13 November 2017 Updates

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Payments by Bank for receiving Services from Bloomberg, Reuters and CRISIL amounts to FTS: ITAT [Read Order]

Read more at: http://www.taxscan.in/payments-bank-receiving-services-bloomberg-reuters-crisil-amounts-fts-itat/13252/
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Allahabad HC Stays CESTAT Notification Transferring Appeals from Regional Benches to Delhi Bench [Read Order]

Read more at: http://www.taxscan.in/allahabad-hc-stays-cestat-notification-transferring-appeals-regional-benches-delhi-bench/13236/
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# *GST*: New GSTR-1 Filing Due Dates as recommended by GST Council:
• *Quarterly Returns*: Annual aggregate *Turnover up to Rs.1.50 Crore*
Jul- Sep’ 2017 – 31 DEC 2017
Oct- Dec’ 2017 – 15 FEB 2018
Jan- Mar’ 2018 – 30 APR 2018

• *Monthly Returns*: Annual aggregate *Turnover more than Rs.1.50 crore*.
Jul- Oct’ 2017 (Monthly) – 31 DEC 2017
Nov’ 2017 – 10 JAN 2018
Dec’ 2017 - 10 FEB 2018
Jan’ 2018 - 10 MAR 2018
Feb’ 2018 - 10 APR 2018
Mar’ 2018 - 10 MAY 2018

# *MCA* has notified the Companies (Accounts) Amendment Rules, 2017  which has come into force w.e.f. 07-11-2017.

# *FEMA*: RBI has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017.

# *IT*: Penalty order u/s 271(1)(c) - wrongly claiming deduction of rental payments in violation of the provisions of section 40(a)(ia) - non deduction of TDS on the rental payments - levy of penalty confirmed – Airen Metals Pvt. Ltd. Vs ACIT (2017 (11) TMI 629 - ITAT Jaipur).
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State cannot refuse to Grant Exemption to Education Institutions covered u/s 29 of Tamil Nadu Urban Land Tax Act: HC [Read Judgment]

Read more at: http://www.taxscan.in/state-cannot-refuse-grant-exemption-education-institutions-covered-us-29-tamil-nadu-urban-land-tax-act-hc/13240/
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Change of Opinion between CIT and TPO cannot be a Ground for Interference: Delhi HC grants relief to MakeMyTrip [Read Order]

Read more at: http://www.taxscan.in/change-opinion-cit-tpo-cannot-ground-interference-delhi-hc-grants-relief-makemytrip/13248/
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Google Tax Case: ITAT Refuses to Stay Demand of 59.42 Crores [Read Order]

Read more at: http://www.taxscan.in/google-tax-case-itat-refuses-stay-demand-59-42-crores/13262/
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GST: *GST on restaurants* reduced to 5% by GST Council in 23rd Meeting

*Form GST REG-29* – A functionality has been provided to migrated taxpayers (who are not liable for registration under GST) to file an Application for cancellation of provisional registration

*Form GSTR 4* – An Excel based GSTR-4 Offline tool has been provided to taxpayers (opting for composition scheme) to prepare their GSTR-4 Return offline. 

*DVAT:* 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 latest by 15th Nov. 2017. (Notification 987 dt 27.10.17)

ICAI - *Information Systems Audit (ISA) Course Assessment Test* which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities -  https://resource.cdn.icai.org/47665exam37520.pdf

*Case Study:* SC explains concept of fixed place of business, service PE and agency PE - ADIT Vs E-Funds IT Solution Inc (Supreme Court of India)
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GST Council Meeting Result:

1. All businesses to file GSTR-1 and GSTR-3B till March 2018. GSTR-2 and GSTR-3 due dates will be notified.

RELIEF IN GST RETURNS COMPLIANCE:

2. GSTR-3B

Filing:

 Continues till March 2018 – Due date as usual 20th of succeeding month.

Late Fee:

– July to September: Waived for GSTR-3B  – will be credited to Electronic Cash Ledger under “Tax Head”.

3. GSTR-1 Due Dates:

(i) Annual aggregate turnover up to Rs. 1.5 crore  – Quarterly Returns

Jul- Sep31st Dec 2017Oct- Dec15th Feb 2018Jan- Mar30th April 2018

(ii) Annual aggregate turnover more than Rs. 1.5 crore  – Monthly Returns

Jul- Oct (Every month)31st Dec 2017Nov10th Jan 2018Dec10th Feb 2018Jan10th Mar 2018Feb10th Apr 2018Mar10th May 2018

  4. GSTR-2 and GSTR-3:
Till March 2018 will be notified soon

5. Other Due Dates which got extended:
(i)GST ITC – 04 (July – Sept)31st December, 2017(ii)GSTR- 4 (July – Sept)24th December, 2017(iii)GSTR-5 (for Non Resident)15th Dec 2017(iv)GSTR-6 (for ISD)31st Dec 2017(v)Tran – 131st Dec 2017

6. Late Fess for GST Returns
October 2017 on-wards:
Tax Liability – NIL: Rs. 20/- per day
Tax Liability – OTHERS: Rs. 50/- per day

7. Changes in Composition Scheme
Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later).

GST rate of 1% for manufacturers & traders

 Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded)

 Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme
Composition Returns, GSTR-4  due date extended to 24th December

8. Relief for service providers
All service providers with turnover up to Rs. 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register.

9. Restaurants
GST rate cut to 5% with no input tax credit

10. GST Rates: – Major Changes in GST Rate. You can check the same at Change in Rate of GST- Item wise & Chapter wise List of Goods
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#Economy:Investments in the Indian capital market through P-notes plunged to an over eight-year low of Rs 1.23 lakh crore at September-end in view of stringent norms put in place by SEBI. P-notes are issued by registered foreign portfolio investors to overseas players who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through due diligence.

#The Govt will tomorrow start its second and final phase of BharatNetproject -- with an outlay of around Rs 34,000 crore -- to provide high-speed broadband in all panchayats by March 2019. Under the project, the Govt aims to connect 1.5 lakh panchayats through 10 lakh kilometres of additional optical fibre and give bandwidth to telecom players at nearly 75% cheaper price for broadband and Wi-Fi services in rural areas.

#FM said the Govt has decided to inject more capital in state-owned banks to strengthen the banking system and spur economic growth through bonds and banks equity expansion and therefore, it is the country, which is virtually going to pay to keep the banking system in good health.

#Stockbrokers have termed Sebi’s directive of compulsorily keeping records of telephonic communications with clients as “not practical” since that would be difficult in terms of identification and retrieval. Voicing concerns over the directive, the Association of National Exchanges Members of India, also said monitoring of communications with clients would be difficult as multiple modes, including mobile phones and WhatsApp messenger, are used for placing orders.

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 *Updates*

➡1. Union Cabinet given its approval to enter into DTAA with Hong Kong

➡2. No TP adjustment if cumulative royalty paid for use of both licensed information & trademarks was inseparable.
Maruti Suzuki India Ltd.
v. Additional Commissioner of Income-tax, Range-6, New Delhi

➡3. Threshold for opting Composition increased to Rs. 1.5 crores

➡4. Mobilisation/Demobilisation Charges Form Part of ‘Receipts’ Under Section 44BB.

        Thank you
         Have a nice day