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Tuesday, 22 August 2017

22 August 2017 Updates

Petition seeking GST Exemption to Mobility Aids used by Disabled Persons: SC issues Notice to Centre [Read Petition]

Read more at: http://www.taxscan.in/petition-seeking-gst-exemption-mobility-aids-used-disabled-persons-sc-issues-notice-centre/10428/

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Petition seeking GST Exemption to Mobility Aids used by Disabled Persons: SC issues Notice to Centre [Read Petition]

Read more at: http://www.taxscan.in/petition-seeking-gst-exemption-mobility-aids-used-disabled-persons-sc-issues-notice-centre/10428/

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50K Limit on Balance in ‘Small Accounts’: Govt Notifies Exemption to Deposits through Govt Grants, Welfare Benefits etc [Read Notification]

Read more at: http://www.taxscan.in/50k-limit-balance-small-accounts-govt-notifies-exemption-deposits-government-grants-welfare-benefits-etc-read-notification/10433/

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Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services, job work for textile & textile products, printing service of books, newspapers etc, admission to planetarium, and, also to provide option to GTA & transport of passengers by motorcab service providers to avail full ITC & discharge CGST @ 6%

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Non-Compete Fee is Not subject to Income Tax: Delhi HC [Read Order]

Read more at: http://www.taxscan.in/non-compete-fee-not-subject-income-tax-delhi-hc/10419/

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Anti-Profiteering Authority to be ready in a Fortnight, says CBEC Chief

Read more at: http://www.taxscan.in/anti-profiteering-authority-ready-fortnight-says-cbec-chief/10415

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Govt to promulgate Ordinance to Increase GST Cess on Luxury Cars & SUVs

Read more at: http://www.taxscan.in/govt-promulgate-ordinance-increase-gst-cess-luxury-cars-suvs/10407/

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‘Tax Arrear’ for the purpose of Direct Tax Amnesty Scheme, 2016 includes Penalty: Gujarat HC [Read Judgment]

Read more at: http://www.taxscan.in/tax-arrear-purpose-direct-tax-amnesty-scheme-2016-includes-penalty-gujarat-hc/10410/

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# *GST*: Points to remember while filing GSTR3B:
• Last date for making payments for all registered person is 25 AUG 2017 even if the person chooses to file TRAN-1.
• NIL returns to be filed in case of no business.
• If not able to avail of the transitional credit this month, the same can be utilized it later also because it will get credited in the electronic ledger, provided one files FORM GST TRAN-1 on or before 30 SEP 2017.
• Unutilized ITC can be used in subsequent months.

# *GST on Jewellery* is payable @ 3% of the total transaction value, whether or not the making charges are shown separately in the invoice.

# *GST on jewellery jobwork* If the job work done by the registered job worker, the Job Worker would charge 5% GST on job charges only with ITC claim to the service recipient. If done from the unregistered job worker then 5% GST payable under RCM.

# *CBDT* has notified Income-tax (22nd Amendment), Rules, 2017, dt. 18 AUG 2017 to revise the Form 29B i.e accountant’s report on computation of book profits u/s 115JB, consequent to Finance Act, 2017 amendment in Sec. 115JB (providing a framework for Ind-AS regime).

# *SEBI* has issued a Press Release in respect to Curbing misuse of bulk SMS in the Securities Market.

# *IBBI*: Jaypee Infratech home buyers will not have to fill up any claim forms by August 24 now. Jaypee Infratech will obtain statements of accounts of payments made by home buyers from its records and send these to each home buyer to check for any discrepancy.

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Income tax scrutiny to remain limited despite ITR filings surge.Enforcement action by the dept will be reserved for cases where specific tip-offs regarding large-scale tax evasions have been received.

GST payable at the rate of 3% of the total transaction value of Jewellery, whether the making charges shown separately or not.

If jewellery sent to Registered job worker then It would be required to pay 5% GST on job charges only, ITC can be used to set off  GST  payable otherwise  RCM applicable.

Govt got Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new GST regime and the revenues are expected to swell further as the filing cycle closes this later this week.

