{"id":3347,"date":"2017-07-24T12:32:55","date_gmt":"2017-07-24T07:02:55","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3347"},"modified":"2021-12-23T17:35:22","modified_gmt":"2021-12-23T12:05:22","slug":"corporate-and-professional-update-july-24-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-24-2017\/","title":{"rendered":"corporate and professional update july 24, 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-69d7a9183b85e\" 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-69d7a9183b85e\"  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-24-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_July_24_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE July 24, 2017\">CORPORATE AND PROFESSIONAL UPDATE July 24, 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-24-2017\/#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-24-2017\/#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-24-2017\/#_Key_Dates\" title=\"\u00a0Key Dates:\">\u00a0Key Dates:<\/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-24-2017\/#GST_Update\" title=\"GST Update:\">GST Update:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-24-2017\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-24-2017\/#Corporate_Law\" title=\"Corporate Law:\">Corporate Law:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-24-2017\/#What_is_core_Business_Activity_GST\" title=\"What is core Business Activity GST\">What is core Business Activity GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-24-2017\/#_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"\u00a0All about GST Offenses, Penalties, and Appeals\">\u00a0All about GST Offenses, Penalties, and Appeals<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/brandyou.brandyourdomian.com\/wp-content\/uploads\/2013\/05\/corporate_01.jpg\" alt=\"Image result for corporate images\" width=\"784\" height=\"350\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_July_24_2017\"><\/span><strong>CORPORATE AND PROFESSIONAL UPDATE July 24, 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 has clarified that, where the recipient of service is required to deduct <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> when making a payment to the supplier, the amount of TDS shall be computed without grossing up for the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> component, which is also part of the bill.<\/li>\n<li>ITAT Bangalore held that the service provided by the seconded employee in the case of the assessee is purely technical in nature and therefore exclusion of managerial from the definition of Fees for Included Services under Article 12(4) of Indo-US DTAA will not make any difference and thus taxable as fees for included service (FIS) ( [TS-294-ITAT-2017(Bang)]<\/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>CBEC specified extension of time limit for filing intimation for composition levy under sub rule (1) of rule 3 of the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST Rules, 2017<\/a>.\u00a0Vide notification no 345\/114\/2017, dated 21th July 2017.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Key_Dates\"><\/span><strong>\u00a0<span style=\"text-decoration: underline;\">Key Dates<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>E-return of DVAT for quarter ended June:\u00a025.07.2017<\/li>\n<\/ul>\n<h3><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><\/h3>\n<ul>\n<li>Extension to\u00a016.08.17\u00a0of last date to file Form GST CMP-01 (Intimation of Composition Levy Scheme).Order no. 01\/2017-GST<\/li>\n<li>GST Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is up to\u00a030th September, 2017.<\/li>\n<\/ul>\n<h4><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><\/h4>\n<p><strong><span style=\"text-decoration: underline;\">Query<\/span><\/strong><span style=\"text-decoration: underline;\">:\u00a0<\/span>In case the amount is paid partly to the supplier of service, whether full taxes can be adjusted first? If No then whether it has to be calculated proportionately?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0<\/strong>No. there is no provision under the GST law to allocate part payment of the invoice towards the taxes first so that the input tax credit can be allowed. Second proviso to Section 16(2) of the<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> CGST Act<\/a> clearly provides that the entire value of supply (with tax) is to be paid\u00a0within 180 days\u00a0from the date of issue of invoice. Therefore, as long as the entire payment is made\u00a0within 180 days, the recipient would be entitled to claim the credit in full. Assuming that only part payment is made\u00a0within 180 days, availing of proportionate credit based on such part payment is not provided for under the CGST law and thus, would be subject to litigation.<\/p>\n<h4><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><\/h4>\n<ul>\n<li>Finance Minister Arun Jaitley today introduced a bill to repeal SBI (Subsidiary Banks) Act and State Bank of Hyderabad Act following the merger of five associates with\u00a0the parent SBI.<\/li>\n<li>More than 160,000 companies been deregistered and a series of actions are being taken against shell firms. Out of the 162,618 companies that have been struck-off the register, the registration of 33,000 were cancelled by RoC (Mumbai).<\/li>\n<li>Form AOC-4, CRA-2 and 21A were recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank<\/a> has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.\u00a0Vide press release 217, dated 21 July 2017<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the day:<\/span><\/strong><\/p>\n<p>&#8220;Put your heart, mind, and soul into even your smallest acts&#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:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0\u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a>\u00a0T: 011-233-4-3333, 9-555-555-480<\/p>\n<p>Popular\u00a0 blog:<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_core_Business_Activity_GST\"><\/span><strong><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><strong><em><u>\u00a0<\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATE July 24, 2017 Direct Tax: CBDT has clarified that, where the recipient of service is required to deduct TDS when making a payment to the supplier, the amount of TDS shall be computed without grossing up for the GST component, which is also part of the bill. ITAT Bangalore held &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9933,150,172,9,4],"tags":[9156,4222,4220,5267,5269,610,5270,4221,4223,5271,5268],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3347"}],"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=3347"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3347\/revisions"}],"predecessor-version":[{"id":20394,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3347\/revisions\/20394"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}