CA Rohit Jaiswal: October 2017

Tuesday, 31 October 2017

31 October 2017 Updates

CBDT has extended the due date of filing by Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity for reporting accounting year 2016-17 to 31st March, 2018.

Last date of filing GSTR-2 & GSTR-3 for July 17 is extended to 30.11.2017 & 11.12.2017 respectively vide Notification No. 54/2017 Central Tax date. 30.10.17.

No GST on Gifts on Diwali etc to Staff (upto 50,000 in year) & Clients etc (No Limit) as same not Supplies. No ITC available on purchase of same.

MCA has called an urgent meeting to discuss if there are “grey areas“ in the Companies Act that need to be addressed on disqualification of over 300000 directors as some of them have move to Courts.

MCA has released circular on Relaxation of additional fee and extension of last date of filing of AOC-4 and AOC-4 (XBRLnon-IndAS) under the Companies Act, 2013.

Finance ministry and RBI are drawing up a list of reform measures to accompany the recent Rs 2.11-lakh- crore bank recapitalisation plan into short-, medium- and long term measures.
.
================>
.
: Govt Amends CGST Rules for Eleventh Time [Read Notification]

Read more at: http://www.taxscan.in/govt-amends-cgst-rules-eleventh-time/12686/
.
================>
.
Commission Paid to Managing Director and Working Director is Deductible from Company’s Total Income: ITAT [Read Order]

Read more at: http://www.taxscan.in/commission-paid-managing-director-working-director-deductible-companys-total-income-itat/12657/
.
================>
.
Difference Between Judicial And Non-Judicial Stamp Paper

The stamp paper is a foolscap size paper having printed revenue stamp of specific value such as Rs.10, Rs.20,Rs. 50,Rs.100,Rs.500 etc. by Govt. Generally, all important transactions like buying, selling or renting of any property shall be done on stamp paper.

The stamp paper is also used for giving power of attorney or doing any type of agreements containing financial deals, contracts, affidavits, declaration.

There are 14 different varieties of stamp papers, available in 10 denominations. They are of two kinds: Judicial, used for legal and court work; non-judicial, used for registration of documents, insurance policies etc.

01. Judicial stamp paper

02. Non-judicial stamp paper

Judicial stamp paper:

Judicial stamp papers are generally used for a legal purpose or for court cases. The Judicial stamp papers are also commonly known as court fee stamp paper. The judicial stamp papers are used for payment of court fee in the court to avoid cash transactions. The case may not be admitted without payment of court fees.

Now, when you are lodging any civil plaint or a complaint under the negotiable instruments act, you have to pay court fees which is proportionate to the amount of your claim. now, the clerks cannot be trusted with money which could go to a maximum of 3 lakhs. so in order to avoid this cash transaction, court fe stamp papers are made on which the case no, name of the parties and signature of advocates are put and attached to the end of the plaint

Non-judicial stamp paper:

Non-judicial stamp papers are generally used for documentation like power of attorney, sale deed, rent agreement, affidavits, transfer of immovable property like building, land, mortgage or other important agreements etc.

At present the non-judicial stamp papers of value Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10000, Rs. 15000, Rs. 20000 and Rs. 25000 are available.

It is advisable to purchase stamp papers from Govt. approved legal stamp vendors.

Parts of Non-Judicial Affidavits

There are five main parts of a Non Judicial Affidavit.

Non Judicial Stamp Paper

Affirmation by Deponent

Assertion of Facts

Verification by the Deponent

Attestation by Notary/Oath Commissioner.

Thus it is mandatory to use stamp paper for creating enforceable documents and that too, you have to use stamps of specified value as prescribed in the stamp act..

Stamp Duty paid in respect of Non-Judicial stamp paper is paid under The Indian Stamp Act, 1899 and Stamp Duty paid in respect of Judicial stamp paper is paid under the Court Fees Act, 1870.

How to pay stamp duty?

There are three ways to pay stamp duty. However, not all states have all three options available. If all methods are available, all are recognised legally and the choice is with the individual(s) concerned. These options are Stamp Paper,Franking and e Stamping.

Using papers bearing impressed stamps (non-judicial stamp paper)

Using the e-stamping facility.
.
================>
.

📺 *Updates*

➡1. Land acquired from pension dues received from State Govt. couldn’t be termed as unexplained u/s 69
Principal Commissioner of Income-tax, Panaji v. Prakash kittur.

➡2. Only solar days are to be considered & not man days for determination of PE under the India-Saudi Arabia DTAA
Electrical Material Center Co. Ltd. v. Deputy Director of Income Tax (International Taxation), Circle-1(1)*

.
================>
.

*No update/news for extension of ITR and Tax Audit Report.*

CBEC notifies extended due date to file Form GSTR-2 (Upto 30th November, 2017) and Form GSTR-3 (Upto 11th December, 2017) for July, 2017 vide Notification No. 54/2017.

*Case Study:* TDS not deductible on Reimbursement of expenses billed separately - ITO Vs Deepak Bhargawa (ITAT Delhi)

*Case Study:* HC allows export against advance license issued prior to GST implementation - Chemico Synthetics Limited Vs. Union Of India & Ors. (Delhi High Court)
.
================>
.
GST: Centre releases Rs 8,698 crore as Compensation to States

Read more at: http://www.taxscan.in/gst-centre-releases-rs-8698-crore-compensation-states/12644/
.
================>
.
10 Lakh Dealers are yet to file GST Returns, says Sushil Kumar Modi #GSTNews #TaxNews

Read more at: http://www.taxscan.in/10-lakh-dealers-yet-file-gst-returns-says-sushil-kumar-modi/12646/
.
================>
.
GsT Alert:* To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively.
.
================>
.
*Word of D-DAY:*

*Gab*
_Verb_

*Meaning:*
to talk continuously and eagerly, especially about things that are not important:

*Example:*
I got so bored listening to him gabbing on about nothing.

_Keep Learning, Sharing and Growing Everyday._
.
================>
.
Late Fee for GSTR 1, 2 and 3 Not Waived, says CBEC [Read FAQ]

Read more at: http://www.taxscan.in/late-fee-gstr-1-2-3-not-waived-says-gst-goi-read-faq/12673/
.
================>
.
Govt Extends Due Date for Filing GSTR-2 and GSTR-3

Read more at: http://www.taxscan.in/govt-extends-due-date-filing-gstr-2-gstr-3/12670/
.
================>
.
Migrated Tax Payers below the Threshold Limit can now cancel Provisional Registration: GST Portal Introduces Six New Functionalities #TaxNews #GSTNews

Read more at: http://www.taxscan.in/migrated-tax-payers-threshold-limit-can-now-cancel-provisional-registration-gst-portal-introduces-six-new-functionalities/12690/
.
================>
.

GST: If no inward supplies in a month, take action on auto-populated details, if any & submit GSTR-2 as mandatory to file NIL GSTR-2 also.

The CBEC has released the following 3 Notifications and 4 Orders for extension of due dates of various compliance. A brief gist of the notifications is given below:

Notification No. 51/2017 - CT - CGST 11th Amendment Rules relating to Form GSTR-1 etc.

