Income tax department has started a new process (one time) after login. It is asking for residential status, primary and secondary mobile and email, address, bank account details and at last mobile and email OTP. Day by day it's going pathetic. When all these details are already being part of ITR why ask for such information again.
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📺 *Updates*
➡1. MCA allows IFSC Public Cos. to accept deposits from their members
[F. No. 1/8/2013-CL-V]
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 19th September, 2017
➡2. GST Council recommends 5% GST on cereals and pulses bearing a registered brand name
➡3. Amenity charges received by letting out premises on rent were assessable under head 'Income from house property'
Star Gold (P.) Ltd. v. Deputy Commissioner of Income-tax, 5(3), Mumbai
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Deferral of Depreciation Allowance cannot be a Ground for Levying Penalty: ITAT Grants Relief to Senior Advocate Harish Salve [Read Order]
Read more at: http://www.taxscan.in/deferral-depreciation-allowance-cannot-ground-levying-penalty-itat-grants-relief-senior-advocate-harish-salve/11284/
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#Economy:Indian economy is projected to grow at a lower than expected rate of 6.7% this fiscal due to the "transitory effects" of demonetisation & GST implementation.The Organisation for Economic Cooperation and Development has also revised downwards its estimate for the country's growth in next financial year to 7.2%.
#Finance:The Govt is considering increased spending in order to revive the economy and is open to allowing the fiscal deficit to widen beyond its target for the year. A stimulus package in the range of Rs 40,000-50,000 crore is being discussed in the Govt. Rs 40,000-crore increase in capital spending could lead to a fiscal deficit of 3.5% of the GDP, against the Budget estimate of 3.2%. Assuming the budgeted total revenue figure for 2017-18 remains constant, for each additional spending of Rs 10,000 crore, the fiscal deficit as a percentage of GDP roughly increases by a little less than 0.1%.
#As many as 2.97 million assessees have filed the summary input-output return under the GST for the month of August, much less than the 4.6 million that came for the month of July. As many as 46% of filers — 1.37 million — submitted returns on Wednesday, the deadline for doing so.The GST Network, the entity handling the information technology backbone for the new structure, is hopeful that return filing would equal the tally of July.
#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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GST Council through their press release dated 09.09.2017 stated that due date for submission of Form GST TRAN -1 (hereinafter referred as TRAN - 1) has been extended by one month i.e. 31st October, 2017. This announcement made everyone relaxed and happy. However Order No. 2/2017- GST dated 18.09.2017 read with Notification No. 34/2017- Central Tax dated 15.09.2017 says otherwise. Let us understand what it says.
Due date for filing TRAN – 1 has been provided in Rule 117, 118, 119 & 120 of CGST Rules, 2017. As per said Rules, TRAN -1 must be filed within 90 days of the appointed day. Appointed day is 01.07.2017). Hence legally TRAN – 1 must be filed on or before 28.09.2017. Through Notification No. 34/2017 (supra) a new Rule 120A has been inserted which provides for one-time revision of TRAN – 1. Said rule is reproduced below for ready reference:
"120A. Every registered person who has submitted a declaration electronically in FORM GST TRAN-1 within the time period specified in rule 117, rule 118, rule119 and rule 120 may revise such declaration once and submit the revised declaration in FORM GST TRAN-1 electronically on the common portal within the time period specified in the said rules or such further period as may be extended by the Commissioner in this behalf."
Subsequently vide Order No. 2/2017- GST Commissioner in exercise of power conferred under Rule 120A (supra) has extended the period for submitting TRAN-1 till 31st October, 2017. Relevant text of the order is reproduced below for ready reference:
"In exercise of the powers conferred by rule 120A of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017, the Commissioner, on the recommendations of the Council, hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 31st October, 2017."
