Person Supplying Online Information and Database Access or Retrieval Services can file returns till Sep 15th: CBEC extends Due Date for Filing GSTR-5A [Read Notification]
Read more at: http://www.taxscan.in/person-supplying-online-information-database-access-retrieval-services-can-file-returns-till-sep-15th-cbec-extends-due-date-filing-gstr-5a/10573/
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Defense of Peak Credit cannot be taken where deposits remain unexplained u/s 68 of the Income Tax Act: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/defense-peak-credit-cannot-taken-deposits-remain-unexplained-us-68-income-tax-act-delhi-hc/10566/
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A Transaction cannot be treated as Genuine Merely because Transaction was by Payments through Cheque: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/transaction-cannot-treated-genuine-merely-transaction-payments-cheque-delhi-hc/10585/
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Lottery is a ‘Good’ under GST: Govt Clarifies [Read Circular]
Read more at: http://www.taxscan.in/lottery-good-gst-govt-clarifies/10591/
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No Relaxation during Interim Period: GSTN Started Levying Late Fee for late Filing of GST Return
Read more at: http://www.taxscan.in/no-relaxation-interim-period-gstn-started-levying-late-fee-late-filing-gst-return/10597/
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# *GST*: CBEC has extended time limit for furnishing the return by an Input Service Distributor in Form GSTR-6 for JUL & AUG to 8 SEP & 23 SEP 2017 respectively - Notification No.26/2017-CT, Dt.28.08.2017.
# *GST*: CBEC has extended time limit for filing of details in Form GSTR-5A for JUL to 15 SEP 2017 for person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient in India - Notification No.25/2017-CT, Dt.28.08.2017.
# *GST*: CBEC has issued clarification on the classification and GST rate on lottery tickets being goods and the classification under the CGST, IGST, UTGST/SGST shall be ‘Any Chapter’ of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and tax should be paid @ 12% or @ 28% as the case may be.
# *MCA*: The Serious Fraud Investigation Office (SFIO) now has powers to arrest people for violations of Companies law, with MCA notifying the Companies (Arrests in connection with Investigation by SFIO) Rules, 2017, w.e.f. 24 AUG 2017.
# *MCA* has notified the National Company Law Appellate Tribunal (Amendment) Rules, 2017 which shall come into force on the date of their publication in the official Gazette.
# *LAW*: Justice Dipak Mishra succeeded Justice J. S. Khehar w.e.f. 28 AUG to become the 45th Chief Justice of India and will have a tenure till 2nd Oct, 2018..
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SC directs 8 High Courts to Monitor Video/Audio Recording of Tribunal Proceedings including CESTAT [Read Order]
Read more at: http://www.taxscan.in/sc-directs-8-high-courts-monitor-videoaudio-recording-tribunal-proceedings-including-cestat/10551/
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✳RBI Updates:
▶The Reserve Bank of India has been regularly conducting Inflation Expectations Survey of Households (IESH). The September 2017 round of the survey is now being launched.Vide press release 2017-2018/550, dated 28th August 2017.
✳Direct Tax:
▶Delhi HC reverses ITAT order for AY 2011-12, restores unexplained credit addition u/s. 68 in respect of loans/advances received from four parties as assessee failed to discharge the ‘initial’ onus of establishing creditworthiness and genuineness qua the creditors [TS-355-HC-2017(DEL)]
▶Allahabad HC reverses ITAT order for AY 1994-95, holds assessee-firm liable for Sec. 271D penalty for contravening Sec. 269-SS provision; ITAT had deleted the penalty levied by AO stating that penalty was not applicable where the transactions are transparent and inter se the sister concerns [TS-353-HC-2017(ALL)]
✳Indirect Tax:
▶CBEC notified that registered person having annual turnover in the preceding financial year as specified in column (2) of the Table below shall mention the digits of Harmonised System of Nomenclature (HSN) Codes, as specified in the corresponding entry in column (3) of the said Table, in a tax invoice issued by such person under theCentral Goods and Services Tax Rules, 2017 read with notification No. 4/2017-Integrated Tax. Vide notification no 5/2017, dated 28th August 2017.
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Non-filing of GST Returns by a Firm would not Attract Penalty when It has Wrongly Registered as Sole Proprietor: Allahabad HC [Read Order]
Read more at: http://www.taxscan.in/non-filing-of-gst-returns-by-a-firm-would-not-attract-penalty-when-it-has-wrongly-registered-as-sole-proprietor-allahabad-hc/10546/
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Key Points as per Latest FAQ issued*
1. *GST rate in case of Hotel*- The Tariff Rate or Published rate will be used to determine the tax rate Slab, although tax will be charged only on Transaction Value charged from customer. If different tariff is declared for different seasons or period of the year than we will always consider that tariff which is published at the time of supply of service. If a room is upgraded to higher tariff room than rate of higher tariff room has to be charged.
