Govt Notifies Due Dates for furnishing FORM GSTR-3B till March 2018 [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-due-dates-furnishing-form-gstr-3b-till-march-2018/13428/
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Govt Notifies Central Goods and Services Tax (Twelfth Amendment) Rules, 2017 [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-central-goods-services-tax-twelfth-amendment-rules-2017/13431/
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Due Dates for Filing GSTR-1 by Tax Payers with Aggregate Turnover of up to Rs.1.5 crore Notified [Read Notification]
Read more at: http://www.taxscan.in/due-dates-filing-gstr-1-tax-payers-aggregate-turnover-rs-1-5-crore-notified/13436/
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More than 200 Items, Eating out At Restaurants to be Cheaper From today, Only 50 Items remain in 28% List: CBEC issues Notification
Read more at: http://www.taxscan.in/more-than-200-items-eating-out-at-restaurants-to-be-cheaper-from-today-only-50-items-remain-in-28-list-cbec-issues-notification/13355/
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GST on Supply of Raw Cotton by Agriculturist will be paid by Recipient under Reverse Charge: CBEC issues Notification
Read more at: http://www.taxscan.in/gst-supply-raw-cotton-agriculturist-will-paid-recipient-reverse-charge-cbec-issues-notification/13360/
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Govt. notifies Concessional GST rate of 2.5% on Scientific and Technical Equipments supplied to Public Funded Research Institutions [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-concessional-gst-rate-2-5-scientific-technical-equipments-supplied-public-funded-research-institutions/13368/
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Govt notifies Restriction of Input Tax Credit on Certain Fabric Items [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-restriction-input-tax-credit-certain-fabric-items/13364/
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No GST on Entry Fees to ‘Protected Monument’: Govt. issues Notification [Read Notification]
Read more at: http://www.taxscan.in/no-gst-entry-fees-protected-monument-govt-issues-notification/13389/
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NCLT
NCLT is already having an approved dress code vide order dated 02-08-2016, in accordance with the said order, wearing of gown would be necessary in all the benches of NCLT for Hon'ble President,Members (Judicial & Technical) and Advocates w.e.f 20-11-2017. The dress code for other Authorised Representatives like CS / CWA / CA and parties in person shall remain same as per the said order.
RBI
The scheme of simplified hedging facility was first announced by the RBI in August 2016 and the draft scheme was released on April 12, 2017. The facility is being introduced with a view to simplify the process for hedging exchange rate risk by reducing documentation requirements, avoiding prescriptive stipulations regarding products, purpose and hedging flexibility, and to encourage a more dynamic and efficient hedging culture. The guidelines of this facility are specifically provided in this circular and this facility will be effective from January 01, 2018. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.
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Govt Exempts Certain Goods from GST as per the GST Council’s decision [Read Notification]
Read more at: http://www.taxscan.in/govt-exempts-certain-goods-gst-per-gst-councils-decision/13412/
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Ministry of Finance – GST
Ministry of Finance has allowed Accepting of Unique Identity Number of Foreign Diplomatic Missions/ UN Organizations while making sales or supplies. Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It is clarified that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and will not have any additional effect on the supplier’s tax liability. Recording of UIN while making such sales will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Further, it may also be noted that the diplomats / consulate staff may quote the same UIN as allotted to their Missions / Consulates or UN organizations while making any purchases. Search functionality for UIN is available on the GST Common Portal in “Search Taxpayer” option. On entering UIN and captcha, details of the Diplomatic Mission/Consulate/ Embassy will be available.
DGFT
DGFT has made Amendments in Foreign Trade Policy 2015-20 w.r.t Aayat Niryat Forms of FTP 2015-20. The amended sub Pare 5 03(a) of Handbook of Procedure of Foreign Trade Policy 2015- 20 provides for the certification by a Chartered Engineers w.r.t EPCG Authorisation. Through this amendment Chartered Engineers are requested to act in their domain of competence for issuance of nexus certification under EPCG Scheme.
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RBI - FEMA
RBI has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 which shall come into effect from the date of their publication in the Official Gazette. Wherein various provisions related to restrictions on investment, permission for making investment, acquisition shares, issue of shares and convertible notes, pricing guidelines, taxes and remittance of sale proceeds, reporting requirements, forms, downstream investment, prohibited activities for investment by a person resident outside India. Any investment made by a person resident outside India shall be subject to the entry routes, sectoral caps or the investment limits, as the case may be, and the attendant conditionalities for such investment as laid down in these Regulations.
