Casual Taxable Persons making Taxable Supplies of Handicraft Goods, below the Threshold Limit are Not Liable to obtain GST Registration: Govt
Read more at: http://www.taxscan.in/casual-taxable-persons-making-taxable-supplies-handicraft-goods-threshold-limit-not-liable-obtain-gst-registration-govt/11161/
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Govt allows Revision of Returns for Transitional Credit for Once [Read Notification]
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Govt allows Revision of Returns for Transitional Credit for Once [Read Notification]
Read more at: http://www.taxscan.in/govt-allows-revision-returns-transitional-credit/11157/
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Quick Reference to "NCLT" :-
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Quick Reference to "NCLT" :-
1. NCLT means National Company Law Tribunal.
2. The NCLT have bene constituted from 1st June, 2016.
3. In simple words, NCLT means "Company Court"
4. The Company Law Board stands dissolved w.e.f.1st June, 2016.
5. The Board for Industrial and Financial Reconstruction (BIFR) and Appeallate Autthority for Industrial and Financial Reconstruction (AAIFR) were abolished and their work along with CLB is transferred to NCLT.
6. The Powers relating to Insolvency matter have been vested with NCLT due to Insolvency and Bankruptcy Code, 2016.
7. The Ministry of Corporate Affairs has Constituted the NCLT.
8. Appeals should be made to National Company Law Appellate Tribunal ( NCLAT) against the order of NCLT.
9. The Order of NCLT is required to be filled with ROC.
10. Important Legal Provision:- section 408, 409, 412, 413, 414 of Companies Act, 2013.
NCLT Rules, 2016.
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GoM to Fix Technical Issues by October 30th, No more Extension for Filing GST Returns
NCLT Rules, 2016.
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GoM to Fix Technical Issues by October 30th, No more Extension for Filing GST Returns
Read more at: http://www.taxscan.in/gom-fix-technical-issues-october-30th-no-extension-filing-gst-returns/11165/
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#Economy:It is not only the Initial Public Offer (IPO) market that's bustling. New fund offerings (NFOs) launched by mutual fund houses have also seen a big boost this year. A total of 37 equity NFOs collected Rs 11,961 crore in the first eight months of 2017. This is the highest mobilisation through new offers since 2008. With revival in the secondary market and consistent inflow into MF schemes since early 2014, the activity here has seen a gradual pick-up.This has come at a time when market participants had thought NFOs would be out of vogue and they'd have to focus on growing the existing offerings. Inflows through the route was 15% of net equity inflow into the MF sector in 2017; for Jauary-August, equity schemes had total inflow of Rs 81,000 crore.
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#Economy:It is not only the Initial Public Offer (IPO) market that's bustling. New fund offerings (NFOs) launched by mutual fund houses have also seen a big boost this year. A total of 37 equity NFOs collected Rs 11,961 crore in the first eight months of 2017. This is the highest mobilisation through new offers since 2008. With revival in the secondary market and consistent inflow into MF schemes since early 2014, the activity here has seen a gradual pick-up.This has come at a time when market participants had thought NFOs would be out of vogue and they'd have to focus on growing the existing offerings. Inflows through the route was 15% of net equity inflow into the MF sector in 2017; for Jauary-August, equity schemes had total inflow of Rs 81,000 crore.
#Finance:The Modi Govt’s digital payment projects – the mobile money transfer application BHIM and the Aadhaar-based merchant payment system BHIM-Aadhaar – will need rejigging and a more thoughtful implementation process if rural mass adoption is to be achieved. An internal study commissioned by the National Payments Corporation of India has revealed that poor awareness and a flawed user experience has resulted in a high number of rural users “who have either deleted the application or are inactive”. Although the application has seen nearly 20 million downloads, data shows that less than 30% of the people who have downloaded the app have actually linked the app to their bank accounts and engaged in active transactions.
#Last date for payment of ICAI Membership and COP Fee for the year 2017-18 is 30.09.2017. Fee can be paid online. http://memfee.icai.org/memfee.html
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In the continuous committment towards benefits of the students and to enrich you all with the best competence, BOS, ICAI has taken very important decision that articleship can be started after clearing *EITHER GROUP, i.e. First OR Second* of Intermediate ( IPCC) instead of Group 1 as per existing practise.
