*E-WAY BILL*, New System Ready
WELCOME to new e-WAY BILL SYSTEM, A system for hassle free movement of goods throughout the Country with one e-Way Bill
ONE TIME REGISTRATION: The GST tax payer can open the web site http://gst.kar.nic.in/ewaybill and select the option ‘E-Way Bill Registration’. Here, the tax payer has to enter his GSTIN and on validation, the system shows him his GSTIN details and request for send OTP. The OTP will be sent to the tax payer’s registered mobile number. After entry and validation of OTP, username and password, the system creates the username and password for the tax payer
Generation of e-Way Bill: The tax payer after logging in, select the ‘new’ option under ‘Generate EWB’ menu and enter the transaction details as per the document of the goods and enter the transporter details of Vehicle number. After validating all the fields, the system generates the e-Way Bill document with unique Number. It may be noted that the e-Way Bill is not validate without the Vehicle number entry. The vehicle number can be entered by the tax payer or the transporter. The e-way bill can be cancelled within 24 hours by the tax payer. The other party of the goods can reject the e-way bill, if it does not belongs to him.
Features of New e-Way Bill system: The new system facilitates the tax payers to enter his master entries for customers, suppliers, transporters and products. This information will help him in quicker and easier generation of e-way bills later. There are different modes of e-way bill generation – Web based, SMS based, Mobile App based, Bulk generation, API based, Suvidha Provider based. The tax payer can also generate and manage multiple sub-users and assign them the roles on the e-way bill system. The tax payer needs to take care while managing the sub-users to avoid mis-utilisation of his GSTIN.
ONE TIME ENROLMENT FOR GST UNREGISTERED TRANSPORTERS: Unregistered transporter to open web site http://gst.kar.nic.in/ewaybill and go to ‘Enrolment for Transporter’ option. Enter the PAN details, other business details and authenticate with OTP. The OTP will be sent to his mobile number. After entry and validation of OTP, username and password, the system creates the username and password for the transporter.
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: Dear Friends,
In case of newly registered GST dealers, many complaints were received that these *dealers were not receiving mail containing First Time login and Password*.
So, these dealers were not able to make payment or file GSTR-3B or GSTR-1.
GSTN has resolved this issue by providing a link to "Resend this Welcome mail".
The steps to use this link are -
1. Go to Services à Registration à New Registration à Login with TRN.
2. This will prompt a message "Please click here to resend the Email and SMS".
3. On Click of link, email with GSTIN and password will be retriggered on the Registered email id.
✅
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: CBDT cannot Amend the Provisions of Law through Its Circular: Supreme Court [Read Order]
Read more at: http://www.taxscan.in/cbdt-cannot-amend-provisions-law-circular-supreme-court/10986/
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GST Cess on Cars: Higher Rate is Applicable from Today
Read more at: http://www.taxscan.in/gst-cess-cars-higher-rate-applicable-today/10991/
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Tax Exemption to a Religious/Charitable Trust can’t be denied If It is not exclusively meant for one particular religious community: Delhi HC
Read more at: http://www.taxscan.in/tax-exemption-religiouscharitable-trust-cant-denied-not-exclusively-meant-one-particular-religious-community-delhi-hc/10983/
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Payments of ‘Donation & Subscription’ are allowable as Expenditure Even without any Receipt /80G Certificate: ITAT Kolkata [Read Order]
Read more at: http://www.taxscan.in/payments-donation-subscription-allowable-expenditure-even-without-receipt-80g-certificate-itat-kolkata/10993/
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Direct Tax Collections grows 17.5% in April-August, says Finance Ministry
Read more at: http://www.taxscan.in/direct-tax-collections-grows-17-5-april-august-says-finance-ministry/11003/
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Quick Reference about "Insider Trading":-
Legal Provision:-
Section 195 of Companies Act, 2013.
SEBI (Prohibition of Insider Trading) Regulations, 2015.
