Quick Reference to Ceiling Limit/ Quantum for acceptance of Deposits:-
Legal Provision:-
Rule 3(3) to Rule 3(5) of Companies (Acceptance of Deposits), 2014.
1. Private Company:-
From members:-
Upto 100% of aggregate paid up capital + Free reserves+ securities premium.
From Public:-
Prohibited
2. Public Company ( other than eligible company) :-
From members:-
Upto 35% of aggregate paid up capital + free reserves.
From Public:-
Prohibited.
3. Eligible company:-
From members:-
Upto 10% of aggregate paid up capital + Free reserves.
From Public:-
Upto 25% of aggregate paid up capital + free reserves.
4. Government Company:-
From members:-
Quantum not specified. ( Not allowed)
From Public:-
Upto 35% of aggregate paid up capital + Free reserves.
Note:-
Eligible company means a public company having Net worth of minimum 100 cr ₹ or Turnover of minimum 500 cr ₹ .
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Provisions of Goods and Services Tax (GST) has created chaos among the businessmen community and, if corrective actions are not taken, the situation would aggravate, Gujarat's apex body for trade and industry warned the state and central government. They have also sought clarity on tax rate applicable to various goods and services to avoid any ambiguity at a later stage as well as demanded that adjudicating authorities be headed by judges to avoid partiality in judgment.
In a letter to Union Finance Minister Arun Jaitley, Gujarat Chamber of Commerce and Industry (GCCI) president Shailesh Patwari said, "There is chaos and confusion related to various provisions of GST Acts and, in particular, the rates of taxes on the supply of goods and services or both," the letter read.
It has also drawn attention to the delay in operationalizing Advance Ruling Mechanism, which clarifies the tax rates applicable in advance, leaving no chance for discretion at a later stage. GCCI has also objected to giving adjudicating powers to departmental officers, claiming that there are chances that they could rule in favour of the departments. Instead, they have suggested that such authorities should be vested in a retired judge of the Supreme Court or state High Courts.
Only 26% GSTR 3B filed for August Penalty begins, traders oppose
Only 26% of the GSTR-3B returns have been filed for August, said Vaaris Isani, president of Gujarat Sales Tax Bar Association. The deadline ended on September 20. In case of delay, the GST system would levy a penalty. Both business and trading communities are agitated by what is a clear-cut failure of GST system.
"The businessmen are agitated. They will protest on street if things don't improve. The government has gone back on its earlier promise that no penalty would be levied for first two months," said Isani
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Home » News » Business
Government Sets Terms For Companies Going Non-Branded To Avoid GST
Earlier the GST Council has refrained companies and businesses going for deregistration of their brands to avoid GST but lately it introduced the terms for deregistration of brands.
Government Sets Terms For Companies Going Non-Branded To Avoid GST
Government Sets Terms For Companies Going Non-Branded To Avoid GST
In continuance of the same, such companies who aim to be put in the lower GST bracket or avoid GST need to submit an affidavit with the tax official about foregoing such brand title.
The finance ministry statement said, "the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily foregone actionable claim or enforceable right on brands".
After the roll out of GST, unpacked food items including grains were exempt from GST while those packed in some container having a brand title to its name attracted a GST of 5%. For the tax to apply, the finance ministry has sought a benchmark date as May 15 and in case the brand was registered on this date then tax has to be charged on it irrespective of whether it had been subsequently deregistered or not.
"A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5 per cent GST," the finance ministry said.
So to avoid 5% GST, you as a business entity that has deregistered its brand need to file an affidavit for the same and also print in indelible ink on the item's container informing consumers at large
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GST implementation smoother than expected: Arun Jaitley
https://gstindiaguide.com/gst-implementation-smoother-expected-arun-jaitley/
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‘High transition credit will not hit GST revenues’
https://gstindiaguide.com/high-transition-credit-will-not-hit-gst-revenues/
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Clear exporters’ pending claims, GST panel tells government
https://gstindiaguide.com/clear-exporters-pending-claims-gst-panel-tells-government/
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GSTN ropes in 39 more companies as Suvidha providers
https://gstindiaguide.com/gstn-ropes-39-companies-suvidha-providers/
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GST: Valid transitional credit claims just Rs12,000 crore, says govt
https://gstindiaguide.com/gst-valid-transitional-credit-claims-just-rs12000-crore-says-govt/
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Quick Reference to " Debenture Trustee"
Legal Provision:-
Section 71 of Companies Act, 2013.
