🎴 *Nil rate supplies*
Goods or services on which GST rate of 0% is applicable (listed in Schedule 1 in the GST rate schedule) are called nil rated goods or services. Supply of any of these goods or services is a nil rated supply under GST.
*Eg:accommodation in hotel with tariff below Rs. 1,000 per Day*
🎴 *Non-taxable supplies*
Goods or services on which GST is not leviable (as these goods or services are kept out of the purview of GST) are called non-taxable goods or services. Supply of any of these goods or services is a non-taxable supply under GST.
*Eg:supply of alcohol for human consumption, petroleum products, electricity*
🎴 *Exempt supplies*
By definition, exempt suppy under GST is a broad term which includes nil rate supplies, non-taxable supplies and specific supplies which are notified as exempt from tax. Hence, in the GST Law and rules, reference to exempt supplies includes nil rate supplies, non-taxable supplies and the specific supplies declared as exempt by notification.
*Eg:Transport services provided by a GTA, where the gross amount charged is less than Rs. 1,500 for a consignment in a single carriage or Rs 750 for a single consignee*
🎴 *Zero rate supplies*
Any goods or services supplied in the course of the following is a zero rated supply under GST:
a. Export or
b. Supplies to Special Economic Zones (SEZ) or SEZ developers
Note that here, tax is not charged owing to the nature of supply, regardless of the goods or services supplied.
Note: For persons making a zero rated supply under GST, 2 options have been given:
Supply goods or services under bond or Letter of Undertaking, without payment of tax and claim refund of unutilised input tax credit, orSupply goods or services with payment of tax and claim input tax credit.
*Eg:Export of apparel to Sri Lanka, consultancy services provided to firm in Malaysia*
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Not Specifying Exact Charge against Assesse while invoking Penalty is against Natural Justice Principles: ITAT Mumbai [Read Order]
Read more at: http://www.taxscan.in/not-specifying-exact-charge-assesse-invoking-penalty-natural-justice-principles-itat-mumbai/14241/
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Last Date 28.11.2017 for filing Financial Statement in AOC-4 and Annual Return in MGT-7 after that Additional Fee will be applicable from 29.11.2017
For AOC-4 it will be 4 times as additional fee will be applicable from original date of event I.e. 30/09/2017 usually and delay of 30 days will expire on 28.11.2017
For MGT-7 it will be 2 times as additional fee will be applicable from 29.11.2017.
_Note: It is assumed above that AGM was held on 30.09.2017_
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What to do if a restaurant overcharges after the GST rate cut?*
On November 15, GST on 178 goods was lowered to 18 percent from 28 percent as part of rationalisation approved by the GST Council. It was slashed to 5 percent from 18 percent for all standalone restaurants irrespective of whether they were air-conditioned or otherwise, without input tax credit. Also, a flat 5% slab was imposed on takeaways and deliveries.
If you notice any discrepancies in the prices on the menu, here is what you can do:
1. *CBEC GST Portal*
Visit the portal at https://cbec-gst.gov.in/
When you scroll down you will come across the CBEC Mitra Helpdesk
There select the option, Raise Web Ticket
You will be taken to different window, where on the left-hand side you will have to choose Tax Fraud/Avoidance
You will be taken to a page where you will have to enter details like your full name, email address, and report. In the report box, mention details of the restaurant like its name, address, and the nature of the complaint.
Once you do this, a representative will first contact the restaurant to check the details with them and then email you the information.
2. *Email:*
CBEC: You can email your grievance at cbecmitra.helpdesk@icegate.gov.in. In the email, mention your name, phone number, name of the restaurant, its location, and the nature of the complaint. Although you don't have to attach the pre and post GST bills along with the mail, do keep the pre-GST bill handy. According to the CBEC helpline number, they will first contact the restaurant to check the details with them and then email you the information.
3. *Department of Consumer Affairs:* Here, too, you need to keep the post-GST bill with you, you will need it the complaint gets escalated. In the email, mention your name, contact details, city, and your complaint where provide details like restaurant name, their contact details, address, and email. The consumer forum will contact the restaurant and once they get a response, they will email it to you. The helpline desk representative told us that you can also send an email to the restaurant marking the consumer helpline email ID. If (in both cases) the restaurant does not respond within seven days or if you are not satisfied with the response, then you will have to approach a consumer court and register a complaint. This the only route you can use if you are going through the Department, the toll free number, 1800114000, will only give you advise on what you can do.
