‘New demon’ GST pinches Durga Puja organisers, idol makers
https://gstindiaguide.com/new-demon-gst-pinches-durga-puja-organisers-idol-makers/
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30 lakh GST returns filled till noon on GSTN portal, says Ajay Bhushan Pandey
https://gstindiaguide.com/30-lakh-gst-returns-filled-till-noon-gstn-portal-says-ajay-bhushan-pandey/
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Finance Ministry advises Tax Payers to Confirm Identities of Income Tax Search Authorities
Read more at: http://www.taxscan.in/finance-ministry-advises-tax-payers-confirm-identities-income-tax-search-authorities/11304/
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States want Centre to compensate loss if petro products brought under GST
https://gstindiaguide.com/states-want-centre-compensate-loss-petro-products-brought-gst/
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# *GST*: CBEC has extended the due date for submitting Form TRAN-1 till 31 OCT 2017 for all taxpayers who are claiming Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day - Order No.03/2017, dt.21.09.2017.
# *GST*: FinMin express concerns over high GST transition credit as assesses claimed credit for past taxes paid in the form of excise and service tax worth Rs.65,000 crore against July liability. It also said this figure of transition credit claimed is also "not incredibly high" since Rs.1.27 lakh crore of credit of CE&ST was lying as closing balance as on June 30, 2017.
# *MCA*: Corporates can have only two layers of subsidiaries under the Companies law, with the government putting in place stricter norms as it continues with the clampdown on illicit fund flows.
# *IT*: The government asked taxpayers to confirm the identities of the income tax authorities who conduct search exercises in case of suspected tax evasion, in the wake of forged identities being used by miscreants.
# *SEBI* has issued a Circular to provide integration of broking activities in Equity markets & commodity derivatives markets under single entity.
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GST: CBEC Issues Guidelines for division of Tax Payer base between the Centre & State [Read Circular]
Read more at: http://www.taxscan.in/gst-cbec-issues-guidelines-division-tax-payer-base-centre-state/11276/
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👉🏻Please note following *changes in your Income Tax Profile* from today. You may be required to update your Mobile Number and Email Address in your Income Tax Profile upon Login:
1. Now you need to provide your *own email address + your own mobile number*.
2. One Mobile Number & One Email Address can be used or *attached with Maximum 3 Tax Profiles* as against the earlier limit of 10 Tax Profiles;
3. The Taxpayer is also required to declare whose email & mobile number he/she is providing e.g. Mobile Number & Email Address of his/her - Self/ Spouse/ Parent/Sibling/ Chartered Accountant;
4. The Taxpayer can also link his/her Bank Account Number in his Tax Profile permanently for the records of the Tax Department and/or for all Tax Refund disposals etc.
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Companies Act :
1. Petition for Rectification of Register of members is not maintainable before NCLT where the issue of title of shares is the main issue to be decided in the suit pending in a civil court between the parties. N Ramji vs. Ashwath Narayan Ramji. [2017] 140 CLA 13 (Mad.)
IBC :
Petition u/s 9 has to be filed individually and not jointly. A joint application u/s 9 is not maintainable as it is not practical for more than one 'operational creditor' to file a joint petition. Uttam Galva Steels Ltd. vs. DF Deutsche Forfait AG and Another. [2017] 140 CLA 36 (NCLAT)
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*GST:*
1. *GSTN failure-* GSTN system dysfunctional,needs to be updated to meet requirements - no coercive action (penal interest, late fees and prosecution) shall be taken against any of the client petitioners.
*2017-TIOL-1973-HC-RAJ-MISC*
2. *Condonation of delay-* Application seeking condonation of delay in filing appeal on the ground that staff was busy in GST training - reason satisfactory and application condoned.
*2017-TIOL-3424-CESTAT-MUM*
*Central Excise:*
3. *Scrapping not different in case of re-manufacture-* Rule 16 of Central Excise Rules, 2002 does not exclude the possibility of scrapping (waste and scrap) during stage of re-manufacture and it is not in any way different from scrapping at stage of original manufacture.
*2017-TIOL-3432-CESTAT-MUM*
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*Advisory Note for claiming credit in TRAN 1*
It has been observed that taxpayers are facing problem in claiming transitional credit in respect of existing registration(s) under earlier law(s) of Central Excise, Service Tax and VAT.
When these registrations are mentioned in the TRAN 1 form in different tables, and transitional credit is claimed against them, the tax payers get the message of “processed with error” when they save such details.
This happens because the application validates the furnished registration number under existing laws in TRAN 1 with the registration number mentioned in theregistration/enrolment application.
Hence, to claim transitional credit in respect of earlier registrations, one must first include them in his enrolment/registration details using the non-core amendment facility and then file TRAN 1.
While filing the application of non-core registration amendment with applicable signature following care must be taken
1) One should not use special characters (-, /) while adding new Service Tax No. /Central Excise No./VAT/TIN on the Business Details Tab.
2) One should ensure that there is no Duplicate e-mail/Phone No. used on promoter/partner or Authorized Signatory Tab.
3) One should see that the Service Accounting Code (SAC) provided during migration has been removed from the Master SAC List on Goods/Services Tab and new service codes are added.
4) One should ensure that the STD code is entered correctly in the filed indicated for it and not entered in the field for entering the local Telephone no. on Promoter/Partner, Authorized signatory, Principle place of Business and Additional place of business, if added.
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E-File TRAN-1 by 31.10.2017. Option to revise it once till 31-10-17. Notification 3/2017 CT of 21 Sep 2017.
Tax officials have asked about 5,000 companies, including some big manufacturers that figure in the BSE 500 list, to provide explanation on transition credit they claimed in July under GST.
The government´s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.
SEBI proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.
RBI came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored.
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*#GST* - Date for original *TRAN-1* also extended to 31st October by order no. 3/2017 dated 21-09-2017.
#GST - CBEC reduces CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) - (21/09/2017)
#GST: Relief to taxpayers by Rajathan High Court from late fees and penalty on account of technical glitches on GSTN portal - Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court)
*NO EXTENSION OF FILLING GSTR 3B AND NO WAIVER OF LATE FEE FOR AUGUST MONTH GSTR 3B*
#ICAI: Membership and COP Fee for the year 2017-18 is payable on or before 30 Sep., 2017 without GST.
*GST @ 18% will be applicable to all new members who have taken membership on or after 1st July, 2017. The same will also be applicable to all new COP’s and fellowship taken on or after 1st July, 2017.
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# *ICAI*: The Annual Membership and Certificate of Practice (CoP) fee for the year 2017-18 becomes due for payment on 1st April, 2017 and need to be paid on or before 30 SEP 2017. No GST is payable for the year 2017-18.
# *GST*: CBEC on the recommendations of the Council, has extended the period for submitting the declaration in Form GST TRAN-1 till 31 OCT 2017 – Order No.02/2017, dt.18.09.2017.
# *CBDT* has proposed to insert Rule-39A in the Income Tax Rules making it mandatory for Companies & Assessees who have to get their accounts audited, to submit Form-28AA, giving income estimates and tax liabilities for the 1st 6 months and the advance tax paid for the 1st half, by 15 NOV 2017 – Press Release, dt.19.09.2017.
# *TRAI* slashes Interconnection User Charges (IUC) to 6 Paise Vs 14 Paise w.e.f. 01OCT2017. All telecom calls to be Cheaper in India.
# *BlackMoney*: A recent study by the US-based think tank Global Financial Integrity (GFI) said an estimated US$ 770 billion in black money entered India during 2005-2014. Nearly US$ 165 billion in illicit money exited the country during the same period.
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