CA Rohit Jaiswal: 19 August 2017 Updates

SS-1 and SS-2 to be withdrawn from 30.9.2017 since there is no statutory requirement for publication of SS in Gazette of India:

http://egazette.nic.in/WriteReadData/2017/178157.pdf

Approval of Revised Secretarial Standards (SS-1 & SS-2)

As you are aware that the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meeting (SS-2) issued by the ICSI under Section 118(10) of the Companies Act, 2013 are effective from 1st July, 2015 for observance by all the companies (except the exempted class of companies). Since then, the Secretarial Standards have been revised by the ICSI considering the feedback/suggestions received from different stakeholders and the approval of the Central Government as required under Section 118(10) of the Companies Act, 2013 has been received for issuance of revised version of SS-l and SS-2 effective from 1st October, 2017.The revised SS-l and SS-2 will be released/announced shortly. -President ICSI

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Delhi Govt. again extends due date for Filing of DVAT Return for 1st quarter to Sep 1st [Read Circular]

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GST Guide
CBEC Extends Last Date/ Due Date for Filing of GSTR-3B and Payment of Tax from 20 Aug. 2017 to 25 Aug. 2017 for the m/o July 2017 in respect of Taxpayers not claiming Transitional ITC

http://gstupdates.com/cbec-extends-last-date-due-date-for-filing-of-gstr-3b-and-payment-of-tax-from-20-aug-2017-to-25-aug-2017-for-the-mo-july-2017-in-respect-of-taxpayers-not-claiming-transitional-itc /

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GST: Tax Payers Get 5 days Extension for Return Filing & Payment of Tax

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# *GST*: CBEC has further amended Principal Notification No.1/2017-Central Tax (Rate), dt.28.06.2017 to reduce CGST rate on specified parts of tractors from 14% to 9 % - Notification # 19/2017-Central Tax (Rate), dt.18.08.2017.

# *GST*: Member of the Authority for Advance Ruling shall not be below the rank of Joint Commissioner - See Rule 103 as amended vide Notification # 22/2017-Central Tax, dt.17.08.2017.

# *GST*: Electronic Cash Ledger - Challan Generated for payment of GST in Form GST PMT-06 shall be valid for 15 days. - See Rule 87(2) as amended - Notification # 22/2017-Central Tax, dt.17.08.2017.

# *GST*: Due date for filing of Stock statement in FORM GST CMP-03 extended from 60 days to 90 days in case of a person opting for Composition scheme in GST. - See the amended Rule 3 - Notification # 22/2017-Central Tax, dt.17.08.2017.

# *ICAI* invites applications from eligible Chartered Accountants firms for appointment as Statutory Auditors of its 45 units i.e. Branches, Decentralized Offices and Regional Councils for the FY 2017-18. Link at: http://resource.cdn.icai.org/45898audit36156.pdf

# *B&IC & NPAs*: FM Arun Jaitley unequivocally conveyed that the new reality in Indian business is borrowers either pay up or lose their business..

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🍎 *Eway bill* 🍊

For generaring Eway bill:

1. Visit the site https://ewbup.azurewebsites.net/

2. Enter your GST number as User id.

3. Enter the CAPTCHA code below and login.

4. Click on Eway bill-1 forms.

5.Generate token by entering details of seller and press submit and note the token number.

6. Go back to main menu and click on download Eway 01.

7.Select the demand number, then click on the token number highlighted in blue color.

8. Proceed further and fill detailed information about the consignment.

9. Preview and check the details. On previewed form, it is written that *it is not a valid Eway bill*.

10. If details are correct, then generate and download the bill, if incorrect details need to be corrected, then go back and edit it.

11. For saving the form you can choose the print to PDF option.

It is similar to earlier Form 38.