4. *Toll free number of CBEC*
You can call the toll free number of CBEC at 18001200232 and where you will be connected to the Fraud department.
5. *Twitter*
You can also flag your grievances on the official Twitter handles of GST (askGST_Goi) and the Finance Ministry (@FinMinIndia).
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Penalty can’t be imposed for Non-Deduction of TDS If Default was due to Wrong Classification of Payments: ITAT [Read Order]
Read more at: http://www.taxscan.in/penalty-cant-imposed-non-deduction-tds-default-due-wrong-classification-payments-itat/14242/
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Delhi HC Confirms Suspension of CA for Manipulating Public Issue of Company, Asks CA Fraternity to Ensure Probity and Sanctity [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-confirms-suspension-ca-manipulating-public-issue-company-asks-ca-fraternity-ensure-probity-sanctity/14118/
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: CBDT comes up with Stringent Norms for Scrutiny of Revised / Belated Returns filed Post-Demonetisation [Read Letter]
Read more at: http://www.taxscan.in/cbdt-comes-stringent-norms-scrutiny-revised-belated-returns-filed-post-demonetisation/14145/
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CBDT Circular Specifying Tax Effect Applies to Pending Appeals: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/cbdt-circular-specifying-tax-effect-applies-pending-appeals-supreme-court/14167/
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GST: Centre and State Divides Tax Payers in Maharashtra [Read Order]
Read more at: http://www.taxscan.in/gst-centre-state-divides-tax-payers-maharashtra-read-order/14113/
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Donations Received by Trust for Specific Purpose of Acquiring Capital Assets are Tied-up Grants: ITAT allows Exemption [Read Order]
Read more at: http://www.taxscan.in/donations-received-trust-specific-purpose-acquiring-capital-assets-tied-grants-itat-allows-exemption/14095/
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CBEC amends Condition to Provisional Mega Power Projects and Permit Proportionate release of FDR or BG [Read Notification]
Read more at: http://www.taxscan.in/cbec-amends-condition-provisional-mega-power-projects-permit-proportionate-release-fdr-bg/14189/
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Out of pocket reimbursible expenses are not required to be included in the addressable value for calculation of Service Tax while rendering Business Auxiliary Service. Tribunal relied upon Delhi High court judgement in International Consultant and Technocrat Vs Union of India. Dream Loansz vs CCE 2017 (6)GSTL 443 Tri.
Cheque returning charges Minimum Balance Charges quarterly average balance charges (though penal in nature) yet liable to be included in the addressable value. Karur Vyasa Bank Vs. CCE 2017 (6) GSTL 436 Tri.
Construction of flats under low cost housing scheme of Govt of UP or Welfare Scheme not liable to Service Tax.Activities not liable either Works Contract nor Construction of Complex Service. CCE VS.Ganesh Yadav. 2017 (6)GSTL 428. Tri. Allahabad.
Arrangement fees payable to ICICI Bank Ltd Singapore for arranging ECB. Service Tax payable on the basis of RCM by Appellant CCE VS JSE Steel Ltd 2017 (6)GSTL 397 Madras High Court.
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Defaulting firms may be given windowto come clean
NEW DELHI, NOVEMBER 24:
The government may announce an amnesty or a settlement scheme to provide relief to some of the three lakh company directors disqualified in a sudden decision in September.
Several high-profile independent directors were among those disqualified. Many have obtained favourable high court orders staying the government decision. However, a stay order only provides temporary relief.
Sections of India Inc have been pleading with the government for a settlement scheme to give companies an opportunity to update their records and pay a compounding penalty for failure to file returns, said sources in industry and corporate law. A settlement scheme would essentially give companies a few weeks to update their records and pay a penalty to rectify the position.
More worrying for corporate India is the interpretation of the provision in the Companies Act on disqualification; one such interpretation requires the disqualified directors to vacate all board positions. While not all agree with this, the government has offered no clarification.
The government had said that it was applying Section 164 (2) of the Companies Act, 2013, which calls for disqualification of all directors — executive, non-executive and independent — of companies that had failed to file their annual returns and financial statements with the Registrar of Companies for three continuous years. The government suspects that many of the companies that have not filed their returns are shell companies, and that some of them have indulged in illegal activities, particularly after last year’s demonetisation exercise.
