Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
"आप कितने ही अच्छे शब्द या बातें पढ़ लें या बोल लें, किन्तु वो तब तक आपका भला नहीं करेंगे, जब तक आप उन्हें उपयोग में नहीं लाते।
दूसरों को उपदेश देने से पहले एक बार स्वयं का मूल्यांकन अवश्य करें कि आप उन सब पर कितना खरा उतरते हैं।"
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21 January 2018 Updates 📄📄📄
Tis Hazari Court sends Defaulter of Income Tax TDS to Jail
Read more at: http://www.taxscan.in/tis-hazari-court-sends-defaulter-income-tax-tds-jail/16472/
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Karnataka HC Slams IT Commissioners for filing Frivolous Writ Petition: Directs to Pay Personal Costs [Read Order]
Read more at: http://www.taxscan.in/karnataka-high-court-slams-commissioners-filing-frivolous-directs-pay-personal-costs/16476/
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Expenses related to the Fundamentals of Business can’t be Disallowed merely because it is not Vouched: ITAT [Read Order]
Read more at: http://www.taxscan.in/expenses-fundamentals-business-disallowed-merely-vouched-itat/16317/
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President clears GST (Compensation to States) Amendment Act, 2017 [Read Act]
Read more at: http://www.taxscan.in/president-clears-gst-compensation-states-amendment-act/16434/
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President clears GST (Compensation to States) Amendment Act, 2017 [Read Act]
Read more at: http://www.taxscan.in/president-clears-gst-compensation-states-amendment-act/16434/
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ITAT Explains the Law on Exemption for Partners’ Share of Profit in the Income of the Firm [Read Order]
Read more at: http://www.taxscan.in/itat-explains-law-exemption-partners-share-profit-income-firm/16443/
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Govt Launches New Self Help Portal for GST Queries
Read more at: http://www.taxscan.in/govt-launches-self-help-portal-gst-queries/16469/
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No Error in CA Final Exam Results: ICAI Clarifies
Read more at: http://www.taxscan.in/no-error-ca-final-exam-results-icai-clarifies/16393/
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Interest Income on NPAs received by NBFCs not Taxable on Accrual Basis: Supreme Court [Read Judgment]
Read more at: http://www.taxscan.in/interest-income-npas-received-nbfcs-not-taxable-accrual-basis-supreme-court/16407/
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*GSTR3B* filing date has been EXTENDED by 2 Days till *22 JAN 2018*.
Tweeter Link: https://twitter.com/askgst_goi/status/954668059569958912
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(22.1.18) is LAST DATE to pay GST & file GSTR-3B (Summary of Outward & Inward Supplies) for Dec 2017 by All Regular/Casual assesses.
GSTN is launching a Self Help Portal (https://selfservice.gstsystem.in/) as a single platform where tax payer call log tickets for any issues or concerns and for quick resolution. This will be live from 22 Jan 2018.
In GST Council meeting held on Jan 18, 2018 GST has been slashed on 29 items, 54 services; GST return filing will be made simpler.
GST: Check List for Availing LUT for export of Goods and Services. IEC code certificate is required in case of Export of Service.
GST Council meeting recommended the Central Government to exempt legal services provided to Government, Local Authority, Governmental Authority and Government Entity. The Council also exempted supply of services by way of providing information under RTI Act, 2005 from the levy of GST.
New Name Reservation Service to be available on MCA by 26.01.18. Stakeholders are requested to use SPICe for incorporation immediately instead of Form INC-1.
IBC (Amendment) Act, 2017 has received the assent of the President on 18th Jan. 2018 and has been published in Official Gazette on 19th Jan. 2018.
BSE has directed all listed companies to henceforth file all corporate announcements in machine readable format only, i.e. searchable PDF format only.
RBI said that Banks in India must improve pricing of loans based on risk assessment, a skill that would have helped them avoid non-performing assets.
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📺 *Updates*
➡1. Delhi HC grants interest on TDS till it was refunded to assessee regardless of date of its unblocking by dept.
Vodafone Mobile Services Ltd. v. Assistant Commissioner of Income-tax
➡2. Sale of scrap not generated out of manufacturing activities isn't liable to TCS: HC
Principal Commissioner of Income Tax (TDS) v. Safari Fine Clothing (P.) Ltd. (TDS)*
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#Economy:Thousands of Indians dealing in cryptocurrency got tax notices, after a nationwide survey by the I-Tax Dept showed that more than Rs 2,235 crore worth of transactions were conducted over a 17-month period. Tax officials told Reuters they are gathering data from nine cryptocurrency exchanges in Mumbai, Delhi, Bengaluru and Pune.
#The Indian markets on Friday posted their seventh straight weekly advance-longest winning streak since February 2012— as companies continue to report strong earnings for the December 2017 quarter. The benchmark Sensex gained 919 points, or 2.7% during the week, buoyed by Govt's move to cut additional borrowing and hopes of higher FDI in the banking sectors. The Nifty gained 304 points, or 2.85%.
#Finance:The Employees Provident Fund Organisation said it will be able to eliminate multiple account numbers of an individual once the process of linking Aadhaar is complete. Bank account linking will help members to remotely manage accounts and for claim settlements.
#The Securities Appellate Tribunal did not grant relief to the Price Waterhouse network of audit firms on its interim plea seeking a stay on the SEBI ban of two years. However, as a partial relief, the tribunal allowed PW to continue the existing business till pendency of plea even of companies whose business cycle or financial year started January 2018 though PW cannot take any new business.
