Saturday, 19 August 2017

18 August 2017 Updates

Article on GTA
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*GST*: CBEC vide its Notification # 23/2017-Central Tax, dt.17.08.2017 has EXTENDED the due date of filing of Form-GSTR-3B for the month of July, 2017 to 28 AUG 2017 subject to following conditions:
• Registered persons entitled to avail input tax credit in terms of Section 140 of the CGST Act r/w rule 117 of the CGST Rules (Transition Credit) and opting to file FORM GST TRAN-1 on or before the 28th August, 2017 (to be operational w.e.f. 21st August).
• The Tax Due net of credit as may be claimed through TRAN-1 to be paid on or before 20th August.
• If any balance payable after 20th August, after exhausting TRAN-1 Credit would attract interest @ 18% PA.
• In other cases, the last date for filing of return in Form-GSTR-3B shall remain 20th August, 2017.
• Link at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-23-central-tax-english.pdf
*GST*: CBEC vide its Central Goods and Services Tax (Fifth Amendment) Rules, 2017 has amended Rule -3 (4), Rule-17, Rule-40, Introduced New R-44A on Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar, Rule-61, Rule-87, Substitution of Rule-103, Change in Form-GST REG-01, Substitution of Form-GST REG-13 - Notification # 22/2017-Central Tax, dt.17.08.2017.
*GST*: Credit of tax paid under reverse charge mechanism (RCM) is available in the same month if the tax due in under the RCM discharged through filing of return for the same month.
*DVAT*: The Due Date of filing of DVAT Returns in Form 16, 17 & 48 for Q1 of FY2017-18 has been EXTENDED up to 01 SEP 2017 - Cir # 13 dt.17.08.2017.
*MCA IBBI* has issued a press release stating that Dr. (Ms.) Mamta Suri takes charge as Executive Director, IBBI.
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*Table 5 in Form 3B* 
Hello Friends,
There are many queries about what information need to be given in Table 5 of Form 3B. Below are some points which can help in putting information in Table 5.
 *1. Inward Supply from Composition dealers:* Here the Inward supplies received from Composition user needs to be filled, rather for any purchase or for business expense.
 *2. Inward exempted supply:* This one is the most critical to fill as it will cover all supply of exempted goods or services. Some examples are:
 *A.* All URD purchase below 5000 on which reverse charge is not paid, as it is an exempt supply.
 *B.* Amount of interest paid, GTA charges below 750 or 1500 and many more supplies which are exempt.
This is a big flow as all the details of minor expenses needs to be given monthly.
 *3. Inward NIL rate supply:* This includes all supplies classified under NIL rate.
* 4. NON GST Supply:* This heading will include all activities which are Supply but GST act in not applicable to them currently *like Petrol, diesel expenses, alcohol expenses.*
⛳ *So which inward activities does not need to be mentioned in Form 3B or going firmware in GSTR 2?*
 Primarily everything which fits in the definition of supply needs to be mentioned.
Hence, some expenses or activities as mentioned in *SCHEDULE III like salary, Sale of land etc..* which are specifically neither treated as Supply of goods nor of services *NEED NOT to be mentioned.*
 Also supply of money in not considered as supply of goods and hence it will also need not to be considered.
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Property-Holders who have never filed Income Tax Returns are under Scanner
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Govt Notifies Amended CGST Rules: Releases Form for Grant of UIN to UN Bodies [Read Notification]
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Kerala Assembly passes State GST Bill, 2017
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Original Owner can be Assessed when he Leased Out Property to Family Members and then Sub-leased to Others to Evade Tax: SC [Read Judgment]
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CBEC Denies rumors of Extension of filing GSTR 3 B and GST Payment Date* 
However for taxpayers who want to claim transitional credit in TRAN 1, the time period for only filing of return in FORM3B is extended by one week subject to those taxpayers will pay the balance self-assessed liability ( after adjusting transitional ITC) of GST by 20th August.
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TRAN1 for claiming transitional input tax credit will be available on GSTN website from 21st August, 2017.
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Late fee for non filing of Returns
Any registered person who fails to furnish the details of outward or inward supplies required under section 37 (Form GSTR-1) or section 38(GSTR 2) or returns required under section 39(GSTR3) or section 45(final return GSTR 10) by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount of five thousand rupees.
Any registered person who fails to furnish the return required under section 44 (Annual Return) by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter  per cent of his turnover in the state or union territory.
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Govt Notifies Conditions for E-Filing of Form to Avail Transitional Input Tax Credit [Read Notification]
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Due date of GST 3B for july 2017 extended from 20/07/2017 to 28.08.2017.
Due date for DVAT return for first quarter (Q1) extended upto 01.09.2017.
GST Credit of tax paid under reverse charge mechanism will be available in the same month but liability will be discharged through return filing.
Govt has approved a new metro rail policy, a scheme to refund CGST to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East till 2027, and changes to strategic disinvestment policy to speed up decision-making.
The cabinet cleared the CGST refund scheme with a budgetary allocation of Rs 27,413 crore, which will come as a big relief to sectors like pharma, automobiles, FMCG.
SEBI has notified the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017.
IBBI has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations,2017 .
Date of filing of DVAT Return in Form 16, 17 & 48 for Q1, 2017-18 has been extended upto 1.09.2017. Circular No.13 dated 17.08.2017.
GST Credit of tax paid under reverse charge mechanism will be available in the same month but liability will be discharged through return filing.
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# *GST*
Finance Ministry issues press release, announces extension of deadline till August 28, for submission of GSTR-3B & Form TRANS 1;
Govt. acknowledges concerns regarding form for claiming transitional input tax credit not being available on the GSTN website, says the form will be available from August 21st;
It is clear from this press release by the Ministry of Finance that  those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017.
# *Delhi VAT*
Date of filing of DVAT Return in Form 16, 17 & 48 for Q1, 2017-18 has been extended upto 1.09.2017. Circular No.13 dated 17.08.2017.
# *ICAI Empanelment*
ICAI has invited applications from eligible CAs firms for appointment as Statutory Auditors of its 45 units i.e. Branches, Decentralized Offices and Regional Councils for the financial year 2017-18. Notice inviting expression of interest is available at following link containing the eligibility criteria, remuneration etc.
http://resource.cdn.icai.org/45898audit36156.pdf

