Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
Open your book of life only to a few people, because in this world very few care to understand the chapters others are just curious to know theme or just turning the page only.
When we move our focus from competition to contribution, life becomes a celebration.
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07 January 2018 Updates 📄📄📄
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Cancellation of GST Registration
Grounds for cancellation of registration:
1. Business has been discontinued.
2. Business has been transferred fully due to death or amalgamation or demerger or otherwise dispose of.
3. Any change in the constitution of business.
4. Person no longer liable to be registered, except in case of the person who registered himself voluntarily.
(Note: Person registered voluntarily shall be allowed to cancel registration only after expiry of one year from the effective date of registration.)
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Tyres for material handling equipment are not ‘Capital Goods’, No Cenvat Credit: CESTAT [Read Order]
Read more at: http://www.taxscan.in/tyres-material-handling-equipment-not-capital-goods-no-cenvat-credit-cestat-read-order/15831/
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Service Tax cannot be levied on Brand Promotion Fee till 2010: CESTAT grants Relief to Rajasthan Royals Player [Read Order]
Read more at: http://www.taxscan.in/service-tax-cannot-levied-brand-promotion-fee-till-2010-cestat-grants-relief-rajasthan-royals-player-read-order/15846/
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Companies Act :
If the share of a member is reduced below 1/10th of the total share capital of the company without information and knowledge to the member, the application u/s 397/398 of the Companies Act, 1956 (section 241 of Companies Act, 2013) cannot be opposed on the ground that the member has less than 1/10th of the share capital. *Therm Flow Engineers Private Limited and Ors. Vs. Bhavesh Narumalani and Ors. MANU/NL/0216/2017*
IBC :
Where loan for a project yet to be implemented has been advanced to the corporate debtor by the financial creditor only and not by other members of Joint Lender Forum, any decision made by the forum not to proceed against the corporate debtor is not binding on the financial creditor. *Indian Bank vs. Athena Demwe Power Ltd. MANU/NC/1053/2017*
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Co-operative banks giving Credit facilities to Non-Members would not get IT Deduction: Govt
Read more at: http://www.taxscan.in/co-operative-banks-giving-credit-facilities-non-members-not-get-deduction-govt/15824/
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GST Capsule
📒 New releases on GST portal as on 04.01.2018
New functionalities were made available on GST portal
⛳ Registration
🌴 Form for application of cancellation of registration by (new) taxpayer, is now available on GST portal (see rule 20 of the CGST rules, 2017).
⛳ Returns
🌴 Taxpayers has been provided facility to give details of supplies made to merchant exporters at rate of 0.1 %, in all returns.
🌴 Taxpayer has now been provided with Table 9 of Form GSTR 1, to give amendment details of invoices/ credit or debit notes etc. of previous period.
🌴 Form GSTR-1 filing date has been changed to 10th Jan 2018, for the months of July to November, 2017, ( for such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year), as per Notification No. 72/2017 Central Tax dated 29th December, 2017.
🌴 Tax payers have been given option for quarterly filing of Return. If a taxpayer opts to file quarterly returns, if their annual turnover is less than Rs 1.5 Cr (on basis of their turnover in previous financial year or this financial year expectation), then in these cases GSTR 1 of August, 2017 is disabled and he can file details for August and September, 2017 in GSTR 1 of September, 2017 and so on. Pl note that no changes can be made in GSTR 1 return of July, 2017. Pl also note that option once exercised cannot be changed in the current financial year.
🌴 GSTR3B Nil Return Filing: So far there was no provision to file NIL Form GSTR 3B Return. All taxpayers were shown all tiles along with Payment tile. But in new implementation, in case a taxpayer selects option to file Nil GSTR 3B return, they can straightaway file NIL Return.
🌴 GSTR 3B Return filing based on Questionnaire was implemented in GST Portal. On logging in and selecting Form GSTR-3B tile in Return dashboard, system now displays a questionnaire to the taxpayer, for selecting the tiles which will be displayed later to taxpayers, for filing of GSTR 3B Return.
🌴 GSTR 4 and Composition Return Dashboard: Composition tax payers have to file quarterly return and Normal tax payers have to file monthly returns in GST Regime. For the taxpayers who have opted in to composition scheme and taxpayers who have opted out from the composition scheme as normal tax payer, provision to file both monthly/quarterly returns (in the interim period), has been enabled on the GST Portal.
🌴 TRACK RETURN STATUS: Track Return Status is now available post login to taxpayers on the GST Portal, to track the status of submitted/filed return.
🌴 Form GSTR 5: Creation and submission of Form GSTR 5 by Non-resident taxable person is now available on GST Portal, for giving details of ITC taken, amendments, supplies made etc by them.
🌴 Form GSTR 5A: Creation and submission of Form GSTR 5A by OIDAR (Online Data Access or Retrieval Services) is now available on GST Portal, for giving details of supplies made by them to non-taxable person in India.
