Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
Life is like a piano, white keys are happy moments and black keys are sad moments. But remember both keys are played together to give sweet music in life.
We wish you and your family Merry Christmas and Happy New Year.
There is no definition of a good day or a bad day, it all depends on you & your thoughts that EITHER YOU RULE THE DAY OR THE DAY RULES YOU!
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23 December 2017 Updates 📄📄📄
Dubai is planning to remove middlemen like lawyers, accountants, bankers, immigration officers & govt. officials by year 2020 by adapting to blockchain technology. 😱
What will governments look like 5 years from now? Dubai announced its plan to be “The World’s first blockchain powered government” with a plan to move 100% on blockchain by 2020:
> ArabianChain is moving all Dubai’s government paperwork onto the blockchain, so it doesn’t need lawyers and government departments for verification.
> ObjectTech is providing digital passports and blockchain security to Dubali International airport to deliver seamless entry and exit from the country.
> The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telcom bills.
> In October, Dubai launched emCash, its own cryptocurrecny for citizens to pay for all services via digital cash.
> The country has set up the 46-member Global Blockchain Council, including companies like Microsoft, IBM and Cisco, to lead the way in the country’s adoption of blockchain technology.
Blockchain smart contracts and cryptocurrency track all transactions that take place with any agreement or transferable asset. That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.
No more laywers.
No more accountants.
No more bankers.
No more immigration officers.
No more government officials.
Dubai estimates that by putting its 100 million documents each year onto the blockchain, they will save 25 million man hours and $1.5 billion in tax dollars.
It would also massively shrink the size of the Dubai government. Why would they do that?
As Dr Aisha Bin Bishr, Director General of Smart Dubai Office, the country’s department in charge of making Dubai the world’s smartest city says:
“The Dubai government differs from others around the world in that it aims to make Dubai the ‘Happiest City on Earth’. In short, we want to give people back time they would have otherwise spent on filing paperwork.”
Could Dubai’s Blockchain initiative lead to a revolution in happy countries reducing the size and influence of their goverhments?
Could an end point be no government at all?
“The Internet is becoming the town square for the global village of tomorrow.” ~ Bill Gates
When asked how he would set up a government on Mars, Elon Musk said the “Most likely the form of government on Mars would be a direct democracy - it would be people voting directly on issues.”
In other words, in this new technological age where the best middle man is no middle man, the best government may be no government at all.” - Roger Hamilton
“Lets go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs
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What is GST ITC-01?
Registered person who is entitled to claim credit of input tax under section 18 (1) is required to file a declaration in Form ‘GST ITC-01’. The credit may be availed for inputs held in stock, Inputs contained in semi-finished or finished goods held in stock or capital goods as the below
One day immediately preceding the date on which his registration is granted for claim under clause (a) or clause (b) of sub-section (1) of section 18One day immediately preceding the date from which he becomes liable to pay tax under section (9) for claim under clause (c) of sub-section (1) of section 18One day immediately preceding the date from which the supplies made by registered taxpayer becomes taxable for claim under clause (c) of sub-section (1) of section 18
2. Input Tax Credit can be availed on which goods?
Input tax credit can be availed on following goods:
Inputs held in stockInputs contained in semi-finished or finished goods held in stockCapital goods (Only in case where composition dealer opting out of the composition scheme or where exempted goods become taxable goods)
3. When can I claim Input Tax Credit?
Registered person can claim credit of the inputs tax in respect of goods mentioned above within 30 days from the date of becoming eligible to avail ITC under subsection (1) of section 18 or within such furtherperiod as may be extended by the commissioner
Claim under clause (a) or clause (b) of sub-section (1) of section 18 can be made only onceClaim under clause (c) of sub-section (1) of section 18 can be made once in a financial yearclaim under clause (d) of sub-section (1) of section 18 can be made once in a month
4. By when do I need to claim Input Tax Credit?
The input tax credit can be claimed for invoice up to one year prior to the date of grant of approval /opting out of composition or exempt supplies becoming taxable and this one will be counted on or after appointed day. For capital goods the invoices can be dated 5 years prior to the date of grant of approval /opting out of composition or exemptsupplies becoming taxable.
5. What are the pre-conditions to claim Input Tax Credit?
In case of new registration –
1. Applicant has filed application for registration within <30 days> of becoming liable to pay GST and has been granted registration (other than voluntary registration).