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➡1. HC rightly dismissed writ which was filed 4 years after demand was confirmed: Apex Court
Shoeline v. Commissioner of Service Tax
➡2. Ind AS 33: Subsidiary to disclose EPS of all equity holders, not only of parent entity
➡3. Income related to activities performed by Foreign Co. outside India with no role of PE couldn't be taxed in India.
Caterpillar Global Mining Europe GmbH v. Assistant Director of Income-tax (International Taxation)-I, Hyderabad*

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PLACE OF SUPPLY OF GOODS OR SERVICES OR BOTH
10.Place of supply of goods other than supply of goods imported into, or exported from India
The place of supply of goods, other than supply of goods imported into, or exported from India, shall be as under,––
where the supply involves movement of goods, whether by the supplier or the recipient or by any other person, the place of supply of such goods shall be the location of the goods at the time at which the movement of goods terminates for delivery to the recipient;
where the goods are delivered by the supplier to a recipient or any other person on the direction of a third person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to the goods or otherwise, it shall be deemed that the said third person has received the goods and the place of supply of such goods shall be the principal place of business of such person;
where the supply does not involve movement of goods, whether by the supplier or the recipient, the place of supply shall be the location of such goods at the time of the delivery to the recipient;
where the goods are assembled or installed at site, the place of supply shall be the place of such installation or assembly;
where the goods are supplied on board a conveyance, including a vessel, an aircraft, a train or a motor vehicle, the place of supply shall be the location at which such goods are taken on board.
Where the place of supply of goods cannot be determined, the place of supply shall be determined in such manner as may be prescribed.

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