19 December 2017 Updates

जहाँ जाइये प्यार फैलाइए। जो भी आपके पास आये वह और खुश होकर लौटे।

Whatever the mind can conceive and believe, it can achieve.

Never stop doing little things for others. Sometimes those little things occupy the biggest part of their hearts.

#Economy:The Income Tax dept is set to issue notices to 4-5 lakh HNI across the country who were trading on the exchanges of this unregulated virtual currency. The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion.

#Finance:Gross NPAs of banks crossed Rs 8.50 lakh crore at the end of September 2017. RBI has informed that the growth in provisions for NPAs of PSBs as on September 30, 2017 over March 31, 2017 was 9.5%.

#The Financial Resolution and Deposit Insurance Bill may not be introduced in Parliament even during the Budget Session, as the joint committee looking into it got an extension for submitting its report.The bill proposes to create a framework for overseeing financial institutions such as banks, insurance co's, NBFC co's and stock exchanges in case of insolvency. The so-called "bail-in" clause in the draft legislation has been commented upon by experts as of bringing potential harm to deposits, in the form of savings accounts.

#India's insurance regulator on Monday extended the time to link Aadhaar number to insurance policies till March 31, 2018.
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GST: Anti-Profiteering body to Probe on Builders

Read more at: http://www.taxscan.in/gst-anti-profiteering-body-probe-builders/15167/
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Breaking news-Gauhati High Court stays the Notices of show cause in respect of service tax issued after 1.7.2017 as Prima facie without jurisdiction. Advocates Ms.  Medha Lila Gope and Ms. Nitu Hawelia of Gauhati High Court and vice chairperson, AIFTP(EZ) and National executive committee members of AIFTP respectively argued the case on behalf of the dealer. The same have been stayed on the ground that service tax have been omitted statutorily as well as constitutionally.
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: Disciplinary Proceedings can’t be initiated against a Lawyer for the acts not related to Professional Conduct: SC [Read Judgment]

Read more at: http://www.taxscan.in/disciplinary-proceedings-cant-initiated-lawyer-acts-not-related-professional-conduct-sc/15174/
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No TDS when Transport Charges are initially incurred by the Suppliers and Subsequently Reimbursed by Assessee: ITAT [Read Order]

Read more at: http://www.taxscan.in/no-tds-transport-charges-initially-incurred-suppliers-subsequently-reimbursed-assessee-itat/15152/
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Update: Religare Enterprise Ltd

There can be hostile takeover bid from 2 different entities/camps. One Singapore based fund is holding 18% while other camp (Bay Capital) has recently acquired substantial stake through 3 recent Block Deals
Watch out this space for more updates

TP Rs 150
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HC upheld ITAT order allowing carry forward of losses and depreciahtion to SICK Company under BIFR*
https://taxguru.in/income-tax/hc-upheld-itat-order-allowing-carry-forward-of-losses-and-depreciation-to-sick-company-under-bifr.html
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*Discount on sales cannot be regarded as Commission liable to TDS U/s. 194H*
https://taxguru.in/income-tax/discount-on-sales-cannot-be-regarded-as-commission-liable-to-tds-u-s-194h.html
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F&O Transaction carried out through recognized Stock Exchange is not Speculative Transaction, can be set off against Ordinary Business Income: ITAT [Read Order]

Read more at: http://www.taxscan.in/fo-transaction-carried-recognized-stock-exchange-not-speculative-transaction-can-set-off-ordinary-business-income-itat/15144/
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Gauhati HC Stays Service Tax Demand made Post-GST Rollout [Read Order]

Read more at: http://www.taxscan.in/gauhati-hc-stays-service-tax-demand-made-post-gst-rollout/15159/
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GST Knowledge Capsule-

TIME OF SUPPLY

Time of supply of goods (Default Rule)

EARLIEST of the following dates:

• Date of issue of invoice by the supplier. (If the invoice is not issued, then the last date on which the supplier is legally bound to issue the invoice with respect to the supply)

• Date on which the supplier receives the payment

Time of supply of services (Default Rule)

EARLIEST of the following dates:

• Date of issue of invoice by the supplier (If the invoice is issued within the legally prescribed period under section 31(2) of the CGST Act) OR the date of receipt of payment, whichever is EARLIER

• Date of provision of service (If the invoice is not issued within the legally prescribed period under section 31(2) of the CGST Act) OR the date of receipt of payment, whichever is EARLIER

• Date on which the recipient shows the receipt of service in his books of account, in case the aforesaid two provisions do not apply

Time of supply of GOODS when tax is to be paid on REVERSE CHARGE BASIS:

EARLIEST of the following dates:

• Date of receipt of goods

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• Date of payment *

• Date immediately following 30 days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier

*w.e.f. 15.11.2017 'Date of Payment' is not applicable for goods and applies only to services. Notification No. 66/2017 - Central Tax

Time of supply of SERVICES when tax is to be paid on REVERSE CHARGE BASIS

EARLIEST of the following dates:

• Date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier

• Date immediately following 60 days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier

Time of supply of goods or services (Residual provisions)

In case it is not possible to determine the time of supply under aforesaid provisions, time of supply is:

• Due date of filing of return, in case where periodical return has to be filed

• Date of payment of tax in all other cases.

Place of supply

A. Place of Supply for Goods

Usually, in case of goods, the place of supply is where the goods are delivered.

So,the place of supply of goods is the place where the ownership of goods changes.

What if there is no movement of goods. In this case, the place of supply is the location of goods at the time of delivery to the recipient.

