: ➡Dear friends, gst portal opened for amenment, addition or deletion, application for additional place of business.Please use & enjoy the application.👍👌👏😀
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India's economy grew at its slowest pace for three years in the April-to-June quarter and growth has declined for six quarters in a row. Economic analyst Vivek Kaul explains why one of the world's fastest growing economies is sputtering to a halt.
On Monday, Prime Minister Narendra Modi revived India's economic council, a body that he had abolished soon after coming into power in 2014.
India has just seen its slowest economic growth since Mr Modi took over as the prime minister on the back of promises over more jobs and a stronger economy.
For the period between April and June 2017, Indian GDP grew by just 5.7% (as against 9.1% a year earlier).
Much of that 5.7% was because the government spent more than it usually does. The non-government part of the GDP, which forms roughly 90% of the economy, grew by a meagre 4.3%.
Industry as a whole grew by 1.6%, with manufacturing and construction growing by 1.2% and 2% respectively.
The last time the economy grew by less than 6% (at 5.3%) was between January and March 2014, when Manmohan Singh was the prime minister.
We live in a world where any rate of growth greater than 2% is considered to be good. But what is true for Western countries isn't necessarily true for India.
India's GDP needs to grow at a rate faster than 7% for the country to continue to pull millions out of poverty.
"Even a small change in the growth rate of per capita income makes a big difference to eventual income per head," writes economist Vijay Joshi in India's Long Road - The Search for Prosperity.
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Embedding of taxes makes Indian products uncompetitive as other nations do not levy any tax on goods meant for export.
Exporters may get an outright exemption from the integrated goods and services tax ( IGST) on imported inputs that currently don’t face basic customs duty to help perk up the sector, which has been hit hard by rupee appreciation, said government officials. Also under consideration is a refund mechanism for taxes paid on local inputs used by exporters, they said.
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A final call on the matter will be taken by the GST Council, when it meets on October 6.
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“A scheme is under discussion... It could be taken up by the council,” said one of the officials. The proposal is under close examination, said another official.
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Exporters had access to duty-free inputs under the previous tax regime. Some of these inputs continue to be exempt from basic customs duty, but face IGST. Industry wants at least these inputs exempted under the GST regime to begin with. The industry says outright exemption would provide long-term solution to its woes.
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“The biggest issue for exporters at present is liquidity. Firstly, there is issue of blocked refunds and the other is that payment of taxes has to be done upfront. Banks do not provide loans for payment of taxes… Exemption will help provide a solution on a long-term basis.
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Expeditious refunds will help address the immediate problem of liquidity,” said Ajay Sahai, director-general of the lobby group Federation of Indian Export Organisations (FIEO).
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Embedding of taxes makes Indian products uncompetitive as other nations do not levy any tax on goods meant for export.
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The problem has been compounded for exporters as there has been a delay in the refund of taxes they paid on inputs, leading to working capital issues. If the GST Council decides on such a framework for exporters, it will resolve the issue of cash flows and bring them on par with their foreign counterparts.
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The government is keen to address issues concerning exports expeditiously since the sector contributes substantially to job creation, as it seeks to revive growth that slumped to a three-year-low in the June quarter.
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“The issue is being looked at with a sense of urgency,” said the second official. The government will ensure that the local industry isn’t put to any disadvantage on account of the strategy to help exporters. Finance ministry officials have been holding intensive deliberations on the framework of the scheme.
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They discussed the matter on Monday and will meet on Tuesday with commerce department counterparts.
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Exporters, particularly the smaller ones, have begun to face working capital issues with tax refunds getting stuck after the rollout of GST on July 1. They are also unable to price their products for advance Christmas orders as there is no clarity on refunds yet, in what could have ramifications for the broader exports sector.
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RUPEE’S CLIMB HURTING EXPORTS
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The rupee’s climb has eroded export competitiveness, with the currency strengthening more than 4% against the dollar since the beginning of the year, prompting intervention by the central bank, experts have said. The rupee closed at 65.12 versus the dollar on Monday, the lowest in six months amid global and domestic worries. Excluding the fall in the local unit’s value in the past few trading sessions, the rupee has gained about 5.50% this year.
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According to FIEO, the cumulative order book position is down 15-20% from the year earlier. India exported goods worth $274.6 billion in FY17, just 4.7% higher than $262.2 billion in FY16.
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Exporters have claimed that refunds worth Rs 65,000 crore in the July-October period are stuck. The government has disputed this figure.
