Prime Minister said there was a need to overhaul the old tax structure at a gathering of top level income tax officials as the existing tax laws are over 50 years old and do not fit in with today´s environment and present economic situation.
Central Government Vide it’s Notification No. 28/2017-Central Tax dated September 1, 2017. waives late fee payable u/s 47 of CGST Act for all registered persons who failed to furnish return in FORM GSTR-3B for the month of July, 2017 by due date.
About 1% (4.4 Million) of the GST invoices had been uploaded on the GST Network more than a month after the facility opened, suggesting a last-minute scramble near the September 5 deadline and a clamour for an extension.
The Supreme Court has ruled the management of a company undergoing bankruptcy proceedings cannot continue in its role.The court clarified a number of contentious issues, empowering the NCLT in recovering dues.
The Insurance Regulatory and Development Authority of India (IRDAI) has said insurance companies can access details of policy holders provided by the Unique Identification Authority of India (UIDAI) only with their consent.
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🏻SEBI weighs barring auditors if audit fails to give a true picture.*
(SEBI panel on corporate governance is considering whether an auditor should be barred from scrutinizing the books of listed companies if an audit is ineffective and fails to spot financial discrepancies. It’s the first time the regulator is considering an active monitoring of the role of auditors.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-SEBI/SEBI-weighs-barring-auditors-if-audit-fails-to-give-a-true-picture/9207.html
*👉🏻Seeking bank employees' personal info exempted under RTI - SC.*
(The Supreme Court has held that seeking information about individual bank employees which were personal in nature and devoid of any public interest, was exempted under the Right to Information (RTI) Act.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-General/Seeking-bank-employees-personal-info-exempted-under-RTI---SC/9204.html
*👉🏻Engagement of CA Firms for Internal Audit of 36 State/UTs AIDS Control Society*
(NACO invites call for expression of interest for Engagement of CA Firms for Internal Audit of all State/UTs AIDS Control Society located across the country)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/empanelment-Engagement-of-CA-Firms-for-Internal-Audit-of-36-StateUTs-AIDS-Control-Society/1818.html
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Circular dated 1st September on reconciliation of data between form 3B & GSTR1,2,3. correction can be done in GSTR 1,2 and 3 and even if 3B was submitted not filed, reconcilation will be done.
Notification No.28/2017 dated 01.09.17 issued to waive late fees payable u/s 47 for those who failed to file return GSTR 3B for the month of July.
Central Government vide Notification no.27/2017-Central Tax dt 30-08-2017 has substituted Rule 138 of CGST Rules, 2017 and prescribed the detailed procedure to be followed for generation of E-way bill and information to be furnished prior to commencement of movement of goods. The detailed procedure is available here. http://www.cbec.gov.in/resources/htdocs-cbec/gst/Ntfn%2027_2017.pdf
# *ICAI* releases Exposure Draft of Guidance Note on Transfer Pricing [Read Draft Guidelines] - https://resource.cdn.icai.org/46857citax36644.pdf
# *Income Tax*
Income Tax Audit and Return Date extended to 31st October
CBDT extends the time for Linking PAN with Aadhaar from 31st Aug. to 31st December 2017
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# *GST*: E-way Bill in Form GST EWB-01 to be generated for Consignment Value Exceeding Rs.50,000/-.
# *GST*: A consolidated e-way bill in FORM GST EWB-02 for multiple consignments in one conveyance to be generated by the Transporter containing the serial number of all the individual Consignments.
# *GST*: A Unique e-way bill number (EBN) shall be made available to the supplier, recipient and the transporter on the common portal upon generation of the e-way bill on the common portal.
# *GST*: If Goods are not transported after generation of E-way Bill, need to be cancelled with 24hrs of its generation on common portal.
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➡1. Exp. on medical seminar couldn’t be disallowed when doctors attended it to upgrade their own knowledge.
Boston Scientific India (P.) Ltd.
v. Assistant Commissioner of Income-tax.
➡2. Errors made in GSTR-3B could be corrected in regular returns GSTR-1 and GSTR-2; Govt. clarifies
➡3. Govt. waives off late fee on delay in filing of GSTR-3B for July, 2017
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#Economy:In a fresh clampdown on shell companies, the I-t dept has identified 2,138 firms that deposited unaccounted cash during the demonetisation period. Tax officials have found deposits of Rs 1,321 crore so far, and expect the amount to swell to Rs 5,000 crore.This new data also comprises details of 3,676 directors and associated entry operators, who deposited cash in banks during the note ban period. The fresh data includes both listed and unlisted firms, allegedly associated with some of the big corporate entities, which have used these firms to deposit their unaccounted cash in banks.The new list has been prepared on the basis of challan identification numbers (CINs) of the shell firms and then segregated by mapping it with the jurisdiction of the Registrar of Companies for incorporation information of shell companies. Based on the information, CBDT is said to have directed tax officials to conduct extensive enforcement action of search, survey and seizure on these companies as part of the next phase of "Operation Clean Money" launched early this year to detect the generation of black money post note ban. The tax department is planning a mega pan-India search operation on these companies in the coming weeks.
#Textile companies are expecting a revival in their fortunes in July-September on a rebound in customer footfalls and restocking by traders following GST. Profit margins of textile firms remained under pressure in the first quarter of the current financial year due to traders’ destocking ahead of the GST implementation effective July 1. Primary textile players had stocks returned to them amid fears of the GST’s burden on unsold inventory.
#Nirmala Sitharaman takes oath as Cabinet minister. She is the first woman after Mrs.Indira Gandhi to get charge of the defence portfolio. Piyush Goyal has been put in charge of the railway ministry. He has also retained the coal ministry. Suresh Prabhu has been moved to commerce and industry.
