Delhi Govt extends due date for VAT Dealers to submit Closing Stock Details held by them prior to GST Rollout [Read Notification]
Read more at: http://www.taxscan.in/delhi-govt-extends-due-date-vat-dealers-submit-closing-stock-details-held-prior-gst-rollout/13657/
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Provision relating to TDS is not applicable on Fee for ‘Technical Service’ rendered by Machines or Robots: ITAT [Read Order]
Read more at: http://www.taxscan.in/provision-relating-tds-not-applicable-fee-technical-service-rendered-machines-robots-itat/13631/
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# *GST Council* in its next meeting may reduce rates on consumer durables like washing machines and refrigerators from the current level of 28%. The Govt. may rejig the 12% % 5% slabs after the GST regime settles down and there’s more clarity on revenue.
# *GST* is NOT payable on advance received for supply of goods on or after 15 NOV 2017, BUT at time of supply of goods – Noti.No.66/2017, dt.15.11.2017.
# *GST*: GSTR-1 for JUL’2017 has been made available for filing again. Those who missed its filing, may file it now.
# *IBBI*: The Govt. constitutes an Insolvency Law Committee under the Chairmanship of Secretary, MCA and members from IBBI, RBI, Banks, Professional Institutions and Law firms to take stock of the functioning and implementation of the Code in more effective manner.
# *IT*: Validity assessment order when the assessee has expired during the pendency of the proceedings - There is no illegality committed by the AO. He only committed an irregularity and it is settled position that wherever any irregularity crept in the proceedings, the proceedings itself cannot be declared void, rather irregularity deserves to be rectified – Late Shri Atul Kumar Mansukhlal Shah (Through L/Rs) Vs ITO (2017 (11) TMI 967 - ITAT AHD).
# *IT*: Revenue recognition - AO will not be justified to work out the profit by applying percentage of completion method during the impugned year on selective basis – MRG Developers Pvt. Ltd. Vs ITO (2017 (11) TMI 960 - ITAT Delhi).
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PAN – Aadhaar Linking not applicable to NRIs, PIOs and OCIs, says UIDAI [Read Circular]
Read more at: http://www.taxscan.in/pan-aadhaar-linking-not-applicable-nris-pios-ocis-says-uidai/13645/
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Govt. nod to display revised MRP due to reduction of rates of GST up to 31st Dec, 2017
Read more at: http://www.taxscan.in/govt-nod-display-revised-mrp-due-reduction-rates-gst-31st-dec-2017/13636/
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*Editing Facility for August and September GSTR-3B will come by November*
Sushil Modi-led Group of Ministers (GoM), set up to look into GSTN glitches, met Infosys Chairman Nandan Nilekani. Nilekani assured them that GSTN will work smoothly. He said Infosys has added 100 engineers for the project in the last one month. Now, 621 Infosys IT engineers are working on GSTN. It has been decided that *by November the editing facility for GSTR-3B returns for August and September will be launched by GSTN*, Modi said.
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GST payable on advance received for Services. Wef 15.11.17, all assessees to pay GST at time of supply of goods & not when advance received.
GSTR1 for July 2017 has been opened for filing again. Those who missed filing GSTR1, may file it now.
GSTR-2 has been deferred as notified after 23rd GST Council Meeting.
There are indications that modification facility in Form 3 B of august , september may also open from 20th November.
Sebi chief Ajay Tyagi says the market regulator will investigate possible leaks of company earnings in social media chatrooms.
RBI wants leading rates to be linked with external benchmark rates. Those who avail of home loans and personal loans could soon be on par with the big corporates when it comes to how banks calculate interest charges on borrowers.
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📺 *Updates*
➡1. Govt. grants permission to display revised MRP due to reduction of GST rates upto December 31, 2017
https://gst.taxmann.com/topstories/222330000000013528/govt-grants-permission-to-display-revised-mrp-due-to-reduction-of-gst-rates-upto-december-31-2017.pdf
➡2. Bank couldn’t adjust amount lying in account of debtor when IRP instructed bank to freeze its account: NCLT
Corporation Bank v. Amtek Auto Ltd.
