Breaking: ITAT Grants Interim Relief to Google, Asks to Deposit 179 Crores for Stay [Read Order]
Read more at: http://www.taxscan.in/breaking-itat-grants-interim-relief-google-asks-deposit-179-crores-stay/14913/
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GST Update - No tax on ADVANCE*
Central Government vide notification 66/2017-CT dt. 15.11.17 brings a welcome change which *exempts* all the supplier of GOODS *from payment of GST on advance payment received from their buyer.*
Earlier this exemption was brought w.e.f 13.10.17 only for supplier of GOODS having turnover less than 1.5 crore.
Hence no need pay GST on advance recd. w.e.f 15.11.17.
*Note:*
1. The above exemption is not available to Service Providers.
2. This exemption is not applicable to any advance recd. before 15.11.17.
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Govt to Use GST Data to crack Income Tax Evaders
Read more at: http://www.taxscan.in/govt-use-gst-data-crack-income-tax-evaders/14911/
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CBDT has issued Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961.
The Supreme Court will next week hear a plea seeking interim relief in the Aadhaar case. Govt would only extend a deadline for getting Aadhaar and seeding it to various social security benefits from December 31, 2017 to March 31, 2018.
Refund procedure for refund claims in respect of zero rated supplies has been initiated by the Government. However, the refund process for other cases has not been initiated as of now.
RBI’s latest guidelines on merchant discount rates (MDR) have brought some respite to the digital payments industry, many payment executives ET spoke to feel that the central bank needs to ensure equitable distribution of MDR between the various participants of digital transactions.
Reserve Bank has issued a press released to cautions the general public regarding risk of trading and dealing in virtual currencies including Bit coins.
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👉🏻Input Service Distributors can now file GSTR 6 on GST portal.*
(GSTN said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Z77Qok
*CBDT extends date till 31.3.18 for linking of Aadhaar with PAN.*
(In view of the difficulties faced by some of the taxpayers in the process, the date for linking of Aadhaar with PAN was initially extended till 31st August, 2017 which was further extended upto 31st December, 2017.)
👇🏻 👇🏻 👇🏻
https://goo.gl/KRBAQt
*👉🏻Taxman may invoke Benami Act for unexplained credits, investments.*
(The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases.)
👇🏻 👇🏻 👇🏻
https://goo.gl/bV9HMK
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Supply of Vessel on Hire is Taxable u/s 44BB of Income Tax Act: ITAT [Read Order]
Read more at: http://www.taxscan.in/supply-vessel-hire-taxable-u-s-44bb-income-tax-act-itat/14873/
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Food provided to Employee cannot be treated as Fringe Benefit: ITAT [Read Order]
Read more at: http://www.taxscan.in/food-provided-employee-cannot-treated-fringe-benefit-itat-read-order/14893/
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📺 *Updates*
➡1. Hearing opportunity not necessary to transfer assessee’s case from one place to another in same city: HC
Advantage Strategic Consulting (P.) Ltd. v. Principal Commissioner of Income-tax, Chennai-1
➡2. Deduction u/s 43B for unutilized MODVAT credit at year end not allowable: Delhi HC
Maruti Udyog Ltd.
v. Commissioner of Income-tax, Delhi
➡3. No denial of India-UAE treaty just because directors weren’t UAE residents if POEM of co. was in UAE: ITAT
Income-tax Officer (International Taxation)
v. Martrade Gulf Logistics FZCO-UAE
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#Economy:The Govt extended the deadline for mandatory linking of PAN with Aadhaar by three months to March 31, 2018. This is the third extension given by the Govt to individuals to link the PAN with the biometric ID. The Centre had already informed the Supreme Court that it is willing to extend till March 31 the deadline fixed for mandatory linking of Aadhaar to avail various services and welfare schemes. It has come to notice that some of the taxpayers have not yet completed the linking of PAN with Aadhaar. Therefore, to facilitate the process of linking, it has been decided to further extend the time for linking of Aadhaar with PAN till March 31, 2018. As of November, 132.8 million out of 330 million PANs have been linked to the 12-digit biometric identifier Aadhaar.
#India's foreign exchange reserves increased by USD 1.2 billion to touch USD 401.942 billion in the week to December 1. The surge in reserves was aided by an increase in foreign currency assets, a major component of the overall reserves.
#The order inflow trend for capital goods and infrastructure co's in the country has shown significant improvement, with the order value having more than doubled on a year-on-year basis in the December quarter so far. Between October 1 and December 6, various infrastructure, construction and capital goods companies announced orders worth Rs 55,814 crore as new order wins. In the third quarter of 2016-17, this number stood at Rs 27,324 crore.