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New sections under I-T Act which are applicable in the present tax audit season._
The tax audit season for FY 2016-17 is currently on. Several new sections were introduced in Budget 2016 which are applicable from FY 2016-17 - which have to be borne in mind while filing your ITR. A few land slide changes applicable from this year are brought to your notice:
1. *Implementation of ICDS:* The _Income Computation and Disclosure Standards_ have been made applicable from FY 2016-17 or AY 2017-18. The CBDT has issued 10 such standards which are all mandatory for all assessees having income from business and other sources. These standards define how income is to be computed under certain situations and mostly applicable to all assessees - both corporates and non-corporates. These are complicated and cannot be ignored while preparing your return of income even in non audit cases where presumptive income is returned.
If income is not declared in accordance with the ICDS, the return may be picked up for scrutiny and the AO may do a best judgement assessment by rejecting the books of account.
2. *Section 270A:* This section which seeks to levy penalty has come into force from this year in respect of UNDER REPORTING and MISREPORTING of income. If the return is picked for scrutiny which results in addition of any income in the assessment, stringent penalty will be levied as under:
- 50% of the tax demand in case of underreporting;
- 200% of the tax demand in case of misreporting.
This penalty is automatic and leaves no discretion for the assessing officer. Penalty for concealment until last year u/s 271(1)(c) was discretionary and sparingly levied on erring assessees. Not following ICDS will trigger a penalty under this section.
3. *Section 271J:* This section provides to levy penalty of ₹ 10,000 on a professional who furnishes incorrect information in reports or certificates! The three professionals on whom this penalty can be levied are chartered accountants, merchant bankers and property valuers. The erring professional may be further subject to disciplinary action by their respective regulatory body.
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List of items exempted under GST
The Goods and Services Tax (GST) in India was implemented on July 1, 2017. Even after two months of GST roll out, there is much confusion on what products come under GST and what not. Here is the list of products that are kept outside the purview of GST:-
1. Animal feed
2. Aquatic feed
3. Betel leaves
4. Bread
5. Butter milk
6. Children's' picture, drawing or coloring books
7. Coconuts
8. Contraceptives (Condoms)
9. Curd
10. Earthen pot and clay lamps
11. Educational services
12. Eggs
13. Fire wood
14. Fish
15. Fresh fruits
16. Fresh milk
17. Fresh vegetables
18. Gandhi topi
19. Hand operated agriculture equipments
20. Hearing aids
21. Human blood
22. Human hair
23. Indian national flag
24. Indigenous handmade musical instruments
25. Jaggery
26. Judicial, Nonjudicial stamp papers, Court fee stamps
27. Khadi yarn
28. Kumkum, Bindi, Sindur
29. Lassi
30. Live animals
31. Live trees and plants
32. Medical services
33. Municipal waste, sewage sludge, clinical waste
34. Non-alcoholic Toddy, Neera
35. Oraganic manure
36. Pappad
37. Plastic bangles
38. Poultry feed & cattle feed
39. Prasad (sacred food)
40. Printed books, including Braille books and newspaper, periodicals & journals
41. Puffed rice (muri)
42. Puja samagri
43. Raw jute
44. Raw silk
45. Raw wool
46. Salt
47. Semen
48. Slates, Slate pencils and chalk sticks
49. Tender coconut water
50. Unbranded atta (flour) and maida
51. Unbranded besan (gram flour)
52. Unbranded natural honey
53. Unpacked foodgrains (Cereals, pulses)
54. Unpacked paneer
55. Water (other than aerated, mineral, purified)
56. Wood charcoal
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List of forms prescribed under E-way rules
1). FORM GST EWB-01 – Part -A:- E-Way Bill
To be filled by registered person causing movement of goods or by transporter
2). FORM GST EWB-01 – Part -B:- E-Way Bill
To be filled by Transporter or by registered person
3). FORM GST EWB-02:- Consolidated E-Way Bill : To be filled by Transporter
4). FORM GST EWB-03 – Part -A:-Verification Report : Summary report to be filed by PO within 24 hours of inspection
5). FORM GST EWB-03 – Part -B:- Verification Report : Final report to be filed by PO within 3 days of inspection
6). FORM GST EWB-04:- Report of detention
Complaint to be filed by Transporter of Registered person if vehicle is detained by PO for more 30 minutes
7).FORM GST INV – 1:- Generation of Invoice Reference Number : To be generated by registered person in case of bill to - ship to transactions.
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ITAT allows Deduction on Expenditure incurred on Foreign Tour of Director for Acquisition of Machinery [Read Order]
Read more at: http://www.taxscan.in/itat-allows-deduction-expenditure-incurred-foreign-tour-director-acquisition-machinery/10742/
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Interest on Voluntary Contributions Earned by a Trust on Instruction of Donor is Eligible for Exemption: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/interest-voluntary-contributions-earned-trust-instruction-donor-eligible-exemption-kerala-hc/10703/
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Room Rent in Hospitals is out of the GST Net: Govt. [Read FAQs]
Read more at: http://www.taxscan.in/room-rent-hospitals-gst-net-govt/10735/
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GIC EXTENDED GSTRs Filing date for JUL'17 & AUG'17*:
*GSTRs for JUL' 2017*:
GSTR-1: 10 SEP 2017
GSTR-2: 25 SEP 2017
GSTR-3: 30 SEP 2017
*Source*:https://twitter.com/askgst_goi/status/904712876778237953
*GSTRs for AUG' 2017*:
GSTR-1: 05 OCT 2017
GSTR-2: 10 OCT 2017
GSTR-3: 15 OCT 2017