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#Economy:PM Modi heads one of the world’s most-trusted Govts with close to three out of four Indians saying they have confidence in the govt. Factors influencing whether we trust our Govts or not include the state of the economy, political upheaval, and headline-grabbing events like major corruption cases. So India’s recent anti-corruption and tax-reform drive could help explain the high levels of confidence in the Govt.
#Finance:Debit & credit card transactions have jumped to Rs 74,090 crore in Sept this year, up a hefty 84% as compared to the same month last year when it stood at Rs 40,130 crore, thanks to the govt push for non-cash payments. The transaction volume at all points of sale (POSes) clipped higher by 86% to 378 million in September this year over the same period last year when it stood at 203 million.
#The logistics sector will soon get the status of infrastructure, a move that will help the industry raise funds at competitive rates and boost India's trade. The proposal mooted by the commerce ministry has been approved by the finance ministry, and a notification in this regard would be issued soon. The definition of logistics includes industrial parks, warehouses, cold storages and transportation.
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No Addition for Non-Deduction of Tax at Source on Interest Payment when Assessee obtained Form 15G before making Payment: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-addition-non-deduction-tax-source-interest-payment-assessee-obtained-form-15g-making-payment-itat/13530/
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Activity of Letting Out of Marriage Hall by Trust would not constitute ‘Commercial Activity’: ITAT Allows Exemption [Read Order]
Read more at: http://www.taxscan.in/activity-letting-marriage-hall-trust-not-constitute-commercial-activity-itat-allows-exemption/13523/
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No Penalty If Assessee made Bonafide Mistake in Returns and Revised the same Later: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-penalty-assessee-made-bonafide-mistake-returns-revised-later-itat/13533/
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Income from House Property in Kenya not Taxable, CBDT notification or Circular can’t alter DTAA Provisions: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-house-property-kenya-not-taxable-cbdt-notification-circular-cant-alter-dtaa-provisions-itat/13527/
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Assessment Proceedings can’t be Nullified merely because of Irregularity: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessment-proceedings-cant-nullified-merely-irregularity-itat/13613/
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No Addition for ‘Deemed Dividend’ when Assessee Pledged his Personal Properties to Bank to Borrow Money for Company: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-addition-deemed-dividend-assessee-pledged-personal-properties-bank-borrow-money-company-itat/13618/
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Re-Assessment Only on the direction from Superiors is Invalid when AO was satisfied that Original Assessment was Proper: ITAT [Read Order]
Read more at: http://www.taxscan.in/re-assessment-direction-superiors-invalid-ao-satisfied-original-assessment-proper-itat/13605/
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Addition can’t be made on the basis of a Fake Sale Deed: ITAT [Read Order]
Read more at: http://www.taxscan.in/addition-cant-made-basis-fake-sale-deed-itat/13609/
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SBI need not Deduct TDS on Site Restoration Fund of ONGC & Interest Paid on it: ITAT Dismisses Dept’s Plea [Read Order]
Read more at: http://www.taxscan.in/sbi-need-not-deduct-tds-site-restoration-fund-ongc-interest-paid-itat-dismisses-depts-plea/13418/
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Rental Income received by Infosys fom Its Subsidiary and BSNL constitute Profits from undertaking, Eligible for IT Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/rental-income-received-infosys-fom-subsidiary-bsnl-constitute-profits-undertaking-eligible-deduction-itat/13489/
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Cabinet on Thursday set the ball rolling for establishment of a national anti profiteering authority amid reports that restaurants were not passing on the benefits of reduced GST rates to consumers.
Due to the non-availability of the refund module on the common portal and to ensure uniformity, CBEC has decided that the applications / documents / forms pertaining to refund claims on account of zero-rated supplies shall be filed and processed manually till further orders.
MCA in its investigation found that more than 130,000 out of 224,000 Companies did not have a PAN even as they transacted crores of rupees.Sources said the probe indicated only 93,000 firms off by the Registrar of Companies had PAN, which is mandatory transaction above Rs 50,000.
SEBI has issued circular allowing Investments by FPIs in Hybrid Securities. Presently, FPI investments are classified as either debt or equity depending on the type of the security in which the FPIs transact.