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Infosys: Three US law firms initiate investigation against Infosys over securities fraud; Rosen Law Firm prepares class action lawsuit

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Govt explains the Concepts of Special Audit, Provisional Assessment, Debit Notes & Credit Notes under GST [Read FAQs]

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Delhi HC Invalidates New Delhi Municipal Council Bye-laws: Asks Dept to Refund Excess Tax Collected [Read Judgment]

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Tax Recovery Officer cannot Declare a Sale as ‘Void’ under IT Act: Madras HC [Read Judgment]

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CBEC releases FAQs on Micro, Small & Medium Enterprises [Read FAQs]

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CBEC extends *Payment of GST & GSTR-3B filing date by 5 days to 25 AUG 2017*.

https://twitter.com/askgst_goi/status/898899223147458560

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ONLINE BUYERS CAN SUE SELLERS ANYWHERE: SC

Online consumers can sue a company for deficiency in services at any consumer court of their choice. At times when e-commerce trading is growing rapidly, *this ruling from the Supreme Court* has brought a big relief for consumers going for online purchase of products through websites and e-commerce apps.

In over-the-counter purchases, a consumer can file a complaint in the consumer court only within the local limits where the company/ opposite party resides, carries on business or where the transaction takes place.

*A Bench of Justices Adarsh K Goel and S Abdul Nazeer on Friday upheld a ruling of the National Consumer Dispute Redressal Commission (NCDRC)* six months ago. The NCDRC had ordered budget carrier *Spicejet* to pay Rs 1.25 lakh compensation to a passenger for cancellation of flight. A Chandigarh-based woman, *Rajni Aery*, booked a ticket (Chandigarh to Delhi via Bagdodra and Kolkata) on yatra.com on June 23, 2015 by paying Rs 70,900. The airline cancelled her return flight from Kolkata to Delhi without any reason and provided her no alternative. She approached the consumer court in Chandigarh and secured an order against Spicejet

http://www.dailypioneer.com/todays-newspaper/online-buyers-can-sue-sellers-anywhere-sc.html

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*All about EEFC account*

*Q 1. What is an EEFC Account and what are its benefits?*
Ans. Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category - I bank i.e. a bank authorized to deal in foreign exchange. It is a facility provided to the foreign exchange earners, including exporters, to credit 100 per cent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.
*Q 2. Who can open an EEFC account?*
Ans. All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts.
*Q 3. What are the different types of EEFC accounts? Can interest be paid on these accounts?*
Ans. An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts.
*Q 4. How much of one’s foreign exchange earnings can be credited into an EEFC account?*
Ans. 100% foreign exchange earnings can be credited to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.
*Q 5. Whether EEFC Account can be opened by Special Economic Zone (SEZ) Units?*
Ans. No, SEZ Units cannot open EEFC Accounts. However, a unit located in a Special Economic Zone can open a Foreign Currency Account with an Authorised Dealer in India subject to conditions stipulated in Regulation 4 (D) of Foreign Exchange Management (Foreign Currency Accounts by a person Resident in India) Regulations dated January 21, 2016.
*Q 6. Is there any Cheque facility available?*
Ans. Yes, Cheque facility is available for operation of the EEFC account.
*Q 7. What are the permissible credits into this account?*
Ans. i) Inward remittance through normal banking channels, other than remittances received on account of foreign currency loan or investment received from abroad or received for meeting specific obligations by the account holder;
ii) Payments received in foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park for supply of goods to similar such units or to a unit in Domestic Tariff Area;
iii) Payments received in foreign exchange by a unit in the Domestic Tariff Area for supply of goods to a unit in the Special Economic Zone (SEZ);
iv) Payment received by an exporter from an account maintained with an authorised dealer for the purpose of counter trade. (Counter trade is an arrangement involving adjustment of value of goods imported into India against value of goods exported from India in terms of the Reserve Bank guidelines);
v) Advance remittance received by an exporter towards export of goods or services;
vi) Payment received for export of goods and services from India, out of funds representing repayment of State Credit in U.S. Dollar held in the account of Bank for Foreign Economic Affairs, Moscow, with an authorised dealer in India;
vii) Professional earnings including directors’ fee, consultancy fee, lecture fee, honorarium and similar other earnings received by a professional by rendering services in his individual capacity;
viii) Re-credit of unutilised foreign currency earlier withdrawn from the account;
ix) Amount representing repayment by the account holder's importer customer in respect of trade related loan/advances granted by the exporter (subject to compliance with the extant guidelines) holding EEFC account; and
x) The disinvestment proceeds received by the resident account holder on conversion of shares held by him to ADRs/GDRs under the Sponsored ADR/GDR Scheme approved by the Foreign Investment Promotion Board of the Government of India.