Notification No. 52/2017 - CT - Extension of time limit for filing Form GST ITC-01 applicable to new registrations upto 30th November, 2017

Notification No. 53/2017 - CT - Extension of time limit for filing Form GST ITC-04 for job work details of Q2 upto 30th November, 2017

Order 05/2017 - GST - Extension of due date for furnishing details of stock for Composition dealers in Form GST CMP-03 to 30th November, 2017

Order 06/2017 - GST - Extension of due date for cancellation of migrated cases application in Form GST REG-26 to 31st December, 2017

Order 07/2017 - GST - Extension of due date for filing original Form GST TRAN-1 to 30th November, 2017.

Order 08/2017 - GST - Extension of due date for filing revised Form GST TRAN-1 to 30th November, 2017.

Ministry of Corporate Affairs has extended due date of Annual filing Forms AOC-4/AOC-4 XBRL till 28th November 2017.
.
================>
.

# *MCA* has released the much awaited circular on Relaxation of additional fee and extension of last date of filing of AOC-4 and AOC-4 (XBRLnon-IndAS) for FY under the Companies Act, 2013 2016-17 to 28 NOV 2017. The MCA has already extended the date of filing of AOC-4 (XBRL E-forms using Ind AS) for the financial Year 2016-2017 without additional fee till 31.03.2018.

# *GST*: CBEC notifies 11th Amendment to CGST Rules 2017 relating to Form GSTR-1, Etc. – Noti.No.51/2017-CT, dt.28.10.17.

# *GST*: CBEC notifies Extension of time limit for filing Form GST ITC-01 up to 30 NOV 2017 (Applicable to New Registrations) – Noti.No.52/2017-CT, dt.28.10.17.

# *GST*: CBEC notifies Extension of time limit for filing Form GST ITC-04 for Q2 for Job Work details of upto 30 NOV 2017 – Noti.No.53/2017-CT, dt.28.10.17.

# *GST*: CBEC issues following Orders for Extension of time limit for:-
• Submitting application in FORM GST REG-26 - Order No.06/2017-GST, dt.28.10.2017.
• Submitting the declaration in FORM GST TRAN-1 under rule 117 - Order No.07/2017-GST, dt.28.10.2017.
• Submitting the declaration in FORM GST TRAN-1 under rule 120A - Order No.08/2017-GST, dt.28.10.2017.

# *IT*: Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed – ACIT Vs Deepakbhai N. Parikh & Ors (2016 (11) TMI 1469 - ITAT Ahd).

.
================>
.
No GST on services supplied to Nepal against payment in Indian Currency [Read Notification]

Read more at: http://www.taxscan.in/no-gst-services-supplied-nepal-payment-indian-currency-read-notification/12635/
.
================>
.
No GST on services supplied to Nepal against payment in Indian Currency [Read Notification]

Read more at: http://www.taxscan.in/no-gst-services-supplied-nepal-payment-indian-currency-read-notification/12635/
.
================>
.
Dear All,

The Institute of Chartered Accountants of India (ICAI) as partner of Nation Building supports to Central Vigilance Commission (CVC) in celebration of Vigilance Awareness Week from October 30, 2017 to November 4, 2017 with the theme “My Vision- Corruption Free India”.

https://www.icai.org/new_post.html?post_id=14009.

It’s simple (with number of PAN/ Aadhar/ Passport / DL) and take just 2 minutes. After taking the pledge as a Citizen, in the question of how you come to know, select Organisation and write ‘Institute of Chartered Accountants of India’

I have taken pledge and the certificate is attached. Requesting all to take pledge and support government in vision of Corruption Free India.

Let’s take a step towards creating New Corruption Free India🇮🇳.
.
================>
.

#Economy:LIC may be roped in to participate in the Rs 2.11 lakh crore recapitalisation initiative for public sector banks. As part of the programme, LIC could also increase its stake in various PSBs which are required to raise Rs 58,000 crore from the capital market. Besides, they said, LIC could participate in a non-operating holding company structure to which the Govt may transfer its share in various PSHs.

#Finance:A high-level panel on the GST recommended major changes in the new indirect tax system that may ease the compliance burden for all assessees and make the composition scheme more attractive. It proposed further easing the burden for restaurant owners and recommended that all GST payers be allowed to file quarterly returns, even as those with an annual turnover of above Rs 1.5 crore had to pay the tax every month.

#The new norms proposed by the SEBI corporate governance panel for auditors, has strengthened the case for the establishment of an independent auditor as mooted by the Govt.The Parliamentary Standing Committee on Finance had in 2012 specified the need for a quasi-regulatory body for supervising audit quality. This would in the form of a National Financial Reporting Authority (NFRA) provided for in Section 132 of the Companies Act, 2013 for matters relating to accounting and auditing.

#More than 860 fresh overseas investors were registered with SEBI in the first five months of 2017-18, driven by their continued interest in the Indian capital markets.The reason for increasing FPIs registrations is continued interest in the Indian equity, bonds and real estate. Besides, the end of the earlier FII/sub-accounts regime, which ended in Sept 2016

.
================>
.

📺 *Updates*

➡1. No DTAA relief if NR failed to established that it was operating ships in International traffic on its own
APL Director Co. Pte. Ltd.
v. Assistant Director of Income-tax.

➡2. Writ not maintainable against direction of DRP as order on such direction could be challenged in regular appeal.
Hyundai Motor India Ltd.
v. The Secretary, Income-tax Department

🙏�Thank you🙏�
Have a nice day

31 October 2017 News

31st October 2K17

Economic Times

Ø  Govt sets up Jaitley-led panel on PSU bank mergers
Ø  Govt extends GSTR-2 & GSTR-3 to Nov 30 and Dec 11
Ø  SBI extends Rs 2317 crore for 43 solar power projects
Ø  Bharti Infratel may buy stake in Indus Towers
Ø  GST collections in line with projections, no shortfall
Ø  Brookfield, Resurgent bid to buy JP Power
Ø  MCA scanner on banks lending to deregistered cos

Business Standard

Ø  Customs duty on polyester fabric raised to 20%
Ø  World Bank, Fin Min sign loan deal worth $200 mn for aiding Assam agri-biz
Ø  Overseas investors turn net buyers in October
Ø  China's top lenders see growth in Q3 net, tapering of bad loans
Ø  No loan write off needed, lenders to take 51% after conversion: RCom
Ø  Lupin's profit dips 31 per cent on weak US sales

Business Line

Ø  IDFC, Shriram merger called off over share swap disagreement
Ø  Hindustan Aeronautics, 3 others get Sebi’s nod for IPO
Ø  China slams US aluminium foil tariff ahead of Trump visit
Ø  Real estate investment in 6 top cities doubles to $2.9 bn: Report
Ø  EIH Q2 net dips 48 per cent
Ø  IOC gets green nod for Rs. 273cr KSPL augmentation project

Mint

Ø  Tata Steel returns to profit in Q2, but misses analyst estimates
Ø  Panel suggests making GST inclusion in MRP mandatory
Ø  RBI likely to go for rate cut in December monetary policy review: BofA-ML
Ø  UPL Q2 profit up 43% at Rs238 crore
Ø  HPCL buy to push ONGC’s rating in upper limit: Moody’s
Ø  IDFC Q2 profit falls 36% to Rs181 crore

Financial Express

Ø  Saudi Arabia mulls more fiscal expansion in 2018 to spur economy
Ø  Euro-area economic confidence surges to highest in 17 years
Ø  Flipkart and Decathlon announce partnership
Ø  Bharti Telecom to raise stake in Bharti Airtel to 50.1%
Ø  Gadkari invites UAE investors for infra development

Financial Chronicle

Ø  Earnings recovery could be visible from Q3 onwards
Ø  Base metals watch US dollar movement for cues
Ø  IPO price band of Rs 275-290 values HDFC Life at Rs 58K cr
Ø  Investors may lap up Infosys offer to buy back shares

Monday, 30 October 2017

30 October 2017 Updates

GoM for 12% GST on AC eateries, composition scheme tax cut
http://www.ecoti.in/nNdB5Y
via The Economic Times App(Download Now):
http://ecoti.in/etapps
GoM for 12% GST on AC eateries, composition scheme tax cut*

The Group of Ministers set up to make GST composition scheme more attractive today suggested lowering tax rates for manufacturers and restaurants under the plan to 1 per cent.

