Aadhaar Legislation will stand the test of Constitutionality, says FM Jaitley in Conclave on Finance Inclusion
Read more at: http://www.taxscan.in/aaadhaar-legislation-will-stand-test-constitutionality-says-fm-jaitley-conclave-finance-inclusion/11076/
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Return filing for composition dealer
The businesses who have opted for composition scheme are required to file the quarterly return in GSTR-4 by 18th of the succeeding month. There is no change in the due date to file GSTR-4 and the due date to file GSTR-4 for the quarter of July September, 2017 continues to remain at 18th October, 2017.
However, filing of GSTR-4A (Auto-populated details of inward supplies) is not required for the quarter of July – September, 2017 and thereby, the details of inward supplies including supplies on which tax has to be paid on reverse charge in Table 4 of Form GSTR-4 is not required to be filed.
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*Guidelines For Changing Email And Mobile Number Of Primary Authorized Signatories Mentioned At The Time Of Enrolment Or New Registration*
The steps which need to be followed by the user taxpayer for changing of email and mobile number: –
Step-1: Login to GST portal with your user id and password.
Step-2: Click on the registration bar and select the non-core amendment.
Step-3: Click on the authorized signatory tab.
Step-4: Add new authorized signatory whose email and mobile number user wants to use.
Step-5: Go to verification tab and submit the application.
Step-6: After submission of application please wait for some time ( 15 minutes).
Step-7: Login again with user id and password.
Step-8: Go to the authorized signatory tab – deselect the primary authorized signatory check box.
Step-9: Select the newly added authorized signatory as primary authorized signatory (Important: Older mobile and email id will be prefetched by the system. Please ensure to change the mobile and email id to which you want to add.)
Step-10: Go to the verification tab and submit,
[Note: For Company/LLP DSC will be allowed. For EVC submission, OTP will come on newly added email/mobile number]
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Quick Reference to "When Debentures Considered as Deposits"
Points:-
1. Secured Compulsorily Convertible Debentures,
Secured Optionally Convertible Debentures,
Secured Non-Convertible Debentures
Will not be Considered as Deposits👆
2. Unsecured Compulsorily Convertible Debentures and Unsecured Optionally Convertible Debentures and Unsecured Non-Convertible Debentures issued to Company is not Considered as Deposits.
3. Unsecured Compulsorily Convertible Debentures issued to resident not considered as Deposits if convertible within 10 years.
4. Unsecured Optionally Convertible Debentures and Unsecured Non-Convertible Debentures issued to resident Considered as Deposits unless it is listed on stock exchange.
5. Unsecured Optionally Convertible Debentures and Unsecured Non-Convertible Debentures issued to Foreign body Not Considered as Deposits.
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Delhi HC Allows Import of Goods without payment of IGST to the extent of Advance Authorization obtained before GST Rollout [Read Order]
Read more at: http://www.taxscan.in/delhi-hc-allows-import-goods-without-payment-igst-extent-advance-authorization-obtained-gst-rollout/11040/
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CBEC releases Concept Note on Goods Transport Agency in GST
Read more at: http://www.taxscan.in/cbec-releases-concept-note-goods-transport-agency-gst/11049/
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Full Bench of the Delhi HC to decide Whether Sales Tax can be levied on Sale of Scraps by Air India [Read Order]
Read more at: http://www.taxscan.in/full-bench-delhi-hc-decide-whether-sales-tax-can-levied-sale-scraps-air-india/11057/
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Govt Notifies Increasing rate of GST Cess on Motor Vehicles [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-increasing-rate-gst-cess-motor-vehicles/11054/
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GST on Non-Resident Tax Payers: CBEC Issues Concept Note
Read more at: http://www.taxscan.in/gst-non-resident-tax-payers-cbec-issues-concept-note/11072/
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Govt Explains applicability of GST on Charitable & Religious Trusts [Read Concept Note]
Read more at: http://www.taxscan.in/govt-explains-applicability-gst-charitable-religious-trusts/11034/
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Govt Notifies Increasing rate of GST Cess on Motor Vehicles [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-increasing-rate-gst-cess-motor-vehicles/11054/
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Quick Reference to "Scrutinizer"
Legal Provision:-
Section 109 (5) of the Companies Act, 2013.
Rule 21 of Companies ( Management and Administration) Rules, 2014.
Points:-
1. The Board of Directors may Appoint Scrutinizer in case of e-voting & poll method.
2. Scrutinizer shall be PCA/ PCS/ PCMA/ Advance and any other person excluding employee of the Company.
3. The Scrutinizer require to Scrutinize poll process and has to submit report to the chairman in the form MGT-13.
4. The report shall be submitted to the chairman within 7 days from the date of poll.
5. The Scrutinizer's Report shall include Total votes cast, Total valid Votes, Votes in Favour and Votes in Against.
6. Technical and other necessary support should be provided by Company to Scrutinizer in case of E-voting.
7. The Scrutinizer shall arrange polling papers in Form MGT-12.
8. The Scrutinizer has to distribute polling papers to the members and proxies and collect them after voting is done and has to make report on that.
