GST Offline Tool Release 1.2.1
Bug Fixes
- Issue related to multiple rates entered in excel template which was not getting imported in the offline tool V1.2.
- Issue related to "Error in Json structure validation"
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MCA on its website has issued a public circular w.r.t Disqualification of Directors under the provisions of the Section 164(2)(a) of the Companies Act, 2013. Directors disqualified under Section 164(2)(a) of the Companies Act, 2013 and who are associated with struck off companies (S.248) are advised not to make any fresh application for Name Availability (Form INC-1), Incorporation of Companies (Form INC-7/SPICe-INC-32/URC-1/INC-12). If any of such director, attempts to file any Forms, the said Form shall be rejected summarily by the Central Registration Centre(CRC). Further, attention is drawn to the provisions of Section 7(5) and 7(6) which, inter-alia, provides that furnishing of any false or incorrect particulars of any information or suppression of any material information shall attract punishment for fraud under Section 447. Attention is also drawn to the provisions of Section 448 and 449 which provide for punishment for false statement and punishment for false evidence respectively. All stakeholders are requested to decided their next course of action accordingly.
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Annual Maintenance Charges Paid to Yamuna Development Express Authority is subject to TDS: ITAT Delhi [Read Order]
Read more at: http://www.taxscan.in/annual-maintenance-charges-paid-yamuna-development-express-authority-subject-tds-itat-delhi/10794/
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Govt to Make Norms & Procedures for Corporate Governance more Stringent
Read more at: http://www.taxscan.in/govt-make-norms-procedures-corporate-governance-stringent/10839/
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Some coolest facts from FY17 annual reports of leading corporate :
1. Highest number of employees
TCS and Coal India are the only listed companies in India with more than 300,000 permanent employees.
2. Biggest employers
Financials and technology companies together employ more than 40% of the workforce.
3. Eldest CEO
At 70, IPCA Labs’ CMD Mr Premchand Godha, is the oldest executive head of a listed company in India.
4. Women employees
TCS has the highest number of women employees among listed companies at 34% of its total workforce. Infosys has highest proportion at 36%.
5. Salary decline
Among key companies disclosing average salary hikes for their employees, M&M is the only one where there is a decline (-1.5%) in FY17.
6. Women participation
The total women participation has gone up to 23% in FY17 from 21.6% in FY16.
7. Average size of annual reports
Average number of pages per annual report from a list of more than 70 FY17 annual reports is 274 pages.
8. Biggest hiring increase
Yes Bank’s total workforce grew by 34% YoY to more than 20,000 and staff costs were up 39% in FY17.
9. Longest annual report
RIL has the longest annual report (exsubsidiary financials) with a total of 460 pages.
10. Highest earnings per employee
HDFC has the highest earnings per employee at Rs32m vs average of BSE500 of Rs2.7m.
11. Shortest annual report
Coal India has the shortest annual report with 140 pages.
12. Job growth in PSU banks
Canara Bank, PNB, Syndicate Bank and Vijaya Bank saw 5% growth in their workforce in FY17
13. Use of word ‘demonetisation’
‘Demonetisation’ was used 469 times in annual reports of 61 companies (among 75 companies) with SBI using it most at 29 times.
14. Use of word ‘GST’
‘GST’ was used 351 times by 56 companies with RIL using it most at 26 times.
15. Longest annual report with subsidiary accounts
L&T’s annual report with subsidiary financials is 5,150 pages.
16. Disparity in salary
Ratio of CEO/MD salaries to that of median employees is the highest for Hero Motocorp at 731x and lowest for PSUs such as SBI at 2.5x.
17. Lowest CEO salary
Lowest CEO/MD salary is Rs3m for SBI, Bank of Baroda and Corporation Bank.
18. Online apparel sales
About 9% of apparel sales are through the internet. Apparel contributes almost 30% to India’s total ecommerce revenue.
19. Online electricity bill payment
For CESC, 28.5% of consumers paid their electricity bill online during FY17 versus 17.2% in FY16.
20. Online movie ticketing
For PVR, online movie ticketing rose from 26% of total admits in FY15 to 45% in FY17.
21. Low-income housing loans
Axis Bank’s low-income housing loans, called ‘Asha loans’, jumped by 66% during FY17 to Rs31bn.
22. Steel capex
JSW Steel plans to invest Rs268bn to expand steel capacity to 23 MTPA by March 2020.