At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders currently pay 1 per cent.

The GoM headed by Assam Finance Minister Himanta Biswa Sarma has also suggested doing away with the tax rate distinction between AC and non-AC restaurants, those which are not covered under composition scheme, and tax them at 12 per cent.

It also suggested that hotels which has room tariff of more than Rs 7,500 should attract 18 per cent tax rate.

Composition scheme is open for manufacturers, restaurants and traders whose turnover does not exceed Rs 1 crore. This threshold was earlier Rs 75 lakh and the GST Council earlier this month raised it to Rs 1 crore from October 1.

With regard to traders, the GoM suggested two pronged approach for taxation under the scheme.

It suggested that traders who want to exclude the sale proceeds of tax-free items from its turnover, it can pay 1 per cent GST. However, those traders who pay tax on total turnover, the tax rate has been proposed at 0.5 per cent.

For example, supposing a trader deals in goods which are tax exempt as well as those which are taxable under the GST and has a turnover of Rs 1 crore. Of this, Rs 40 lakh turnover is from sale of tax-exempt items and remaining Rs 60 lakh from taxable goods.

"The GoM decided that tax rates under composition scheme for restaurants and manufacturers be lowered to 1 per cent. For traders the ministerial group suggested two tax rates," an official told PTI.

The GoM also recommended allowing businesses who are engaged in inter-state sale to avail the composition scheme, he added.

Around 15 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, under the Goods and Services Tax (GST) which rolled out from July 1. There are over 1 crore businesses registered under GST.

While a regular taxpayer has to pay taxes on a monthly basis, a composition supplier is required to file only one return and pay taxes on a quarterly basis.

Also, a composition taxpayer is not required to keep detailed records that a normal taxpayer is supposed to maintain.

The GoM was set up earlier this month and was tasked with revisiting the tax structure of different categories of restaurants with the aim of rationalising or reducing the rates, apart from making composition scheme more attractive for businesses.

Currently, GST is levied at 12 per cent on non-AC restaurants, while it is 18 per cent for air-conditioned ones.

The other members of the GoM are Bihar Deputy Chief Minister Sushil Modi, Jammu and Kashmir Finance Minister Haseeb Drabu, Punjab Finance Minister Manpreet Singh Badal and Chhattisgarh Minister of Commercial Taxes Amar Agrawal.

The GoM has also suggested that manufacturers engaged in job works can be allowed to opt for composition scheme, the official added.
.
================>
.
*GSTR 2 : Missing Invoice, Adding*
Supplier A have filed GSTR-1 with an Invoice number 1 for recipient B. This is an incorrect invoice that is actually meant for Recipient C.

How should Recipient C handle this? C is uploading this detail, i.e. Invoice number 1 against Supplier A in their GSTR-2. The Portal is not allowing this. Looks like there is some incorrect logic in checking the validity of data when it comes to Invoice numbers.

*Temporary Resolution*
1) Recipient B has to reject the Invoice number 1
2) Supplier has to accept this Rejection 1
3) Recipient C has to add a missing Invoice with number 1A

*GSTN Reply* : Invoice issued by the supplier to another receiver, system will not accept duplicate invoice. We are still working on the final solution of this issue and will notify the resolution on group soon
.
================>
.
Govt Extends Time Limit for Intimation of details of Stock held Before Opting for Composition Levy to 30th November [Read Order]

Read more at: http://www.taxscan.in/govt-extends-time-limit-intimation-details-stock-held-opting-composition-levy-30th-november-read-order/12623/
.
================>
.
*Word of D-DAY:*

*Prodigious*
adj.

*Pronunciation:*
(pro·di·gious)

*Meaning*
Remarkably or impressively great in extent, size, or degree.

*Example:*
“Her prodigious sales performance resulted in a promotion.”

_Keep Learning, Sharing and Growing Everyday._
.
================>
.
Provision mandating Aadhar-PAN Linkage again challenged before the Supreme Court

Read more at: http://www.taxscan.in/provision-mandating-aadhar-pan-linkage-challenged-supreme-court/12597/
.
================>
.
Staff Welfare Expenses are not Contingent Liability if it was in terms with AS-4 and it subsequently discharged by the Assessee: ITAT Allows Claim [Read Order]

Read more at: http://www.taxscan.in/staff-welfare-expenses-not-contingent-liability-terms-4-subsequently-discharged-assessee-itat-allows-claim-read-order/12613/
.
================>
.
*Word of D-DAY:*

*Dubious*
_Adjective_

*Meaning*
Suspicious and possibly wrong

*Example*
I saw a carton of milk with an expiration date so dubious I decided to buy it for fun: it has a date one year from today printed on it.
.
================>
.
GST: Govt Notifies Extension of Due Date for filing FORM GST TRAN – 1 [Read Notification]

Read more at: http://www.taxscan.in/gst-govt-notifies-extension-due-date-filing-form-gst-tran-1-read-notification/12619/
.
================>
.
GST Registration: FORM GST REG-26 can be filed till 31st December [Read Order]

Read more at: http://www.taxscan.in/gst-registration-form-gst-reg-26-can-filed-till-31st-december-read-order/12621/
.
================>
.

# *MCA* finally *RELAXES* Additional Fees and *EXTENED* the Last Date of Filing of AOC-4, AOC-4 XBRL e-Forms using Ind AS under the CA, 2013 till 28 NOV 2017. Cir.No.14/2017, dt.27.10.2017 (awaiting hosting on MCA Website).

# *GST*: CBEC notifies waiver of late fee payable for delayed filing of Form GSTR-3B for Aug & Sep, 2017- Notification No.50/2017-CT, dt.24.10.2017.

# *GST*: CBEC issued clarification of classification of cut pieces of fabric under GST- Circular No.13/13/2017-GST, dt.27.10.2017.

# *GST* will be payable by the refinery only on the net quantity of superior kerosene oil (SKO) retained for the manufacture of Linear Alkyl Benzene (LAB) - Circular No. 12/12/2017-GST, dt.26.10.2017.

# *GST*: The last date of filing Form GSt TRAN-1 has been extended from 31.10.2017 to 30 NOV 2017.

# *31 OCT 2017* is the due date of filing of ITRs (Company & Tax Audit), Tax Audit Report, TDS Return for Q2, GSTR-2 for July 017.