2. *Room Rent in case of Hospital* is exempt from GST
3. *Bakery in Composition scheme also serving foods and Drinks* the Composition rate of 5% will be charged for all the services
4. *Supply of Books*- shall always be treated as supply of Goods as long as the supplier owns the books and has legal right to sell those books on his own account
5. *Legal Service by Advocate*- Legal service including representational service provided by an advocate including a senior advocate to a business entity, GST is required to be paid by the recipient of the service under RCM
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Under GST Software development or enjoyment of any intellectual property rights are treated as services but if pre-developed software supplied in storage are treated as goods.
The Serious Fraud Investigation Office (SFIO) now has powers to arrest people for violations of company law, with the government notifying relevant provisions amid the crackdown on illicit fund flows. MCA notified the provision.
The government has notified the Banking Regulation (Amendment) Act under which it can authorize the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans.
Thirteen Indian insurance companies have come together to use a blockchain-like technology to create a central repository of policyholder data, so that insurers need not repeat the registration procedure for multiple policies.
MCA has notified the National Company Law Appellate Tribunal (Amendment) Rules, 2017 which shall come into force on the date of their publication in the official gazette.
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: *👉🏻Income Tax Dept once again warned people against cash dealings of Rs 2 lakh & more.*
(The tax department has also asked the public to report such violations or those pertaining to black money to their jurisdictional principal commissioner of I-T department or email the same to blackmoneyinfo@incometax.gov.in)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-Income-Tax/Income-Tax-Dept-once-again-warned-people-against-cash-dealings-of-Rs-2-lakh-more/9188.html
*👉🏻Extension of time period for filing of details in FORM GSTR 5A & GSTR-6 for months of July & August.*
(Notification No. 25 & 26/2017 Dated 28-08-2017,
Last Date for filing of return in FORM GSTR-5A - 15th September 2017
Last Date for filing of return in FORM GSTR-6 :-
July 2017 - 8th September 2017
August 2017 - 23rd September 2017.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/notification.html
*👉🏻Youngest student clear CA, CS and CMA at the age of 21 years.*
(At the age of 21 years this diamond city resident holds four degrees of which three are considered few of the toughest courses in country. Aditya Jhavar, a resident of Parvat Patiya area in city Surat, became the youngest student to clear CA, CS and CMA at the age of 21 years.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-CA/Youngest-student-clear-CA-CS-and-CMA-at-the-age-of-21-years/9190.html
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Penalty for Late Filing of GST Return
GST return filing is mandatory for all persons having GST registration irrespective of turnover or profit. Hence, even persons having no business activity or turnover is a month but having GST registration are required to file GST returns. Regular taxpayers are required to file monthly GST returns, dealers registered under Composition Scheme are required to file quarterly GST returns and non-resident taxable persons are required to file one return every month. In this article, we look at the penalty for late filing of GST return.
Penalty for late filing of GST return
A penalty of Rs.100 per day is applicable for late filing of GST return. The penalty would be payable for the period in which the taxpayer failed to furnish the return up to a maximum penalty of Rs.5000.
If GST return for a month is not filed, then the GST return for the next month cannot be filed by the taxpayer. Further, if a taxpayer fails to file GSTR-1 return on the 10th, then the taxpayer would not be able to file GSTR-2 return on the 15th. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.
Notice for Not Filing GST Return
If a taxpayer fails to furnish GST returns for more than a month or two, a GSTR-3A notice maybe be issued by the GST authorities. On issuing GSTR-3A notice, the taxpayer is provided a period of 15 days to regularise GST return filing by paying any penalty as shown on the GST portal. If the pending GST returns are not filed within 15 days of GSTR-3A notice, then the GST Officer could assess tax liability, fines and penalty based on the information available and make the same payable by the taxpayer.
Hence, on receiving GSTR-3A notice, it is advisable for all GST taxpayers to immediately regularise all GST compliance by paying the applicable penalty.
Know more about notice for not filing GST return, GSTR-3A. A sample GSTR-3A notice is provided below for reference:
Cancellation of GST Registration
If a taxpayer continues to default on filing GST returns, even after receiving notice GSTR-3A, the GST registration can be cancelled. The GST registration of taxpayers who are required to file monthly tax returns can be cancelled if the taxpayer fails to file GST returns continuously for a period of six months.
The GST registration of a composition taxable person can be cancelled if the taxpayer fails to file GST returns for three consecutive tax periods.
On cancellation of a GST registration, the taxpayer would be required to pay GST tax, penalty and fines as assessed by the GST officer immediately. In addition, GST payment must be made equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock or capital goods or plant and machinery on the day immediately preceding the date of such cancellation or the output tax payable on such goods, whichever is higher.