Place of supply in cases where goods that are assembled and installed will be the location where the installation is done.

B. Place of Supply for Services

Generally, the place of supply of service is the location of the service recipient.

In cases where the services are provided to an unregistered dealer and their location is not available the location of service provider will be the place of provision of service.

Special provisions have been made to determine the place of supply for the following services:

Services related to immovable property Restaurant services
Admission to events
Transportation of goods and passengers
Telecom services
Banking, Financial and Insurance services.
In case of services related to immovable property, the location of the property is the place of provision of services.
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# *GST Council* in its 24th Meeting held on SAT (16DEC) through video conferencing decides that Inter-State e-way Bill to be made compulsory from 01.02.2018. The e-Way Bill on trial basis to be introduced from 16.01.2018.

# *GST*: The e-Way Bill System to be ready by 16.01.2018. The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the country by 01.06.2018.

# *GST*: CBEC eases the norms for furnishing security / surety alongwith Bank Guarantee / bond by importers seeking to avail concessional duty benefit in terms of Customs (Import of Goods at Concessional Rate of Duty)Rules 2017.

# *AADHAR* linkage with all types of Govt. Scheme, Banks, Income Tax, Telephones, etc. has been extended to 31.03.2018.

# *IBC*: The IBBI has issued Guidelines for Technical Standards for the performance of Core services and other services under IBBI (Information Utilities) Regulations, 2017.

# *IT*: Nature of receipt under the subsidy scheme - Multiplex Theatre Complexes - exemption of entertainment duty - the receipt is in the nature of capital receipt - not taxable – CIT Vs Chaphalkar Brothers Pune (2017 (12) TMI 816 - Supreme Court).

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ITAT Confirms Denial of Exemption to Trust in the absence of Mandatory Registration u/s 12AA [Read Order]

Read more at: http://www.taxscan.in/itat-confirms-denial-exemption-trust-absence-mandatory-registration-u-s-12aa/15139/
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GST E-way Bill on trial basis to be introduced from 16-01-2018.

Compulsory E-way bill for inter-state movement will be made applicable w.e.f. 01-02-2018.

States may choose their respective timing for e-way for intra-state movement on or before 01-06-2018.

Exposure Draft Guidance Note on Audit of Banks issued by icai. Last date for comments is 13.01.2018. And email at: aasb@icai.in 

Govt has decided to bear the merchant discount rate (MDR) charges for transactions up to Rs 2,000 made through debit cards, BHIMUPI or Aadhaar Pay for two years.

Union cabinet has approved a bill to replace the Medical Council of India (MCI) with a new commission to ensure transparency and reform.The National Medical Council Bill, 2016 will be tabled in Parliament in the current session.
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GSTN plans data scan to detect tax evasion.*

(GSTN, the information technology backbone of the new indirect tax regime is initiating the process of mining data to detect tax evasion and analyse taxpayer behaviour)
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https://goo.gl/vF2USn

*Builders may face probe by GST anti-profiteering body.*

(Real estate developers are likely to be the first to face investigation by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax.)
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https://goo.gl/VzeP1z

*GST brings jobs boom for Indian CAs.*

(After the implementation of the Goods and Services Tax (GST) in India in July this year, the demand for Chartered Accountants (CAs) well-versed in the new tax regime has been on a global rise)
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https://goo.gl/vjHPJQ

*Partner Required From Pan India Basis.*

(CA firm having 5 partners and office at New Delhi, Agra, Bijnor & Noida, seeking Partners from Pan India Basis)
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https://goo.gl/jZWnTF
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Cabinet approves Bill replacing GST (Compensation to States) Ordinance

Read more at: http://www.taxscan.in/cabinet-approves-bill-replacing-gst-compensation-states-ordinance/15135/
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GST: Filing of GSTR1 (Quarterly or Monthly) is live now, you can file it by Providing the details of your turnover in previous financial year*

*GST: Inter-State e-way Bill to be made compulsory from 1st February, 2018. The Online System to be ready and available by 16th January, 2018

DVAT: Dec 31, 2017 extended last date of online filing of Rate wise Closing Stock details as on 31/3/17 & 30/6/17.

Case Study: Tax Exemption to encourage Industrialization cannot be equated with Tax Refund - M/s. Ultratech Cement Limited Vs. State Of Gujarat And Ors. (Delhi High Court)

Case Study: Applicability of time-limit U/s. 153(2A) when ‘assessment’ is set aside and an ‘assessment order’ being set aside - Nokia India (P) Ltd. Vs Dy. CIT (Delhi High Court)
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GST: Govt Likely to introduce release of Goods without Payment of Advance Duty

Read more at: http://www.taxscan.in/gst-govt-likely-introduce-release-goods-without-payment-advance-duty/14808/
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GST: CBEC releases Format for Filing Anti-Profiteering Application [Read Application Format]

Read more at: http://www.taxscan.in/gst-cbec-releases-format-for-filing-anti-profiteering-application/14811/
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 *Updates*

➡1. Demand notice issued by advocate on behalf of creditor is valid under Bankruptcy Code: SC.
Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd.

➡2. If part of SCN not maintainable, entire SCN can’t be quashed if period to issue fresh notice has expired: SC
Union of India v. Naval Group Insurance Fund

➡3. Dividends declared by a tea Company is fully taxable to DDT;SC uphold constitutionally validity of section 115-O
https://www.taxmann.com/fileopennew.aspx?id=105010000000014963&mode=home&page=

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