2. Registered person has the details of ITC for purchases on or after appointed day but prior to registration and stock as on the day immediately preceding the day with effect from which he becomes liable to pay GST (other than voluntary registration and composition tax).
In case of opting out from composition scheme and where exempt supply of goods or services or both becomes taxable:
1. Registered person has the details of ITC on inputs/capital goods as on the day immediately preceding the day in which he opts out from composition
In case of voluntary registration:
1. Registered person has the details of ITC on stock as on the day immediately preceding the date of grant of registration.
6. What will happen once the Form GST ITC-01 is filed?
Once the Form GST ITC-01 is successfully filed, the amount of ITC claimed would be posted to your credit ledger; ARN is generated and SMS and Email is sent to the taxpayer.
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*Govt introduces bill on GST compensation cess in Lok Sabha*
https://goo.gl/bW9tHB
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TDS Credit can be granted only in the year in which the Income/Receipt on which such Tax Deducted at Source is Assessable to Tax: ITAT [Read Order]
Read more at: http://www.taxscan.in/tds-credit-can-granted-year-income-receipt-tax-deducted-source-assessable-tax-itat/15364/
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Purchase of New House in the name of Wife cannot disentitle Husband from Claiming Capital Gain Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/purchase-new-house-name-wife-cannot-disentitle-husband-claiming-capital-gain-deduction-itat/15359/
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RBI denies Rumors on Closing down of Public Sector Banks
Read more at: http://www.taxscan.in/rbi-denies-rumors-closing-public-sector-banks/15348/
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*Central Govt. cautions States and Union Territories towards the properties of struck off companies*
Click here to read more : http://lawyersconnect.info/central-govt-cautions-states-and-union-territories-towards-the-properties-of-struck-off-companies/
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*Companies (cost records and audit) Second Amendment Rules, 2017*
https://goo.gl/nyoqzP
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👉🏻Govt introduces bill on GST compensation cess in Lok Sabha.*
(Govt introduced a bill in the Lok Sabha that would replace an ordinance wherein tax rates on various motor vehicles were hiked to a maximum of 25 per cent under GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/WQuDd4
*👉🏻SEBI issues format for filing of application under SAST norms.*
(SEBI on Friday issued a standard format for companies to file for such request under the ‘takeover’ norms with the markets regulator)
👇🏻 👇🏻 👇🏻
https://goo.gl/p6LNba
*👉🏻Govt dismisses rumours about closing down of public sector banks.*
(Dismissing rumours, the Govt said there is no question of closure of any public sector bank. RBI, on its part also clarified that the PCA framework is not intended to constrain normal operations of the banks for the general public.)
👇🏻 👇🏻 👇🏻
https://goo.gl/vBbWUz
*👉🏻Empanelment of Internal Auditors for NEEPCO Ltd.*
(Empanelment of Internal Auditors for the financial year 2018-19, 2019-20 and 2020-21 for NEEPCO Ltd.)
👇🏻 👇🏻 👇🏻
https://goo.gl/qYyCtN
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Income tax rules have been amended that will allow the tax department to deliver notices to assessees at addresses given by them to banks, insurance companies, post offices etc. in case the notice is undeliverable at the address supplied to the tax Dept .
27.12.2017 is Last date for filing Form TRAN-1 to avail Input Tax Credit and Tax payers, who have claimed transitional credit erroneously, may avail opportunity to revise Form TRAN-1 by 27th December, 2017.
MCA has notified the Companies (Cost Records and Audit) Second Amendment Rules, 2017 which shall come into force retrospectively from the 1st day of July' 2017.
SEBI has revived a plan to make it mandatory for listed companies to disclose loan defaults as soon as they occur to stock exchanges. SEBI had put the rule on hold a day before it was supposed to be implemented on October 1, following protests from banks.
CRISIL has lowered its projection of India's economic growth in 2017-18 to 6.8 per cent from 7 per cent estimated earlier. GDP will grow 7.6 per cent in 2018-19, which is also lower than CRISIL’s earlier forecast of 7.8%.
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📺 *Updates*
➡1. Issue once sealed by ITAT after due analysis can’t be raised again by assessee under guise of rectification: HC
Principal Commissioner of Income Tax v. Nirma Ltd.*
➡2. CBEC issues clarification on manual filing of refund of deemed exports & excess balance in e-ledger.
https://gst.taxmann.com/topstories/222330000000013826/cbec-issues-clarification-on-manual-filing-of-refund-of-deemed-exports-excess-balance-in-e-ledger.pdf
➡3. Govt. issues clarification on supply of goods by artists from galleries.
https://gst.taxmann.com/topstories/222330000000013825/govt-issues-clarification-on-supply-of-goods-by-artists-from-galleries.pdf
➡4. Electricity co. could not disconnect power during moratorium period for non-payment of electricity bill.
