GST impact on wedding season: Jewellery, clothes, photography, venue to cost more, says ASSOCHAM
http://m.businesstoday.in/story/gst-impact-wedding-season-jewellery-clothes-photography-venue-cost-assocham/1/262482.html
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Govt will take about a year to stabilise GST: Hasmukh Adhia
http://zeenews.india.com/companies/govt-will-take-about-a-year-to-stabilise-gst-hasmukh-adhia-2051412.html
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Recovery of #Tax under #GST regime – All You Need to Know [Read Concept Note]
Read more at: http://www.taxscan.in/recovery-tax-gst-regime-need-know/12469/
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Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said today.
GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1. For August and September, while the initial return GSTR- 3B has already been filed, the final return GSTR-1 has not yet been filed. "A separate online app for claiming Integrated GST (IGST) refunds for August and September would be made available on GSTN portal this week," Kumar told PTI.
GSTN has developed the app wherein exporters can save and upload their sales data which are part of GSTR-1 after filling up export details in Table 6A. The table will be then extracted separately and after exporters digitally sign it, it would automatically go to the customs department. The customs department will then validate the information provided in the table with the shipping bill data and also the taxes paid in GSTR-3B. The refund amount would be either credited to exporter's bank account through ECS or a cheque would be issued.
As per data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes. Thereafter, final returns in form GSTR-1, 2, 3 are filed by businesses giving invoice wise details of sales. The final return filing for August and September has not started yet.Over July-August, an estimated Rs 67,000 crore has accumulated as the Integrated GST (IGST), of which only about Rs 5,000-10,000 crore will be due as refunds to exporters.
The Goods and Services Tax (GST), the amalgamation of over a dozen indirect taxes like excise duty and VAT, does not provide for any exemption, and so exporters are required to first pay Integrated-GST (IGST) on manufactured goods and claim refunds after exporting them. This had put severe liquidity crunch, particularly on aggregators or merchant exporters. To ease their problems, the GST Council earlier this month decided a package for them that includes extending the Advance Authorisation / Export Promotion Capital Goods (EPCG) / 100 per cent EOU (Export Oriented Unit) schemes to sourcing inputs from abroad as well as domestic suppliers till March 31, thus not requiring to pay IGST.
The government is aiming to clear pending GST refunds of exporters by November-end. The first cheque after processing of July refunds was issued on October 10.
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Companies Act :
Where the nominee directors do not vote in favour of the petitioner as Managing Director of Joint Venture Company, violating the provisions of the Joint Venture Agreement, that act is an acute act of Oppression, and hence, liable to be corrected by exercising necessary power u/s 241/242 of the Companies Act, 2013. *Vikram Bakshi vs. Connaught Plaza Restaurants Pvt. Ltd. [2017] 140 CLA 142 (NCLT)*
IBC :
Even if the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application u/s 9(5)(ii)(d) of the Code, if Notice of Dispute has been received by the operational creditor or there is record of dispute in the Information Utility. The Court at this stage does not have to examine the merits of the dispute. *Mobilox Innovations (P.) Ltd. vs. Kirusa Software (P.) Ltd. MANU/SC/1196/2017*
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Interest Paid on Share Application Money is allowable as Business Expenditure: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-paid-share-application-money-allowable-business-expenditure-itat/12434/
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Dept cannot Extend Time Limit for Recovery of Service Tax when Assessee has Valid Explanation for Its Default: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/dept-cannot-extend-time-limit-recovery-service-tax-assessee-valid-explanation-default-delhi-hc/12455/
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Telengana Govt. writes Centre to relax Penalty on delayed GST Returns
Read more at: http://www.taxscan.in/telengana-govt-writes-centre-relax-penalty-delayed-gst-returns/12441/
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MP, Chattisgarh Sets Up Screening Panels for Anti-Profiteering
Read more at: http://www.taxscan.in/mp-chattisgarh-sets-screening-panels-anti-profiteering/12467/
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Land & Building Method is the Appropriate Method of Valuation of Cinema Theatre for Wealth Tax Assessment: SC [Read Judgment]
Read more at: http://www.taxscan.in/land-building-method-appropriate-method-valuation-cinema-theatre-wealth-tax-assessment-sc/12445/
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Madras HC directs the State Govt to consider Representation on Revising GST Rate on Works Contracts [Read Order]
Read more at: http://www.taxscan.in/madras-hc-directs-state-govt-consider-representation-revising-gst-rate-works-contracts/12474/
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ITAT dismisses PwC’s Claim for Expenditure worth 10.63 Crores [Read Order]
Read more at: http://www.taxscan.in/itat-dismisses-pwcs-claim-expenditure-worth-10-63-crores/12459/
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Recovery of #Tax under #GST regime – All You Need to Know [Read Concept Note]
Read more at: http://www.taxscan.in/recovery-tax-gst-regime-need-know/12469/
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# *GST* Rate structure needs complete overhauling - Revenue Secretary Hasmukh Adhia