DSC Problem in GST: Please un-install the old version and install the new version v2.6 (Run as Administrator). The new application works on port 1585, After you install, Please open a browser windows and run https://127.0.0.1:1585

Insolvency proceedings under the Code cannot be taken as something different from the winding up proceedings. Macquarie Bank Ltd. vs. Uttam Galva Mettalics Ltd.  [2017] 139 CLA 216 (NCLT)

Secretarial Standards have been revised by the ICSI and approval of the Central Government, as required, under section 118(10) of the Companies Act, 2013 has been obtained for the revised SS-l and SS-2 vide MCA letter dated 14th June, 2017.
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👉🏻Govt gets Rs 42K crore tax so far in first filing under GST.*

(As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.#casansaar)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-GST/Govt-gets-Rs-42K-crore-tax-so-far-in-first-filing-under-GST/9173.html

*👉🏻Income tax scrutiny volume to remain same even as more people file ITRs.*

(The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns.#casansaar)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-ITR/Income-tax-scrutiny-volume-to-remain-same-even-as-more-people-file-ITRs/9175.html

*👉🏻Changes in Tax Audit - Form 3CD (AY 2017-18).*

(CBDT has amended Form 3CD w.e.f 1 Apr. 2017 by substituting clause 13(d) with new clauses 13(d), (e) and (f)  requiring reporting of the adjustments and disclosures mandated by the ICDS.

Amended clause 13(d) requires reporting by tax auditor on adjustment required in profits or loss for complying with the ICDS provisions. New clause 13(e) requires ICDS-wise reporting of the adjustments made in profit or loss for ICDS compliance, showing clearly increase/ decrease in profits as well as the overall net effect of such adjustments)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/articles-Income-Tax/Changes-in-Tax-Audit---Form-3CD-AY-2017-18/3386.html
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➡1. CBDT notifies new Form no. 29B for MAT audit

➡2. Notice issued by Advocate without operational creditor’s leave wasn’t valid for initiating insolvency process.
Macquarie Bank Ltd. v. Uttam Galva Metallics Ltd.

➡3. Fabrication  installation work related to dam project is work contract service not liable for service tax.
PES Engineers (P.) Ltd. v. Commissioner of Customs, Central Excise & Service Tax, Hyderabad-II*

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BSE to 'compulsorily' delist 200 companies on Wednesday: Here is the complete list
http://www.ecoti.in/CJujVb
via The Economic Times App(Download Now):
http://ecoti.in/etapps

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#Economy:Stock exchanges have asked brokers to furnish Aadhaar details for all their existing clients before the end of this year. Stock exchanges, in a notice last week, had directed brokers to close the accounts of clients who fail to submit their Aadhaar details by December 31, 2017. Clients who have opened trading accounts after June 1, 2017, have been given six months’ time to submit details. In case of failure to submit the documents within the aforesaid time limit, the account shall cease to be operational till the time Aadhaar number is submitted by the client.

#Finance:As much as Rs 42,000 crore has come in as taxes so far in the first monthly filing under the new GST regime, and the revenues are expected to swell further as the filing cycle closes later this week. Rs 15,000 crore has come in as Integrated GST, which is levied on inter-state movement of goods, and another Rs 5,000 crore by way of cess on demerit goods like cars and tobacco. The remaining Rs 22,000 crore has come in as Central GST and State GST, which would be split equally between the Union and state Govts.

#The physical police verification for getting a passport will soon be a thing of the past as the Govt plans to connect the service with a robust national database of crimes and criminals that will check the antecedents of applicants at the click of a mouse. The Crime and Criminal Tracking Network and Systems Project (CCTNS) is expected to link with the passport service of the Ministry of External Affairs and it will replace physical police verification for passport applicants with online verification in a year.

#The BSE on Monday said that it will compulsorily delist 200 companies with effect from Wednesday and will bar promoters of these companies from accessing the securities market for ten years. The exchange announced this in three different circulars.
■The first circular pertained to 117 companies that have remained suspended for more than ten years.According to this circular, as per the SEBI delisting  regulations, promoters of these delisted companies will be required to buy the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the BSE.
■The second circular mentioned 28 companies that have remained suspended for more than a decade and are under liquidation.
■The third circular mentioned 55 companies that will be delisted from BSE following their compulsory delisting from the National Stock Exchange of India.

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"SBI has realised Rs235.06 crore as penalty from 388.74 lakh accounts for not maintaining monthly average balance in the 1st quarter of the current fiscal, an RTI query has revealed."😏
http://www.livemint.com/Industry/d75aXGhVIpgnHtBUqYOwxJ/SBI-collects-Rs235-crore-in-minimum-balance-fine-in-1st-quar.html

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