# *GST*: GSTRs filing dates for the months of JUL & AUG’ 2017 has been EXTENDED:
*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
*Source*: https://twitter.com/askgst_goi/status/904712975075954689
# IT: It is mandatory for the AO to supply reasons for reopening of the assessment u/s 148 and this has to be done within a reasonable time – Pr. CIT-16 Vs Jagat Talkies Distributors (2017 (9) TMI 192 - Delhi HC)
# IT: Rectification of mistake u/s 254 - Where the issue sought to be rectified was not appealed before HC, application cannot be rejected on the ground of Doctrine of merger – Pr. CIT-1 Vs Chartered Logistics Ltd. (2017 (9) TMI 194 - Gujarat HC).
Income tax department 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.
Delhi High Court has decided in case of D K Garg (IT Appeal 115 of 2005) that where assessee, an accommodation entry provider, was unable to explain all sources of deposits and corresponding payments, he would not be entitled to benefit of peak credit.
GSTR-1, 2 & 3 for July can be submitted even if GSTR-3B not filed. Pay Interest if tax not deposited by 25 August.(Circular 7/7/2017-GST of 1.9.2017).
GST ITC on capital goods is generally available if they are used in the course or furtherance of business. However, credit is not available on cars, unless you are in the business of imparting driving training, or supplying such cars.
CBEC has clarified that high sea sales of imported goods would not be chargeable to IGST twice i.e., at the time of Customs clearance under Section 3(7) of Customs Tariff Act as well as separately under Section 5 of the IGST Act.(Circular No. 33/2017-Custom, dated 1-8-2017).
Supreme Court ruled that every person signing a cheque on behalf of a company on whose account a cheque is drawn does not become the drawer of the cheque. Such a signatory is only a person duly authorised to sign the cheque on behalf of the company.
Payment of ‘Non-Competent Fee’ is Revenue Expenditure If assessee availed Other Services under the Agreement: ITAT Hyderabad [Read Order]
Read more at: http://www.taxscan.in/payment-non-competent-fee-revenue-expenditure-assessee-availed-services-agreement-itat-hyderabad/10779/
# *ICAI Membership Fees*
The Annual Membership and Certificate of Practice fee for the year 2017-18 becomes due and to be paid on or before 30 Sept 2017.
*No GST is payable for the year 2017-18.*
In GST, *System based reconciliation* of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B - Circular No. 7/7/2017-GST dated 1st Sept.
#Economy:The GST Council may consider lowering tax on items of common consumption of the high trajectory of collections continues over the next few months. The first-month collection under the GST regime has been encouraging and if the rising trend continues until December, it would make a case for reduction of the tax rate. The tax reduction could be either on items of common consumption or a cut in headline rate which will benefit consumers.The GST Council headed by FM could look at the aspect once the clear trend is available from the November tax collection.
#Finance:Businesses will have more time to file the final GST returns as the Govt extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July & August. The industry has been demanding an extension of the date of filing final GST returns in view of scores of invoices to be uploaded.
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