Points:-
1. Basically, The Debenture Trustee Protects the Denbenture holder against non payment of redemption amount at the maturity date in case of secured debentures.
2. If the Default is made by the company, then Trustee can realise the security without aid of court.
3. The Appointment of Debenture Trustee is compulsorily required if company issues prospectus to more than 500 persons.
4. The Company shall execute a Debenture trust deed in form no. SH-12 within 3 months from the closure of the issue.
5. Basically, Title deeds of the morgaged property prevents the company from misusing title deeds for any other purpose.
6. It is not allowed for Debenture Trustee to beneficially hold shares in the Company.
7. Debenture Trustee should not be KMP or Director or Promoter or officer or employee of the Company.
8. Debenture Trustee should not be indebted to the company or has not given any guarantee for specific debt.
9. Debentures Trustee is liable for breach of trust.
10. Debentures Trustees has power that the property morgaged is kept insured and properly maintained in a good condition.
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Now you can edit, submit & file GSTR 3B for July 2017
Taxpayers who have not set off their tax liability for GSTR 3B for July 2017 and have only done *‘Submit’* of their GSTR 3B, have now been given option to edit, submit and file their Returns.
Some of relevant provisions of 3 B
*Can filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?*
You cant avoid Form 3B as the filling of GSTR-3B is mandatory as per CGST rule 61(5).
Your attention is invited to rule 61(5) & rule 61(6) vide
*61(5)* Where the time limit for furnishing of details in FORM GSTR-1 under section 37 and in FORM GSTR-2 under section 38 has been extended and the circumstances so warrant, the Commissioner may, by notification, [specify the manner and conditions subject to which the]10 return shall befurnished in FORM GSTR-3B electronically through the common portal, either directly or through a Facilitation Centre notified by the Commissioner.
*61(6)* Where a return in FORM GSTR-3B has been furnished, after the due date for furnishing of details in FORM GSTR-2—
(a) Part A of the return in FORM GSTR-3 shall be electronically generated on the basis of information furnished through FORM GSTR-1, FORM GSTR-2 and based on other liabilities of preceding tax periods and PART B of the said return shall be electronically generated on the basis of the return in FORM GSTR-3B furnished in respect of the tax period;
(b) the registered person shall modify Part B of the return in FORM GSTR-3 based on the discrepancies, if any, between the return in FORM GSTR-3B and the return in FORM GSTR-3 and discharge his tax and other liabilities, if any;
(c) where the amount of input tax credit in FORM GSTR-3 exceeds the amount of input tax credit in terms of FORM GSTR-3B, the additional amount shall be credited to the electronic credit ledger of the registered person.
Earlier Rule 61(5) specified that GSTR-3B is to be filed in lieu of GSTR-3. Which meant that if you are filing GSTR-3B, you need not file GSTR-3.
But, the words “in lieu of” have been removed in the amended Rule 61(5). Accordingly it can be construed that:
*A tax payer has to file GSTR-3B and A tax payer also has to file GSTR-3*
Auto Generation of GSTR-3
*A new rule 61(6) provides that once GSTR-3B has been filed, GSTR-3 will be auto-generated by GSTN*
GSTR-3 will be generated after due date for furnishing GSTR-2 which shall be consisting of 2 parts i.e. Part-A & Part-BPart A of GSTR-3 will be auto-generated based on information provided in:GSTR1 and GSTR2Other liabilities of preceding tax periodsPart B of GSTR-3 will be auto-generated based on information provided in GSTR-3BPart A of GSTR-3Part B of GSTR-3GSTR-1GSTR-3BGSTR-2Preceding period liabilities
*Discrepancy between GSTR-3 and GSTR-3B*
Tax liability in GSTR-3 and GSTR-3B will be matched and:
If tax liability in GSTR-3 is higher than what is declared in GSTR-3B, tax payer will have to modify Part B of GSTR-3 and discharge the shortfall in liability.If tax liability in GSTR-3 is less than what is declared in GSTR-3B, the surplus will be credited to electronic credit ledger of the taxpayer.
From the above discussion, it is amply clear that *filing of GSTR-3B is mandatory in addition of filling of GSTR-1, 2 & 3*.
If GSTR-3B is not filled with in time prescribed that there shall be levy of late fee @ Rs. 100 per day subject to maximum of Rs. 5,000/- per Act along penal interest for non payment of tax.late fee pain for July have been credited back to cash ledger but presently late fee of August is being charged. Let's see the fate of August late fee.