# *GST*: CBEC has amended Exports related Rules-89, 96A & Form-GST RFD-01 – Notification No. 47/2017-CT, dt.18.10.2017.
# *GST*: Certain supplies as deemed exports under section 147 of the CGST Act - Notification No. 48/2017-CT, 18.10.2017
# *GST*: Evidences required to be produced by the supplier of deemed export supplies for claiming refund under rule 89(2)(g) of the CGST Rules - Notification No. 49/2017-CT, 18.10.2017.
# *MCA* has notified the Companies (Registered Valuers and Valuation) Rules, 2017, and came into force on the date of its publication in the Official Gazette i.e 18th October, 2017.
# *RBI* Clarifies that linking of Aadhaar to Bank Accounts is mandatory as against fake media News quoting a RTI reply that Aadhaar number linkage with bank accounts is not mandatory.
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Supreme Court has held that organised crime is not restricted to a "particular state" and a trial court can take note of charge sheets filed against offenders outside State for invoking the stringent MCOCA.
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Supreme Court has asked Centre if State Commissions for Women (SCW) actually exist across the country, as it dealt with the issue of precarious conditions faced by destitute widows living in Vrindavan and such other places.
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Bombay High Court has held that under Protection of Women from Domestic Violence Act, 2005, any woman has a right to reside in her matrimonial home or shared household, irrespective of whether she has any right, title or interest in the said household or not.
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Bombay High Court has recalled the strike called by employees of Maharashtra State Road Transport Corporation (MSRTC) holding it illegal.
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Madras High Court has quashed the order of Commercial Tax department disallowing Input Tax Credit (ITC) to jewelers across Tamil Nadu.
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Madras High Court has held that a mere factual averment in the affidavit would not amount to defrauding the Court.
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Delhi High Court has declared as “illegal” the transfer of hospitals and medical colleges under Employees State Insurance Corporation (ESIC) to State Government.
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Delhi High Court has held that it is imperative for the claiming party to submit proof of injury suffered in order to successfully claim damages for loss of profits in an arbitration proceeding.
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Kerala High Court has held that every case of inter-religious marriages can’t be termed either as ‘love Jihad’ or ‘Ghar wapsi’.
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Kerala High Court has allowed appeal filed by Board of Control for Cricket in India(BCCI), and has thereby restored the life ban imposed on S.Sreesanth on charges of indulging in spot-fixing during IPL matches.
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Andhra Pradesh High Court has observed that law only prescribe punishment in terms of monitory fine for the act of running a medical facility without licence, which is hardly a deterrent in the present world for unscrupulous elements to establish and run ill-equipped fake hospitals.
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Orissa High Court has directed Collector-cum-District Magistrate, Ganjam to constitute a Local Complaints Committee (LCC) that would investigate complaints of sexual harassment where the Internal Complaints Committee (ICC) has not been constituted.
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Goods and Services Tax Network (GSTN) has launched an excel based offline tool for filing GSTR 3B. Taxpayers can download offline utility from GSTN portal.
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Central Government has notified that only 5% GST is leviable on food preparations put up in unit containers and intended for free distribution to economically weaker sections of society under a programme duly approved by Central Government or any State Government.
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Central Government has notified 10th amendment to Central Goods and Services Tax (CGST) Act, 2017. The amended notification says that for claiming refund in respect of supplies regarded as deemed exports.
*Podcast Available*
https://goo.gl/jRzvHc
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Govt has recently issued notifications relating to deemed export and other matters as under:
●What are deemed exports?
Deemed exports refers to supplies wherein the goods do not actually leave India but the supplies are designated as exports.
●What kinds of supplies are designated as deemed exports?
Supply of goods by a registered person against Advance Authorisation;
Supply of capital goods by a registered person against Export Promotion Capital Goods Authorisation;
Supply of goods by a registered person to Export Oriented Unit;
Supply of gold by a bank or Public‐Sector Undertaking specified in the notification No. 50/2017‐Customs, dated the 30th June 2017 (as amended) against Advance Authorisation
●What are the benefits provided for such deemed exports?
Refunds are allowed of the GST paid on deemed exports. Typically, such refund is to be filed in RFD01 by the recipient of the supply.