Indications from the government are that while it does not want to penalise some of these independent directors, it wants to be tough on defaulters, particularly if their offence is significant. If the government does not provide relief, disqualified directors cannot be reappointed to board positions until November 1, 2021.
BIG NAMES
The original list of disqualified directors included former ICICI executive and prominent woman director Ramni Nirula, top corporate lawyers Berjis M Desai and Bahram N Vakil, bankers Udayan Bose and Srinivasan Sridhar, retired bureaucrat Subbaraman Narayan, and Eicher group chairman Srinivasan Sandilya, according to the website watchoutinvestors.com.
A check on the status of the director identification number of these individuals on the Corporate Affairs Ministry website shows that Nirula, Narayan and Sandilya are “Approved”, meaning they have either got a stay order, or succeeded in proving an error by the RoC in disqualifying them.
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🍎 *What is GST ITC-04?*
GST ITC-04 has to be furnished by registered manufacturers, showing details of inputs or capital goods dispatched or received from a job worker in a quarter.
🍊 *The details of the following 4 types of transactions need to be furnished in GST ITC-04:*
👉 Inputs or capital goods dispatched to job workers in the quarter
👉 Inputs or capital goods received from job workers in the quarter
👉 Inputs or capital goods sent from one job worker to another in the quarter
👉 Inputs or capital goods supplied from the premises of job workers in the quarter
🍋 *GST ITC-04 due date*
The regular deadline for filing GST ITC-04 will be the 25th of the month succeeding a quarter. Note that last date for filing Form ITC-04 for the quarter July- September ’17 has been extended from 25th October ’17 to 31st December ’17.
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Companies Act :
Since from the bare persual of Section 242 of the Companies Act, 2013, it is clear that the Tribunal if comes to a definite conclusion that the company's affairs have been or are being conducted in a manner prejudicial/oppressive to any member/members/public interest/interest of the company and to wind up the company would unfairly prejudice such member/members, then only with a view to bring to an end the matters complained of, may make such orders as it thinks fit, it is held by the Hon'ble NCLAT that where the petitioners have failed to make out a case of 'Oppression and Mismanagement, the Tribunal has no jurisdiction to pass any order in terms of Section 242(1) & (2) of the Companies Act, 2013. *Upper India Steel Manufacturing and Engineering Co. Ltd. and Ors. vs. Gurlal Singh Grewal and Ors. MANU/NL/0164/2017*
IBC :
It is held that an application u/s 9 of the Code, by a trade union/workmen association is not maintainable in the absence of any liability or application in respect of any claim which is due to them from the corporate debtor as they do not provide any service to the corporate debtor and cannot claim to be operational creditor. It is further held that members of trade union may have some amount due from the corporate debtor as salary, gratuity, etc. in view of service rendered, for which each workman will have a separate cause of action, separate claim and separate date of default. *J K Jute Mill Mazdoor Morcha vs. Juggilal Kamlapat Jute Mills Co. Ltd. MANU/NL/0089/2017*
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# *GST*: CBEC clarifies applicability of IGST/GST on goods transferred/sold while being deposited in a warehouse - CirNo.46/2017-Customs, dt.24.11.2017.
# *IBC*: A new Section 29A has been inserted in the Insolvency & Bankruptcy Code, 2016, through Ordinance, dt.23.11.2017, that makes *certain persons ineligible* to be a resolution applicant, which includes:
• wilful defaulters;
• those person whose accounts have been classified as NPAs for one year or more
• those who have executed an enforceable guarantee in favour of a creditor, in respect of a corporate debtor undergoing a CIRP or liquidation process under the Code; and
• Related Parties such as persons connected are promoters or in management of control of the resolution applicant or corporate debtor, the holding company, subsidiary company, associate company.
# *IBC*: The Committee of Creditors (CoC) shall reject a resolution plan submitted before the Ordinance but is yet to be approved, and where the resolution applicant is not eligible as per the new Section-29A. In such cases, on account of the rejection, where there is no other plan available with the CoC, it may invite fresh resolution plans.
# *IT*: Amount received against damages for breach of contract not taxable since the fundamental right for starting the business was taken away – CIT Vs Parle Soft Drinks (Bangalore) Pvt. Ltd. & Ors (2017 (11) TMI 1311 - Bombay HC).
