As per my sources, government may facilitate to file GSTR3B without paying liability for small payers. Their liability will accrue after filling GSTR3 only.
Until, this feature is introduced, you have to pay before filling GSTR3B.
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PLEASE NOTE 😊
Revision of TRAN-1 has been enabled on GSTN. On opening the TRAN-1 filed previously and scrolling till bottom, one can see the 'Re-Open' tab which has been added. Re-open button is given only for those users that have either submitted or filed TRAN-1 previously.
The relevant instructions in regard with revision are appearing under the 'i Help Notes' option which has been added towards the top right corner of the filed return.
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Government, as a Lessee, is liable to pay Service Tax despite Liability of Lessor: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/government-lessee-liable-pay-service-tax-despite-liability-lessor-supreme-court/13158/
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MCA - IBBI
MCA has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment)Regulations, 2017 both shall come into force on the date of their publication in the Official Gazette. A resolution plan shall disclose details of the resolution applicant and other connected persons to enable the Committee of Creditors to assess credibility of such applicant and other connected persons to take a prudent decision while considering the resolution plan for its approval. The resolution plan shall disclose the details in respect of the resolution applicant, persons who are promoters or in management or control of the resolution applicant; persons who will be promoters or in management or control of the business of the corporate debtor during the implementation of the resolution plan; and their holding companies, subsidiary companies, associate companies and related parties, if any. It shall disclose details of convictions, pending criminal proceedings, disqualifications under the Companies Act, 2013, orders or directions issued by SEBI, categorization as a willful defaulter, etc..
FCRA
The Union Ministry of Home Affairs has made it mandatory for all Non Governmental Organisations (NGO's) to register with Niti Aayog’s portal NGO Darpan, if they want to receive orhope to receive foreign funding. The notice states that in order to receive money under the Foreign Contribution Regulation Act, 2010, NGOs must obtain a Unique Darpan Identification Number from the portal. Registration will involve providing contact details as well as PAN and Aadhaar numbers of the organisation’s key functionaries. The deadline for registration has not been specified. Further, MHA has made it clear that availing FCRA online services such as uploading annual returns (in online Form FC 4) or changes (in online Form FC 6) will require Unique Darpan Identification Number. NGO-Darpan (NGO Mirror) is a platform that provides space for interface between Voluntary Organisations / NGOs and key Government Ministries / Departments / Government Bodies
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Redemption of Shares outside India won’t be hit by Indirect Transfer Provisions, says CBDT [Read Circular] #TaxNews #Taxscan
Read more at: http://www.taxscan.in/redemption-shares-outside-india-wont-hit-indirect-transfer-provisions-says-cbdt/13091/
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Courts have Limited Role in Adjudicating Matters relating to Professional Misconduct of CAs, says Gujarat HC [Read Judgment]
Read more at: http://www.taxscan.in/courts-limited-role-adjudicating-matters-relating-professional-misconduct-cas-says-gujarat-hc/13098/
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Delhi Govt Notifies GST Exemption to Intra-State supply of Heavy Water and Nuclear Fuels [Read Notification]
Read more at: http://www.taxscan.in/delhi-govt-notifies-gst-exemption-intra-state-supply-heavy-water-nuclear-fuels/13120/
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Odd-Even For Delhi Starting Mon, Rs 2,000 Fine For Violations: 10 Facts : https://www.ndtv.com/delhi-news/delhis-toxic-smog-thickens-by-the-hour-10-latest-developments-1773176
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# *ICDS*: ICDS-I, ICDS-II, Para-10(a) & 12 of ICDS-III, Para-5, Para-6 & Para 8(1) of ICDS-IV, ICDS-VI, ICDS-VII and Part-A of the ICDS-VIII failed to pass the test of judicial scrutiny and struck down as ultra vires the Act. The impugned Notification Nos.87 & 88, both, dt.29.09.2016 and Cir.No.10/2017 issued by the CBDT are also held to be ultra vires the Act and struck down as such - The Chamber of Tax Consultants & Anr. Vs. Union of India & Ors. (2017 (11) TMI 465 - Delhi HC).
# *GST Council* may slash tax on 165 (80%) out of 227 items of top 28% rate slab with only 62 attracting the highest rate, at its meeting starting TODAY at Guwahati..
# *GST Council* is likely to consider a proposal to incentivised digital payment.
# *IT Dept.* to issue notices to 70,000 entities for depositing over Rs 50 lakh in cash in banks but chose not to file tax returns or respond to the relevant IT- Dept. advisories for huge deposits post demonetisation.