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*Notification issued post 23rd Council Meeting held on 10th Nov 2017*
*CGST Notifications*
Notification No. 47 - Rate
*Amends Notification No. 12/2017-CT (Rate) so as to extend exemption to admission to 'protected monument' and to consolidate entry at Sl. No. 11A & 11B*
Notification No. 46 - Rate
*Amends Notification No. 11/2017-CT (Rate) to specify rate @ 2.5% for standalone restaurants and @9% for other restaurants, reduce rate of job work on 'handicraft goods' @ 2.5% and to substitute 'Services provided' in item (vi) against Sl No. 3 in table*
Notification No. 45 - Rate
*Provides concessional GST rate of 2.5% on scientific and technical equipment supplied to public funded research institutions*
Notification No. 44 - Rate
*Amends Notification No. 5/2017 - CT (Rate) dated 28.06.2017 regarding restriction of ITC on certain fabrics*
Notification No. 43 - Rate
*Amends Notification No. 4/2017 - CT (Rate) dated 28.06.2017 regarding reverse charge on raw cotton*
Notification No. 42 - Rate
*Amends Notification No. 2/2017 - CT (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST exemptions*
*CGST Notification*
CGST Notification No. 41 - Rate
*Amends Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST rates*
*IGST Notification*
Notification No. 50 - Rate
*Amends notification No. 30/2017-Integrated Tax (Rate) dated 22.09.2017, so as to extend the benefit of IGST exemption, applicable in relation to supply of Skimmed milk powder, or concentrated milk for use in the production of milk distributed through dairy co-operatives to the companies that are registered under the Companies Act, 2013*
Notification No. 49 - Rate
*Amends Notification No. 9/2017-IT(R) so as to extend exemption to admission to 'protected monument' and to consolidate entry at Sl. No. 12A & 12B*
Notification No. 48 - Rate
*Amends Notification No. 8/2017-IT(Rate) to specify rate @ 5% for standalone restaurants and @18% for other restaurants, reduce rate of job work on 'handicraft goods' @ 5% and to substitute 'Services provided' in item (vi) against Sl No. 3 in table*
Notification No. 47 - Rate
*Provides concessional GST rate of 5% on scientific and technical equipment supplied to public funded research institutions*
Notification No. 46 - Rate
*Amends Notification No. 5/2017 - Integrated Tax (Rate) dated 28.06.2017 regarding restriction of ITC on certain fabrics*
Notification No. 45 - Rate
*Amends Notification No. 4/2017 - Integrated Tax (Rate) dated 28.06.2017 regarding reverse charge on raw cotton*
Notification No. 44 - Rate
*Amends Notification No. 2/2017 - Integrated Tax (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST exemptions*
Notification No. 43 - Rate
*Amends Notification No. 1/2017 - Integrated tax (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST rates*
*UTGST Notification*
Notification No. 47 - Rate
*Amends Notification No. 12/2017-UTT(R) so as to extend exemption to admission to 'protected monument' and to consolidate entry at Sl. No. 11A & 11B*
Notification No. 46 - Rate
*Amends Notification No. 11/2017-UT(Rate) to specify rate @ 2.5% for standalone restaurants and @9% for other restaurants, reduce rate of job work on 'handicraft goods' @ 2.5% and to substitute 'Services provided' in item (vi) against Sl No. 3 in table*
Notification No. 45 - Rate
*Provides concessional GST rate of 2.5% on scientific and technical equipment supplied to public funded research institutions*
Notification No. 44 - Rate
*Amends Notification No. 5/2017 - Union Territory Tax (Rate) dated 28.06.2017 regarding restriction of ITC on certain fabrics*
Notification No. 43 - Rate
*Amends Notification No. 4/2017 - Union Territory Tax (Rate) dated 28.06.2017 regarding reverse charge on raw cotton*
Notification No. 42 - Rate
*Amends Notification No. 2/2017 - Union Territory Tax (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST exemptions*
Notification No. 41 - Rate
*Amends Notification No. 1/2017 - Union Territory Tax (Rate) dated 28.06.2017 to give effect to GST Council decisions regarding GST rates*
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# *GST*: CBEC issues 7 Notifications (Nos.41/2017 to 47/2017, dt.14.11.2017) under GST CT(R) to give effect of the recommendation made by the GST Council’s in its 23rd Meeting held on 9-10 Nov 2017 at Guwahati. With this GST rate cuts as proposed w.e.f. 15 NOV 2017 (TODAY) have been made effective:
# *GST*: Govt. is looking to come out with detailed anti-profiteering guidelines next month.
# *IT*: Benami Property: I-T scanning profiles of property registered over Rs.30 Lac under the provisions of the anti-Benami Act.
# *BHARAT-22*: Exchange Traded Fund (ETF) IPO Comprising of 19 PSUs, L&T, ITC & Axis Bank to fetch 8K Crore with a Green Shoe Option of another 4K Crore opens for public today.