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According to another government official, refunds worth only about Rs 600 crore for July have been held up. Moreover, over 60% of exporters have opted for the previously available duty drawback scheme.
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The refunds issue has cropped up largely due to the extension in the filing date for returns following technical glitches in the GST Network. At its last meeting on September 9, the GST Council had set up a committee headed by revenue secretary Hasmukh Adhia to look into the issues faced by exporters and draw up a plan for their resolution. The panel held detailed discussions with exporters and is now working on a framework to resolve them.
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ET View: Refund Exporters Swiftly
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An outright exemption may not be in line with GST law. In any case, there’s provision for exporters to provide a bond or letter of undertaking to avoid IGST. There’s also much scope for faster refund of taxes already paid, by better leveraging IT for instance. Shipping bills having IGST invoice need to be deemed as application for prompt refund of taxes paid along the value chain.
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This is to inform that Maharashtra Govt have issued a Trade Circular No 43T Dated: 25/09/2017 in which following needs to be followed immediately else provision of penalty of 10000/- (For Non Display of GST TIN)and 25000/- (For Non Display of “Composition Taxable Person”) can be levied in case of non-compliance.
1. Display of GSTIN in bold on the name board.
2. In case of Composite dealer they have to also mention as “Composition Taxable Person” in bold below GSTIN.
3. Issue of Proper Invoice as required by the law.
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: GST waiver for under-construction properties is the new freebie this Navratras
https://gstindiaguide.com/gst-waiver-construction-properties-new-freebie-navratras/
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GST cut relief for artisans
https://gstindiaguide.com/gst-cut-relief-artisans/
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Growth dip due to GST ‘teething troubles
https://gstindiaguide.com/growth-dip-due-gst-teething-troubles/
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RCM Applicable to all Services provided by Advocates: Govt clarifies Issues on Legal Services under GST [Read Corrigendum]
Read more at: http://www.taxscan.in/rcm-applicable-services-provided-advocates-govt-clarifies-issues-legal-services-gst-read-corrigendum/11356/
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The Central Government in exercise of its power, given in the act has amended the Companies (Acceptance and Deposits) Rules, 2014 and has substituted the proviso in sub rule (3) of rule 3.
The amendment made says that, Specified IFSC Public Company and a private company now may accept from its members monies not exceeding one hundred Percent of aggregate of the paid up share capital, free reserves and securities premium account and such company shall file the details of monies so accepted to the Registrar in Form DPT-3.
Following are the Companies exempted from the said amendment but are bound to file form DPT-3 to the Registrar:
(i) A private company which is a start-up, for five years from the date of its incorporation;
(ii) A private company which fulfils all of the following conditions, namely:-
(a) which is not an associate or a subsidiary company of any other company;
(b) the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fiffy crore rupees, whichever is less ; and
(c) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under section 73:
The Central Government has also revised the Form DPT-3.
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Entire South Africa has just discovered that auditors, bankers and Presidents are all crooks!😀
Wow what a discovery in 2017!🙄
KPMG has been caught making fake reports in billions on behalf of the corrupt Indian Gupta family and their accomplice the President of SA - Zuma!
Guptas were paying bribes to top most auditors at KPMG to secure contracts!😜😂
8 seniormost executives were fired last Friday 15 Sept including CEO, Chairman and COO.
All banks have closed the accounts of Guptas and they are in court to prevent Bank of Baroda NOT to close their account on Sept 30.
McKinsey and SAP are also involved in this scandal.
All top clients of KPMG (Old Mutual, Barclays, Standard Bank, Nedbank, Investec) are leaving, their Global Chairman met the Finance Minister to apologize, KPMG will return millions in fees earned from Guptas and will most likely shut down in South Africa since the entire Govt is considering leaving KPMG audits.
Hope they will shut in South Africa so local companies can get business and grow!
https://www.timeslive.co.za/news/south-africa/2017-09-20-darkness-descends-on-kpmg/
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# *GST*: The filling of GSTR-3B is NOT OPTIONAL BUT MANDATORY - CGST rule 61(5) and newly introduced rule 61(6) - Notification No.17/2017 Central Tax, dt.27.07.2017.
# *CBDT* has laid down a procedure for filing Statement of income from a country or specified territory outside India and Foreign Tax Credit – Notification No.9, dt.19.09.2017.
