GST Update-
Are you a migrated user and
Do you want to cancel your GST Registration ?
If yes, then there is good news for all such users.
👍 GST Cancellation option is now available and you can cancel it instantly. Your jurisdictional officer may enquire you after cancellation process later on.
I have cancelled one registration and it is working.
📣 Cancellation option for newly registered* users will be available soon.
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Letters of Forign Govt Depts & Foreign Embassies are to be deemed as ‘Proof of Address’ for Foreign Nationals: Govt Amends PMLA Rules [Read Notification]
Read more at: http://www.taxscan.in/letters-forign-govt-depts-foreign-embassies-deemed-proof-address-foreign-nationals-govt-amends-pmla-rules/12564/
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📚Phrasal verb Of The Day
👉 *Hammer out*
(Verb)
(transitive)
*Meaning:*
To come to a difficult agreement after
much arguing and conflict.
🎈 *Example:*
Two years after the flood, my lawyer managed to hammer out a settlement with my insurance company over the damages.
_(Kindly note active participation w.r.t. knowledge sharing is important to avoid unsubscription, avoid if already done.)_
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Disclaimer - Forwarded as received
Dear All,
Govt. has issued Notification 50/2017 Central Tax waiving late fees for late filling of returns for the month of August and September. Further CBEC in the press release dated 24.10.2017 has also clarified that late fees if any already paid will be refunded to the tax payer by way of recredit to their Electronic cash ledger.
There is a lot of the ambiguity regarding whether such refund of late fees can be utilised by the tax payers for payment of any liability other than late fee.
In this regard, where such refund amount is substantial We believe an option would be to claim refund in taxpayers GSTR 3 monthly return in terms of Section 49(6) read with Section 54(1) of the CGST Act. Thereby the said amount would be recredited to the taxpayers bank account.
Please note that there is a need to physically check this option when the filling of GSTR 3 return is enabled by the GSTN system.
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Supreme Court has lashed out at government for not complying with its order for setting emission standard for industries and banned use of polluting fuel furnace oil and pet coke in industrial units from November 1.
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Supreme Court has directed demolition of a parking lot being constructed within a kilometer of Taj Mahal in Agra.
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Supreme Court has suspended the decision of Allahabad High Court based on the Screening Committee recommendations against an Additional District Judge Vimal Prakash Kandpal who compulsorily retired last year.
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Supreme Court has given Delhi High Court, eight weeks to finalise amendments to its Original Side Rules and Practice Directions, in order to ensure speedy disposal of original Intellectual Property Rights (IPR) suits.
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U.S. Supreme Court has dismissed the last remaining appeal in a pair of cases challenging President Trump’s executive order, issued in March, that sought to limit travel to the United States.
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Oklahoma Supreme Court has struck down $100 fee for the registration of an electric vehicle as well as $30 for a hybrid by declaring it unconstitutional.
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Madras High Court has imposed a blanket ban on erecting hoardings, flex banners and signboards from the state's skyline with images of individuals who are alive.
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Delhi High Court has asked the police to ensure that no one uses stage and loudspeaker at a South Delhi ground for Chhath Puja 2017 by two organisers and maintain law and order.
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Delhi High Court has allowed Indian cricketer Ashish Nehra’s request for a corporate box for his family and friends to watch his last limited overs match on November 1 at Ferozeshah Kotla grounds in New Delhi.
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Bombay High Court, while dismissing a sexual harassment complaint against Vodafone and its former top executives, has imposed a fine of Rs 50,000 fine on the company for flouting 'Vishaka guidelines'.
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Central Administrative Tribunal (CAT) has said that temporary, ad hoc and contract women employees are also entitled to maternity leave and consequent benefits akin to regular staff.
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Central Government has clarified that no late fee would be levied on tax payers who failed to furnish the return in FORM GSTR-3B for the month of August and September, 2017 by the due date.
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Central Government has notified Integrated tax of 0.1% and Central Tax rate of 0.05% on intra-State supply of taxable goods by a registered supplier to a registered recipient for export.
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Alert: CBDT extends due-date for furnishing *CbCR* for FY 2016-17 to 31st March, 2018
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Outsourcing of Services by US Company to Indian Subsidiary does n’t constitute PE: SC [Read Judgment]
Read more at: http://www.taxscan.in/outsourcing-services-us-company-indian-subsidiary-nt-constitute-pe-sc/12555/
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Interest Received on FDRs before the Commencement of Business constitute ‘Other Income’: HC [Read Judgment]
Read more at: http://www.taxscan.in/interest-received-fdrs-commencement-business-constitute-income-hc/12538/
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Routine Administrative Work of Regional HQ won’t be considered for PoEM Determination: CBDT [Read Circular]
Read more at: http://www.taxscan.in/routine-administrative-work-regional-hq-wont-considered-poem-determination-cbdt/12530/
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Provisions of Deemed Dividend do not attract If Recipient is not a Shareholder: SC Upholds Delhi HC decision [Read Order]
Read more at: http://www.taxscan.in/provisions-deemed-dividend-not-attract-recipient-not-shareholder-sc-upholds-delhi-hc-decision/12549/
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Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition for Computing Capital Gain Income: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/value-declared-wealth-tax-return-cannot-taken-cost-acquisition-computing-capital-gain-income-delhi-hc/12534/
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Late fee on GSTR-3B waived for Aug & Sep also. Late fee amount already paid to be credited back to taxpayer ledger.