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In the continuous committment towards benefits of the students and to enrich you all with the best competence, BOS, ICAI has taken very important decision that articleship can be started after clearing *EITHER GROUP, i.e. First OR Second* of Intermediate ( IPCC) instead of Group 1 as per existing practise.
Link for the notification is:
https://www.icai.org/new_post.html?post_id=13905&c_id=342
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GST Acts to undergo Constitutional Test: Hyderabad HC Issues Notices to Centre & State
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GST Acts to undergo Constitutional Test: Hyderabad HC Issues Notices to Centre & State
Read more at: http://www.taxscan.in/gst-acts-undergo-constitutional-test-hyderabad-hc-issues-notices-centre-state/11147/
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GST- JOB WORK*
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GST- JOB WORK*
*Introduction*
Job-work sector constitutes a significant industry in
Indian economy. It includes outsourced activities that
may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing
of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing.
Indian economy. It includes outsourced activities that
may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing
of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing.
Many facilities, procedural concessions have been given to the job workers as well as the principal supplier who sends goods for job-work. The whole idea is to make the principal responsible for meeting compliances on behalf of the job-worker on the goods
processed by him (job-worker), considering the fact that typically the job-workers are small persons who are unable to comply with the discrete provisions of the law.
processed by him (job-worker), considering the fact that typically the job-workers are small persons who are unable to comply with the discrete provisions of the law.
The GST Act makes special provisions with regard to removal of goods for job-work and receiving back the goods after processing from the job-worker without
the payment of GST. The benefit of these provisions shall be available both to the principal and the job-
worker.
the payment of GST. The benefit of these provisions shall be available both to the principal and the job-
worker.
*What is job-work?*
Section 2(68) of the CGST Act, 2017 defines job-work as ‘any treatment or process undertaken by a person on goods belonging to another registered person’. The one who does the said job would be termed as ‘job-worker’. The ownership of the goods does not transfer to the job-worker but it rests with the principal. The job-worker is required to carry out the process specified by the principal on the goods.
*Job-work procedural aspects:*
*Certain facilities with certain conditions are offered in relation to job-work, some of which are as under:*
a) A registered person (Principal) can send inputs/capital goods under intimation and subject to certain conditions without payment of tax to a job-worker and from there to another job-worker
and after completion of job-work bring back such goods without payment of tax. The principal is not required to reverse the ITC availed on inputs or capital goods dispatched to job-worker.
and after completion of job-work bring back such goods without payment of tax. The principal is not required to reverse the ITC availed on inputs or capital goods dispatched to job-worker.
b) Principal can send inputs or capital goods directly to the job-worker without bringing them to his premises and can still avail the credit of tax paid on such inputs or capital goods.
c) However, inputs and/or capital goods sent to a job-worker are required to be returned to the principal within 1 year and 3 years, respectively, from the date of sending such goods to the job-worker.
d) After processing of goods, the job-worker may clear the goods to-
(i) Another job-worker for further processing
(ii) Dispatch the goods to any of the place of business of the principal without payment of tax
(iii) Remove the goods on payment of tax within India or without payment of tax for export outside India on fulfilment of conditions.
The facility of supply of goods by the principal to the third party directly from the premises of the job-worker on payment of tax in India and likewise with or without payment of tax for export may be availed by the principal on declaring premise of the job-worker as his additional place of business in registration. In case the job-worker is a registered person under GST, even declaring the premises of the job-worker as additional place of business is not required.
Before supply of goods to the job-worker, the principal would be required to intimate the Jurisdictional Officer containing the details of the description of inputs intended to be sent by the principal and the nature of processing to be carried out by the job-worker. The said intimation shall also contain the details of the other job-workers, if any.
