Exporter of Prohibited Goods cannot Waive Demurrage/Rent charges On Re-export: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/exporter-prohibited-goods-cannot-waive-demurragerent-charges-re-export-delhi-hc-read-judgment/10156/
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GST Registration Window Now Open for ‘Casual Taxpayers’ August 12, 2017 | By : by : Tax Scan Team
Read more at: http://www.taxscan.in/gst-registration-window-now-open-casual-taxpayers/10169/
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Gauhati HC Restricts BIEO Officers from Conducting Search during GST Transition Period [Read Order]
Read more at: http://www.taxscan.in/gauhati-hc-restricts-bieo-officers-conducting-search-gst-transition-period/10159/
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*MEF*: The Last Date of filing of online MEF for the year 2017-18 has been EXTENDED from 15 AUG 2017 to 25 AUG 2017 and the last date of submission of duly signed hard copy of declaration has been extended from 22 AUG 2017 to 30 AUG 2017. Link at: http://www.icai.org/new_post.html?post_id=13750&c_id=240.
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(Last Date of online filing of online MEF 2017-18 is hereby extended from 15th August 2017 to 25th August 2017 and the last date of submission of duly signed hard copy of declaration has been extended from 22nd August 2017 to 30th August 2017.)
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http://www.casansaar.com/empanelment-MEF-online-submission-date-has-been-extended-to-25-Aug.2017/1814.html
*👉🏻GST Law Committee extends deadline to claim input tax credit by one week.*
(So, now those taxpayers who are eligible for such refund will first have pay their tax dues - post adjustment of input tax credit by August 20, while calculating the tax dues, input - and then they can claim the input tax credit by August 28.)
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http://www.casansaar.com/news-GST/GST-Law-Committee-extends-deadline-to-claim-input-tax-credit-by-one-week/9151.html
*👉🏻Investigation agencies identified 13000 shell companies before SEBI ban.*
(Investigation agencies have identified more than 13000 shell companies post demonetization. The Income Tax Department, Enforcement Directorate, the Central Bureau of Investigation and the Serious Fraud of Investigation Office had sent their individual lists to the Financial Intelligence Unit (FIU) which had compiled them.)
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http://www.casansaar.com/news-SEBI/Investigation-agencies-identified-13000-shell-companies-before-SEBI-ban/9152.html
*👉🏻Empanelment of Members to act as Observers at CA Examinations Nov/ Dec 2017 Centres.*
(A member who fulfills the above mentioned eligibility criteria, desirous of empanelling himself for the assignment, may do so, online at http://observers.icaiexam.icai.org.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/empanelment-Empanelment-of-Members-to-act-as-Observers-at-CA-Examinations-Nov-Dec-2017-Centres/1813.html
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# *TODAY* (12 AUG 2017) deliberating on “Changes in Tax Audit Report, Presumptive Taxation, Schedule-III & Audit Report,” at Karnal Branch of NIRC at 5PM Onwards.
# *GST*: 16th Aug, 2017 is the last date to Opt-In for Composition Levy for migrated taxpayers from previous regime. Such taxpayers who have opted-in for composition scheme on or before this date will be considered for 2017-18.
# *GSTN* has disabled the E-Sign services from portal as the services are not stable at the moment. The moment they become stable, it will be made available on portal again.
# *ICDS* on Revenue Recognition would apply to the taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD 44ADA 44AE 4BB 44BBA 44BBB) for limited purpose of determination of turnover – Cir.No.10 of 2017, dt.23.03.2017.
# *IT*: Addition u/s 68 - accommodation entry provider - peak credit is not applicable where deposits remain unexplained u/s 68 – CIT Vs D K Garg (2017 (8) TMI 450 - Delhi High Court).
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GST Law Committee has extended the deadline to claim input tax credit by one week, while calculating the tax dues, and now the input tax credit can be claimed by August 28.
No GST on goods not intended for sale, taken out for overseas exhibitions/trade fairs & brought back as these are meant for exhibition only.