Points:-
1. Insider Trading means "Unpublished Price Sensitive Information".
2. It's absolutely illegal.
3. Insider Trading affects the the Price of Securities of the Company.
4. It is not apply in ordinary course of business or profession or employment.
5. It includes activities like buying, selling, dealing of Securities by Director or KMP or any other officer of the Company on the basis of Unpublished Price Sensitive Information.
6. Penalty as per Section 195(2) of Companies Act, 2013 :-
The person is punishable for imprisonment of a term which may extend to 5 years or with fine which shall not be less than ₹ 5 lakh but which may extend to ₹25 crore or 3 times of amount of profit made from Insider Trading, whichever is higher or both.
7. Insider Trading also includes an act of Counselling about Price Prediction whether directly or Indirectly to any person.
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Quick Reference to Contract of employment with MD or WTD :-
Legal Provision:-
Section 190 of Companies Act, 2013.
Points:-
1. The Contract of Service with MD or WTD should be kept in the Registered office of the Company.
2. If that Contract is not in writing then the Memorandum can also be kept at the Registered office of the Company. The Memorandum should include proper Terms.
3. The Copies of that Contract or Memorandum is open for inspection to any member of the Company without any fees.
4. If there is any Contravention to this section then the Company is liable to a penalty of ₹25 k and every office of the Company who is in default is liable for penalty of ₹ 5 k.
5. This Section is not Applicable to Private Company.
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# *GST*: 20 SEP 2017 is the DUE DATE of filing of GSTR-3B & for Payment of TAX for the m/o AUG 2017.
# *GST Council* in its 21st meeting held on SAT (09 SEP 2017) approved the following:
• *Composition Scheme* can be opted till *30 SEP 2017 and will be effective from 01 OCT 2017.
• *Registration for TDS and TCS Deductor*, would commence from *18 SEP 2017*, however the date for deduction / collection of TDS /TCS would be notified later;
• *No Registration* required, where the inter-state supply (Turnover upto ₹ 20 Lac) of *handicraft goods* made under the cover of e-Way bill;
• *No Registration* required, where the inter-supply (Upto ₹ 20 Lac) of *Job Work Services* made to registered persons and goods moves under the cover of e-Way bill;
• *Cess on Cars* No change with engines less than 1200cc Petrol or 1500cc Diesel. Additional 2% Cess on Mid segment cars. Cess on Large cars increased by 5%. Cess on SUV increased by 7%. *No change for Hybrid cars*.
• *Tax rates reviewed* and reduced for 30 items.
• *Review of Tax Rates* after 6 months if healthy collection continues.
• *GST on Works Contracts for Govt.* reduced from 18% to 12%.
• *To set up a Committee* to examine *issues related to exports* and also constitute a group of ministers to monitor and resolve the *IT challenges* faced during GST implementation.
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Quick Reference about "Charges" :-
Legal Provision:-
Section 2 (16) , section 77 to 87 of Companies Act, 2013.
Companies (Registration of Charges) Rules, 2014.
Section 100 of Transfer of Property Act, 1882.
Points:-
1. Charge is the Right or Interest created on the Property.
2. Charges can be Fixed or Floating.
3. Charge may be created by Act of Parties or operation of law.
4. Form CHG-1 (other than Debentures) and Form CHG-9 ( for Debentures) is used for creation or modification of Charges. It should be filed within 30 days.
5. Form CHG-4 is require to file for satisfaction of charge.
6. Form CHG-7 deals with Register of charges maintained by the Company.
7. If Charge is not registered then Unregistered charge holder becomes an Unsecured creditor.
8. Crystallisation of Charge means Conversion of Floating Charge into Fixed Charge.
9. If Form CHG-1 is not filed within 30 days then Registrar allows to file the form within 300 days and Application for delay should be in the Form CHG-10 . If it is not filed within 300 days then application should be made in Form CHG-8.