RBI is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as nonperforming assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers.
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📺 *Updates*
➡1. Moody's upgrades India's Govt. bond rating to BAA2
➡2. CBEC issues clarification on unutilised ITC for exporters of fabrics
https://gst.taxmann.com/topstories/222330000000013507/cbec-issues-clarification-on-unutilised-itc-for-exporters-of-fabrics.pdf
➡3. CBDT issues draft notification on conversion of Indian Branch of Foreign Bank into Indian Subsidiary Co.
https://www.taxmann.com/topstories/222330000000013522/cbdt-issues-draft-notification-on-conversion-of-indian-branch-of-foreign-bank-into-indian-subsidiary-co.pdf
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# *GST*: Due to the non-availability of the refund module on the common portal and to ensure uniformity, CBEC has decided that the applications / documents / forms pertaining to refund claims on account of zero-rated supplies shall be filed and processed manually till further orders – Cir.No.17/17/2017 – GST, dt.15.11.2017.
# *GST*: CBEC notifies a New Rule 109A for Appointment of Appellate Authority - Additional Commissioner (Appeals) and Commissioner (Appeals) - assignment of jurisdiction in hierarchy – Noti.No.55/2017, dt.15.11.2017.
# *GST*: CBEC notifies a New Rule 107A & Form and prescribed the manner of application to the Authority for Advance Ruling - Manual filing and processing - Notification No.55/2017, dt.15.11.2017.
# *GST*: CBEC amended Rule 124 w.r.t. Anti-Profiteering Authority - Power to terminate the Chairman and Technical Member of the authority – Noti.No.55/2017, dt.15.11.2017.
# *DVAT*: Last date of online filing of rate-wise Closing Stock details as on 31.03.2017 & 30.06.2017 has been extended up to 15 DEC 2017 – Noti.No.1066, dt.15.11.2017.
# *Empanelment*: Syndicate Bank invites online applications for empanelment of Concurrent Auditors for the year 2018-19.
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#Economy:Moody’s Investors Service upgraded India’s sovereign bond rating by a notch for the first time in 14 years, showing confidence in the Modi Govt’s reform initiatives such as demonetisation, the GST and its efforts to resolve the bad debt asset crisis of banks. Moody’s raised the rating from the lowest investment grade of Baa3 to Baa2, and changed the outlook from positive to stable. A day after dithering on the fiscal glide path, FM upbeat on the Moody’s upgrade, said the Govt would maintain fiscal discipline and adhere to the road map suggested by a Govt-constituted panel.
#Finance:NRIs and PIOs are not required to link bank accounts and other services with Aadhaar, the UIDAI said, while instructing various implementation agencies to work out a mechanism to verify the status of such individuals. It said all central ministries and departments, state Govts and other implementation agencies should bear in mind that Aadhaar as an identity document can be sought only from those eligible for it under Aadhaar Act, and that most NRIs/PIOs/ OCIs may not be eligible for its enrolment.
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Companies Act :
As per CLB Reg. 46 amendment application can be filed at any stage of the case but as per Rule 155 of NCLT Rules amendment application should be filed within 30 days from the date of completion of pleadings. It is held that where a case is filed and admitted u/s 397 and 398 of the Companies Act, 1956 and before sections 241 and 242 of the Companies Act, 2013 were enforced, in that case CLB Regulations has to be followed and amendment application can be allowed, provided the amendments sought by the petitioner are bonafide. *Ganpatbhai Kanjibhai Patel vs. Saibaba Surfactants Private Limited and Ors. MANU/NC/1322/2017*
IBC :
It is held that the 'I & B Code' is a complete code by itself and so the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore it is further held that a 'Power of Attorney Holder' is not competent to file an application on behalf of a Financial Creditor or Operational Creditor or Corporate Applicant. *Shriram EPC Limited and Ors. vs. Rio Glass Solar SA and Ors. MANU/NL/0157/2017*
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Cabinet approves Establishment of National Anti-Profiteering Authority under GST
Read more at: http://www.taxscan.in/cabinet-approves-establishment-national-anti-profiteering-authority-gst/13494/
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: CBEC clarifies Issues on Applicability of #GST and Availability of ITC in respect of Certain Services [Read Circular]
Read more at: http://www.taxscan.in/cbec-clarifies-issues-applicability-gst-availability-itc-respect-certain-services/13510/
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Traders Opted for GST Composition Scheme from beginning can File their Maiden Returns Now, Others have to wait till Next Week
Read more at: http://www.taxscan.in/traders-opted-gst-composition-scheme-beginning-can-file-maiden-returns-now-others-wait-till-next-week/13552/
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Case law
🎉HIGH COURT OF DELHI : In Mondelez Foods (P.) Ltd. vs. Regional Director (North), Ministry of Corporate Affairs
🍭A registered proprietor of a trade mark could make an application within a period of five years of becoming aware of registration of a company with a similar name..