🌴 Table 6A of Form GSTR 1 workaround has been disabled at GST portal due to the fact that the Form GSTR 1 for further period can now be filed by the taxpayers. The taxpayers are required to fill the details of tax paid on exports made by them in Table 6A at the time of filing GSTR 1 for the relevant tax period. In case the tax payer has already submitted Table 6A of Form GSTR 1 for the relevant tax period before filing GSTR 1 for the relevant tax period, he is not required to fill information in Table 6A at the time of filing GSTR 1 for the same tax period as these details will be auto populated in the relevant tab in the for GSTR 1. The previously filed Table 6A of Form GSTR 1 may be viewed by ARN Search.
🌴 As the last date for filing Form GST-TRAN 1 is over on 27/12/2017 therefore, Form GST-TRAN 01 has been disabled at GST portal.
🌴 Issues coming to taxpayers while filling up of amendment tables in offline utility of Form GSTR 1 has been fixed.
⛳ Refunds: Taxpayers has been provided with the facility on GST Portal to claim refund of
🌴 Exports of services with payment of Tax.
🌴 ITC accumulated due to inverted tax structure [under clause (ii) of first provision to section 54(3)].
🌴 On account of supplies made to SEZ unit/ SEZ Developer (with payment of tax).
🌴 On account of supplies made to SEZ unit/ SEZ developer (without payment of tax).
🌴 Recipient of deemed exports.
🌴 Pre-login tracking of refund status with ARN
(https://refund.gst.gov.in/refunds/pre/trackarnstatus ).
⛳ Offline Tool for Form GST TRAN 2
🌴 An offline tool to fill and upload data for TRAN 2 is now available to taxpayers on the GST portal. (https://www.gst.gov.in/download/trans2). TRAN 2 is statement for unregistered person under existing law, now registered in GST, to avail credit on goods held in stock on the appointed day, in respect of which they are not in possession of any document evidencing payment of duty. (Refer Rule 117(4) of CGST rules).
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Taxman plans to match GST invoices to plug leakage. Instead of asking taxpayers to match invoices, we may do it ourselves at the back end. We may follow a risk-based approach; when the gross level of transactions does not match, we may match invoices.
Input Tax Credit Reversal in GST has begun from Dec 28, 2017. If you are availing ITC and have not made payment to the supplier of goods or services within 180 Days from the date of Invoice then ITC Credit availed need to be reversed. Interest @ 18% p.a. also needs to be paid on the amount of ITC so reversed.
GSTN has advised that Taxpayers should file online application for Core Amendment or Non-Core Amendment one at a time. Once the first amendment is reflected in their Registration Certificate on the GST Portal, only then they should file the application for second amendment.
GST: Truck owners carrying the goods are exempt and not required to take registration even though aggregate value of service exceeds Rs. 20 lakhs during last year Vide Notification No. 12/2017 - Central Tax (Rate) dated 28.06.2017.
RBI issues updated Master Direction on Foreign investment in India dated 4th Jan 2018 RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18.
The Companies (Amendment) Act, 2017, has received the assent of the President on the 3rd January, 2018. It shall come into force on such date as the Central Government may, by notification in the Official Gazette.
IBBI has issued a circular directing the Insolvency professionals not to outsource his responsibilities.
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GST Gyan -
Option to file application for cancellation of New Registration (for migrated it was already at portal) under GST is provided on the GST portal. Those taxpayers who get registered under GST after 1st July 2017 and now seeking to cancel their registration, can file the online application with the GST portal.
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*Income Tax:* TDS on Salary for Financial Year 2017-18- CBDT notifies Provisions vide Circular No. 29/2017 dated (05/01/2018)
*IBBI: Insolvency professional* to ensure compliance with applicable laws - Circular No. IP/002/2018 - (03/01/2018)
Insolvency professional not to outsource his responsibilities - No. IP/003/2018 - (03/01/2018)
Insolvency professional to use Registration No. & Address in his communications - No. IP/001/2018- (03/01/2018)
*GST:* CBEC appoints and notifies 1st February, 2018, the date from which E-Way Bill Rules shall come into force. - Notification N0.74/2017-CT, dt.29.12.2018.
*MCA*: A *new name reservation service is being developed* and is likely to be *deployed* on 26th January, 2018. Therefore w.e.f. 00:00 hours on 06-01-2018, *INC-1 will not be available* on the MCA Portal. Stakeholders are *advised to submit* INC-1 applications till 23:59 hours on 05-01-2018. However *resubmission of INC-1* is *allowed* till 23:59 Hours of 11-01-2018. Stakeholders may *use SPICe for incorporation* Stakeholders may plan accordingly.
*GST:* In order to provide facility to the taxpayer, option for filing of application for cancellation of registration under GST is provided on the GST portal. Those taxpayers who get *registered* under GST *after 1st July 2017* and now seeking to cancel their registration, can file the online application with the GST portal.
For the same, follow the path: Visit https://www.gst.gov.in/ > Login > Services Menu > Registration > Application for cancellation of registration.
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📺 *Updates*
➡1. CBDT issues circular on TDS from salaries for FY 2017-18
➡2. Sec. 234B interest leviable on non-payment of advance tax related to AMT liability: ITAT
GIE Jewels k v. Income-tax Officer, Ward-2(1), Jaipur*
➡3. Trustee registered under companies act, 2013 comes within definition of financial creditor under Bankruptcy Code
T.R. Jawahar v. Edelweiss Asset
🙏Thank you🙏
Have a nice day