It is interesting to note that Rule 120A provides for one-time filing of revised declaration in Form GST TRAN – 1. As per said Rule time limit for revising such form shall be the same as applicable to original form but power is conferred on Commissioner to extend the same. In exercise of said power, Commissioner has issued Order No. 2/2017-GST extending the time limit to 31.10.2017. Will this mean that original TRAN -1 form has to be filed on or before 28.09.2017 and for revision time limit has been extended ?
*To avoid litigation, answer is yes. Even on twitter Government has stated the same position albeit with the due date for filing original return as 30.09.2017 (which is not as per law). Hence we suggest that unless express clarity is available from the Government, TRAN -1 must be filed on or before 28.09.2017.*
*For those who may not still file the original form after 28.09.2017, we provide following arguments in support of the conclusion that original TRAN -1 can be filed on or before 31.10.2017*
a. Decision of Council clearly states that due date for submission of form GST TRAN -1 has been extended by one month. As per Article 279A(9) of the Constitution of India, decision of the Council shall be taken by a majority of not less than three-fourth. Hon. Revenue Secretary has publicly stated that decision of Council taken by majority is binding on everyone. Hence Commissioner has no option to differ with the council.
b. Newly inserted Rule 120A uses the expression “revised declaration in form GST TRAN – 1”. On the other hand, Order No. 2/2017-GST uses the expression "declaration in form GST TRAN – 1”. Hence intent of Commissioner is also to extend the period for filing original declaration in line with the Council decision and not revised declaration.
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GST: CBEC issues Concept Note on Advance Ruling
Read more at: http://www.taxscan.in/gst-cbec-issues-concept-note-advance-ruling/11281/
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Documentation Charges, Cartage, Break Bulk Charges, Handling Charges etc cannot be treated as Customs Agents Services: CESTAT [Read Order]
Read more at: http://www.taxscan.in/documentation-charges-cartage-break-bulk-charges-handling-charges-etc-cannot-treated-customs-agents-services-cestat/11272/
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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.
# *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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Below advisory is for those taxpayers only who have submitted the GSTR-3B but not filed as they were unable to offset the liability :
We have re-enabled the submit button of your GSTR-3B application for July’2017 in case you have not done set-off. If so, the Submit and Save button will be enabled. Please verify and perform the below mentioned steps for re-submission and filing: -
1) Confirm button in each section should be enabled and you should be able to edit the data and save again.
2) Once the save is successful, submit the form again and verify both Liability and ITC ledgers are populated with updated data.
3) Offset the liability in Table 6 – Payment of Tax
4) File the GSTR3B
*As per sources
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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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CBDT issued draft notification to Companies and taxpayers getting their accounts audited will be required to submit income estimates and tax liabilities for six months of the financial year to the income tax dept by Nov 15, in a move aimed at keeping a close check on flow of revenue.
CG Notifies specified persons liable to deduct tax from payment made against taxable goods or services. CBEC Notification No. 33/2017 effective from 18/09/17.
MCA filing of Annual Accounts/ financial statements of the Company for the financial year ended March 31, 2017 is approaching i.e. October 29, 2017.
RBI has assured banks that they can classify priority loans extended to defaulting companies in the bankruptcy process as standard debt in a move aimed at ensuring that entities which can be revived are able to raise resources, said people with knowledge of the matter.
ICAI has released the complete book of Companies Act 2013 in its official website. The book can be used for both Examination and professional purposes. Get the book from this link: caclues.com/company-act-2013-complete-book/
ICAI has also released E-Income Tax Book. Get the Income Tax book for free from this link: caclues.com/income-tax-ebook-free-download/
ICAI has also released GST Book: E-Book can be downloaded free from this link: caclues.com/gst-complete-e-book-free-download/
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GST: Exemption from registration to a casual taxable person/ person making inter-state taxable supplies of handicraft goods vide Notification No. 32/2017-Central Tax, dt. 15-09-2017
GST: Job-workers making inter-State supply of services to a registered person exempted from obtaining registration vide Notification No. 07/2017-Integrated Tax, dt. 14-09-2017
*NIRC Seminar*: Workshop on “Growing Relevance for Fraud, Forensics in Current Era” on Saturday 23rd September, 2017at Auditorium, ICAI Bhawan, Vishwas Nagar, Shahdara, visit www.nircseminars.org
#ICAI: Membership and COP Fee for the year 2017-18 is payable on or before 30 Sep., 2017 without GST. Link for payment of fee: http://memfee.icai.org/memfee.html
#ICAI: Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017 – visit icai.org
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👨🏻💻GST Returns & Navaratri .🕉
Wish you all a happy Navratri.