# *MCA*: Clause (87) of Section 2 of the Companies Act, 2013 comes into force w.e.f. 20 SEP 2017.
# *MCA* has notified the amendments to the Companies (Acceptance of Deposits) Rules, 2014 which may be known as the Companies (Acceptance of Deposits) Second Amendment Rules, 2017 and shall be applicable w.e.f 19-09-2017.
# *EoDB*: The Union Govt. is working to remove a key hurdle in doing business as the poor track record on enforcement of contracts haunts businesses.
# *IT*: Levy of additional tax u/s 115O on distribution of dividend - amount not to be bifurcated as agriculture and non-agriculture dividend - Union of India & Ors Vs Tata Tea Co. Ltd. & Anr (2017 (9) TMI 1300 - Supreme Court)..
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CBDT asks I-T department to take urgent steps for collection from the TDS category witnessing a sluggish pace, It asked the I-T dept to pull up its socks and take "urgent" steps and also conduct survey operations to shore up the funds.
GST network has tweaked some of the features on its portal over the past month to make the system more robust and allow glitch-free tax payment facility to nearly 35 lakh assesses, its CEO Prakash Kumar said.
MCA has notified the Companies (Restriction on Number of Layers) Rules, 2017 which shall come into force from 20-09-2017. Now no company, other than a company belonging to a class specified, shall have more than two layers of subsidiaries.
MCA has notified the amendments to the Companies (Acceptance of Deposits) Rules, 2014 applicable from 19-09-2017.
The Department of Industrial Policy and Promotion (DIPP) will facilitate the process of ranking and it would be done by a third party. The Centre has initiated an exercise to rank states and Union territories on the basis of measures being taken by them to promote budding entrepreneurs.
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ICAI has recently issued 2 publications on Ind AS i.e On Overview of Ind AS and Guidance on application of Ind AS 18, Revenue:
1. *Ind AS Overview (Revised- 2017)*: This publication covers Roadmap for Implementation of Ind AS, Brief Summary of all Ind AS, Differences between Ind AS, IFRS and Indian GAAP etc. The publication significantly captures all the recent amendments in Ind AS.
Link for Ind AS Overview:
https://resource.cdn.icai.org/47062indas36911.pdf
2. *Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)*: The Committee has revised its earlier Material on Ind AS 18, Revenue, addressing relevant aspects envisaged in the Standard by way of brief summary of the Standard and Frequently Asked Questions (FAQs).
Link for Ind AS 18: https://resource.cdn.icai.org/47061indas36910.pdf
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*Important Tweets Posted on @askGSTech & @askGST_GOI twitter Handel in past Few Days-(PART-3)
1. As per Section 51 of CGST Act, *only registration of deductor has been opened*. Date from which liability to deduct arises will be notified separately.
2. *No ITC* can be claimed on Car purchased for business purpose.
3. *Electricity Expense* is a Non GST Inward Supplies for GSTR-3B
4. *Manufacturer can take transitional ITC* only on duty paying document as per Section 140(3) of CGST Act 2017
5. If *Paid IGST by Mistake* instead of CGST+SGST than as per Section 19(1) of the IGST Act A Registered person shall be granted refund of the amount of integrated tax so paid in such manner and subject to such conditions as may be prescribed.
6. ITC of IGST on import can be availed only if your *GSTIN is mentioned on BOE*. So if paid a broker pay the amount on behalf of company than no credit will be allowed.
7. *Custom Clearing Charges* will come in form GSTR3B under the heading "All other ITC".
8. *Bill of Supply* is to be issued for Exempt Goods, Nil rated supplies and Non-GST goods and not a Invoice
9. *Advance received for export* can be shown under Place of supply -Other Territory under tax bracket of 0% at Sl.11 GSTR-1
10. An *Individual renting residential dwelling* to Pvt Ltd Co for residential use of director/Officer is Liable to GST
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📺 *Updates*
➡1. Internal auditors must monitor corrective steps taken by brokers to rectify deficiency in inspection report: SEBI
https://corporatelaws.taxmann.com/topstories/222330000000013014/internal-auditors-must-monitor-corrective-steps-taken-by-brokers-to-rectify-deficiency-in-inspection-report-sebi.pdf
➡2. Sec. 14A disallowance had to be made even if assessee made investment in subsidiary co. as promoter
Future Corporate Resources Ltd. v. Deputy Commissioner of Income-tax (OSD)-8 (1), Mumbai.
➡3. CBDT lays down procedure to furnish Form no. 67 to claim foreign tax credit
Notification 9 19th sept 2017 CBDT
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