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Bombay HC Upholds Penal provisions under RERA [Read Judgment]
Read more at: http://www.taxscan.in/bombay-hc-upholds-penal-provisions-rera-read-judgment/14867/
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Private Open Terrace can’t be included in Built Up Area for the Purpose of Deduction if the Same was not approved by Local Authority: ITAT [Read Order]
Read more at: http://www.taxscan.in/private-open-terrace-cant-included-built-area-purpose-deduction-not-approved-local-authority-itat/14884/
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Allowances Received by a Member of Legislative Assembly is Exempted from Taxation: ITAT Hyderabad [Read Order]
Read more at: http://www.taxscan.in/allowances-received-member-legislative-assembly-exempted-taxation-itat-hyderabad/14824/
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Income Tax Department Suspends an Officer for Harassing the Taxpayer
Read more at: http://www.taxscan.in/income-tax-department-suspends-officer-harassing-taxpayer/14890/
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*MCA inserts term “Indian Accounting Standards” under Companies (cost records and audit) Rules*
Click here to read more : http://lawyersconnect.info/mca-inserts-term-indian-accounting-standards-under-companies-cost-records-and-audit-rules/
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UP Notifies E-Way Bill from December 16 [Read Notification]
Read more at: http://www.taxscan.in/notifies-e-way-bill-december-16-read-notification/14896/
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CBDT Chief Asks Officials to Speed Up Tax Recovery Measures due to Low Collection [Read Letter]
Read more at: http://www.taxscan.in/cbdt-chief-asks-officials-speed-tax-recovery-measures-due-low-collection-read-letter/14899/
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CBEC to Ease Norms for taking Security/Surety along with the Bond for Import of Goods on Concessional Rate [Read Circular]
Read more at: http://www.taxscan.in/cbec-ease-norms-taking-security-surety-along-bond-import-goods-concessional-rate/14904/
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Vodafone Eligible for Cenvat Credit on Towers, Shelters & Prefabricated Building: CESTAT [Read Order]
Read more at: http://www.taxscan.in/vodafone-eligible-cenvat-credit-towers-shelters-prefabricated-building-cestat/14833/
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Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% IGST during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.
GST: Unauthorised search and seizure by BIEO, HC grants interim relief. Case M/s. Kumar Traders And Company & Anr. Vs. The State Of Assam (Guwahati High Court)
MCA has issued circular to give Relaxation of additional fees and extension of last date of filing of Form CRA - 4 under the Companies Act, 2013.
NCLT has struck down an attempt by a group of banks to block an insolvency resolution plan by citing the 75 per cent vote share requirement prescribed under Section 30(4) of the Insolvency and Bankruptcy Code (IBC).
MCA has notified the Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Second Amendment, Rules, 2017 which shall come into force from the date of their publication in the Official Gazette.
RBI has permitted overseas branches and subsidiaries of Indian banks to refinance the existing external commercial borrowings (ECBs), giving them a level playing field visàvis their global counterparts.
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# *IT*-Deptt. is scrutinising all unexplained credits and investments in personal as well as corporate income-tax return filed this year and is looking to invoke the Benami Act in many cases.
# *MCA* has issued a Circular to give Relaxation of additional fees and extension of last date of filing of Form CRA - 4 under the Companies Act, 2013.
# *MCA* has notified the Companies (Filing of Documents and Forms in EBRL), Second Amendment, Rules, 2017.
# *IBC*: Section-25(2)(h) of the Code is amended to enable the resolution professional, with the approval of CoC, to specify eligibility conditions while inviting resolution plans from prospective resolution applicants keeping in view the scale and complexity of operations of business of the corporate debtor to avoid frivolous applicants.
# *GST*: Petitioner was not given any opportunity to show cause or give reply to the allegation on which goods have been seized or detained on account of absence of Transit Declaration Form (TDF) - matter to be re-examined and fresh order to be passed – M. K. Enterprises Vs State of U.P. & 3 Others (2017 (12) TMI 342 - Allahabad HC)
# IT: Benefit of deduction u/s 80IB - the assessee having not retained the character of ‘small scale industrial undertaking’, is not eligible to the incentive meant for that category. Permitting incentive in such case will be against the object of law – DCIT Vs Ace Multi Axes Systems Ltd. (2017 (12) TMI 372 - SC).
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📺 *Updates*
➡1. Provisions of sec. 292BB won’t cure defect of non-issuance of notice under sec. 143(2)
Assistant Commissioner of Income Tax, Circle-2 Gwalior
v. Laxman Das Khandelwal.
➡2. Sub-licensing of right to use patented technology without its extinguishment was assessable as business income.
Deputy Commissioner of Income Tax (LTU), Bangalore v. Bosch Ltd.*
➡3. Ind AS 103: Auditor to report under Cos. Act, 2013 if acquisition & appointment date vary.