The inputs or capital goods shall be sent to the job-worker under the cover of a challan issued by the principal. The challan shall be issued even for the inputs
or capital goods sent directly to the job-worker. The challan shall contain the details specified in Rule 10 of the Invoice Rules. The responsibility for keeping proper accounts for the inputs or capital goods shall lie with the principal.
or capital goods sent directly to the job-worker. The challan shall contain the details specified in Rule 10 of the Invoice Rules. The responsibility for keeping proper accounts for the inputs or capital goods shall lie with the principal.
*Input Tax credit on goods supplied to job worker*
Section 19 of the CGST Act, 2017 provides that the principal (a person supplying taxable goods to the job-worker) shall be entitled to take the credit of input tax
paid on inputs sent to the job-worker for the job-work.
paid on inputs sent to the job-worker for the job-work.
Further, the proviso also provides that the principal can take the credit even when the goods have been directly supplied to the job-worker without being brought into the premise of the principal. The principal need not wait till the inputs are first brought to his place of business.
*Time Limits for the return of processed goods*
As per section 19 of the CGST Act, 2017, inputs and capital goods after processing shall be returned back to principal within one year or three years respectively of their being sent out. Further, the provision of return of goods is not applicable in case of moulds and dies, jigs and fixtures or tools supplied by the principal to job-worker.
*Extended meaning of input*
As per the explanation provided in Section 143 of the CGST Act, 2017, where certain process is carried out on the input before removal of the same to the job-worker, such product after carrying out the process is to be referred as the intermediate product. Such intermediate product can also be removed without the payment of tax. Therefore, both input and intermediate product can be cleared without payment of duty to job-worker.
*Waste clearing provisions*
Pursuant to Section 143 (5) of the CGST Act, 2017, waste generated at the premises of the job-worker may be supplied directly by the registered job-worker from his
place of business on payment of tax or such waste may be cleared by the principal, in case the job-worker is not registered.
place of business on payment of tax or such waste may be cleared by the principal, in case the job-worker is not registered.
*Transitional provisions*
Inputs, as such, or partially processed inputs which are sent to a job-worker prior to introduction of GST under the provisions of existing law [Central Excise] and if such goods are returned within 6 months from the appointed day [i.e. the day on which GST will
be implemented] no tax would be payable. If such goods are not returned within prescribed time, the input tax credit availed on such goods will be liable to be recovered.
be implemented] no tax would be payable. If such goods are not returned within prescribed time, the input tax credit availed on such goods will be liable to be recovered.
If the manufactured goods are removed, prior to the appointed day, without payment of duty for testing or any other process which does not amount to manufacture, and such goods are returned within 6
months from the appointed day, then no tax will be payable. For the purpose of these provisions during the transitional period, the manufacturer and the job-worker are required to declare the details of such goods sent/received for job-work in prescribed format GST TRAN-1, within 90 days of the introduction of GST.
months from the appointed day, then no tax will be payable. For the purpose of these provisions during the transitional period, the manufacturer and the job-worker are required to declare the details of such goods sent/received for job-work in prescribed format GST TRAN-1, within 90 days of the introduction of GST.
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*As Per Notification No. 33/2017 – Central Tax dated 15-09-2017*
Central Government notifies 18th day of September, 2017 as the date on which the provisions of sub-section (1) of section 51 shall come into force with respect to persons specified under clauses (a) and (b) of sub-section (1) of section 51 of the said Act and the persons specified below under clause (d) of sub-section (1) of section 51 of the said Act, namely:-
(a) an authority or a board or any other body, -
* (i) set up by an Act of Parliament or a State Legislature; or
* (ii) established by any Government, with fifty-one percent or more participation by way of equity or control, to carry out any function;
* (b) society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);
* (c) public sector undertakings:
*Note- Date From Which the above mention person will Deduct TDS is yet to be notified By Govt*
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Central Government notifies 18th day of September, 2017 as the date on which the provisions of sub-section (1) of section 51 shall come into force with respect to persons specified under clauses (a) and (b) of sub-section (1) of section 51 of the said Act and the persons specified below under clause (d) of sub-section (1) of section 51 of the said Act, namely:-
(a) an authority or a board or any other body, -
* (i) set up by an Act of Parliament or a State Legislature; or
* (ii) established by any Government, with fifty-one percent or more participation by way of equity or control, to carry out any function;
* (b) society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);
* (c) public sector undertakings:
*Note- Date From Which the above mention person will Deduct TDS is yet to be notified By Govt*
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# *GST* transitional claims of over Rs.1 crore to be scrutinized - as nearly Rs.65,000 crore out of Rs.95,000 crore tax collections in July have been claimed as transitional credit by taxpayers.
