#Economy:The Govt has swung into action to draw up a blueprint to revive the economy after GDP growth slipped to its lowest level under the Modi Govt, on the back of a slowdown due to demonetisation and the introduction of the GST. FM chaired a high-level meeting with Commerce Minister, Railway and Coal Minister, NITI Aayog Vice-Chairman, and senior officials from the finance, commerce and rail ministries to discuss the state of the economy and ways to boost growth. Officials said this meeting marked the beginning of the process to prepare the 2018-19 Union Budget, expected to be tabled on February 1. More such meetings are expected with various economic and infrastructure ministries before officials take to Modi a detailed presentation on the state of the economy and ways to revive it.
#Intensifying its crackdown on shell companies and their operators, the Govt has made public names of over 55,000 directors linked to such firms to ensure they do not get associated with similar roles again. More such names will be published soon as the Govt has already identified over 1.06 lakh directors for their association with shell firms which are either yet to commence any business or have failed to submit their financial statements or annual returns for three straight years.As per the public notices issued by different ROCs, the names have been made public so far for more than 24,000 such shell companies from the Chennai region, as also of over 12,000 each from Ahmedabad and Ernakulam. Besides, similar lists of thousands of directors have been made public by the ROCs in Cuttack, Goa and Shillong, among others. However, ROCs in Delhi, Mumbai and Chandigarh are yet to publish such lists. Several of these names could also be linked to various political and corporate groups, but it could not be ascertained immediately as most of the lists only contain the names of directors and their DINs and not any specific personal details. However, addresses were also mentioned for some.
#Last date for payment of ICAI Membership and COP Fee for the year 2017-18 is 30.09.2017. Link for payment of membership fee
http://memfee.icai.org/memfee.html
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*Service Tax:*
1. *Export of service-* The assessee procures orders from Indian Cos & pass them to foreign manufacturers with whom they have agreement for receiving commission on orders - act is Export of service & does not invite service tax liability.
*2017-TIOL-1906-HC-MUM-ST*
2. *Litigation-* Since litigation was going on, therefore, amount deposited by appellant will be deemed to be Under Protest and no limitation as prescribed u/s 11B will be applicable.
*2017-TIOL-3395-CESTAT-BANG*
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Another burden of compliance is underway to be Notified.
*Press Information Bureau*
*Government of India*
*Ministry of Finance*
*19-September-2017* 17:09 IST
*Voluntary Reporting of Estimated Current Income and Advance Tax Liability*
A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more. This interest is levied as per the provisions of section 234B of the Income-tax Act, 1961 (“the Act”). Such taxpayers are further liable to pay interest for deferment of advance tax, in case any quarterly instalment of advance tax paid falls short of the prescribed percentage of total advance tax paid. This interest is levied in accordance with the provisions of section 234C of the Act.
It is of utmost importance *for such taxpayers* to arrive at a *reasonably accurate estimate of their current income and advance tax liability*, so that the additional burden on account of interest for default/deferment of advance tax can be avoided.
*Needless to say*, a continuous flow of tax revenues throughout the year is critical for the Government so as to meet various budgetary allocations such as welfare schemes, infrastructure development, defence expenditure etc. A reliable and advance estimate of tax revenues for the year would also provide much needed perspective for planning and prioritizing the Government expenditure.
In order to address these concerns, it is proposed to create a *mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers (companies and tax audit cases) on voluntary compliance basis*.
*The proposed reporting mechanism is sought to be created by way of inserting a new Rule 39A and Form No. 28AA in the Income-tax Rules, 1962.*
The proposed draft notification has been placed in public domain on the website of Income Tax Department (www.incometaxindia.gov.in) for inviting comments from stakeholders and general public.
*The comments and suggestions on the draft Rule and Form may be sent electronically at the email address dirtpl4@nic.in by 29th September, 2017.*
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CBEC tells field officers to take GST disputes to Supreme Court
https://gstindiaguide.com/cbec-tells-field-officers-take-gst-disputes-supreme-court/
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Govt plans to get small businesses with turnover under 20 lacs to get registered under GST; widen tax base
For more Information visit:
http://gstindiaupdates.com/govt-plans-to-get-small-businesses-with-turnover-under-20-lacs-to-get-registered-under-gst-widen-tax-base
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Govt Extends Due Date for Filing Form GST TRAN-1 to 31st October
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-form-gst-tran-1-31st-october/11225/
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Govt Issues Concept Notes on Credit & Debit Notes
Read more at: http://www.taxscan.in/govt-issues-concept-notes-credit-debit-notes/11221/
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Govt Explains the Concept of TCS under GST
Read more at: http://www.taxscan.in/govt-explains-concept-tcs-gst/11217/
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Govt Explains the Concept of TCS under GST
Read more at: http://www.taxscan.in/govt-explains-concept-tcs-gst/11217/
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CBDT proposes to Report Half Yearly estimated Revenues, Profit, and Taxes for Companies [Read draft Notification]
Read more at: http://www.taxscan.in/cbdt-proposes-report-half-yearly-estimated-revenues-profit-taxes-companies/11232/
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: CBEC to Move Supreme Court against the Orders of High Courts staying of Tax Collection under GST
Read more at: http://www.taxscan.in/cbec-move-supreme-court-orders-high-courts-staying-tax-collection-gst/11236/
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Income tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government - something the revenue department has rarely done in the past.