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Provisions of Financial Resolution and Deposit Insurance Bill, 2017 meant to protect Interests of Depositors, says Govt.
Read more at: http://www.taxscan.in/provisions-financial-resolution-deposit-insurance-bill-2017-meant-protect-interests-depositors-says-govt/14858/
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Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/amusement-tax-paid-due-date-filing-income-tax-return-eligible-deduction-itat/14843/
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ICAI to Define the Term ‘Shell Company’
Read more at: http://www.taxscan.in/icai-define-term-shell-company/14855/
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GST: Govt Asks to Report the Names of Chartered Accountants who are not Co-Operating with the Dept [Read Letter]
Read more at: http://www.taxscan.in/gst-govt-asks-report-names-chartered-accountants-not-co-operating-dept/14848/
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#Economy:Three months after suspending trade in 331 suspected shell companies, the capital market regulator, the Securities and Exchange Board of India (Sebi), has decided to take the investigation forward, but through forensic audit of only 10-12 firms. The stock exchanges have examined the credentials provided by these firms and submitted their report to the market regulator. After analysing the report, Sebi has picked only two companies out of the 48 suspected firms listed on the National Stock Exchange for audit. Only eight companies out of 162 on the BSE have been picked for audit, the rest of the firms have been given a clean chit in the matter, after verifying their documents.
#Online recruitment activity registered a 24% jump in November - the highest this year - as the impact of demonetisation and GST seems to be bottom out. The impetus towards improving macroeconomic fundamentals and the slowdown in the economy due to demonetisation and the adjustment impact of GST implementation seems to be bottoming out, placing India on an upward trajectory.
#The SEBI proposes to permit mutual funds and portfolio managers to participate in exchange-traded commodity derivatives. It issued a consultation paper on this, seeking reactions by the end of this month — on allowing them, how and a possible regulatory framework.
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26 Forms for Registration prescribed-26 Forms for Registration have been prescribed (Form GST REG-01 to Form GST REG-26), 25 namely are as follows-
📝1 GST REG-01
Application for Registration under Section 19(1) of Goods and Services Tax Act, 20–
📝2 GST REG-02
Acknowledgement
📝3 GST REG-03
Notice for Seeking Additional Information/ Clarification/ Documents relating to Application for<<Registration/Amendment/Cancellation>>
📝4 GST REG-04
Application for filing clarification/additional information/ document for<<Registration/Amendment/Cancellation/Revocation of Cancellation>>
📝5 GST REG-05
Order of Rejection of Application for <<Registration /Amendment / Cancellation/ Revocation of Cancellation >>
📝6 GST REG-06
Registration Certificate issued under Section 19(8A) of the Goods and Services Tax Act, 20–
📝7 GST REG-07
Application for Registration as Tax Deductor or Tax Collector at Source under Section 19(1) of the Goods and Service Tax Act, 20–
📝8 GST REG-08
Order of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source under Section 21 of the Goods and Service Tax Act, 20–.
📝9 GST REG-09
Application for Allotment of Unique ID to UN Bodies/Embassies /any other person under Section 19(6) of the Goods and Service Tax Act,20_
📝10 GST REG-10
Application for Registration for Non Resident Taxable Person.
📝11 GST REG-11
Application for Amendment in Particulars subsequent to Registration
📝12 GST REG-12
Order of Amendment of existing Registration
📝13 GST REG-13
Order of Allotment of Temporary Registration/ Suo Moto Registration
📝14 GST REG-14
Application for Cancellation of Registration under Goods and Services Tax Act, 20–.
📝15 GST REG-15
Show Cause Notice for Cancellation of Registration
📝16 GST REG-16
Order for Cancellation of Registration
📝17 GST REG-17
Application for Revocation of Cancelled Registration under Goods and Services Act, 20–.
📝18 GST REG-18
Order for Approval of Application for Revocation of Cancelled Registration
📝19 GST REG-19
Notice for Seeking Clarification/Documents relating to Application for << Revocation of Cancellation>>
📝20 GST REG-20
Application for Enrolment of Existing Taxpayer
📝21 GST REG-21
Provisional Registration Certificate to existing taxpayer
📝22 GST REG-22
Order of cancellation of provisional certificate
📝23 GST REG-23
Intimation of discrepancies in Application for Enrolment of existing taxpayer
📝24 GST REG-24
Application for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20–
📝25 GST REG-25
Application for extension of registration period by Casual / Non-Resident taxable person.
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🍊 *GST Updates:* 🍋
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✍ *GST Abbreviations*
🖊 *CPIN* - Common Portal Indentification Number. (14 Digit, Valid for 15 days.)
🖊 *CIN* - Challan Indentification Number. (17 Digit where 14 Digit CPIN + 3 Digit Bank Code.)