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🏻GST - Matching of invoices, returns to start soon.*
(Govt will soon start the process of matching returns and invoices under the GST as the IT backbone for the tax reform measure stabilises and the need to assess the extent of taxes due takes centrestage)
👇🏻 👇🏻 👇🏻
https://goo.gl/kW3nWV
*👉🏻All revised IT returns post demonetisation under lens.*
(Government told all tax offices to accept only those revised tax returns where there is a “bona fide inadvertent error” or “a mistake” on part of the assessee. If inquiries indicate any dubious manipulation to legitimise undisclosed cash deposit, then an assessee should be taxed at a much higher rate under the anti-abuse provisions of the law.)
👇🏻 👇🏻 👇🏻
https://goo.gl/J9YU7U
*👉🏻SC holds stringent bail condition in PMLA as unconstitutional.*
(In absence of any compelling state interest, indiscriminate application of the provisions of Section 45 will certainly violate Article 21 of the Constitution, which guarantees right to life and liberty to all citizens, it observed.)
👇🏻 👇🏻 👇🏻
https://goo.gl/5QoPQ7
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IBC Amendment: Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law:
The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.
The amendments aim to keep out such persons who have willfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to the successful resolution of the insolvency of a company.
Those who have their accounts classified NPA for one year or more and are unable to settle their overdue amounts include interest thereon and charges relating to the account before submission of the resolution plan would also be ineligible.
Corporates, promoters and associate companies undergoing insolvency resolution or liquidation under the Code would not be eligible for bidding for the stressed assets.
The Committee of Creditors (CoC) should ensure the viability and feasibility of a resolution plan before approving it.
CoC should “reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved”.
ICAI Committee has organised 3 days Program from 22-24 Nov.2017 on Insolvency and Bankcuptcy Code Examination at New Delhi. Webcast of that is available at ICAI Tv. http://estv.in/icai/clcgc/
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📺 *Updates*
➡1. HC directs Commissioner to decide on levy of GST on works contract executed before July 1, 2017
Coimbatore Corporation Contractors Welfare Association v. State of Tamil Nadu
➡2. No penalty if assessee, following ICAI guidelines, was in bona fide belief that sec. 44AB wasn't applicable
Off- Shore India Ltd. v. Deputy Commissioner of Income-tax, Circle-4, Kolkata.
➡3. Ind AS not applicable to Branch offices of a foreign company.
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000013562&mode=home&page=
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Sykes Enterprises (India) (P.) Ltd. - [2017] 87 taxmann.com 167 (Bangalore - Trib.)
IT/ILT: Where assessee was rendering software development services to its AE, to benchmark said transaction, a software product company and company engaged in development of niche product, were incomparable
IT/ILT: Assessing Officer should exclude on sale of assets incurred by assessee from computation of operating loss profits/costs of software development services rendered by assessee
I. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm’s length price (Comparables and adjustments/Comparables - Illustrations) - Assessment year 2006-07 - Assessee-company rendered software development services to its AE - Whether a software product company and company engaged in niche product were incomparable - Held, yes - Whether company engaged in services in form of ACCEL IT and ACCEL animation services for 2D and 3D animation was functionally different and, thus, incomparable - Held, yes - Whether a company which assumed all risks, leading to higher profit, could not be compared with assessee, assuming only limited risk - Held, yes [Para 7][In favour of assessee]
II. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm’s length price (Comparables and adjustment/Adjustments - Operating Cost) - Assessment year 2006-07 - TPO had considered 'loss on sale of assets' incurred by assessee as part of operating mark up on cost - Loss incurred on sale of assets was due to cessation of ITES business of assessee and did not form part of assessee's business of provision of software development services to its AE's in year under consideration - Whether Assessing Officer should exclude said loss from computation of operating profits/costs of its software development services - Held, yes [Para 6][Matter remanded]
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Subsidy from State Govt under ‘Capital Investment Subsidy’ is a Non Taxable Capital Receipt: ITAT [Read Order]
Read more at: http://www.taxscan.in/subsidy-state-govt-capital-investment-subsidy-non-taxable-capital-receipt-itat/14052/
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*Restoration of ICAI Membership or COP:Steps*
Step 1: Check your status, whether both membership & COP is cancelled or only COP is cancelled : http://112.133.194.253/reprintletter/membercard.aspx