# *DTAA*: The Govt. has notified the third protocol between India and New Zealand for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
# *IT*: The Govt. has collected Rs.4.39 trillion in direct taxes, up 15.2% y-o-y during Apr-Oct, 2017, which represents 44.8% of the total budget estimates of Rs.9.8 trillion in direct taxes for 2017-18.
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*GSTR-4* online upload functionality available for those who opted for composition
*Linkage of Aadhaar* number to PAN, Insurance Policies, Banks Accounts and Mobile Nos is mandatory
*Delhi High Court held certain ICDS* & Part of them Ultra Vires - Chamber of Tax Consultants & Anr Vs. Union Of India & Ors (Delhi High Court). HC strikes down ICDS I, II, III, VI, VII, Part A of ICDS VIII as ultra vires of the Act
*Section 2(22)(e)* does not extend to, or broaden concept of, a shareholder - CIT Vs. Madhur Housing And Development Company (Supreme Court of India)
*Service Tax* Paid on rent can be claimed as deduction from business Income - The DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi)
*Income Tax:* Indirect Transfer provisions in case of redemption of share or interest outside India; Circular No. 28/2017
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Delhi VAT require all the dealers who were registered under the said act to submit details of closing stock as was held by them on 31st March 2017 and 30th June 2017 online on the website www.dvat.gov.in. latest by 15th Nov. 2017. (Noti 987 dt 27.10.17)
Delhi High Court strikes down several ICDS standards as ultra-vires; Can't overrule binding judicial precedents:
1. Delhi HC, in order to preserve constitutionality of ICDS, reads down Sec.145 (2) of Income tax Act, restricts power of Central Govt. to notify ICDS so as to ensure that they do not override binding judicial precedents or provisions of the Act;
2.Strikes down ICDS I, II, III, VI, VII, Part A of ICDS VIII as ultra vires of the Act/contrary to settled position of law as laid down by Supreme Court;
3.HC, relying on a catena of Apex Court decisions, observes that "That a tax cannot be levied by way of an executive action is a settled position. Tax cannot also be levied by way of administrative instructions as observed by the Supreme Court.";
4.HC finds merit in the contention of the Petitioners that ICDS notified under Section 145(2) of the Act has the effect of modifying the basis for computation of taxable income as recognised by the Act and as interpreted by the Supreme Court;
5.HC holds that the power under Sec.145(2) cannot permit changing the basic principles of accounting recognized in various provisions of Income tax Act, unless amendments are carried out in the Act
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📺 *Updates*
➡1. Indirect transfer provision not to apply in case of redemption of shares outside India, CBDT clarifies
➡2. SC allows court to discharge as accused in cheque bouncing case as complainant was willing to compensate for fallacy
Meters & Instruments (P.) Ltd. v. Kanchan Mehta
➡3. Assessment completed without issue of scrutiny notice was void though assessee had participated in proceedings
Alok Mittal v. Deputy Commissioner of Income-tax, Circle-1, Durgapur
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#Economy:The Govt will not disconnect mobile connections with they aren’t linked with Aadhaar, said secretary in the DoT. The department is waiting for the Supreme Court judgement on the Aadhaar issue to decide on the action to be taken in cases where people have Aadhaar but do not want to link it with their mobile number and also working on alternatives for people who are abroad.The DoT, is looking to finalize the new telecom policy by February and would release its draft papers by December-end for public comments,
#Finance:As many as 165 such items could be moved to the 18% category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite.
#The Delhi High Court has upheld the constitutional validity of the ICDS, but only to the extent that they do not go against judicial pronouncements and the provisions of the I-Tax Act. The ICDS is not meant to overrule the provisions of the Income Tax Act, the rules thereunder, and the judicial precedents applicable thereto as they stand, said the court striking down the ICDS provisions that went against judicial pronouncements and the I-T Act.
#The IRDA said linkage of Aadhaar with insurance policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
#Mutual fund equity folios are at an all-time high of 46.63 million, with 7.6 mn additions this year till now. This year has seen one of the fastest pace of equity additions despite key stock indices trading at lifetime highs. At this pace, MFs are likely to surpass the 50-mn mark by the end of the financial year.
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Income Tax department cracks whip on benami assets, seizes 541 properties -
http://toi.in/9OT9IY48/a20ai
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: ICDS Judgment: Key Takeaways from the Delhi HC Decision [Read Judgment]
Read more at: http://www.taxscan.in/icds-judgment-key-takeaways-delhi-hc-decision/13086/
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Time to accept the blunder: Here's what Manmohan has to say on note ban anniversary
http://www.ecoti.in/MsLhNb31
via The Economic Times App(Download Now):
http://ecoti.in/etapps