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TDS Deductor Registration Has been enabled on GST Portal*
Now you can apply GST TDS Deductor Registration from today.
It can be applied through PAN / TAN issued in the name of Government department as specified in Sec.51.
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20 things you must know about E – Way Bills in GST
1) Who shall furnish details: Every registered person who causesmovement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement.
2) When to submit: If the consignment value of such goods exceeds Rs.50,000/-. Option is given to generate and carry e-way bill even if the consignment value is less than Rs.50,000/-
3) When to submit: If movement is in relation to a supply or for reasons other than supply or due to inward supply from an unregistered person. For example, if movement is for:
Supply;Export or Import;Job Work;Removal in SKD or CKD form;Line Sales;Sales Return;Exhibition or fairs ;For own use (stock transfers etc.)
4) Supply by unregistered person: In case of supply by an unregistered person to a registered recipient, then the movement shall be said to be caused by registered recipient if such recipient is known at the time of commencement of the movement of goods.
5) When not required: Generation of e-way bill is not required in the following cases:
a) In case where the goods are transported for a distance of less than 10 Kms intra-state from the place of business of the consignor.
b) Where the goods being transported are specified in annexure to the Notification no 27/2017. (mainly it covers category of goods that are exempted/ nil rated)
c) Where the goods are being transported by a non-motorised conveyance;
d) Where the goods are being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; or
e) In respect of movement of goods within such areas as are notified under rule 138(14)(d) of the Goods and Services Tax Rules of the concerned State.
6) Who should enter details in Part B and Generate the E-way bill:
If goods are transported by the registered person himself as a consignor or as a consignee through own conveyance or a hired one or by railways or by air or by vesselThe consigner/ consignee as the case may beIf goods are handed over to a transporter for transportation by roadThe registered person shall only furnish the information relating to the transporter in Part B and the e-way bill shall be generated by the transporter.When movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter.The unregistered person or the transporter may, at their option, generate the e-way bill.
7) When details of conveyance not required: Details of conveyance in Part B is not required to be provided if goods are transported for a distance of less than ten kms within the State or Union territory from the place of business of the consignor to the place of business of the transporter for further transportation.
8) EBN Number: Upon generation of e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal.
9) Acceptance or rejection of e-way bill: The details of e-way bill generated shall be made available to the recipient, if registered who shall communicate his acceptance or rejection of the consignment. Where no communication is made within 72 hours, then it shall be deemed that he has accepted the said details.
10) Transferring goods in transit: If a transporter is transferring goods from one conveyance to another in the course of transit then he shall update the details of conveyance in the e-way bill before such transfer and further movement of goods.
11) Multiple consignments: If multiple consignments are intended to be transported in one conveyance, then the transporter may indicate the serial number of e-way bills of each consignment and a consolidated e-way bill may be generated by him prior to the movement of goods.
12) If goods not transported as per e-way bill generated: Where an e-way bill has been generated, but goods are either not transported or are not transported as per the details furnished in the e-way bill, then the e-way bill may be cancelled within 24 hours of generation of the e-way bill.
13) Validity of e-way bill: Any e-way bill which is generated shall be valid in every State and Union territory. However, the periodicity of validity shall be as under:
i. Upto 100 Km – 1 day
ii. For every 100 km or part thereof thereafter – One additional day
The period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty four hours.
14) Exceptional circumstances: If goods cannot be transported within the validity period of the e-way bill due to circumstances of an exceptional nature, then the transporter may generate another e-way bill after updating the details in Part B.
15) Documents to be carried: The person in charge of a conveyance shall carry the following:
a. the invoice or bill of supply or delivery challan, as the case may be; and
b. a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device embedded on to the conveyance in such manner as may be notified by the Commissioner.
16) Mandatory device in the conveyance: Commissioner may, by notification, require a class of transporters to obtain a unique Radio Frequency Identification Device and get the said device embedded on to the conveyance for mapping the e-way bill to the said device.
17) Interception of any conveyance: The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intrastate movement of goods.
18) Report of inspection: A summary report of every inspection of goods in transit shall be recorded online by the proper officer within 24 hours of inspection and the final report shall be recorded within 3 days of such inspection.
19) Physical verification of goods: No further physical verification of the said conveyance shall be carried out again in the state, if the physical verification of goods being transported has been done during transit at one place within the State or in any other State, unless specific information relating to evasion of tax is made available subsequently.