Step 2: If both membership & COP is cancelled , only Form 9 is required to be filled along with fees. To download form 9 : https://www.icai.org/new_post.html?post_id=1564&c_id=89
Step 3: If only COP is cancelled, Form 101 is required to be filled along with fees.To download form 101 : https://www.icai.org/new_post.html?post_id=1564&c_id=89
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Winter Session of Parliament from Dec 15: GST (Compensation to States) Bill to Come Up
Read more at: http://www.taxscan.in/winter-session-parliament-dec-15-gst-compensation-states-bill-come/14019/
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Rent received during Eviction of Tenants on a Property Purchased for Setting Up of Project is not Taxable: ITAT [Read Order]
Read more at: http://www.taxscan.in/rent-received-eviction-tenants-property-purchased-setting-project-not-taxable-itat/14004/
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Sale of Idea Cellular’s Shares by a Mauritius subsidiary of Tata to Birla Group Company is Not Taxable in India: ITAT [Read Order]
Read more at: http://www.taxscan.in/sale-idea-cellulars-shares-mauritius-subsidiary-tata-birla-group-company-not-taxable-india-itat/13977/
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Madras HC Quashes Assessment against Cairn India [Read Judgment]
Read more at: http://www.taxscan.in/madras-hc-quashes-assessment-cairn-india-read-judgment/14023/
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CBEC - Customs
CBEC has issued a circular on the procedure to be followed, when the testing facilities of certain goods is not available in Revenue Laboratories which causes delay in clearance of the consignments of these goods due to avoidable movement of samples between Customs field formations and Revenue Laboratories. The CRCL has shortlisted the items whose samples which cannot be tested in their Laboratories at present and also identified the Laboratories functioning under the other Ministries / Departments / Organizations where such samples could be tested. Further, until Revenue Laboratories are upgraded, as a measure of trade facilitation, the Board has decided that field formations may directly forward samples of goods mentioned after following the prescribed procedure.
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CBDT
CBDT has issued a draft notification in respect of conversion of Indian branch of foreign bank into Indian Subsidiary Company. Finance Act, 2012 inserted a new Chapter XII-BB consisting of section 115JG in the Income-tax Act, 1961 (the Act) which contains “Special provisions relating to conversion of Indian Branch of a foreign bank into a subsidiary company”. Section 115JG of the Act inter-alia provides that in case the conversion of Indian Branch of foreign bank fulfills the conditions notified by the Central Government, the capital gains arising from such conversion shall not be chargeable to tax and the provision relating to unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in case of Foreign Company and Indian Subsidiary shall apply with such modification, exception etc. as may be specified in the notification.
SEBI
Shri Anand Rajeshwar Baiwar has taken charge as Executive Director, SEBI on November 16, 2017. He will look after the Investigation Department and Division of Foreign Portfolio Investors and Custodians. Prior to this assignment he was working as Commissioner of Income-Tax at Kolkata. Shri Baiwar is an Indian Revenue Service (IRS) officer of the 1990 batch and has over 25 years of experience in the administration of Direct Tax Laws investigation and examination of accounts. Shri Baiwar is a graduate in Engineering from BITS, Pilani and holds a Post Graduate Diploma in Management (PGDM) from Indian Institute of Management (IIM), Bangalore. He is also a Chartered Financial Analyst (CFA) from ICFAI, Hyderabad and has a Bachelors Degree in Law from Gujarat University
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SEBI - BSE
The Exchange has shared the details of the non-compliant Exclusively Listed Companies and its Promoters/Directors with the Depositories for initiating the action against Exclusively Listed Companies and its Promoters / Directors in accordance with the circular issued recently. The particulars shared with the Depositories are based on the extent of the data made available by De-recognized / Non-operational / exited Stock Exchanges / ROC, to BSE. Further the consequences of non-compliance, include the non-compliant ELCs, its directors, its promoters and the companies which are promoted by any of them shall not be eligible to access the securities market for the purposes of raising capital till the promoters of such ELCs provide an exit option to the public shareholders in compliance with SEBI circular dated October 10, 2016 and the promoters and directors of non-compliant ELCs shall not be eligible to remain or become director of any listed company till the promoters of such non-complaint ELCs provide exit option to public shareholders in compliance with SEBI circular dated October 10, 2016 and intimate the same to the Exchange.