# *IBBI*: MCA has issued clarification regarding approval of resolution plans under Section 30 and 31 of the Insolvency & Bankruptcy Code, 2016.
.
================>
.
👉🏻Tax professionals protest over GST returns filing in Gujarat.*

(Tax professionals across the state are up in arms against the government over the problems faced by them in filing goods and services tax (GST) returns.)
👇🏻 👇🏻 👇🏻
https://goo.gl/jQpTxv

*👉🏻Need of independent regulator for Auditors - SEBI Panel.*

(SEBI corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the Government.)
👇🏻 👇🏻 👇🏻
https://goo.gl/nyMhHj

*👉🏻MCA extend due date of filing Annual Statements to 28.11.2017.*

(General Circular No. 14/2017, Dated 27/10/2017 - Relaxation of additional fees and extension of last date of filing of AOC-4 and AOC-4 (XBRL Non-IndAS) under the Companies Act, 2013)
👇🏻 👇🏻 👇🏻
https://goo.gl/sMEUAA
.
================>
.

No family is perfect
We argue, we fight.
We even stop talking
to each other at times,
But in the end,
Family is family.
The love will always be there.

📺 *Updates*

➡1. Shareholders’ approval not to be sought separately when NCLT accepts resolution plan: MCA clarifies

➡2. Cap Gain arising on sale of shares Indian co. by Spanish Co. is exempt as per article 14(6) of DTAA
Assistant Director of Income Tax (International Taxation), Range -4(1) v. Merril Lynch Capital Market Espana S.A.S.V.*

➡3. Firm was eligible to claim exp. if it was disallowed in hands of partner claiming having incurred on behalf of firm
Hitech Analytical Services v. Principal Commissioner of Income-tax-3, Ahd.

🙏�Thank you🙏�
Have a nice day
.
================>
.

Goods can be taken for approval in or out of State on delivery challan & e-way bill as applicable. Issue invoice on delivery. Circular No. 10/10/2017-GST of 18 October.

As per Notification No. 42/2017-Integrated Tax (Rate) dated 27-10-2017: Supply of services having place of supply in Nepal or Bhutan, against payment in Indian Rupees is Notified as NIL rated.

Due Date of AOC 4 & AOC 4 XBRL both extended till 28.11.2017 without any additional fees vide circular no.14/2017 dated 27.10.2017.

SEBI revised the framework for ´block deals´ by providing two separate trading windows of 15 minutes each and increasing the minimum order size to Rs 10 crore.

Supreme Court has ruled that the outsourcing of work to India by MNCs per se would not give rise to any permanent establishment (PE) in the country and, hence, the global income of these MNCs attributable to this back-office work cannot be taxed in India.

30 October 2017 News

*Thought of D-DAY:*

"Your *PASSION* is the only *FUEL* which can start the engine of your *DREAMS!"*

*ALWAYS KEEP IT IN STOCK*

_Good Morning_🌻

*Have a Wonderful Week @head* 🤠

=== *©orporate and General Updates on 30/10/2017*===

*Mint*

=> Demonetisation anniversary: RBI says still verifying old Rs500, Rs1,000 notes

=> India sends 1st wheat shipment to Afghanistan via Chabahar port

=> GST may hamper government revenue collection target: CBEC chairperson

=> Firms under GST composition scheme to soon start filing returns

=> Maruti Suzuki to spend Rs1,000 crore to buy land for 1,500 dealerships

=> Jet Airways sends back home 30 foreign pilots

...........................................

*Business Standard*

=> Composition scheme: Small traders set to get fresh GST relief

=> GoM suggests 12% GST on AC eateries, composition scheme tax cut

=> Reliance Jio moves to broadband, TV space after success in mobile telephony

=> LIC may participate in govt's Rs 2.11-lakh cr bank recapitalisation plan

=> 431 Pakistani Hindus given long-term visas; can get Aadhaar, buy property

=> Bad news for elites: Delhi airport proposes curbs on charters, private jets

...........................................

*Economic Times*

=> 3rd ODI: India beat New Zealand by 6 runs to win series 2-1

=> GoM for 12% GST on AC eateries, composition scheme tax cut

=> CPEC to benefit China more than Pakistan: Report

=> Kidambi Srikanth to the 'Four': Indian wins French Open Super Series

=> Jet Airways sends back home 30 expat commanders

=> India, Japan begin anti-submarine warfare exercise

...........................................

*Financial Express*

=> Rajya Sabha bypolls: BJP names Alphons Kannanthanam as candidate in Rajasthan

=> Railways Bidar-Kalaburgi line inaugurated by PM Narendra Modi; Bengaluru, New Delhi trip cut by 380km

=> India vs New Zealand 3rd ODI: Rohit Sharma's ton help India beat NZ by 6 runs, win series 2-1

=> French Open Super Series: Kidambi Srikanth beats Kenta Nishimoto 21-14, 21-13 to win 4th title of the season

=> David Miller smashes fastest T20 international hundred

=> Bigg Boss 11: Jyoti Kumari evicted from Salman Khan hosted event at Weekend Ka Vaar episode

...........................................

*Hindustan Times*

=> India vs New Zealand, 3rd ODI, highlights: IND beat NZ by 6 runs, win series 2-1

=> Kashmir interlocutor calls on governor NN Vohra, Farooq Abdullah seeks autonomy

=> Indian Army to launch fresh hunt for weapons worth Rs 45,000 crore

=> Kidambi Srikanth to the ‘Four’: Indian wins French Open Superseries

=> Pakistan defeat Sri Lanka in Lahore, win T20I series 3-0

=> India, Japan begin anti-submarine warfare exercise

............................................

*Indian Express*

=> Almost a year after demonetisation, RBI says still verifying returned notes

=> Chhattisgarh 'sex CD' case: Journalist Vinod Verma sent to three-day police custody

=> Investigators, not politicians, should frame charges: Ahmed Patel on 'link' with ISIS case

=> Jallianwala Bagh: 14 British MPs sign plea urging UK govt to apologise in House

=> Kidambi Srikanth lifts French Open, wins fourth title of 2017

=> GoM for 12 per cent GST on AC eateries, composition scheme tax cut

............................................

*The Hindu*

=> Kidambi Srikanth wins French Open Super Series

=> North-East monsoon to bring first spell of rains across Tamil Nadu in two days

=> GoM suggests reducing GST for AC restaurants

=> Note ban anniversary: RBI says still verifying returned notes

=> Stephen Hawking’s 1966 PhD thesis gets over two million views in just days

=> Countering online propaganda will be primary focus, says Dineshwar Sharma

............................................

*The Times of India*

=> India starts trade route to Afghanistan via Iran

=> 431 Pak Hindus given long-term visas

=> Railways to create 1 million jobs in 5yrs: Goyal

=> India beat New Zealand, clinch ODI series 2-1

=> Srikanth beats Nishimoto to win French Open title

=> 1 million people on streets for Spanish unity

............................................

*अमर उजाला*

=> INDvsNZ: रोमांचक मैच 6 रन से जीतकर, टीम इंडिया ने 2-1 से किया सीरीज पर कब्जा

=> श्रीकांत ने फ्रेंच ओपन जीतकर रचा इतिहास, ये कमाल करने वाले पहले भारतीय शटलर बने

=> पहली बार भारत ने चाबहार से होकर अफगानिस्तान भेजी गेहूं की खेप, सुषमा ने दिखाई हरी झंडी

=> केंद्रीय विद्यालयों को अब रैंकिंग देगी सरकार, अगले साल जून में घोषित होंगे परिणाम

=> JDU के चुनाव चिह्न पर जल्द फैसले के लिए चुनाव आयोग से मिलेगा नीतीश धड़ा

=> विराट ने 32 वां शतक जड़ तोड़े रिकी पोंटिंग और एबी डीविलियर्स के वर्ल्ड रिकॉर्ड

............................................