ABG Shipyard Ltd. v. ICICI Bank Ltd.
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Black money: India-Swiss deal inked, data sharing from January 1
http://www.ecoti.in/WLhBoY
via The Economic Times App(Download Now):
http://ecoti.in/etapps
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CBEC Lays down Conditions and Procedure for Manual filing of Advance Ruling Applications and Appeals [Read Circular]
Read more at: http://www.taxscan.in/cbec-lays-conditions-procedure-manual-filing-advance-ruling-applications-appeals-read-circular/15330/
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CBDT Asks Tax Payers to Remit TDS on payment of House Rent above Rs. 50,000 to avoid Penalty
Read more at: http://www.taxscan.in/cbdt-asks-tax-payers-remit-tds-payment-house-rent-rs-50000-avoid-penalty/15354/
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Govt extends Due Date for filing FORM GST CMP-03 [Read Order]
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-form-gst-cmp-03-read-order/15339/
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CBEC Lays down Conditions and Procedure for Manual filing of Advance Ruling Applications and Appeals [Read Circular]
Read more at: http://www.taxscan.in/cbec-lays-conditions-procedure-manual-filing-advance-ruling-applications-appeals-read-circular/15330/
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IGST is Leviable when Art Works sent to the Gallery is Purchased by Buyer: CBEC [Read Circular]
Read more at: http://www.taxscan.in/igst-leviable-art-works-sent-gallery-purchased-buyer-cbec/15334/
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Govt extends Due Date for filing FORM GST CMP-03 [Read Order]
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-form-gst-cmp-03-read-order/15339/
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CBEC has issued following Notifications, Circulars, Orders under GST on 21/12/2017.
*NOTIFICATIONS.*
👉🏻Notification No. 67/2017 – Central Tax, Dated 21/12/2017.
(CBEC extends time limit for filing GST ITC-01 to 31.01.2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/utVixM
👉🏻Notification No. 68/2017 – Central Tax, Dated 21/12/2017.
(CBEC extends time limit for filing GSTR-5 to 31.01.2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/CSTbNF
👉🏻Notification No. 69/2017 – Central Tax, Dated 21/12/2017.
(CBEC extends time limit for filing GSTR-5A to 31.01.2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/ccn9F7
👉🏻Notification No. 70/2017 – Central Tax, Dated 21/12/2017.
(CBEC amends Form GSTR-1, GST RFD-01& Form GST RFD-01A)
👇🏻 👇🏻 👇🏻
https://goo.gl/LtwmXs
*CIRCULARS*
👉🏻Circular No. 22/2017-GST, Dated 21/12/2017.
(Clarification on issues regarding treatment of supply by an artist in various States and supply of goods by artists from galleries.)
👇🏻 👇🏻 👇🏻
https://goo.gl/8M3i49
👉🏻Circular No. 23/2017-GST, Dated 21/12/2017.
(Issues in respect of maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc)
👇🏻 👇🏻 👇🏻
https://goo.gl/sXVC2m
👉🏻Circular No. 24/2017-GST, Dated 21/12/2017.
(Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger)
👇🏻 👇🏻 👇🏻
https://goo.gl/YnP964
👉🏻Circular No. 25/2017-GST, Dated 21/12/2017.
(Manual filing of applications for Advance Ruling and appeals before Appellate Authority for Advance Ruling)
👇🏻 👇🏻 👇🏻
https://goo.gl/GWTdsx
*ORDERS*
👉🏻Order No. 11/2017-GST, Dated 21/12/2017.
(Extension of time limit for intimation in FORM GST CMP-03)
👇🏻 👇🏻 👇🏻
https://goo.gl/RbiJC5
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Listed companies must comply on appointing women board directors; total 142 listed companies fined
Section 149 of Companies Act, 2013 (the Act) read with the corresponding rules requires *every listed company* and *prescribed class of companies to have a women director* Section 172 of the Act lays down *punishment for non-compliance* Registrar of Companies have filed prosecutions against 202 non-compliant public unlisted companies. In case of *36 unlisted PSUs reference* have been made to administrative Ministries for ensuring compliances in this regard. *Securities and Exchange Board of India (SEBI) has also mandated* under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 for *appointment of at least one woman director* on the boards of listed companies. *54 and 88 number of companies* including PSUs listed on National Stock Exchange and Bombay Stock Exchange respectively which had *not appointed women directors* as on 30.09.2017 have been *levied fine for non-appointment of women directors* as per fine structure prescribed by SEBI.