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Arjuna (Fictional Character): Krishna, Navaratri will be starting from 21st September of this month. 9 days we worship the Goddess, just like that there is mess of returns everywhere. So tell the information regarding returns.
Krishna (Fictional Character): Arjuna, because the GST has been applicable from 1st July, 2017, every taxpayer has to file monthly return. As 9 days we worship the Goddess likewise the returns are to be filed along with correct information. Up till now the government has not made available utility for filing certain returns. There is mess due to returns. So in accordance with Navaratri, let’s take the information about important GST returns.
Arjuna: Krishna, which are the important returns in GST?
Krishna: Arjuna, The important returns under GST are as follows:
1. Form 3B and GSTR – 1: Every taxpayer should file summary return in Form 3B for July 2017 to December 2017, on 20th of the next month after payment of tax. Invoice wise information of outward supplies for the month is to be furnished in GSTR – 1 up to 10th of the next month. But for some initial months the date is extended.
2. GSTR – 2: Every taxpayer should check the information relating to purchases in form GSTR- 2A and return is to be furnished in form GSTR - 2 up to 15th of the next month.
3. GSTR – 3: Every taxpayer should furnish the monthly return i.e. calculation of tax liability in form GSTR- 3 up to 15th of the next month.
4. GSTR – 4: The taxpayers, who have opted for composition scheme, should file quarterly return. Composition taxpayer should furnish the quarterly return in form GSTR- 4 after payment of tax up to 18th of the next month after quarter completed.
5. GSTR – 5: Nonresident taxable person should file return in form GSTR – 5 up to 20th of the month succeeding of the tax period or within 7 days from the expiry of the valid registration period whichever is earlier.
6. GSTR – 6: Input service distributor distributes the credit to their branches. For that they should file the return in form GSTR – 6 after distributing the credit up to 13th of the next month.
7. GSTR – 7 and GSTR - 8: The return relating to TDS is to be filed by tax deductor. It is to be filed in form GSTR – 7 up to the 10th of next month. The statement relating to TCS is to be filed by e commerce operator. It is to be filed in form GSTR – 8 up to the 10th of next month. But the government does not give the permission to file these returns.
8. GSTR – 9: The annual return is to be filed by every registered person in form GSTR – 9 before the 31st December of the next year.
9. GSTR – 10: The taxable person whose registration is cancelled or surrendered, then the final return is to be furnished in form GSTR – 10 within three months of the registration cancelled or surrendered.
Arjuna: Krishna, What taxpayers should learn from above?
Krishna: Arjuna, now there are so many difficulties to file returns. There is hassle bustle on the GST Network. To file the GST returns, taxpayers have to worship goddess. As we worship the goddess with full devotion, like that after compliance with the provisions of the act, corrected returns are to be filed. Because GST returns cannot be revised.
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📺 *Updates*
➡1. Jaypee group case referred to Insolvency Professional with direction to consider interest of home buyers: SC
➡2. Presence of all ingredients of offence is necessary to take cognizance of offence under Negotiable Instruments Act
N. Harihara Krishnan v. J. Thomas
➡3. Rectification of register of members couldn’t be allowed as petitioners failed to produce their share certificates
Bhupendra Patel v. Hotel Satyaketu (P.) Ltd.
🙏�Thank you🙏�
Have a nice day