📺 *Updates*
➡1. Insolvency resolution process to be dismissed due to pre-existence of dispute between parties
One Coat Plaster v. Ambience (P.) Ltd.
➡2. ITAT slams AO for denying sec. 54B relief if assessee duly proved that sold land was used for growing crops
Assistant Commissioner of Income Tax, Central Circle, Aurangabad v. Govardhan S. Pawar*
➡3. Mitsubishi’s TDS case referred to Chief Justice due to difference of opinion between two judges
Commissioner of Income-tax-II v. Mitsubishi Corporation India (P.) Ltd.
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I-T Dept, SEBI begin crackdown on penny stock firms in PMO apprised the CBDT of 80 scrips earlier this month. The taxman and SEBI are working together to clamp down tax evasion and tighten the norms.
GSTR1 for July 2017 has been opened for filing again. Those who missed filing GSTR1, may file it now.
Window for GSTR-2 has been deferred and removed from Return Dashboard as notified after 23rd GST Council Meeting.
GST: If any 2 of Date of Invoice, Receipt of Payment & Completion of Supply, happen before rate change, then old rate will apply. Else new will apply.
Editing Facility for August and September GSTR-3B will come by Novemberby GSTN, Mr Sushil Modi said.
Milling of paddy into rice shall attract GST @ 5% on processing charges (excluding value of rice), as per clarification dated 20-11-2017 issued by TRU in the MOF.
The Allahabad High Court has directed GST Department to place on record the reasons for cancellation of order GST registration without giving personal hearing and directed the reasons for communicating in writing but only keeping the same on GST website. Annspurna International Vs State of UP 2017 (6)GSTL 233 ALL.
Delhi High Court held that Department must accept manually application for advance ruling under GST since web portal would not be ready to accept till Jan.2018. Sanjeev Sharma vs. Union of India 2017 (6)GSTL 261 Delhi.
CVC release ethics for CA’s we have to read it. CVC.nic.in/codeethics.pdf
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GST Gyan - 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.
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*DISA* Assessment Test to be held on 23rd December, 2017 (Saturday). Register online here https://resource.cdn.icai. org/47665exam37520.pdf
*GST:* Procedure of Manual filing of Refund under GST regime is mention in circular no. 17/2017 and Notification No. 55/2017 DT. 15/11/2017.
*GSTR1* for July 2017 has been opened for filing again. Those who missed filing GSTR1 may file it now.
*GST:* The facility of revising GSTR-3B (before filing) is now available on GSTN portal. A “RESET GSTR 3B” button has been added for the same purpose. Also, the facility to download the filed GSTR-3B return is available.
*CVC release ethics for CA’s*. Read and follow it.CVC.nic.in/codeethics.pdf
*Empanelment:* Central Bank of India invites online application for Concurrent Auditors - Last Date for filing Online Applications: 22.11.2017.
*Empanelment*: Syndicate Bank invites online applications for empanelment of Concurrent Auditors - Last date for submission of application for the year 2018-19:- 25-11-2017
*ICAI:* 3 Days Program/webcast on IBBI Limited Insolvency Exams 22-24 Nov,4-7pm at ICAI Vishwas Nagar Delhihttps://resource.cdn.icai.org/47715clcgc37612.pdf - Fees- 590/- CPE hours 9.
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IBBI
The provisions related to corporate insolvency resolution and liquidation of the Insolvency and Bankruptcy Code, 2016 (the Code) were commenced in the month of December, 2016. As on date, more than 300 cases have been admitted for resolution by the Adjudicating Authority i.e., National Company Law Tribunal. References/ suggestions from various stakeholders have also been received for further improvement in the processes prescribed in the Code. With a view to examine the suggestions received and related matters, the Government constitutes an Insolvency Law Committee under the Chairmanship of Secretary, MCA and members from IBBI, RBI, Banks, Professional Institutions and Law firms. The Committee shall take stock of the functioning and implementation of the Code, identify the issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework prescribed under the Code, and make suitable recommendations to address such issues, enhance efficiency of the processes prescribed and for effective implementation of the Code.
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Split Verdict in Mitusubishi’s TDS Case: Delhi HC Refers the matter to Chief Justice [Read Judgment]
Read more at: http://www.taxscan.in/split-verdict-mitusubishis-tds-case-delhi-hc-refers-matter-chief-justice-read-judgment/13707/
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Gujarat HC dismisses PIL alleging GST Council decision violates Election Code of Conduct
Read more at: http://www.taxscan.in/gujarat-hc-dismisses-pil-alleging-gst-council-decision-violates-election-code-conduct/13687/
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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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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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ITAT Orders to Pay Tax on Undisclosed Income held in LGT Bank in Liechtenstein [Read Order]
Read more at: http://www.taxscan.in/itat-orders-pay-tax-undisclosed-income-held-lgt-bank-liechtenstein/13651/
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Central Govt appeals Industry Leaders to pass benefit of GST Rate Reduction to Consumers
Read more at: http://www.taxscan.in/central-govt-appeals-industry-leaders-pass-benefit-gst-rate-reduction-consumers/13674/
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📺 *Updates*
➡1. Milling of paddy into rice isn’t exempt from GST; Govt. clarifies
➡2. Ind AS 109: Comfort letter may be treated as financial guarantee if conditions are satisfied
➡3. No denial of sec. 80G approval to trust spreading religious feelings & brotherhood among ‘Aggarwal Community’
Maharaja Aggarsain Charitable Trust v. Commissioner of Income-tax, (Exemptions) Chandigarh*
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