23. Renewable energy focus
For Asian Paints, 22% of total energy requirements at its paint-manufacturing locations was met by renewable energy.
24. Reduction in carbon footprint
Hindustan Unilever increased the share of renewable energy to 28%. Its carbon footprint in manufacturing locations is down 13% YoY.
25. Data analytics usage
For Marico, data analytics has led to optimisation of sales savings of more than Rs350m.
26. Flexi-job creation
Listed flexi-job providers - Quess Corp, Team Lease and SIS - together have 0.43m employees, higher than any listed company in India.
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HC cannot admit a Wealth Tax appeal without ‘Substantial Question of Law’: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/hc-cannot-admit-wealth-tax-appeal-without-substantial-question-law-supreme-court-read-judgment/10814/
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Govt Likely to Re-open Composition Scheme window for Small Traders
Read more at: http://www.taxscan.in/govt-likely-re-open-composition-scheme-window-small-traders/10809/
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HC cannot admit a Wealth Tax appeal without ‘Substantial Question of Law’: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/hc-cannot-admit-wealth-tax-appeal-without-substantial-question-law-supreme-court-read-judgment/10814/
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Allahabad HC confirms Misconduct by CA for using Name in the Prospectus to Mislead Investors after Resignation from Company [Read Order]
Read more at: http://www.taxscan.in/allahabad-hc-confirms-misconduct-ca-using-name-prospectus-mislead-investors-resignation-company/10831/
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📺 *Updates*
➡1. No tax on Income from shipping remitted outside Singapore if it was taxable therein on accrual basis.
Far Shipping (Singapore) Pte. Ltd. v. Income-tax Officer, International Taxation, Nellore*
➡2. No disallowance could be made merely because amount of liability was yet to be ascertained: HC
Commissioner of Income-tax, Nagpur v. Ballarpur Industries Ltd.
➡3. CBEC released FAQs on supply of services to Co-operative society under GST
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🙏� GST Council may Lower Tax on certain Items if High Tax Collection Continues
Read more at: http://www.taxscan.in/gst-council-may-lower-tax-certain-items-high-tax-collection-continues/10805/
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Sales Component in a Works Contract is subject to Rajasthan Sales Tax Act: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/sales-component-works-contract-subject-rajasthan-sales-tax-act-supreme-court/10796/
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The names of 2,09,032 companies have been struck off from the register of companies under Section 248 (5) of the Act. The existing directors and authorised signatories of such struck off companies will now become ex-directors or ex-authorised signatories.
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Income tax department will focus on widening of tax base and maximise e-assessment to cut down on human interface. Also, efforts will be made by the CBDT to exceed the income tax collection target by use of big-data analytics.
President Of India promulgates ordinance enabling increase in GST cess on medium-sized cars, large cars and sports utility vehicles (SUVs) from 15% to 25%.
No service tax on Service by Indian Tour Operators in foreign currency to foreign tourists. Indian Association of Tour Operators vs union of India & ANR (Delhi High Court)
Supreme court decides to give bankrupt Jaypee Infratech back to promoters: How this will impact insolvency law, While prima facie the move has been triggered by concerns to protect interest of homebuyers and hence is a welcome move, it raises questions about the sanctity of the insolvency process in India.
Government has amended the Patent Rules 2003 with the rules revised, startups will be eligible for an 80% rebate on patent fees. The Department Of Industrial Policy & Promotion will bear the facilitation cost on behalf of startups and provide rebates in the statutory fee for the filing of applications.
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Sales Component in a Works Contract is subject to Rajasthan Sales Tax Act: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/sales-component-works-contract-subject-rajasthan-sales-tax-act-supreme-court/10796/
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Companies Act :
Even if it is found by the Tribunal that there is some oppression/mismanagement, the Tribunal is well within it's jurisdiction to decide as to what relief should or should not be granted taking into consideration the interest of the company. P B Amolik and Others vs. Bombay Diocesan Trust Association (P.) Ltd. and Others [2017] 139 CLA 283 (NCLAT)
IBC :
Where Corporate Insolvency Resolution Process has been initiated against the subsidiary company, the petitioner cannot initiate parallel proceedings against the holding company also on the same cause of action. Himalay Dassani vs. Isolux Corsan India Engineering & Construction (P.) Ltd. [2017] 139 CLA 361 (NCLT)
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