CBEC
CBEC has issued a notification inviting suggestions from the Industry and Trade Associations for budget 2018-19 regarding changes in Direct and Indirect taxes. The suggestions may relate to changes in duty structure, rates and broadening of tax base on both direct and indirect taxes giving justification for the same. Suggestions and views may also be supplemented by relevant statistical information about production, prices revenue implication of changes suggested. Suggestions and views related to Indirect Taxes may be emailed as a word document to budget-cbec@nic.in and Suggestions related to Direct Taxes to ustpl3@nic.in. Last date for submissions of suggestions is 25th November, 2017.
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IBC Amendment:* *Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law*
1. The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.
2. “The amendments aim to keep out such persons who have willfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to the successful resolution of the insolvency of a company."
3. “Those who have their accounts classified NPA for one year or more and are unable to settle their overdue amounts include interest thereon and charges relating to the account before submission of the resolution plan” would also be ineligible.
4. Corporates, promoters and associate companies undergoing insolvency resolution or liquidation under the Code would not be eligible for bidding for the stressed assets.
5. The Committee of Creditors (CoC) should ensure the viability and feasibility of a resolution plan before approving it.
6. CoC should “reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved”.
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SEBI
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. FPIs are permitted to invest in REITs and InvITs, which are classified as hybrid securities and presently, the said investments are not reflected in the daily FPI net investment data or the monthly/fortnightly FPI AUC data. Further, in order to capture FPI investment data in hybrid securities, a third category termed as “Hybrid Security” shall be created for the purpose of capturing and disseminating FPI investment data in hybrid securities. The depositories (NSDL and CDSL) shall put in place the necessary systems for the daily reporting by the custodians of the FPIs and shall also disseminate on their websites, the AUC of the FPIs in debt, equity and hybrid securities.
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# *IBC*: The Hon’ble Supreme Court in the matter Uttara Foods & Feeds Pvt.Ltd. Vs. Mona Pharma Chem has observed that Insolvency & Bankruptcy (Application to Adjudicating) Rules, 2016 does not give inherent powers to NCLAT as provided in Rule 11 of NCLT Rules, 2016 to allow compromise to take effect after admission of insolvency petition.
# *CBEC* has issued a circular on the procedure to be followed, when the testing facilities of certain goods is not available in Revenue Laboratories which causes delay in clearance of the consignments of these goods due to avoidable movement of samples between Customs field formations and Revenue Lab.
# *ICAI* issues revised (Sixth Edn.) Guidance Note on Transfer Pricing Report U/s 92E of The Income-Tax Act, 1961.
# *SEBI*: BSE has shared the details of the non-compliant Exclusively Listed Companies and its Promoters / Directors with the Depositories for initiating the action against Exclusively Listed Companies and its Promoters / Directors in accordance with the circular issued recently.
# *IT*: Entitlement for waiver of interest u/s 220(2A) - petitioner has satisfied all the three conditions as enumerated under Section 220(2A) of the Act and therefore are entitled for waiver of interest. – Madras Race Club Vs. CIT, ACIT, JCIT (2017 (11) TMI 1225 - Madras High Court)
# *ST*: No Demand of ST on fees received for courses of London School of Economics (University of London) under commercial coaching/ training centre – ITM Int’l Pvt. Ltd. Vs CST (2017 (11) TMI 1230 - CESTAT New Delhi (LB)).
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Kerala Govt directs Local bodies to become GST Compliant
Read more at: http://www.taxscan.in/kerala-govt-directs-local-bodies-become-gst-compliant/14000/
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Petition challenging PAN-Aadhaar Linkage in SC dismissed as Withdrawn [Read Order]
Read more at: http://www.taxscan.in/petition-challenging-pan-aadhaar-linkage-sc-dismissed-withdrawn/14008/
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*Refund to Exporters under GST Due To Insertion Of two Proviso To Rule 96/ 96A*-
1. *As Per Rule 96/ 96A* - Details of the export invoices contained in FORM GSTR-1 furnished on the common portal shall be electronically transmitted to the system designated by Customs and a confirmation that the goods covered by the said invoices have been exported out of India shall be electronically transmitted to the common portal from the said system. Once this process is completed then only a refund can be granted to an exporter.