🎈It is implicit in the proviso to sub-section (1) of section 22 that a registered proprietor of a trade mark could make an application within a period of five years of becoming aware of registration of a company with a similar name.
🍬 The Regional Director could thus act on a representation even after twelve months had elapsed from the registration of the company with the undesirable name.
🏸Companies Act, 1956 – Sections 20 and 22 read with Trade Marks Act, 1999 which amended section 22 from 15th September, 2003 – Name of company – Rectification of name of company when registered with undesirable name – Whether it is implicit in the proviso to sub-section (1) of section 22 that proprietor of a registered trade mark could make an application within a period of five years of becoming aware of registration of a company with a similar name – Held, yes – Whether the Regional Director could thus act on a representation even after twelve months had elapsed from the registration of the company with the undesirable name – Held, yes [Para 11
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CBEC prescribes Norms for Manual Filing and Processing of Refund Claims in respect of Zero-rated Supplies [Read Circular]
http://www.taxscan.in/cbec-prescribes-norms-manual-filing-processing-refund-claims-respect-zero-rated-supplies/13484/
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Form GST TRAN-1 can now be filed & revised once till 27.12.2017. Order 9 & 10/2017-GST of 15.11.17.(Date of 31.12.17 in Press Release changed).
DVAT vide Notification No. 1066 dated 15/11/2017 has extended the date of online filing of Ratewise Closing Stock details as on 31/3/17 & 30/6/17 upto 15/12/2017.
CBEC has notified the amendments to exempt suppliers of services through an e-commerce platform from obtaining compulsory registration. Based on the recommendations of the Council.
No GST on advance received for supply of goods. The Central Government vide Notification No. 66/2017 – Central Tax dated November 15, 2017.
SEBI has amended the Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 to amend the definition of “issuer” as given in Clause 2 (1) (i).
Syndicate Bank invites online applications for empanelment of Concurrent Auditors for the year 2018-19. Applications in other modes are not entertained.
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# *GST*: The Union Cabinet has approved setting up of the proposed National Anti-profiteering Authority (NAA) under GST. Anti-Profiteering body will push companies to pass on GST benefits to consumers.
# *India Sovereign Rating*: International rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings after a long gap of 14 years to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.
# *PMAY*: Cabinet has approved increase in carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (PMAY).
# *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.
# *IT*: Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property – DCIT Vs. M.S. Luvish Projects Pvt. Ltd. (2017 (11) TMI 862 - ITAT Mumbai).
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📺 *Updates*
➡1. Assessee was entitled to interest on refund even if refund arose due to waiver Sec. 234A/B/C interest: SC
K. Lakshmanya & Co. v. Commissioner of Income-tax
➡2. Govt. notifies IGST Amendment Rules, 2017; applicable from July 1, 2017
https://gst.taxmann.com/topstories/222330000000013489/govt-notifies-igst-amendment-rules-2017-applicable-from-july-1-2017.pdf
➡3. CBEC prescribes procedure for manual filing and processing of refund claims for zero rated supplies
https://gst.taxmann.com/topstories/222330000000013486/cbec-prescribes-procedure-for-manual-filing-and-processing-of-refund-claims-for-zero-rated-supplies.pdf
🙏Thank you🙏
Have a nice day