{"id":3343,"date":"2017-07-22T13:33:58","date_gmt":"2017-07-22T08:03:58","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3343"},"modified":"2022-01-22T15:01:49","modified_gmt":"2022-01-22T09:31:49","slug":"corporate-and-professional-update-july-22-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-22-2017\/","title":{"rendered":"Corporate and professional update july 22, 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-69d7bd86b1cff\" 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-69d7bd86b1cff\"  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-july-22-2017\/#corporate_and_professional_update_july_22_2017\" title=\"corporate and professional update july 22, 2017\">corporate and professional update july 22, 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\/corporate-and-professional-update-july-22-2017\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/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\/corporate-and-professional-update-july-22-2017\/#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\/corporate-and-professional-update-july-22-2017\/#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\/corporate-and-professional-update-july-22-2017\/#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\/corporate-and-professional-update-july-22-2017\/#Corporate_Law\" title=\"Corporate Law:\">Corporate Law:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-22-2017\/#Quotes_of_the_day\" title=\"Quotes of the day\">Quotes of the day<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/ilidc.com\/wp-content\/uploads\/2016\/02\/corporate2.jpg\" alt=\"Image result for corporate images\" width=\"823\" height=\"375\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_update_july_22_2017\"><\/span><strong>corporate and professional update july 22, 2017<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span>:<\/strong><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>CBDT make amendment in\u00a0Income-tax Rules, 1962. These rules may be called the Income-tax (21st Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from the 1st day of April, 2017.\u00a0Vide notification no. 62 \/2017\/ F. No. 370142\/ 20\/2017-TPL], dated 18th July 2017<\/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 Hyderabad held that the import of spares along with clearance of dredger claiming NIL rate of duty, claiming benefit under Customs N\/N.\u00a021\/2002 Sl. No. 353A consequently, non-payment of SAD by N\/N. 20\/2006 is correct as per law.\u00a0(CC, CE &amp; ST, Guntur Versus M\/s Navayuga Engineering Company Ltd.)<\/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 filing of intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017 has been extended upto\u00a016-08-2017\u00a0vide order No. 01\/2017-GST dated 21-07-2017.<\/li>\n<li>Supply of Service by RWA or Registered Non Profit Entity to its own Members not taxable to GST.<\/li>\n<li>The exemption is Upto Rs 5000 per Member per month. If the aggregate turnover of such RWA is Upto 20 Lakh in a Financial Year then such supplies would be exempt from GST even if the charges per month per member is more than Rs.5000.<\/li>\n<li>Goods bought with loyalty points will face tax under GST.\u00a0GST would be levied on the total price of the\u00a0product and not on the discounted value after adjusting the bonus, loyalty or rewards points.<\/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;\">Query:<\/span>\u00a0\u00a0<\/strong>If certain goods\/ services are used partly for business and partly for non-business purposes, will the credits be allowed in full or proportionately?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0\u00a0<\/strong>The credit on goods\/ services used partly for business and partly for non-business purposes will be allowed proportionately to the extent it is attributable for business purposes. The manner of calculation of such credit is provided in Rule 7 (1) of the Input Tax Credit Rules, 2017.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Corporate_Law\"><\/span><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>SEBI plans to reduce the time taken for a security to list\u00a0on an exchange to three days from the date of closure of its initial public offer (IPO), instead of the\u00a0earlier envisaged timeline of four days.<\/li>\n<li>NSE sought a settlement with the markets regulator over allegations that it provided unfair access to its high-frequency trading systems to some brokers.<\/li>\n<li>NSE applied to the SEBI for a settlement through the so-called consent mechanism.<\/li>\n<li>The Reserve Bank of India has today notified that the foreign investment limit for investment by Foreign Institutional Investors (FIIs)\/ Foreign Portfolios Investors (FPIs) in\u00a0M\/s The Byke Hospitality Limited\u00a0has increased\u00a0from 24% to 40%\u00a0of its paid up capital.\u00a0Vide press release\u00a02017-20181\/87, dated 19th July 2017<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Quotes_of_the_day\"><\/span><strong><span style=\"text-decoration: underline;\">Quotes of the day<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>\u201cDo one thing every day that scares you.\u201d<\/p>\n<p><strong>Popular Article :\u00a0<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/learn\/fresh-ibc-has-been-suspended-for-one-year-as-per-the-declaration-of-fm.html\">Suspension of Fresh IBC for 1 Year declared By FM<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/ibc-ordinance-2020-after-the-impact-covid-19-covid-period-defaults-cannot-be-triggered-by-cirp\/\">IBC ordinance 2020 after the impact covid-19 covid period defaults cannot be triggered by cirp<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/ibc-forms-insolvency-and-bankruptcy-code-2016-forms-demand-notices-returns\/\">IBC Forms Insolvency and Bankruptcy Code 2016 Forms Demand Notices Returns<\/a><\/li>\n<li><em><strong><a href=\"https:\/\/carajput.com\/publications\/gst-complainces-calender-nov-2020.pdf\">GST Return compliances calendar- Nov 2020<\/a><\/strong><\/em><\/li>\n<li><em><strong><a href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\">SALIENT FEATURES OF NEW GST SYSTEM IN INDIA<\/a><\/strong><\/em><\/li>\n<li>We look forward for your valuable comment www.carajput.com<\/li>\n<\/ul>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W: www.carajput.com\u00a0\u00a0\u00a0E: singh@carajput.com T: 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; corporate and professional update july 22, 2017 Direct Tax: CBDT make amendment in\u00a0Income-tax Rules, 1962. These rules may be called the Income-tax (21st Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from the 1st day of April, 2017.\u00a0Vide notification no. 62 \/2017\/ F. No. 370142\/ &hellip;<\/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":[4224,3950,4227,4226,4225],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3343"}],"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=3343"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3343\/revisions"}],"predecessor-version":[{"id":21378,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3343\/revisions\/21378"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}