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*_Properties of struck off companies from RoC can’t be used, operated, transferred or alienated in any manner_*
The Central Government has drawn the *attention of all the concerned States and Union Territories* (UTs) towards the fact that so far, *2,24,733, companies* have been *struck off* from Register of Companies and that *assets, properties* etc. (i.e. all movable and immovable assets/properties) of such struck off companies (which ceased to operate as legal entities) *cannot be used, operated, transferred or alienated* in any manner by the companies including by their ex-directors/authorised signatories, *till they are restored* by following the due process of law under Section 252 of the Act.
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*_Corporate Affairs Ministry is actively making investors aware about fraudulent companies_*
Ministry of Corporate Affairs organises Investors Awareness Programmes (IAPs) in partnership with the three Professional Institutes, namely Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and Institute of Cost Accountants of India (ICoAI), with the *objectives of creating awareness* amongst the investor about *fraudulent schemes and facilitating informed investment decisions* IAPs, in the form of audio visual programmes, are also being organised in the rural areas through Common Service Centres set up under Ministry of Electronics and Information Technology. Financial allocation for each programme varies between Rs 25,000 to 35,000. At towns and district headquarters levels the programmes are organised through Resource persons (RPs) appointed by the Professional Institutes at a unit outlay @ Rs 5000 each. For North-Eastern states, the financial allocation for each programme is Rs 30,000/- per programme conducted by Professional Institutes and Rs 7000/- per programme conducted through RPs. The expenditure on each programme depends on the number of participants in the programme. The Investor Awareness Programmes are conducted to *prevent investment in companies floating fraudulent schemes*
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*_96 foreign companies registered in India in 2017-18 with almost Rs 10 crore revenue from them; Govt. carries out many programmes to spread awareness in investors_*
The detailed provisions with regard to *companies incorporated outside India* are laid down in Chapter XXII of the Companies Act, 2013 (Section 379-393) and Companies (Registration of Foreign Companies) Rules, 2014. Further, section 380 of the Companies Act, 2013 read with such Rules specifies the documents/information etc. required to be filed by a foreign company with Registrar of Companies, New Delhi within 30 days from establishment of its place of business in India. As per the provisions of Section 125 of the Companies Act, 2013 the *IEPF Authority is mandated to promote investor education, awareness and protection* To promote investor awareness the authority has issued advertisements in newspapers, jingles on radio, crawlers on Doordarshan, SMSs on mobile phones. Investor Awareness Programmes are organised through Professional Institutes as well as through the Common Services Centres located in rural areas of the country. A joint campaign in association with Securities and Exchange Board of India, Reserve Bank of India and Department of Consumer Affairs has also been initiated.
Source : PIB
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*NCLT grants Bhushan Steel’s creditors permission to extend resolution period*
https://goo.gl/NTwviT
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Government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal.
SEBI has issued circular with respect to Disclosure of holding of specified securities and Holding of specified securities in dematerialized form.
RBI has issued instruction for Submission of Financial Information to Information Utilities to all Scheduled Commercial Banks (Including RRBs), Small Finance Banks, Local Area Banks, All Co-operative Banks, All NBFCs and All India Financial Institutions.
Focused on faster redressal of consumer grievances and to ensure stringent action against unfair trade practices, the Cabinet approved the introduction of the Consumer Protection Bill, 2017, to amend the Consumer Protection Act, 1986.
The government is finalising a plan to allow 100 per cent FDI for telecom services through the automatic route which allows firms to attract foreign funds without its approval.
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Trust Is Eligible for Depreciation Even though the Entire Expenditure Incurred for Acquisition of Capital Assets was treated as Application of Income: SC [Read Order]
Read more at: http://www.taxscan.in/trust-eligible-depreciation-even-though-entire-expenditure-incurred-acquisition-capital-assets-treated-application-income-sc/15313/
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Over 470 disciplinary cases filed against CAs till July this year*
https://goo.gl/vjtW1g
🙏Thank you🙏
Have a nice day