*हिन्दुस्तान*

=> INDvNZ:न्यूजीलैंड को हराकर भारत ने लगातार 7वीं सीरीज पर किया कब्जा

=> चीन का नया पैंतरा: अरूणाचल सीमा के चरवाहों से कहा- देश की रक्षा करें

=> ईज आॅफ डूइंग बिजनेस:विश्व बैंक की रिपोर्ट, भारत लगा सकता है लंबी छलांग

=> नोटबंदी:एक साल पूरा होने को आए,RBI अभी भी कर रही है नोटों की गिनती

=> बिहार बोर्डः मैट्रिक परीक्षा भी अब ओएमआर शीट

=> फैसला: भारत में लंबे समय तक रह सकेंगे 431 पाक नागरिक, खरीद सकेंगे जमीन

............................................

*दैनिक जागरण*

=> आखिरी मुकाबला जीतकर टीम इंडिया ने वनडे सीरीज अपने नाम की

=> छोटे-बड़े सभी रेस्त्रां में खाना हो सकेगा सस्ता, घटेगा जीएसटी

=> फैजाबाद-अयोध्या में सपा मेयर पद के लिए किन्नर गुलशन बिंदू उम्मीदवार

=> जीएसटीएन के नेटवर्क बग को सुलझाने के लिए टीम का विस्तार करेगी इंफोसिस

=> गुजरात की बाजी: अहमद पटेल पर निशाना और हार्दिक की धमकी से मुश्किल में कांग्रेस

=> गुजरात चुनाव में जदयू-भाजपा आमने-सामने, कहा- गठबंधन सिर्फ बिहार में

............................................

*प्रभात ख़बर*

=> INDvsNZ : रोहित-कोहली का धमाका, भारत ने न्यूजीलैंड को 6 रन से हराया, लगातार 7वीं श्रृंखला पर कब्जा

=> श्रीकांत ने फ्रेंच ओपन में भी लहराया परचम, जापान के शटलर को हराकर खिताब जीता

=> मोदी बोले, पाकिस्तान की भाषा बोल रही है कांग्रेस, चिदंबरम ने कहा, पूरा बयान तो पढ़ लेते प्रधानमंत्री जी

=> भाकपा कन्हैया को अगले लोकसभा चुनाव में बिहार से उम्मीदवार बनाने पर कर रही है विचार : सत्यनारायण

=> Akshay Vs Akshay : 26 जनवरी 2018 को होगी 'पैडमैन' और '2.0' की टक्कर...!

............................................

Saturday, 28 October 2017

28 October 2017 News

28th October 2K17

Economic Times

Ø P&W engine snags land IndiGo, GoAir planes in trouble
Ø Bezos passes Gates to be the world's richest person
Ø Ashok Leyland to invest 400-500 crore on EVs
Ø India pips US to become 2nd-largest smartphone market
Ø Coca-Cola may have finally found the formula to beat low single-digit growth in India
Ø Harley-Davidson and Triumph have a desi challenger, but it's not Royal Enfield
Ø Railways opens door to private steelmakers

Business Standard

Ø SBI asks Odisha to take equity in Bhushan Steel
Ø Lenders prefer sectoral guidelines for choosing buyers in insolvency sales
Ø EY, Rothschild and Cyril Amarchand to advise on Air India privatization
Ø Tata Sons to put Rs 30,000 cr into Tata Teleservices
Ø ICICI Bank Q2 net falls 34% to Rs 2,058 cr but bad loans stabilize
Ø ITC profit rises in line with forecast, up 5.6%; cigarettes hit by high tax
Ø Maruti Suzuki profit, hit by low non-operating income, rises 3%

Business Line

Ø Slippages down, but weak earnings drag ICICI Bank
Ø Vedanta, Adani may bid for $9 bln Indian diamond mine left by Rio
Ø As the door closes on H-1B, Indians turn to EB-5 for a ticket to the American dream
Ø Online hospitality company OYO checks out of ZO Rooms-buy deal
Ø ‘H-1B is an important but small issue in India-US trade’
Ø Mutual funds growing at rate of 15 percent: Kotak Mutual Fund

Mint

Ø ICICI Bank now awaits RBI litmus test on bad loan divergence
Ø Shoppers Stop Q2: margins up but sales disappoint
Ø ICICI Bank Q2 profit down 34% to Rs2,058 crore, bad loans stable
Ø ITC Q2 profit hit by tax increase on cigarettes
Ø Dassault to invest €100 million in joint venture with Reliance Group

Financial Express

Ø E-commerce firms Flipkart, Amazon, others saw highest ever monthly sales of $3.2 bn; 45 pct higher than last year
Ø ICICI Bank NPAs stay stable even as profit plunges 30 pct in Q2
Ø Reliance, Dassault lay foundation stone for Rs 6,500 cr Dhirubhai Ambani Space Park in Nagpur
Ø Climate change on earth could be far worse than calculated
Ø Telecom industry going through stress, but it is temporary: Aruna Sundararajan

Financial Chronicle

Ø ICICI Bank’s Q2 profit plunges by 34% to Rs 2,058 cr
Ø Capital infusion will boost market sentiment
Ø Under Trump plan, refugees from 11 countries face additional US barriers
Ø PSU oil marketers profit seen soaring on higher GRM

28 October 2017 Updates

ROC Date Extended:*

DUE Date of AOC 4 & AOC 4 Xbrl both extended till 28.11.2017 without any additional fees vide circular no.14/2017 dtd 27.10.17.
.
=========÷===÷=>
.
Activities of ‘Preservation of Environment’ are charitable in nature: ITAT Grants Relief to Gujarat Environment Service Society [Read Order]

Read more at: http://www.taxscan.in/activities-preservation-environment-charitable-nature-itat-grants-relief-gujarat-environment-service-society-read-order/12609/
.
=========÷===÷=>
.
*As per Notification No. 42/2017-Integrated Tax (Rate) dated 27-10-2017*
Supply of services having place of supply in Nepal or Bhutan, against payment in Indian Rupees is Notified as NIL rated
.
=========÷===÷=>
.
Activities of ‘Preservation of Environment’ are charitable in nature: ITAT Grants Relief to Gujarat Environment Service Society [Read Order]

Read more at: http://www.taxscan.in/activities-preservation-environment-charitable-nature-itat-grants-relief-gujarat-environment-service-society-read-order/12609/
.
=========÷===÷=>
.
*GSTR 2.1 Utility released*. You can export B2B data in excel and make changes and import back in excel. You can Accept, Reject, Modify, Keep pending, Add invoices or Delete invoices in the Excel
.
=========÷===÷=>
.
Purchasing Two separate houses in different localities would disentitle Assesse from claiming Capital Gain Exemption u/s 54: ITAT [Read Order]