Before an order for cancellation of GST is passed, the taxpayer would be provided with an opportunity to be heard or regularise all GST compliance. Hence, GST cancellation order is passed only after issue of notice if Form GST REG-17 as shown below:
Impact on GST Compliance Rating Score
Under GST, all taxpayers will be provided with a compliance rating score based on the track-record of GST return filing, GST payment and other requirements. GST compliance rating score would be published in the public domain or GST portal for all GST taxpayers and can be accessed by anyone. Hence, any business that fails to furnish GST returns or make GST payment on time could be adversely impacted by the GST rating score. Note......
penalty late return 100 per day 5000 (cgst and sgst act separately
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ICAI released *Background Material on GST* Acts and Rules August 2017 as second edition. Download here: http://idtc-icai.s3.amazonaws.com/download/BGM-GST-26-8-17.pdf
GST: *Due Dates for filing of GSTR-6* by Input service Distributors for the months of July and August 2017 extended by CBEC Notification No 26/2017 dated 28 August 2017. - CBEC has notified that Due Dates for filing of GSTR-6, for the months of July 2017 and August 2017, have been extended upto 8 Sept. 2017 and 23 Sept. 2017 respectively.
*GST: Normal charge on GTA* service when opted to pay central tax @ 6% with full ITC. - Central Government vide Notification no.22/2017 dated 22nd August 2017
Tax payers will have to *link their PAN with Aadhaar* by the stipulated deadline, which is 31st August 2017
MEF ICAI: The EXTENDED Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is 31st August, 2017.
CASA invitation for 7th Annual program - *Conference on GST* on 2 September (Saturday) @5pm to 9pm at Scope Minar Auditorium, Laxmi Nagar Distt. Center by *CA Rakesh Garg & CA Bimal Jain*. For Registration - http://www.casango.org/conference-on-gst/
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📺 *Updates*
➡1. Sum paid to NR towards server maintenance charges for usage of intranet and mails couldn’t be held as FTS
➡2. No penalty for non-filing of GST return when assessee wrongly registered as sole proprietor: HC
Cooper Standard Automotive India (P.) Ltd. v. Assistant Commissioner of Income-tax, Company Circle-I (3), Chennai*
➡3. Oppression plea couldn’t be entertained on failure of petitioner to prove his shareholding in company: NCLT
Jagdish Kumar Dhingra v. AR Plaza (P.) Ltd.
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# *GST*: The Govt. is looking at giving a 2% incentive in the form of a discount or cash-back over the applicable GST rate in case of digital payments where the bill is up to Rs.2,000 in a move to discourage cash payments.
# *CBDT* has now turned its attention to thousands of individuals, mostly Senior Citizens, who have high interest income of Rs.5 Lac or more on FDs and probably not filing ITRs.
# *CBDT* is unlikely to extend the date for linking Permanent Account Number (PAN) and Aadhaar beyond 31st Aug 2017. The ITRs filed until “linkage of Aadhaar with PAN is done” wouldn’t be processed until the.
# *IT*: Tribunal is custodian of the 1961 Act and is the last fact finding authority vested with powers of wide amplitude to enforce implementation of the provisions of the 1961 Act - Prakash M. Adani Vs DCIT, CC-47 & V-V (2017 (8) TMI 1062 - ITAT Mum).
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On the occasion of Samvatsari, We bow down to you with folded hands and ask for your forgiveness, for any hurt that we may have caused to you, knowingly or unknowingly, by our actions, words or thoughts.
Every day is special if you think it. Every moment is memorable if you feel it. Everyone is unique if you see it. “Life is Beautiful” if you believe in it.
Sometimes God fills our eyes with tears. Perhaps he likes to wash our eyes, once in a while, So that we can see life again with a better vision.
Tax payers will have to link their PAN with Aadhaar by the stipulated deadline, which is this month end, as the Supreme Court verdict on privacy has no bearing on the requirement, UIDAI CEO Ajay Bhushan Pandey has said.
As many as 2,964,653 filers had submitted returns for July under the GST regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase.
Personal properties of promoters given as security not subjected to moratorium under IBC, 2016. https://taxguru.in/corporate-law/personal-properties-promoters-security-banks-subjected-moratorium-insolvency-bankruptcy-code-2016.html
NCLT Kolkata bench allows selling or disposal of assets during moratorium period. The judgment came in backdrop of impending losses to bidders who participated in the loan easing excercise under Joint lender forum.
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📺 *Updates*
➡1. Demand notice issued by lawyer of creditor’s co. couldn’t be treated as notice issued under Bankruptcy Code
Uttam Galva Steels Ltd. v. DF Deutsche Forfait Ag
➡2. HC allowed sec. 80-IB relief as modification of software before installing into hardware amounted to manufacture
➡3. Govt. notifies rules for arrests of person in connection with Investigation under Companies Act, 2013.
➡4. Sec. 68 additions justified as mere producing confirmation letter couldn’t prove creditworthiness of creditors
A. Godwin Maria Visuvasam v. Income-tax Officer, Ward-III(2), Coimbatore
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GST Gyan - Software-development, design, programming, customisation, adaption, up gradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property rights are treated as Services but if pre- developed or pre-designed software supplied in storage or made available through encryption keys are treated as goods.