2. *Due to delays in return filing* as a consequence to GSTN glitches, the CGST (Eleventh Amendment) Rules, 2017 has inserted two provisos in rule 96(2) /96A(2) effective from 28.10.2017 which provide as under.
3. *First proviso to rule 96(2) /96A(2)*- Where the date for furnishing the details of outward supplies in FORM GSTR-1 for a tax period has been extended in exercise of the powers conferred under section 37 of the Act, the supplier shall furnish the information relating to exports as specified in Table 6A of FORM GSTR-1 after the return in FORM GSTR-3B has been furnished and the same shall be transmitted electronically by the common portal to the system designated by the Customs
4. *Second proviso to rule 96(2) /96A(2)*- Information in Table 6A furnished under the first proviso shall be auto-drafted in FORM GSTR-1 for the said tax period. *The portal has made available the table 6A of GSTR-1 on portal separately. This table can now be filled by exporters to claim an early refund*. Details furnished in this table will be auto populated in GSTR-1 of relevant month as and when filed
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🏻RBI relaxes 26% debt-equity conversion cap for ARCs.*
(n a major boost to the asset reconstruction companies (ARCs) the RBI relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ain1P3
*👉🏻No proposal to withdraw cheque book facility - FinMin.*
(The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions)
👇🏻 👇🏻 👇🏻
https://goo.gl/L9BZpP
*👉🏻Ordinance to amend the Insolvency and Bankruptcy Code, 2016 promulgated.*
(The Ordinance amends Sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new Sections 29A and 235A in the Code.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Ab6sPe
*👉🏻Partners Required.*
(RBI category I firm looking for partners at Bangalore Delhi & Chennai location for various professional work.)
👇🏻 👇🏻 👇🏻
https://goo.gl/7EFVkd
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MCA to restore DIN to enable disqualified directors to file return of cos. other than defaulting co.: HC OF HYDERABAD
Dr. Reddy's Research Foundation v. MCA
Govt constitutes a task force to review existing income tax law and draft new direct tax law with seven members, CA Girish ahuja is member of this task force.
*IBC:* The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.
*IBC Amendment:* Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law.
*CPE requirement:* Revised CPE hrs requirement w.e.f 1/1/2017, 3 yrs block for:
Members holding CoP Age<60 yrs:120 hrs, Age≥60 yrs:90 hrs
Others:60 hrs
Visit:https://www.cpeicai.org/?page_id=134
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The government has brought back the main author of the now junked Direct Taxes Code as a convenor of the task force to review the decade sold provisions of the Income Tax Act and draft a replacement.
GST: If Receipt of Payment & Completion of Supply happen before rate change then old rate will apply to issue invoice. Else new rate will apply.
Union cabinet approved amendments to the Insolvency and Bankruptcy Code (IBC) to plug potential loopholes in the new corporate turn around regime and to ensure rescued companies remain in reliable hands.
Government plans to partly finance private sector expenditure on promoting tourism in India and may offer leading hotels, travel agencies, online travel portals and airlines.
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: Defect in Notice that Creates Jurisdiction is an Incurable Defect: ITAT Quashes Wealth Tax Proceedings against Sahara [Read Order]
Read more at: http://www.taxscan.in/defect-notice-creates-jurisdiction-incurable-defect-itat-quashes-wealth-tax-proceedings-sahara/13691/
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Principal Commissioner is the Competent Authority to receive Revision Application: Govt Amends Central Excise Rules [Read Notification]
Read more at: http://www.taxscan.in/principal-commissioner-competent-authority-receive-revision-application-govt-amends-central-excise-rules/13968/
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: The matchstick first burns itself before burning other things. Anger is also like a matchstick, it destroys us first, before destroying others.
Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless.
CBDT has issued a draft notification in respect of conversion of Indian branch of foreign bank into Indian Subsidiary Company.
GST- 3B reset facility is working Now . Used it for Aug , Sept and surprisingly for Oct also.
Functionality for refund of Input Tax Credit of inputs/input services attributed to export of Goods & Services is now available on the GST Portal.
Taxpayers who have not filed Form GSTR 1 for July 2017, can now file it on the GST Portal.
CBEC chairman has written to the biggest companies to ensure that cuts in the goods and services tax (GST) are passed on to customers. Government is keen that this translate into lower prices for buyers.
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📺 *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.
🙏�Thank you🙏�
Have a nice day