Read more at: http://www.taxscan.in/purchasing-two-separate-houses-different-localities-disentitle-assesse-claiming-capital-gain-exemption-us-54-itat-read-order/12599/
.
=========÷===÷=>
.
Companies Act :

Where there is no material on record to show that the preference shares were not subscribed by the erstwhile Financial Corporation, and those preference shares were offered as security for the loan availed from it, then the plea of the appellant that those shares were a part of 'Corporate Debt Restructuring' (on transfer of debt by an assignment deed) could not be entertained, and sale of those shares by the Financial Corporation was not impeachable on the basis of material on record, because no provision in the Companies Act, or the Indian Contract Act, prohibit the owner of such preference shares to deal with the same. *Prag Bosimi Synthetics Ltd. vs. 3A Capital Ltd. and Others. MANU/GH/0328/2017*

IBC :

Moratorium shall only prohibit the action against the properties reflected in the balance sheet of the Corporate Debtor and shall have no application on the properties beyond the ownership of the Corporate Debtor. Consequently, the order of the Court directing the court commissioner to take over the possession shall not fall within the clutches of moratorium. *Schweitzer Systemtek India (P.) Ltd. vs. Phoenix ARC (P.) Ltd. MANU/NC/0795/2017*
(NOTE : The above judgment has been upheld by the Hon'ble NCLAT)
.
=========÷===÷=>
.
GST: CBEC Advertises Anti-Profiteering Authority

Read more at: http://www.taxscan.in/gst-cbec-advertises-anti-profiteering-authority/12569/
.
=========÷===÷=>
.
CBEC Launches E-Sanchit: Traders can now Upload Documents Online

Read more at: http://www.taxscan.in/cbec-launches-e-sanchit-traders-can-now-upload-documents-online/12573/
.
=========÷===÷=>
.

CBDT have revised E-filing Income Tax Return Preparation Utilities for filing of all types of Income Tax Return Forms, Tax Audit Report and also the schema for Tax Audit Reports. last date is 31st October 2017. https://incometaxindiaefiling.gov.in/.

31 Oct is LAST DAY to file ITR (Audit), Tax Audit & MAT, TDS Returns (Q2), GSTR-2 (Jul), & GST ITC-1 (ITC on stock new reg). 30 Oct for Balance Sheet with MCA (30Sep AGM).

The last date of filing FORM GST TRAN – 1 has been extended to November 30, 2017 along with revision facility. Earlier the last date for filing FORM GST TRAN – 1 was October 31, 2017.

GST registration can now cancelled on GSTN portal. (The utility REG 29 is available on the portal just below the profile section once a taxpayer logs into GSTN.)

MCA has issued clarification regarding approval of resolution plans under section 30 and 31 of Insolvency and Bankruptcy Code, 2016: http://www.mca.gov.in/Ministry/pdf/CircularIBC_25102017.pdf.

Last date for filing AOC-4 for XBRL {IND AS} extended till 31st March 2018.

Friday, 27 October 2017

27 October 2017 News

27th October 2K17

Economic Times

Ø  'Recapitalisation to boost investments & jobs'
Ø  'IT cos credit profile to be stable despite pressure'
Ø  Trai recommendations on data privacy by January
Ø  India needs Rs 50L-cr infra investment over 5 yrs: Crisil
Ø  Govt expects $40 bn in Indian E&P in 4-5 years
Ø  PML rules: BSE seeks update on clients' Aadhaar nos
Ø  'India has 3rd highest number of family-owned biz'

Business Standard

Ø  Sebi issues new block deal window rules; minimum order size now Rs 10 cr
Ø  Ruias take Russian tie-up route for Essar Steel bid
Ø  L&T Construction bags orders worth Rs 3,551 cr
Ø  Coal pricing formula caused Rs 8,400 cr under-recovery
Ø  Govt raises Rs 710 cr by divesting 5% in NLC India
Ø  Gold import double in September quarter despite GST, PMLA notification
Ø  YES Bank Q2 net jumps 25% to Rs 1,003 cr; bad loans spike

Business Line

Ø  ‘MGNREGA wage payments worth Rs. 3,066 cr pending in 19 states’
Ø  SEBI asks bourses to have block deals in 2 sessions daily
Ø  Ebix, BSE sign MoU to launch JV for insurance distribution network
Ø  Electronic major eyes 200 acres at JNPT SEZ: Gadkari
Ø  Sun Pharma gets USFDA nod for generic cardiac drug
Ø  KEC International wins new orders worth Rs. 1,931 cr

Mint

Ø  RIL becomes first Indian company to cross Rs6 trillion market cap
Ø  HDFC Std Life IPO’s price band fixed at Rs275-290 per sh.
Ø  Govt may follow 1990s strategy to sell recapitalisation bonds: experts
Ø  Rel Nippon Life AMC IPO subscribed 7.45 times on Day 2
Ø  ECB keeps interest rates unchanged, as expected, extends bond-buying programme’s lifespan

Financial Express

Ø  Amid disinvestment boom, Niti Aayog suggests strategic stake sale in 34 sick PSUs
Ø  Government extends date to claim GST transition credit till November 30
Ø  Recapitalisation plan positive for banks’ ratings: Fitch
Ø  India emerges as biggest source for digital talent: Survey
Ø  India should shed its reservations over BRI and join it: China

Financial Chronicle

Ø  Seven firms in race for Air India sale advisor
Ø  Import duty on wheat to be raised from 10% to 20%
Ø  India’s infra story gaining momentum
Ø  I-T dept attaches promoter holding in NDTV

27 October 2017 Updates

📺 *Updates*

➡1. MCA extends due date for XBRL filing for Ind AS compliant companies to March 31, 2018

➡2. No penalty if wife offered due tax during assessment on sum received being beneficiary of her deceased husband: HC
Commissioner of Income-tax -3, Pune v. Smt. Madhuri Satish Misal.

➡3. 30 days limitation period for appeal under Recovery of Debts Act can’t be condoned by Limitation Act: SC
International Asset Reconstruction Company of India Ltd. v. Official Liquidator of Aldrich Pharmaceuticals Ltd.

.
=====================>
.
*Today's Word of D-DAY:*

*Perplexities*

*Meaning*
Confused conditions

*Example:*
Anti profiteering provisio ns in the gst act are very breif, leaving enough room for perplexities.

.
=====================>
.
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/
.
=====================>
.
Appeal can’t be dismissed on Ground of Defect in Form without Granting an Opportunity to cure the same: ITAT [Read Order]

Read more at: http://www.taxscan.in/appeal-cant-dismissed-ground-defect-form-without-granting-opportunity-cure-itat/12589/
.
=====================>
.
Remittance to Google Ireland paid by Google India for use of its ‘Adwords Programme’ is taxable as Royalty: Google Loses IT Case [Read Order]

Read more at: http://www.taxscan.in/remittance-google-ireland-paid-google-india-use-adwords-programme-taxable-royalty-google-loses-case/12575/
.
=====================>
.
GOODS & SERVICES TAX UPDATE

CENTRAL GOODS & SERVICES TAX

Clarification on movement of goods on approval basis

The Central Board of Excise & Customs vide Circular No. F. No.10/10/2017-GST dated 18th October, 2017 clarified that goods which are taken for supply on approval basis can be moved from the place of business of the registered supplier to another place within the same State or to a place outside the State on a delivery challan along with the e-way bill wherever applicable and the invoice may be issued at the time of delivery of goods. For this purpose, the person carrying the goods for such supply can carry the invoice book with him so that he can issue the invoice once the supply is fructified.