20) Vehicle intercepted for more than 30 minutes: If a vehicle has been intercepted and detained for a period exceeding thirty minutes, then transporter may upload the said information in FORM GST EWB-04 on the common portal.
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👉🏻GSTN ropes in 39 more companies as Suvidha providers.
(GSTN has selected 39 more companies to become GST Suvidha Providers (GSPs). Companies like Zoho Corporation, Paynear as well as consulting bigwigs PwC and KPMG have made the cut this time. VG learning destination also selected for GSP.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ESko5k
*👉🏻Tax Payers advised to confirm identities of Income Tax Search Authorities.*
(The assessee can seek the telephone numbers of immediate supervisory officers of the search/survey party for the purpose of verification of genuineness. In case, any doubts still persists then the Income Tax Department can be contacted on the following number 9013850099 for the specified purpose of confirmation of identities)
👇🏻 👇🏻 👇🏻
https://goo.gl/Dnsjbr
*👉🏻RBI eases foreign investment regulations for corporate debt.*
(RBI changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.)
👇🏻 👇🏻 👇🏻
https://goo.gl/2DcXWQ
*👉🏻RPF for Appointment as Internal Auditors for IFCI.*
(RPF for Appointment as Internal Auditors of IFCI Ltd for Head office and Four Zonal Offices for the FY 2017-18. Last Date - 04/10/2017.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ToSpjS
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Income Tax Department at the time of login asking for Residential Status, Mobile and Email, Bank details and at last Mobile and E-mail OTP. Otherwise Login is not allowed. Also, one Mobile and E-mail address cannot be used for more than 3 Assessee.
CBDT via Notification No. 9 dated. 19.09.2017 notifies procedure for filing Statement of Income to avail foreign tax credit as per Rule 128 of Income Tax Rules 2016.
Extension of last date for filing TRAN-1 to 31.10.2017. Now original TRAN1 can be filed and revised once till 31.10.2017. [Order 03/2017-GST of 21.9.2017.]
As many as 2.97 million assessees have filed the summary input-output return under the GST for the month of August (‘GSTR 3B’), much less than the 4.6 million that came for the month of July.
SEBI has empowered stock exchanges to conduct forensic audits on listed companies which seem dubious, being suspected of use as conduits for illicit fund flow.
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📺 *Updates*
➡1. ED to pay interest on confiscated amount at the rate applicable to a FD with higher interest rate: HC
Rajendra Kumar Patel v. Union of India.
➡2. MCA restricts layers of subsidiaries upto 2 under Companies Act, 2013
[F. No. 01/13/2013 CL-V (Vol.III)
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2017
➡3. Free air travels & hotel stay expenses to doctors for prescribing medicines of pharma-co. aren’t deductible u/s 37
Deputy Commissioner of Income-tax, Circle-13(1), New Delhi v. OCHOA Laboratories Ltd.
➡4. Ignorance of compliance provision couldn’t be said to be reasonable cause to delete penalty: ITAT
Karvy Computershare (P.) Ltd.
v. Additional Commissioner of Income-tax, Range-2, Hyderabad
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#Economy:PM is likely to announce some big-ticket measures to stimulate the economy, which saw growth plunging to a three-year low of 5.7% in the first quarter of 2017-18. PM might announce a package for power, housing and social welfare programmes to generate jobs and perk up demand. The package is being pegged at Rs 40,000-50,000 crore.
#Finance:The Govt has come out with an estimate that valid transitional credit claims of taxpayers in July — the first month of GST — are just Rs 12,000 crore and not Rs 65,000 crore as previously claimed. Even these claims could be adjusted in future months, a statement by the finance ministry suggested.
#SEBI has lifted trading ban on 244 entities which came under the scanner for alleged misuse of stock market platform for tax evasion, saying it did not find any "adverse evidence" against them.The move comes after SEBI earlier this month revoked ban on more than 500 entities in four separate cases.
#The I-Tax Dept has asked taxpayers, who file ITRs and conduct other I-T businesses online, to update their profiles and vital details on the official e-filing portal to ensure an "effective communication" between the two.The dept issued an advisory asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address and bank account details. New registration process to facilitate effective communication between the taxpayer and the dept is enabled. The existing e-filing users are required to update their profile by logging into e-filing account. Users who have registered already and not activated has to register again.
#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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