🖊 *BRN* - Bank Reference Number ( Transaction Number)
🖊 *E-FPB* - Electronic Focal Point Branch.
🖊 *Major Heads* - IGST, CGST, SGST/UTGST, CESS
🖊 *Minor Heads* - Tax, Interest, Penalty, Fee, Others
🖊 *E-Ledgers* - E-Cash, E-Credit, E-Liability.
🖊 *GSPs* - GST Suvidha Providers
🖊 *ASPs* - Application Service Providers
🖊 *ITC* - Input Tax Credit
🖊 *ISD* - Input Service Distributor
🖊 *LUT* - Letter of Undertaking
🖊 *SEZ* - Special Economic Zone
🖊 *EOUs* - Export Oriented Units
🖊 *BoS* - Bill of Supply
🖊 *JsON* - JavaScript Object Notation
🖊 *P2P* - Principal to Principal
🖊 *P2A* - Principal to Agent
🖊 *B2B* - Busines to Business
🖊 *B2C* - Business to Customer
🖊 *B2BUR* - Business to Unregistered Business
🖊 *HSN* - Harmonized System of Nomenclature Code
🖊 *SAC* - Service Acconting Code
🖊 *EBN* - E-Way Bill Number
🖊 *EVC* - Electronic Verification Code
🖊 *ARA* - Application for Advance Ruling
🖊 *FC* - Facility Center
🖊 *UIN* - Unique Identification Number
🖊 *GSTIN* - Goods & Service Tax Identification Number
🖊 *UTGST* - Union Territory Goods & Service Tax
🖊 *CGST* - Central Goods & Service Tax
🖊 *SGST* - State Goods & Service Tax
🖊 *IGST* - Integrated Goods & Service Tax
🖊 *NEFT* - National Electronic Fund Transfer
🖊 *RTGS* - Real Time Gross Settlement
🖊 *SCN* - Show Casue Notice
🖊 *RCM* - Reverse Charge Mechanism
🖊 *OCPB* - Over the Counter Payment in Branches
🖊 *ARN* - Application Reference Number
🖊 *DSC* - Digital Signature Certificate
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#UAE_VAT - Exempted Goods under VAT #UAEVAT
https://youtu.be/UqAW8XxNtPQ
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Surcharge and Education Cess can be Calculated after Deducting the MAT Credit from Assessed Income: ITAT Hyderabad [Read Order]
Read more at: http://www.taxscan.in/surcharge-education-cess-can-calculated-deducting-mat-credit-assessed-income-itat-hyderabad/14829/
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CBEC relaxes sampling requirements to speed up grant of Drawback vide Public Notice No. 153/2017-JNCH - (04/12/2017)
SAD refund on import before 01.07.2017 and sale after 01.07.2017 vide Public Notice No. 151/2017-JNCH - (04/12/2017)
Revision of Remuneration payable to Statutory Auditors of Regional Rural Bank vide F No 7/4/2015-RRB- Vol(11) - (16/10/2017)
Indian Banks Association is a Public Authority Under RTI Act, 2005 - Shri R K Jain Vs. Indian Bank Association (IBA) (Central Information Commission) Date of Order : 13/11/2017.
Case Study: Donation received for specific purpose cannot be regarded as income u/s 2(24)(iia) -
Touching Heart Ministries Vs. Income Tax Officer (ITAT Visakhapatnam)
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Interest Expenses can’t be disallowed When Assessee had enough Own Funds which was more than Investments which yielded Tax Free Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-expenses-cant-disallowed-assessee-enough-funds-investments-yielded-tax-free-income-itat/14818/
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# *GST*: CBEC has released the Anti-Profiteering Application Form (APAF-1) for using which a complaint can be filed by a consumer of goods or services before the anti-profiteering committee.
# *GST*: Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% IGST during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.
# *IT*: Tax authorities have begun acting on information that the US is sharing with India under that country’s FATCA, sending enquiry notices to individuals with bank accounts in the US and potentially opening them up to prosecution on charges of concealing black money overseas.
# *DGFT* notifies New Appendices 5E (Computation of Annual Average Export Obligation under EPCG Scheme) and 5F (List of Capital Goods not permitted/ permitted subject to specific conditions for import under EPCG Scheme) of FTP 2015-2020 – PN No.47/2015-2020, dt.06.12.2017.
# *SEBI* has issued clarification to Circular on Prevention of Unauthorised Trading by Stock Brokers.
# *IT*: The immovable property itself is capital in the hands of the assessee, therefore the right to 'more enjoyment' of this property should also be capital in nature - DCIT Vs Yogen D. Sanghvi (2017 (12) TMI 295 - ITAT Mumbai).