# *IT*: The late filing of the TDS return/statements is regularized upon payment of the fee as set out in section 234E. This is nothing but a privilege and a special service to the deductor allowing him to file the TDS return/statements beyond the time prescribed by the Act and/or the Rules - Genus Consortium Vs DCIT, CPC-TDS, Ghd. (2017 (3) TMI 1572 - ITAT Jaipur).
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Interest from Accumulated PF balance received After Retirement is not Eligible for Exemption: ITAT rejects Techie’s plea [Read Order]
Read more at: http://www.taxscan.in/interest-accumulated-pf-balance-received-retirement-not-eligible-exemption-itat-rejects-techies-plea/13329/
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ICDS that do not seek to override binding judicial precedents or provisions of the Act. If s. 145 (2) is not so read down it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. The Chamber Of Tax Consultants vs. UOI (Delhi High Court)
CBEC has directed its field offices to reach out to businesses that have not filed returns under GST, but were paying taxes in the erstwhile service tax/ VAT regime.
GST under revenue department: Work relating to the Financial Action Task Force (FATF) has been moved out of economic affairs to the revenue department, according to a recent official order.
Ministry of Finance has allowed Accepting of Unique Identity Number of Foreign Diplomatic Missions/ UN Organizations while making sales or supplies.
DGFT has made Amendments in Foreign Trade Policy 2015-20 w.r.t Aayat Niryat Forms of FTP 2015-20. The amended sub Pare 5 03(a) of Handbook of Procedure of Foreign Trade Policy 2015- 20 provides for the certification by a Chartered Engineers.
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📺 *Updates*
➡1. Ind AS 109: Prepayment charges paid during loan restructuring to be recognised in P & L.
➡2. Sum received in fiduciary capacity to discharge client’s fee obligations won’t be taxable in year of receipt: ITAT
Associated Law Advisers
v. Income-tax Officer, Ward 37 (3), New Delhi
➡3. Stamp Duty & registration charges paid by builder to attract buyers was allowable as revenue exp.
Krunal Industrial Estate Developers (P.) Ltd. v. Income-tax Officer - 4(2)(4), Mumbai*
➡4. Depreciation couldn’t be denied if business activities were temporary shut down due to stay order of Court
Babul Products (P.) Ltd.
v. Assistant Commissioner of Income-tax, OSD, Range-1, Ahmedabad.
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ITAT upholds Addition of 4.99 Lakhs as ‘Unexplained Cash‘ against Muthoot Group MD [Read Order]
Read more at: http://www.taxscan.in/itat-upholds-addition-4-99-lakhs-unexplained-cash-muthoot-group-md/13345/
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#Economy:Food inflation, led by onions and tomatoes and in fuels, pushed the WPI inflation; that in manufactured products showed a decline. This led to core inflation remaining stable at 2.8%. Inflation in the fuel and power segment rose to 10.52% in October, from 9.01% in September. LPG gas was the major factor, its price rise being 26.52% in October, from 20.75% the previous month.
#Finance:The CBDT said it was not only confident that the I-Tax dept would achieve the direct tax collection target for the current financial year, but that it would go past it.The CBDT, said that direct tax collections had clocked 44.8% of the total budget estimate of Rs 9.8 lakh crore for 2017-18.
#There was a 300% jump in the number of applications for PAN the CBDT said. There were around 2.5 lakh PAN applications per month earlier, after the Centre announced to scrap high value currency notes in November last year, the number rose to 7.5 lakh.
#The I-T Dept will soon issue notices to those who have deposited “suspicious” amounts of money in banks after demonetisation and have not responded to the taxman’s preliminary communication.
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Salary Income Earned on Deputation Abroad not Taxable even if credited to Bank Account in India: ITAT [Read Order] #TaxNews #IncomeTax #Taxscan
Read more at: http://www.taxscan.in/salary-income-earned-deputation-abroad-even-salary-credited-bank-account-india-itat/13176/
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Andhra #Cricket Association is Eligible for Tax Exemption u/s 11: #ITAT [Read Order]
Read more at: http://www.taxscan.in/andhra-cricket-association-eligible-tax-exemption-us-11-itat/13307/
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Delhi HC Upholds Clubbing of Two distinct Revenue Streams for ALP purpose: Grants Relief to ESPN [Read Order]
Read more at: http://www.taxscan.in/delhi-hc-upholds-clubbing-two-distinct-revenue-streams-alp-purpose-grants-relief-espn/13282/
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Education Cess paid alongwith Excise Duty is Refundable in cases where no Duty is Payable, says Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/education-cess-paid-alongwith-excise-duty-refundable-cases-no-duty-payable-says-supreme-court/13300/
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Company can claim Depreciation in respect of Equipment Installed in Residential Premises of its Managing Director: ITAT Delhi [Read Order]
Read more at: http://www.taxscan.in/company-can-claim-depreciation-respect-equipment-installed-residential-premises-managing-director-itat-delhi/13294/
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Education Cess paid alongwith Excise Duty is Refundable in cases where no Duty is Payable, says Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/education-cess-paid-alongwith-excise-duty-refundable-cases-no-duty-payable-says-supreme-court/13300/
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Medical Equipments Imported by Hospital for ‘Own Use’ is exempted from Sales Tax: Madras HC [Read Order]
Read more at: http://www.taxscan.in/medical-equipments-imported-hospital-use-exempted-sales-tax-madras-hc/13287/
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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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# *IT*: Levy of Fee u/s 234E for Late filing of TDS Return - the amendment to section 200A(1) is prospective in nature and therefore the AO, while processing the TDS returns for the period prior to 01.06.2015, was not empowered to charge fees – Samikaran Learning Pvt. Ltd. Vs. TDS Officer (2017 (11) TMI 671 - ITAT Delhi).
