\u00a0Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II \u2013 at 2%<\/p>\n c)\u00a0\u00a0\u00a0\u00a0\u00a0Any other supplier \u2013 at 0.5%<\/p>\n Quote of the Day:<\/span><\/strong><\/p>\n \u201cTake rest; a field that has rested gives a bountiful crop.\u201d<\/p>\n We look forward for your valuable comment www.carajput.com<\/a><\/p>\n FOR FURTHER QUERIES CONTACT US:<\/strong><\/p>\n W:\u00a0www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":" Direct Tax: ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, no penalty should be levied u\/s 271(1)(b) in such circumstances as the same is covered under exception of \u2018reasonable cause\u2019 as enshrined …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[4189,4190,4191,361],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3192"}],"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=3192"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3192\/revisions"}],"predecessor-version":[{"id":16362,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3192\/revisions\/16362"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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