However, supplier can also file the refund provided:
recipient does not avail of input tax credit on such supplies; and
recipient furnishes an undertaking to the effect that the supplier may claim the refund.
Supplies qualifying as deemed exports
●What are the prescribed documents / evidences required for filing the refund claim by a supplier?
For Supplies against Advance Authorisation and EPCG Scheme:
Acknowledgment from jurisdictional officer of Advance Authorisation holder or EPCG holder that deemed export supplies have been received.
For Supplies against EOU Scheme: Duly endorsed tax invoice (under which supply was made) by EOU recipient that supplies have been received;
For All deemed export supplies
• Undertaking from recipient that no input tax credit on such supplies have been availed by it;
• Undertaking from recipient that it will not seek refund in respect of such supplies and the
supplier may claim the refund
particulars remarks
●What are kind of exemption has been granted?
Outright exemption has been granted from levy of CGST, UGSTand IGST.
●What the conditions attached?
Such a supply should be under a programme duly approved by the Central Government or any State Government;
Supplier of such foods preparations produces a certificate obtained from deputy secretary of CG/SG/UT to the effect that preparations have been distributed free to EWS section, within 5 months (such extended time) from the date of such supply
●Invoicing for Movement of Goods on Approval Basis
Government has clarified that registered persons can take the challan route to transport the goods within the State or outside the State in relation to supply of goods on approval basis. It is clarified that person will first issue the challan and as soon as the supply if fructified, it will issue a tax invoice charging appropriate GST.
It may be note that the clarification relates to goods on approval basis. Thus, the fact pattern needs to be analysed carefully before taking the benefit of this Circular.
Circular No. 10/10/2017‐GST Dated 18.10.2017
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*Forwarded as received*
*GSTR 2 Filing*
*Steps to convert JSON file into Excel format*
Step-1: Login to GST Portal by using the below link
https://services.gst.gov.in/services/login
Step-2: Go to return dashboard > select financial year & month and proceed
Step-3: In Auto drafted GSTR 2A tab > Click on download > Generate file
A message will be displayed
"Your request for generation has been accepted kindly wait for 20 min."
Visit after 20 min and click on Download file-1 & file will be downloaded in JSON format
Alternatively, JSON file of inward supplies can be downloaded from GSTR 2 also by clicking Prepare Offline TAB in GSTR 2
Step-4: Convert the JSON file to CSV Format by uploading your JSON file to the site. https://json-csv.com/
Step-5: Download the Converted CSV file
Step-6: Download the Offline Utility software of the JSON file converter to Excel using the below link
https://www.dropbox.com/s/z17uw46t4fab52t/GSTJSON2XLS%20.zip?dl=0
(It will work only above version of Microsoft Excel 2010 and above)
Step-7: Extract downloaded excel utility & Open the Excel file in the folder
Step-8: Press RESET ALL in the excel sheet before you proceed
Step-9: In Select Input Method, select Web input
Then on your left-hand side of excel sheet, JSON_Input Tab will be created
Step-10: Open the downloaded CSV file which was converted from JSON in https://json-csv.com/
Step-11: Copy and Paste the data in the CSV File in the tab JSON_Input in Excel Utility by using CTRL+ALT+V ( Paste Special – Values )
Step-12:Then come back to Convert TAB in excel sheet next to JSON_Input file (Current TAB) & Click on convert
Step-13: A Pop-up message will be displayed 'Input Data is converted' press OK
Step-14: Now Click on Generate File, a Pop-up message will be displayed 'EXCEL file is generated in Output folder' then click OK
Step-15: Open Offline Excel Utility & Open OUTPUT Folder
Step-16: Now converted JSON to Excel file will be available
Step-17: Open the Excel sheet & Apply Vlook up with Purchase register extracted from Accounting software
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Banks & Insurance Cos to issue Consolidated Monthly Invoice: GST Council Amends Rules
Read more at: http://www.taxscan.in/banks-insurance-cos-issue-consolidated-monthly-invoice-gst-council-amends-rules/12428/
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📺 *Updates*
➡1. RBI asks banks to make immediate interest payments due to depositors under Gold Monetisation Scheme, 2015
➡2. Persons providing exempted services are also eligible for Composition Scheme
https://gst.taxmann.com/topstories/222330000000013209/persons-providing-exempteod-services-are-also-eligible-for-composition-scheme.pdf
➡3. One bogus transaction couldn't depict that activities of charitable trust weren't in accordance with its objects
Jagannath Gupta Family Trust
v. Commissioner of Income-tax (Exemptions), Kolkata*
🙏�Thank you🙏�
Have a nice day