The SEZ unit located in a state treated as a business, but vertical distinct from other units located in the state outside the SEZ. Hence Separate registration is required to be obtained for the unit located in SEZ.
GST Network has started the facility for registration of casual taxpayers, those who conduct businesses occasionally in a state/Union Territory where he/she has no place of business.
Centre introduced in the Lok Sabha, The Code on Wages Bill which seeks to fix “universal minimum wage” aimed at benefiting over 400 million unorganized sector workers.
Parliament on Thursday passed a bill that will empower the RBI to deal with stressed assets in the banking sector which have soared to Rs 8 lakh crore. [The Banking Regulation (Amendment) Bill, 2017].
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Now PAN can be used as Importer Exporter Code with the introduction of GST: DGFT
In a move that would improve ease of doing business in the country, Commerce Ministry has allowed using PAN as Importer Exporter Code (IEC) with the introduction of Goods & Services Tax (GST).
According to the Foreign Trade (Development &Regulation) Act, 1992, no person shall make any import or export except under an IEC number, granted by the Director General of Foreign Trade or the officer authorized by the Director General in this behalf.
Further, FTP, 2015-20 also lays down that IEC, a 10 digit number, is mandatory for undertaking any import export activities, while Para 2.08 of the HBP (2015-20) lays down the procedure to be followed for obtaining an IEC, which is PAN based.
As on date, PAN has one to one correlation with IEC.
With the implementation of the GST from July 1, 2017, GSTIN would be used for purposes of – credit now of IGST on the import of goods, and refund or rebate of IGST related to the export of goods.
Registration No. under GST, called GSTIN, is a 15-digit alpha numeric code with PAN pre fixed by State Code and suffixed by 3 digit details of business verticals of the PAN holder.
“As GSTIN will be used for the purposes mentioned, it thereby assumes importance as an identifier at the transaction level. In view of this, it has been decided that importer/exporter would need to declare only GSTIN (wherever registered with GSTN) at the time of import and export of goods the PAN level aggregation of data would automatically happen in the system,” DGFT said.
Since e obtaining GSTIN is not compulsory for all importers/exporters below a threshold limit of turnover, all exporters / importers may not register with GSTIN (barring compulsory registration in certain cases as provided in section 24 of the Central Goods and Services Tax Act, 2017 (12 of 2017) or in cases where either credit is claimed of IGST), therefore, GSTIN cannot become universal, as IEC is for import/export business.
Further, DGFT recognizes only the corporate entity (single identity) and not individual transactions.
As a measure of ease of doing business, it has been decided to keep the identity of an entity uniform across the Ministries/Departments. Henceforth (with the implementation of GST), PAN of an entity will be used for the purpose of IEC, i.e., IEC will be issued by DGFT with the difference that it will be alpha numeric (instead of 10 digits numeric at present) and will be same as PAN of an entity, said the DGFT.
For new applicants, with effect from the notified date, application for IEC will be made to DGFT and applicant’s PAN will be authorized as IEC.
For residuary categories under Para 2.07of HBP 2015-20, the IEC will be either UIN issued by GSTN and authorized by DGFT or any common number to be notified by DGFT.
Further, for the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC.
DGFT system will undertake this migration and the existing IEC holders are not required to undertake any additional exercise in this regard, said DGFT.
IEC holders are required to quote their PAN (in place of existing IEC) in all their future documentation, with effect from notified date of GST.
The legacy data which is based on IEC would be converted into PAN based in due course of time, said DGFT.
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➡1. CBDT notifies bond of ‘Indian Railway Finance Corporation Limited’ for sec. 54EC relief
➡2. Copy of Companies (Amendment) Bill, 2017 as passed by Lok Sabha.
➡3. SEBI’s direction to stock exchanges to identify suspected Cos. to be shell Cos. was quasi-judicial: SAT
J. Kumar Infraprojects Ltd. v. Securities & Exchange Board of India
➡4. Dealer could generate ‘Form C’ even if VAT liabilities hadn’t been discharged: HC
Manan Autolink (P.) Ltd. v. State of Gujarat.
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