It is further clarified that all such supplies, where the supplier carries goods from one State to another and supplies them in a different State, will be inter-state supplies and attract integrated tax in terms of Section 5 of the Integrated Goods and Services Tax Act, 2017.

It is also clarified that this clarification would be applicable to all goods supplied under similar situations.

[Refer sub-rule (1) (2) & (3) of rule 55 of the Central Goods and Services Tax Rules, 2017]

Waiver of late fee on filing of GSTR-3B for August and September, 2017

In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the CBEC videNotification No. 50/2017 – Central Tax waived the late fee on filing of GSTR- 3B for the months of August and September, 2017.

The necessary software changes are being carried out in the IT system. Electronic cash ledger of the taxpayers who have already paid the late fee on filing of GSTR-3B either for the month of August or September, 2017 or those who pay such fee before the necessary changes are carried out in the IT system will be credited with the amount of late fee so paid by them.

[Press Release dated 24th October, 2017 and Notification No. 50/2017 – Central Tax Dated 24th Oct, 2017]

Comment : Late fee was paid by the assessee from fee cash ledger, if it would be returned into the fees cash ledger it would not be available to set off against tax liability.

Authorized officer for enrollment of Goods and Services Tax Practitioner

The Central Board of Excise & Customs vide Circular No. F. No. 349/75/2017-GST dated 18th October, 2017 clarified that Assistant Commissioner/Deputy Commissioner, having jurisdiction over the place as the officer authorized to approve or reject the said application for enrolment as Goods and Service Tax Practitioner submitted by applicant in FORM GST PCT-1 in terms of sub-section (1) of section 48 of the Central Goods and Services Tax Act, 2017 read with sub-rule (2) of rule 83 of the Central Goods and Service Tax Rules, 2017.

It is also clarified than the applicant shall be at liberty to choose either the Centre or the State as the enrolling authority. The choice will have to be specified by the applicant in Item 1 of Part B of FORM GST PCT-1.

[Circular No. F. No. 349/75/2017-GST dated 18th October, 2017]

Clarification on taxability of printing contracts

The Central Board of Excise & Customs vide Circular No. F. No. 354/263/2017-TRU dated 20thOctober 2017 clarifies the taxability of printing contracts e.g. books, pamphlets, brochures, envelopes, annual reports, leaflets, cartons, boxes etc., printed with design, logo, name, address or other contents supplied by the recipient of such supplies.

Taxability in the case of printing of books, pamphlets, brochures, annual reports, and the like, where only content is supplied by the publisher or the person who owns the usage rights to the intangible inputs while the physical inputs including paper used for printing belong to the printer, supply of printing [of the content supplied by the recipient of supply] is the principal supply and therefore such supplies would constitute supply of service falling under heading 9989 of the scheme of classification of services.

Taxability in case of supply of printed envelopes, letter cards, printed boxes, tissues, napkins, wall paper etc. falling under Chapter 48 or 49, printed with design, logo etc.supplied by the recipient of goods but made using physical inputs including paper belonging to the printer, predominant supply is that of goods and the supply of printing of the content [supplied by the recipient of supply] isancillary to the principal supplyof goods and therefore such supplies would constitute supply of goods falling under respective headings of Chapter 48 or 49 of the Customs Tariff.

[Circular No. F. No. 354/263/2017-TRU dated 20th October 2017]

CBEC to Redistribute Cases in Jurisdictions to Reduce Pendency of Cases With Commissioners (Appeal)

In order to clear the pendency of cases as on 30th June 2017 before the Commissioners of Central Excise and Service Tax (Appeals), the CBEC will redistribute the cases pending in the jurisdiction of a Principal Chief/ Chief Commissioner of Central Excise and Service Tax, among other Commissioner rank officers posted in that jurisdiction.

[Press Release dated 17th October, 2017]

Reduction in GST Rate on Food preparations for free distribution to economically weaker sections

The Central Government vide Notification No. 39/2017-Central Tax (Rate) dated 18th October, 2017has notified the central tax rate@2.5 % on intra-State supplies of goods in case of food preparations which put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government with effect from 18thOctober, 2017.

When the supplier of such food preparations produces a certificate from an officer not below the rank of the Deputy Secretary to the Government of India or the Deputy Secretary to the State Government or the Deputy Secretary in the Union Territory concerned to the effect that such food preparations have been distributed free to the economically weaker sections of the society under a programme duly approved by the Central / State Government concerned, within a period of 5 months from the date of supply of such goods or within such further period as the Jurisdictional commissioner of the Central/ State/ Union Territory tax as the case maybe, may allow in this regard. Similar notification has been brought under UTGST Act, 2017 vide Notification No. 39/2017-Union Territory Tax (Rate) dated 18th October, 2017.

[Notification No. 39/2017-Central Tax (Rate) dated 18th October, 2017,Notification No. 39/2017-Union Territory Tax (Rate) dated 18th October, 2017]

IGST Rate in case Export on supply of taxable goods by a registered supplier to a registered recipient

W.e.f. 23rd October, 2017, The Central Government videNotification No. 40/2017-Central Tax (Rate) dated 23rd October, 2017exempts the intra-State supply and inter state supply of taxable goods in excess of the amount calculated@0.05 % and @ 0.1% respectively by a registered supplier i.e Merchant Exporter to a registered recipient i.e Ultimate Exporter for export is subject to fulfilment of the following conditions namely:

Supplier shall supply the goods to the Recipient on a tax invoice.

Recipient shall export the said goods within a period of 90 days from the date of issue of a tax invoice by the Supplier.

Recipient shall indicate theGSTIN of the Supplier and thetax invoice number issued by the Supplier in respect of the said goods in the shipping bill or bill of export i.e Merchant exporter details should come in shipping bill.

Recipient shall be registered with an Export Promotion Council or a Commodity Board recognized by the Department of Commerce.

Recipient shall place an order on Supplier for procuring goods at concessional rate and a copy of the same shall also be provided to the jurisdictional tax officer of the Supplier.

When goods have been exported, the 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 Supplier along with proof of export general manifest or export report having been filed to the Supplier as well as jurisdictional tax officer of such supplier.

Further, the Supplier shall not be eligible for the above-mentioned exemption if the registered recipient fails to export the said goods within a period of 90 daysfrom the date of issue of tax invoice.

Similar notification has been brought under UTGST Act, 2017vide Notification No. 40/2017-Union Territory Tax (Rate) dated 23rdOctober, 2017 and under IGST Act, 2017 vide Notification No. 41/2017--Integrated Tax (Rate) dated 23rdOctober, 2017.

