{"id":3252,"date":"2017-06-09T18:40:57","date_gmt":"2017-06-09T13:10:57","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3252"},"modified":"2021-12-07T16:08:06","modified_gmt":"2021-12-07T10:38:06","slug":"3252","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/3252\/","title":{"rendered":"corporate and professional update June 9, 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-69d2631d4c5df\" 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-69d2631d4c5df\"  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\/3252\/#CORPORATE_AND_PROFESSIONAL_UPDATE_June_9_2017\" title=\" CORPORATE AND PROFESSIONAL UPDATE June 9, 2017\"> CORPORATE AND PROFESSIONAL UPDATE June 9, 2017<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/3252\/#Direct_Tax\" title=\"Direct Tax:\u00a0\">Direct Tax:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/3252\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/3252\/#GST_Update\" title=\"GST Update\">GST Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/3252\/#FAQ_on_GST\" title=\"FAQ on GST\">FAQ on GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/3252\/#_Corporate_Law\" title=\"\u00a0Corporate Law:\">\u00a0Corporate Law:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/3252\/#Other_Updates\" title=\"Other Updates:\">Other Updates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/3252\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled8-300x185.png\" alt=\"Untitled8\" width=\"548\" height=\"340\" \/><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_June_9_2017\"><\/span><strong> CORPORATE AND PROFESSIONAL UPDATE June 9, 2017<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><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><\/h3>\n<ul>\n<li>CBDT notified the Income-tax (12th Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from 1st day of April, 2017\u00a0Vide Notification No.\u00a0 46\/2017\/ F. No. 370142\/6\/2017-TPL dated 07\/06\/017.<\/li>\n<li>CBDT notified the new Safe Harbour Regime to reduce the transfer pricing disputes &amp; to provide certainty to taxpayers\u00a0Vide Press Release dated 08.06.2017.<\/li>\n<li>ITAT Hyderabad held that No Penalty can be levied for mere Non enclosure of audit report to return of income\u00a0M\/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)<\/li>\n<\/ul>\n<h3><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><\/h3>\n<ul>\n<li>CESTAT Ahemdabad held that the recovery could be effected for three years from the date of issue of show cause notice. Consequently, the matter is remanded to the adjudicating authority for calculation of the demand afresh in the light of the above observation.\u00a0Sagar Drugs and Pharmaceuticals P. Ltd. Vs C.C.E. (CESTAT Ahemdabad)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><span style=\"text-decoration: underline;\">GST Update<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The finance ministry said it has gradually abolished various cesses on goods and services in the last three Budgets, and 13 more through the Taxation Laws Amendment Act, 2017, in the run up to the\u00a0July 1rollout of goods and services tax (<a href=\"https:\/\/carajput.com\/blog\/analysis-of-provisions-of-issue-of-summon-under-gs\/\">GST<\/a>).<\/li>\n<li>Under GST for Exports, provide details of shipping bill in GSTR 1 (6 digits for port code &amp; Shipping Bill no). Leave blank if NA. \u00a0Amend in later return.<\/li>\n<li>Limit of Aggregate Turnover during FY for Audit by Chartered\/Cost Accountant raised from Rs 1 cr to Rs 2 cr. Rule 21(3) of GST Return Rules 2017.<\/li>\n<li>VAT Return\/Tax Defaulters for 6 months prior to GST implementation will be ineligible for ITC in GST. Kindly update your Returns\/Tax Liability.<\/li>\n<\/ul>\n<h3><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><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Question:<\/span><\/strong><strong>\u00a0<\/strong>How to distinguish whether a particular supply involves supply of goods or services or both?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong>The Schedule II appended to CGST Act, 2017 enlists the activities which are to be treated as supply of goods or supply of services. One may refer Schedule II with reference to Section 7 to classify whether the transaction involves supply of goods or supply of services.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Corporate_Law\"><\/span><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>RBI said its foreign exchange dept will henceforth examine proposal of companies before they can issue masala bonds to raise funds from overseas markets. Like\u00a0ECBs, trade credit, borrowing and lending in foreign currency.<\/li>\n<li>RBI issued master\u00a0Directions on Information Technology Framework\u00a0for the NBFC Sector, 2017\u00a0Vide Master Direction DNBS.PPD.No.04\/66.15.001\/2016- 17 dated 08\/06\/2017.\u00a0<a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=10999&amp;Mode=0\">(Click here to view)<\/a><\/li>\n<\/ul>\n<h3><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><\/h3>\n<ul>\n<li>ICAI is permitting members to act as Insolvency Professional under\u00a0the Insolvency and Bankruptcy Code, 2016 and related matters\u00a0such members may also become a full time director of a\u00a0lines for Management Consultancy Services.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>Excise return for Non-SSI assesses for May:\u00a006.2017<\/li>\n<li>Excise Return for EOUs for May:\u00a006.2017<\/li>\n<li>Payment of DVAT TDS for may:06.2017<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the day<\/span><\/strong><\/p>\n<p>&#8220;Plant your garden and decorate your own soul, instead of waiting for someone to bring you flowers.&#8221;<\/p>\n<p>We look forward for your valuable comment www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0www.carajput.com\u00a0\u00a0 \u00a0E: singh@carajput.com \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n<p>Disclaimer:<\/p>\n<p>All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his\/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.<\/p>\n<p>The visitors may visit the web site of\u00a0Government site Like\u00a0Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATE June 9, 2017 Direct Tax:\u00a0 CBDT notified the Income-tax (12th Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from 1st day of April, 2017\u00a0Vide Notification No.\u00a0 46\/2017\/ F. No. 370142\/6\/2017-TPL dated 07\/06\/017. CBDT notified the new Safe Harbour Regime to reduce &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":[5217,5212,5216,5215,5213,5218,5214],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3252"}],"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=3252"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3252\/revisions"}],"predecessor-version":[{"id":19562,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3252\/revisions\/19562"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}