# *MCA* has issued Clarification regarding obligation with the Ind AS and Rule 4 of Companies (Ind AS) Rules 2015 w.r.t payment banks, small finance banks which are subsidiaries of Corporates.
# *PMLA*: Delhi High Court has sought the response from the CA, accused in a money laundering case and alleged to having links with RJD chief Lalu Prasad's daughter Misha Bharti, on ED’s plea seeking cancellation of his bail granted by the trail court in Delhi.
# *BITCOIN* has down 13% in India, falling much faster than elsewhere in the globe, after a China crackdown on crypto-currencies and public remark by an RBI official.
# *IT*: No information is available on record as to how the assessee has taken loss from client code modification - No details have been brought on record as to from whom assessee has taken bogus entry of losses - No additions – ITO Vs. Abhishek Fincap Services Pvt. Ltd. (2017 (9) TMI 816 - ITAT Delhi).
# *ST*: Classification of services - “Merger and Acquisition” is highly technical and a restrictive term and cannot be related to the managing of the affairs of the organisation which would come within the definition of “Management Consultant” – CSEC&ST Vs Kotak Mahindra Capital Co. Ltd. & Anr - Bombay HC).
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Quick Reference to " Issue of Securities to Premium" :-
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Quick Reference to " Issue of Securities to Premium" :-
Legal Provision:-
Section 52 of Companies Act, 2013.
Points:-
1. Issue of Securities to Premium means selling of Security at a price above par value.
2. There is no prohibition for issue of Securities at Premium.
3. The amount should be transferred to "Securities Premium Account".
4. The amount of premium is not available for distribution of dividend.
5. The Securities Premium cannot be considered as Profit of the Company.
6. The Securities Premium can be utilized for :-
# Writing off Preliminary expenses of the Company.
#Buy - Back of shares.
#Writing off Commission paid.
#Issue of Bonus Shares.
# Premium payable on Redemption of Redeemable Preference Shares.
#Premium payable on Redemption of Redeemable Debentures.
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GST News.*
# Writing off Preliminary expenses of the Company.
#Buy - Back of shares.
#Writing off Commission paid.
#Issue of Bonus Shares.
# Premium payable on Redemption of Redeemable Preference Shares.
#Premium payable on Redemption of Redeemable Debentures.
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GST News.*
*GST transitional claims of over Rs 1 crore to be scrutinised.*
(As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body CBEC to order a scrutiny of all cases above Rs 1 crore. )
https://goo.gl/fEt4bL
https://goo.gl/fEt4bL
*Tax officials may go for searches, surveys to widen base under GST.*
(In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country,)
https://goo.gl/6FXctu
https://goo.gl/6FXctu
*GST Notifications.*
*GST Registration exemption to casual taxable person supplying handicraft goods.*
(Notification No. 32/2017-Central Tax, Dated.15-09-2017)
https://goo.gl/t1qYAF
https://goo.gl/t1qYAF
*CBEC Notifies section 51 of the CGST Act, 2017 for TDS.*
(Notification No. 33/2017-Central Tax, Dated.15-09-2017)
https://goo.gl/ViXaXo
https://goo.gl/ViXaXo
*CBEC notifies rules for filing Revised GST TRAN-1.*
(Notification No. 34/2017-Central Tax, Dated.15-09-2017)
https://goo.gl/dSX6uN
https://goo.gl/dSX6uN
*Due date for Payment of GST & file Form GSTR 3B for Aug-Dec 2017 notified.*
(Notification No. 35/2017-Central Tax, Dated.15-09-2017)
https://goo.gl/7rg6zB
https://goo.gl/7rg6zB
Thanks for Reading