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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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Assessee can’t be Treated as Defaulter If Payment was made in due course but DD was misplaced due to Officers’ Mistake: Madras HC [Read Order]
Read more at: http://www.taxscan.in/assessee-cant-treated-defaulter-payment-made-due-course-dd-misplaced-due-officers-mistake-madras-hc/13258/
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GST: Till March 2018, ALL assessees to pay tax & file GSTR-3B pm by next 20th. Monthly GSTR-1 if turnover exceeds 1.5 cr in 2016-17 & Quarterly for others.
Filing of GSTR-2 & GSTR-3 NOT waived. Only Date for their filing postponed. Reconciliation of Purchases to continue for availing Input Tax Credit.
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
Specific sections of the Companies Act may be tweaked to allow Sebi to enforce corporate governance norms on unlisted subsidiaries to protect investors’ interest.
RBI has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 which shall come into effect from the date of their publication in the Official Gazette.
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*GST* - Supplier can accept missing invoices or changes by purchasers in GSTR- 1A for July 2017 from 1 to 6 Dec 2017. Vide Circular 15/2017 dated 06.11.2017.
*FORM GSTR-3B* is required to be filed by all taxpayers along with payment of tax by 20th of the succeeding month till March, 2018.
*FORM GSTR-1 Due date:*
#Taxpayers having aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis – For July to September by 31st December, 2017
#Taxpayers having aggregate turnover more than Rs. 1.5 crore need to now file GSTR-1 on monthly basis – For July to October by 31st December, 2017
*Case Study:* Low tax effect appeals: CBDT cannot issue circular having retrospective operation: CIT Vs. Gemini Distilleries (Supreme Court)
*Case Study*: Section 271(1)(c) Penalty cannot be imposed in absence of Disallowance - Indermal Manaji Vs CIT (Bombay High Court)
*Due Date 15th November 2017 - DVAT* submit details of closing stock held on 31st Mar & 30th June 2017
*ICAI – DISA Assessment Test* to be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM. Register online here - https://resource.cdn.icai.org/47665exam37520.pdf
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#Economy:Consumer Price Index based inflation rose to this financial year’s highest rate of 3.58% in October, from 3.28% in September, food and fuel prices increasing at a higher pace. This could stop the RBI from cutting rates in its policy review next month to spur falling industrial growth even as core inflation fell to 4.55%, from 4.61%.
#Finance:FM ruled out a single rate for the GST, adding any further rationalisation of tariffs would be contingent on revenues. Luxury goods, sin products, and products hazardous to the environment and health can’t be taxed at the same rate as common man products. Wheat, rice, sugar can’t be taxed at the rate as a Mercedes car or a yacht or tobacco.
#After days of multi-city searches, Income Tax sleuths have detected undisclosed income of Rs 1,430 crore in respect of ten assessee groups which included those linked to jailed V K Sasikala, her kin & their associates. An investigation official in Chennai said that more than Rs 7 crore in cash and jewellery worth over Rs 5 crore were seized during the searches. As many as 15 bank lockers and diamond jewellery were kept under "prohibitory orders" under which access to them is denied.
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📺 *Updates*
➡1. Members of union of Workmen could file their claims individually after initiation of insolvency process
Flacon Tyres Ltd. v. Belthangady Taluk Rubber Growers Marketing & Processing Co.op. Society Ltd.
➡2. Residential house constructed on commercial land is entitled to section 54F relief
Income-tax Officer, Ward- 1 (2), Jaipur v. Smt. Saroj Devi Agarwal.
➡3. 12 Key Takeaways of 23rd GST Council Meeting
https://gst.taxmann.com/fileopennew.aspx?id=222330000000013426&mode=home&page
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