Due date 31.10.2017 Returns:
o GSTR 2 July
o TRANS 1
o Tax Audit with ITRs
o TDS Qtr.2
o ROC Annual filing
o ESI half yearly return.
Exporters can soon start claiming refunds for GST paid in August and September as GST Network will launch an online app for processing of refund this week, said its CEO Prakash Kumar.
Retailers need not issue separate invoices for exempted items, can club all purchases in one bill.
Retailers won't have to issue long invoices detailing prices and taxes for each item under GST regime. They will also not have to issue separate invoices for exempted items taxed at the 0% rate and can club all purchases in one bill.
Every LLP (registered till 30.09.2016) is required to file Annual Return in Form-8 (Statement of Account & Solvency) to the Registrar by 30th October, 2017 Otherwise the late fees of Rs.100 shall be levied on per day basis.
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Routine Administrative Work of Regional HQ won’t be considered for PoEM Determination: CBDT [Read Circular]
Read more at: http://www.taxscan.in/routine-administrative-work-regional-hq-wont-considered-poem-determination-cbdt/12530/
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Very Important
Last Date to file GSTR 2 for the month of July 2017 is 31st October 2017.
To get data in GSTR 2 from GSTR 2A, you need to click on Generate Summary in GSTR2. Now you can accept, reject, modify & remain pending in GSTR 2.
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GST Update:
GST on Intra-State/Inter State supply of taxable goods to exporters :
The Central Government has exempted the Intra-State/Inter State supply of taxable goods by a registered supplier to a registered recipient for export, from so much of the CGST/SGST/IGST/UTT leviable thereon under section 9 of the said Act, as is in excess of the amount calculated at the rate of 0.05% (CGST/SGST/UTT) or .1% (IGST), subject to fulfillment of the following conditions, namely: -
i. the registered supplier shall supply the goods to the registered recipient on a tax invoice
ii. the registered recipient shall export the said goods within a period of ninety days from the date of issue of a tax invoice by the registered supplier;
iii. the registered recipient shall indicate the Goods and Services Tax Identification Number of the registered supplier and the tax invoice number issued by the registered supplier in respect of the said goods in the shipping bill or bill of export, as the case may be;
iv. the registered recipient shall be registered with an Export Promotion Council or a Commodity Board recognised by the Department of Commerce;
v. the registered recipient shall place an order on registered supplier for procuring goods at concessional rate and a copy of the same shall also be provided to the jurisdictional tax officer of the registered supplier;
vi. the registered recipient shall move the said goods from place of registered supplier –
a. directly to the Port, Inland Container Deport, Airport or Land Customs Station from where the said goods are to be exported; or
b. directly to a registered warehouse from where the said goods shall be move to the Port, Inland Container Deport, Airport or Land Customs Station from where the said goods are to be exported;
vii. if the registered recipient intends to aggregate supplies from multiple registered suppliers and then export, the goods from each registered supplier shall move to a registered warehouse and after aggregation, the registered recipient shall move goods to the Port, Inland Container Deport, Airport or Land Customs Station from where they shall be exported;
viii. in case of situation referred to in condition (vii), the registered recipient shall endorse receipt of goods on the tax invoice and also obtain acknowledgement of receipt of goods in the registered warehouse from the warehouse operator and the endorsed tax invoice and the acknowledgment of the warehouse operator shall be provided to the registered supplier as well as to the jurisdictional tax officer of such supplier; and
ix. when goods have been exported, the registered recipient shall provide copy of shipping bill or bill of export containing details of Goods and Services Tax Identification Number (GSTIN) and tax invoice of the registered supplier along with proof of export general manifest or export report having been filed to the registered supplier as well as jurisdictional tax officer of such supplier.
2. The registered supplier shall not be eligible for the above mentioned exemption if the registered recipient fails to export the said goods within a period of ninety days from the date of issue of tax invoice.
_In view of above, Now the effective rate on purchase of Goods for exports will now be @.1%_
*Relevant Notifications:*
Notification No. 40/2017 dated 23rd October 2017 for Central Tax/ Union Territory Tax (Rate)
Notification No. 41/2017 dated 23rd October 2017 for Integrated Tax (Rate)
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📺 *Updates*
➡1. MCA to restore DIN to enable disqualified directors to file return of companies other than defaulting companies. HC
Dr. Reddy's Research Foundation v. Ministry of Corporate Affairs
➡2. Claim of depreciation isn't optional for an assessee.
➡3. HC allowed higher interest payment on loans as Co. was formed to receive & lend money to shareholders.
Commissioner of Income-tax-I, Lucknow v. Sahu Investment Mutual Benefit Co. Ltd.
🙏�Thank you🙏�
Have a nice day