[Notification no 40/2017- Central Tax (Rate) dated 23rd October, 2017,Notification No. 40/2017-Union Territory Tax (Rate) dated 23rdOctober, 2017, Notification No. 41/2017--Integrated Tax (Rate) dated 23rd October, 2017]

Amendment in CGST Rules

The Central Government videNotification No. 47/2017 – Central Tax dated 18th October, 2017 hereby makes the following rules further amend of the Central Goods and Services Tax Rules, 2017, namely:-

Earlier in 3rd proviso sub-rule (1) of rule 89 of CGST Rules, 2017 only recipient may file the application for claiming refund in case deemed exports supplies. Now supplier ie. Merchant Exporter may also file application for claiming refund subject to condition as specified in notification. Central Government videNotification No. 47/2017 – Central Tax dated 18th October, 2017 substituted the 3rdproviso in the following manner namely: -

“Provided also that in respect of supplies regarded as deemed exports, the application may be filed by

the recipient of deemed export supplies; or

the supplier of deemed export supplies in cases where the recipient does not avail of input tax credit on such supplies and furnishes an undertaking to the effect that the supplier may claim the refund”

In rule 96A, in sub-rule (1), in clause (a), after the words “after the expiry of three months”, the words “, or such further period as may be allowed by the Commissioner, “shall be inserted.

In FORM GST RFD-01, Cesscolumn has been added appropriately.

[Notification No. 47/2017 – Central Tax dated 18th October, 2017]

Supplies as Deemed Exports

The Central Government videNotification No. 482017 – Central Tax dated 18th October, 2017 notified the following supplies of goods 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.

[Refer Notification No. 482017-Central tax dated 18th October, 2017]

Evidences for Claiming Refund under Deemed Export

The Central Government videNotification No. 492017 – Central Tax dated 18th October, 2017notifies the following as evidences which are required to be produced by the supplier of deemed export supplies for claiming refund, namely:-

Acknowledgment by the jurisdictional Tax officer of the Advance Authorisation holder or Export Promotion Capital Goods Authorisation holder, as the case may be, that the said deemed export supplies have been received by the said holder, or a copy of the tax invoice under which such supplies have been made by the supplier, duly signed by the recipient Export Oriented Unit that said deemed export supplies have been received by it.

An undertaking by the recipient of deemed export supplies that no input tax credit on such supplies has been availed of by him.

An undertaking by the recipient of deemed export supplies that he shall not claim the refund in respect of such supplies and the supplier may claim the refund.

[Notification No. 492017 – Central Tax dated 18th October, 2017]
.
=====================>
.

# *GST*: CBEC has issued a press release to Waive off late fee on filing of GSTR-3B for the months of AUG & SEP 2017.

# *GST* Collections for the m/o September, 2017 stood at Rs.92,150 crores in line with the collections for the months of JUL & AUG of Rs 92,283 crores & Rs.90,669 crores respectively.

# *GST*: CBEC has issued Clarification on issues wherein the goods are moved within the State or from the State of registration to another State for supply on approval basis – Cir.No.10/10/2017-GST, dt.18.10.2017.

# *IBBI*: MCA has finally notified that the powers and functions vested in it under section 247 of the said Act shall now be delegated to the Insolvency and Bankruptcy Board of India,

# *CBDT* has issued Clarification related to guidelines for establishing 'Place of Effective Management' (PoEM) in India. The concept of 'Place of Effective Management' (PoEM) is being used for deciding residency status of a company, other than an Indian Company.

# *IT*: Transfer of cases - Jurisdiction - prior requirement of the law for having the valid order on basis of positive Agreement between two competent authorities is missing - transfer made without valid/required order u/s 127 is invalid - Shri Yogesh Yadav Vs ITO (2017 (10) TMI 927 - ITAT Delhi).
.
=====================>
.
*ICAI Awards 2017*

11th ICAI Awards to be held on *19th January, 2018* at Nehru Centre, Mumbai.

All Eligible Members are requested to file their online nomination form at the earliest.

🏆 Awards Category

🎖 CA Corporate Contributor

🎖 CA Professional Achiever

🎖 CA CFO

🎖 CA Business Leader

🎖 CA Entrepreneur

🎖 CA Lifetime Achievement

🎖 CA Exemplary Contribution to Society

🎖 CA Distinguish Contributor in Civil Services

Visit at https://awards.icai.org for detailed information.
.
=====================>
.

CBDT has issued Clarification related to guidelines for establishing 'Place of Effective Management' (PoEM) in India. PoEM is being used for deciding residency status of a company other than an Indian Company.

GSTN starts - Cancellation of Registration of Migrated Taxpayer. The Taxpayers who have not issued tax invoice can avail this service. Form GST REG-16 need to be filed.

If GST Primary Authorized Signatory is dead/ not traceable, approach jurisdictional Tax Officer to set new Authorized Signatory in GST Portal.

Collections under GST are Rs 92,150 crore in September against Rs 90,669 crore in the previous month. However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.

MCA has finally notified that the powers and functions vested in it under section 247 of the said Act shall now be delegated to the Insolvency and Bankruptcy Board of India, subject to some conditions.

Govt announced it would invest over Rs 9 trillion to recapitalize state-owned banks and build new roads and highways its biggest move yet to shore up an economy growing at its slowest in three years.
.
=====================>
.
GST: Govt Extends Due date for filing GST ITC-04

Read more at: http://www.taxscan.in/gst-govt-extends-due-date-filing-gst-itc-04/12579/
.
=====================>
.
👉🏻4 million income taxpayers spared from demands for return discrepancies.*

(It is now personal income taxpayers’ turn to get relief from the rigours of taxation. About 4 million income taxpayers, who were to get extra tax demands for their FY17 income due to discrepancies in their tax returns, will now be spared.)
👇🏻 👇🏻 👇🏻
https://goo.gl/pS42Ed

*👉🏻GST registration can now cancelled on GSTN portal.*

(The utility REG 29 is available on the portal just below the profile section once a taxpayer logs into GSTN.)
👇🏻 👇🏻 👇🏻
https://goo.gl/TDqwpr

*👉🏻OBC Invites Applications For Empanelment Of Insolvency Resolution Professionals.*

(ORIENTAL BANK OF COMMERCE invites applications for empanelment of Insolvency Resolution Professionals for the period 2017-2018. Last Date for application - 04/11/2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/hftHCK
.
=====================>
.

*GST* the cancellation of Migrated Dealers is started on GSTN

*Income Tax:* CBDT extends due date for filing of Country-by-Country Report for 2016-17 to 31.03.2018 Circular No. 26/2017 - (25/10/2017)

*Case Study:* TDS not deductible on Reimbursement of expenses billed separately - ITO Vs Deepak Bhargawa (ITAT Delhi)

*Ministry of Finance:* General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% w.e.f. 1st October, 2017 to 31st December, 2017.

*MCA delegates* it's powers for regulating valuers - to IBBI

http://www.mca.gov.in/Ministry/pdf/delegationOfPowers_Section247_24102017.pdf

*MCA to restore DIN* to enable disqualified directors to file return of cos. other than defaulting co.: HC Dr. Reddy's Research Foundation v. Ministry of Corporate Affairs
.
=====================>
.
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/
.
=====================>
.
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/
.
=====================>
.
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/
.
=====================>
.
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/
.
=====================>
.

📺 *Updates*

➡1. Outsourcing work to Indian subsidiary wouldn’t give rise to fixed place PE; SC upholds Delhi HC’s decision
Assistant Director of Income-tax-1, New Delhi v. E-Funds IT Solution Inc.

➡2. Distribution fee paid by Google India to Google Ireland for use of its ‘Adwords programme’ is taxable as royalty

➡3. AO couldn’t withhold refund merely by issuing sec. 143(2) notice claiming extended period to process refund.
Corrtech International (P.) Ltd.
v. Deputy Commissioner of Income-tax*