10 . The Company is also punishable with fine of ₹ 1 lakh and maximum upto ₹ 10 lakh for Non-Registration of Charge.
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Summary of meeting of the GST Council.
Due date of GSTR1 for July extended to *October 10*. Confirmed by Finance Minister Arun Jaitley. New timetable is as follows:
- For registered persons with turnover in a state more than Rs. 100 crores, due date for GSTR-1 for July 2017 will be 03.10.2017
- For others, due date for GSTR - 1 July 2017 will be 10.10.2017
- GSTR-2 (for the month of July 2017) 31.10.2017
- GSTR-3 (for the month of July 2017) 10.11.2017
- GSTR-4 (for the quarter July-sep 2017) 18.10.2017
- GSTR-6 (for the month of July 2017) 13.10.2017
# Time table for next month to be announced later on
# *TRAN - 1 extended by 1 month*. Single revision option to be provided.
# *GSTR 3B* to be continued for 4 more months - *Sept, Oct, Nov and Dec*
# Window for *Composition option* to be re-opened. Due date 30th Sept.
# Inter-ministerial panel to be formed to look at the technical issues around GST Network to address issues pertaining to uploading of the returns on GSTN
# Council widens the definition of *'Brand'*. If product carries a trademark which is registered on 15.5.2017 or even if unregistered but mark/name allows exclusivity on account of any reason. Rate for branded goods reduced to 5% from 12%.
# No registration for inter-state sale up to Rs. 20 lakhs for artisans, folk artists, tribal art and for specified job work. Khadi sold through KVIC stores exempted.
# *Tax rates reviewed* and reduced for 30 items.
# Review of tax rates after 6 months if healthy collection continues.
# GST on Works Contract for Govt. reduced to 12%
# No change in *Cess on Cars* with engines less than 1200cc petrol or 1500cc diesel. Cess on Mid segment cars increased by 2%. Cess on Large cars increased by 5%. Cess on SUV increased by 7%. No change for Hybrid cars.
# Despite robust collection of GST (Rs. 95000 Crore), on account of *unrealized IGST* (Rs. 37000 Crore), State Govts are facing liquidity issues.
# Officer's committee to be formed to look on *embedded taxes in exports*.
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👉🏻Taxmen to snoop social networking sites to trace black money.*
(A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-Income-Tax/Taxmen-to-snoop-social-networking-sites-to-trace-black-money/9222.html
*👉🏻Govt to assess input tax credit claims of Rs 60,000 crore in GST.*
(The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST). Of the Rs 95,000 crore of revenue collected in July.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-GST/Govt-to-assess-input-tax-credit-claims-of-Rs-60000-crore-in-GST/9223.html
*👉🏻TDS, TCS deductors can apply for GST registration from 18 September.*
(GST registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later.)
👇🏻 👇🏻 👇🏻
http://www.casansaar.com/news-GST/TDS-TCS-deductors-can-apply-for-GST-registration-from-18-September/9224.html
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*GST Update* - 21st GST Council meeting dated 9th September extended July Return GSTR-1- 10th October; GSTR-2- 31st October; GSTR-3- 10th November. Due dates for subsequent periods after July shall be notified at a later.
*Summarised return in Form GSTR-3B* to continue for 4 more months - It is decided that GSTR-3B will continue to be filed for the months of August to December, 2017 by 20th of the following month.
*GST Eway Bill* - Every registered person who causes movement of goods and Consignment value exceeds Rs.50,000 shall furnish information in Part A of FORM GST EWB-01. The information furnished in Part A of FORM GST EWB-01 shall be made available to the registered supplier on the common portal who may utilize the same for furnishing details in FORM GSTR-1.
*Case Study:* Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts - DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court)
*Case Study:* Practicing CA Cannot Enroll As A Lawyer - Mam Raj Goel Vs Bar Council Of Gujarat & 1 (Gujarat High Court)
Thanks For Reading