GST Network has reopened the facility for small taxpayers with turnover of up to Rs 75 lakhs to opt for composition scheme till September 30 to opt for the scheme earlier given time was up to August 16.
GST ITC claim of more than Rs 1 Cr. in TRAN-1, closing balance of ITC in ST, VAT returns etc. & eligibility of such claim under GST will be verified.
Last Date to pay GST & file GSTR-3B (summary of outward & inward supplies) for Aug 2017 by Regular/Casual assessees is 20-9-17.
TDS Provsions under GST applicable with effect from 18.09.2017.
The list of disqualified directors belonging to Delhi and Haryana pursuant to section 164(2)(a) is duly available on MCA website: http://www.mca.gov.in/MinistryV2/roc_delhi_164.html
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: *👉🏻Only 6.9 lakh taxpayers filed GST returns.*
(With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end, only 6.9 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday. Govt. expects tax returns from about 64 lakh tax payers for the month of August.)
👇🏻 👇🏻 👇🏻
https://goo.gl/7MhMK4
*👉🏻List Of Disqualified Directors U/S 164 (2)(A) - MCA.*
(MCA Released the List of Directors Disqualified u/s 164 (2)(A). Please click on the link to view the list of Disqualified Directors.)
👇🏻 👇🏻 👇🏻
https://goo.gl/KzpwW5
*👉🏻160 companies to get notices on transitional GST credits.*
(Several Indian companies, including some large entities, may start receiving notices from Monday on transitional tax credits in the run-up to the introduction of the single producer levy.)
👇🏻 👇🏻 👇🏻
https://goo.gl/6FEpmf
*👉🏻Extension of date of Empanelment of members to act as observers for Nov / Dec 2017 CA Exams.*
(The eligible Members may get themselves empanelled to to act as observers for November / December 2017 examinations up to 25th September, 2017.)
👇🏻 👇🏻 👇🏻
https://goo.gl/3PvVH8
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*GST*: Govt. readies easier GST compliance for small businesses and to finalise rules for entities with under ₹ 20L turnover.
*GST*: 160 Companies to get Notices on Transitional Credits, keeping an eye, CBEC ask Chief Commissioners to scrutinise all transitional credit claim beyond ₹ 1 Crore.
*GST*: Exporters, Heads of Export Promotion Councils and Senior Officials from the Commerce Ministry plan to submit a petition before Revenue Secretary, Hasmukh Adhia Today and may seek exemption on payment of GST on exports and to raise issues of working capital crunch and refunds.
*SC* assures JayPee homebuyers to get their Money Back and may ask the Company to deposit ₹ 15,000 Crore more in addition to ₹ 2,000 Crore to deposit by 27 Oct, 2017.
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✳Words of Wisdom:
▶ In periods where there is no leadership, society stands still. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better.
✳ Seminar Updates:
▶ JAMMU & KASHMIR BRANCH OF NIRC Of ICAI organizing a seminar on ICDS, it’s Impact, Disclosure and how to tackle them & (INDIRECT TAXES), critical issues on GST on 21th September 2017 ( i.e. Thursday ) at ICAI Bhawan, The J&K Branch of NIRC of the ICAI, Canal Road, Jammu (J&K) from 10:00 Am onwards.
✳ MCA Update:
▶ Form CHG-9, Form 66, DIR-12 and CRA-4 are likely to be revised on MCA21 Company Forms Download page w.e.f 20th Sep 2017. Stakeholders are advised to check the latest version before filing.
✳ Direct Tax:
▶ Delhi high court held that before passing an order under section 263 principal commissioner or commissioner of income tax has to make his/her own enquiry. PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)
▶ Mumbai ITAT treats the gains arising on sale of shop by assessee-individual during AY 2011-12 (i.e in October, 2010), as short term capital gains (‘STCG’) and denies Sec. 54 exemption; Rejects assessee’s stand that since it acquired the tenancy right in the shop in 1998, which was eventually converted into ownership right in May, 2010 on payment of lump sum consideration, the gains should be treated as long term (‘LTCG’). [TS-403-ITAT-2017(Mum)]
✳ Key dates:
▶ Payment of GST and filing of return for inward & outward supplies for August by regular & casual suppliers: 20/09/2017
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📺 *Updates*
➡1. Sec. 41(1) couldn't be invoked in respect of conversion of advance received from parent co. into capital
Transworld Garnet India (P.) Ltd. v. Assistant Commissioner of Income-tax, Company Circle III(2), Chennai.
➡2. NCLT penalises “Corporate Debtor” for misusing of Insolvency code
➡3. No addition on account of Forex Gains if income from qualifying ships was computed as per tonnage tax scheme
Svitzer Hazira (P.) Ltd.
v. Deputy Commissioner of Income-tax, Circle-5 (3), Mumbai*
🙏�Thank you🙏�
Have a nice day