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Direct taxes fetched 17.5 per cent higher receipts to the exchequer for the first five months (April-August- FY-2018), Direct tax collections, net of refunds, stood at Rs 2.24 lakh crore.
Attention Taxpayers: 15.09.2017 is last date for payment of your second installment of Advance Tax. Non/short payment will attract levy of penal interest.
Last date for filing GSTR-1 of July for turnover more than Rs.100 Cr is 03.10.2017 & for others is 10.10.2017. [Press Release Ministry of Finance of 09.09.2017].
GST Advisory :Use separate series of Invoice & Payment voucher for RCM cases, Receipt & Refund Voucher for advances as series to be given in GSTR-1.
MCA has revised the versions of eForms - Form DIR-12, Form DIR-6, Form INC-24 and SPICe Form.
SEBI is likely to tighten norms pertaining to constitution and functioning of the audit committees for listed companies. These committees act as independent oversight bodies responsible for transparency and accuracy in functioning of company and the board.
Centre clears bill to double tax-free gratuity to Rs 20 lakh from existing limit of Rs 10 Lakh. [ http://www.ecoti.in/w2wyNa]
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# *GSTR3B* to be filed for the month of August to December, 2017 by the 20th day of the next month. *GST Liability* for a month to be discharged by 20th day of the next month.
# *GST*: Bihar Dy. CM, Sushil Modi will head the five members Group of Minister (GoM) to look into GSTN portal hiccups.
# *IT*: Valuation of Start Ups – Start Up consultants and CAs are I-T lens for making the valuation of the start-ups at more than the fair value.
# *Gratuity*: The Union Cabinet has cleared The Payment of Gratuity (Amendment) Bill, 2017 to double the Tax Free Gratuity to ₹ 20Lac for the Private Sector Employees.
# *IT*: Legislative provisions cannot be amended by the CBDT in exercise of its power u/s 119 – CIT & Anr. Vs S.V. Gopala Rao & Ors. (2017 (9) TMI 589 - Supreme Court)
# *IIP*: Index of Industrial Production for the m/o July 2017 rises to 1.2% as compared to -0.17% in Jun.
# *CII*: The Consumer Inflation Index for the m/o AUG 2017 has risen at 3.36% compared with 2.36% in July.
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GST – Filing GST returns a must, even if there is no transaction to show.
*GSTR-3B* will continue to be filed for the months of August to December 2017 on 20th of the following month.
*GSTR 3A* is a notice which is issued to taxpayers who have not filed there GST Returns as under:
GSTR-3 (regular dealer)
GSTR-4 (Composition dealer)
GSTR-5 (Non-resident)
GSTR-6 (ISD)
GSTR-7 (Person liable to deduct TDS)
GSTR-8 (Person liable to collect TCS)
GSTR-9 (Annual return)
GSTR-10 (Final return)
*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. Effective date is yet to be notified.
*Case Study:* Revision on the ground that AO did not conduct a detailed inquiry due to paucity of time is invalid - PCIT Vs. Mera Baba Reality Associates Pvt. Ltd. (Delhi High Court)
CBEC notifies revised rates of compensation cess on various motor vehicles vide Notification No. 5/2017-Compensation Cess (Rate)
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#Economy:Indias factory output witnessed a tepid growth of 1.2% in July as compared with a contraction of (-) 0.1% in June amid expectation that production would have risen as companies began restocking and building fresh inventories after clearing up the stockpile in the previous month ahead of GST. Factory output measured by the IIP is the closest approximation for measuring economic activity in the countrys business landscape.
#More than 1.06 lakh directors will be disqualified for their association with shell companies, as Govt steps up the fight against black money.Signalling that more regulatory action is expected, the ministry is further analysing the data of the 2.09 lakh firms available with the RoCs to identify the directors and the significant beneficial interests behind these entities. The ministry, which is implementing the companies law, has also identified professionals with the defaulting companies.
#Finance:The Centre approved an amendment bill that seeks to double tax-free gratuity for formal sector employees to Rs 20 lakh. The amendment will put the maximum limit of gratuity of employees of the private sector as well as public undertakings and autonomous organisations under the Govt who are not covered under Central Civil Services (Pension) Rules, at par with central Govt employees, which is Rs 20 lakh. The main purpose for enacting this Act is to provide social security to workmen after retirement, whether it is because of rules of superannuation, or physical disablement or impairment of vital parts of the body.
#The Supreme Court today made a big change to the rules for Hindu couples looking to divorce.The top court said, it will be upto individual judges to decide if a mandatory six-month wait can be waived for couples who agree that they want out. Currently, under the Hindu Marriage Act, after a couple files for divorce claiming mutual consent, it has to wait for 18m to actually get the divorce: 12m of separation have to be established, followed by a 6m "cooling off" period that is intended to allow for reconciliation.
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