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SC Transfers Petitions challenging Levy of Service Tax on Lawyers to Delhi High Court

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CBEC has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July to August 28. However, these taxpayers will have to settle their tax liability by August 20.

GST Credit of tax paid under reverse charge mechanism will be available in the same month but liability will be discharged through return filing.

Period of filing stock detail [GST CMP-03] in case of composition scheme opted by migrated dealers, extended to 90 days from date of exercise of option. Earlier the period for filing GST CMP-03 was 60 days in migrated cases.

MCA has turned its focus on the growing number of LLPs firms. In such a partnership, partners can´t be held liable for another´s misconduct or negligence. Now Govt is in the process of identifying and deregistering inactive LLP firms.

The insolvency regulator has brought in a special provision to protect the homebuyers of beleaguered real estate companies such as Jaypee Infratech and Amrapali. IBBI said owner of undelivered properties can become part of the committee of creditors and stake a claim equivalent to the amount they have paid to realtors.

ICAI has invited applications from eligible CA Chartered firms for appointment as Statutory Auditors of its 45 units i.e. Branches, Decentralized Offices and Regional Councils for the FY 2017-18. http://resource.cdn.icai.org/45898audit36156.pdf

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Offences and Penalties
Section 122
$) Any person who aid or abets(encourage or motivate to do something wrong) any of the offences specified in clauses in Section 122(1) [readers are requested to pls go thru themselves, as it's a long list can't be produced here]

$) Any person who fails to appear before the officer of central tax, when issued with a summon for appearance to give evidence or produce a document in an enquiry.

Shall be liable to penalty which may extend to 25000/-

General Penalty
Section 125
Any person, who contravenes any of the provisions of this Act or any rules made therunder for which no penalty is seperately provided for in this Act, shall be liable to a penalty which may extend to 25000/-.

Section 126
$) No penalty shall be imposed on any person without giving him an opportunity of being heard.

$) The penalty imposed under this Act shall depend on the facts and circumstances of each case and shall be commensurate with the degree and severity of breach.

$) When a person voluntarily discloses to an officer under this Act the circumstances of a breach of tax law, regulation or procedural requirement prior to the discovery of the breach by the officer, the proper officer may consider this fact as a mitigating factor when quantifying a penalty.

Section 128
Power to waive penalty or fee or both
The Govt. May by notification, waive in part of full, any penalty referred to Sec 122, 123 or 125 or any late fee referred to in Sec 47(late filing of GSTR 1,2,3 & 3B) for such classes of tax payers and under such mitigating circumstances.

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: IT Dept received 2.79 Cr Returns this Year: Govt clarifies number of Taxpayers added after Demonetisation

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Transitional ITC under GST: Govt Explains Method for Computing Tax

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#Economy:The I-tax dept has identified over 10,000 individuals who have bought properties but have not paid tax. The dept is examining property transactions worth over Rs 1 crore. The dept has roped in four global data mining companies to profile taxpayers and map their transactions. These cases are across the country. The department is also investigating if these properties are benami holdings. The Govt has identified cases based on the income declared by individuals.We are following a non-intrusive approach, relying solely on the data mined. Notices have been sent out. Many firms and companies have also been identified, taking the number of cases higher than 10,000. The probe will be widened to examine property transactions of less than Rs 1 crore.

#Finance:The Centre has doubled to Rs 3,000 PM the child care allowance for women with disabilities from Rs 1,500 PM for taking care of their newborn child. The allowance shall be payable from the time of the child's birth till the child is two years old. It shall be payable for a maximum of two eldest surviving children.

#The tax dept is expected to launch Project Insight in collaboration with L&T infotech, which will make evasion even tougher. It will collate information from various sources and profile people using their PAN details.The Govt has identified 30,000 cases for scrutiny of people who tried to regularise unaccounted income by filing tax returns in response to demonetisation.

#All future elections will be held using voter verifiable paper audit trail or VVPAT machines, along with EVMs, the EC announced.

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Sunday, 20 August 2017

19 August 2017 Updates