#Mauritius was the largest source of foreign investment in India, followed by the US and the UK. Singapore and Japan were the next two sources of FDI, said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17.
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When there is no dispute in the SCN that the contract is a composite contract and CESTAT (on appeal by the Department) remand the matter to the adjudicating authority to verify the fact about nature of contract, on appeal before High Court, High Court has set aside the order of remand and held that when issue is not in dispute there is need to remand the case. Swadeshi Construction Co. Vs YOU 2018 (8)GSTL 228 Delhi.
Tribunal cannot take a contrary view on a issue in two identical cases covered by the same SCN. Even in the SCN particular section i.e Sec.11AC has not been mentioned but necessary ingredient are there in the SCN such SCN is not bad in law. CCE VS. BSNL 2018 (8)GSTL 253 (All)
Assessee carrying out job work of rubber linning of various types of pipes and bends. Job work involves processing of goods and not manufacture of goods. Job work clearly falls within Business Auxiliary Service w.e.f. 16.6.2005. Hence any demand for prior period is not maintainable.
Hitech Industrial Lining P Ltd Vs. CCE 2018 (8).GSTL 290 Tri.
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📊 *_[ Excel Tips For You ]_* 📈
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🌾 *Topic : Work in cells or the formula bar by using shortcut keys*
*👉👉 To 👉👉Press*
👉 Enter the time :*CTRL+SHIFT+: (COLON)*
👉 Insert a hyperlink :*CTRL+K*
👉 Complete a cell entry :*ENTER*
👉 Copy the value from the cell above the active cell into the cell or the formula bar :*CTRL+SHIFT+" (QUOTATION MARK)*
👉 Alternate between displaying cell values and displaying cell formulas :*CTRL+` (SINGLE LEFT QUOTATION MARK)*
👉 Copy a formula from the cell above the active cell into the cell or the formula bar : *CTRL+' (APOSTROPHE)*
👉 Enter a formula as an array formula :*CTRL+SHIFT+ENTER*
👉 Display the Formula Palette after you type a valid function name in a formula: *CTRL+A*
👉 Insert the argument names and parentheses for a function, after you type a valid function name in a formula: *CTRL+SHIFT+A*
👉 Display the Auto Complete list : *ALT+DOWN ARROW*
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No GST on Retention Fee charged by Hospitals: Council clarifies Exemptions available to Medical Sector under GST
Read more at: http://www.taxscan.in/no-gst-retention-money-charged-doctors-council-clarifies-exemptions-available-hospitals-gst/16398/
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No GST on Fee paid by litigants in the Consumer Disputes Commissions and Penalty Imposed by Commission
Read more at: http://www.taxscan.in/no-gst-fee-paid-litigants-consumer-disputes-commissions-penalty-imposed-commission/16402/
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Delhi HC directs VAT Officials to pay Rs. 75,000 as Cost to Assessee for Illegal Search and Seizure [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-directs-vat-officials-pay-rs-75000-cost-assessee-illegal-search-seizure/16387/
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Dismissal of SLP Filed against Non-Jurisdictional HC decision on Same Issue would not result in losing Binding force of Jurisdictional HC decision: ITAT [Read Order]
Read more at: http://www.taxscan.in/dismissal-slp-filed-jurisdictional-hc-decision-same-issue-losing-binding-itat-delhi/16331/
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There is great beauty in simplicity. That which is simple is close to truth.
# *GST Council*: 25th meet held in New Delhi on 18 JAN 2018:
*Highlights*: E-way bill, Composite Scheme and 3B return filing would be continued for now.
*Key Ooints*:
1. E-way bill system testing continues till January 25, loading will be made must from Feb 1.
2. 3B Returns filing may continue and suppliers may continue to load invoices .
3. 15 states agree on intra-state e-way bill.
4. Decision on petroleum products deferred.
5. No decision on real-estate, will be taken up in next meet.
6. 29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
7. The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
8. Collection under composite scheme only Rs.307 crore.
9. The fitment committee will fix the rates for about 40 handicraft items.
10. A few more items may be added to the list.
11. Rs.35,000 Crores of IGST will be provisionally divided between the Centre and states.
12. Rates revised for 29 goods, 53 services categories.
*The revised rates will be applicable from the 25th of January, 2018*.
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Legal Services provided to Govt and Govt Entities, Service of Providing Information under RTI Act Exempted
Read more at: http://www.taxscan.in/legal-services-provided-govt-entities-service-providing-information-rti-act-exempted/16379/
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The following policy changes have been recommended by the GST Council in 25th meeting held on Jan 18, 2018:-
The late fee for delayed filing of GSTR-1, GSTR-5 & GSTR-5A is being reduced to Fifty Rupees per day and shall be Rupees Twenty Five in case of Nil returns. The late fee for delayed filing of GSTR-6 shall be Rupees Fifty per day.
Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
The last date for filing of Form GST REG-29 for cancellation of registration by migrated tax payers is being extended to March 31, 2018.
The facility for generation, modification, and cancellation of e-Way Bills is being provided on trial basis on the portal ewaybill.nic.in. Once fully functional e-Way Bill system will start functioning on the portal ewaybillgst.gov.in.
Certain modifications are being made to the e-Way Bill rules which are to be notified nation wide for inter state movement with effect from 01.02.2018 and for intra-state movement with effect from a date to be announced separately by each state but not later than 01.06.2018.
29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
Rates revised for 29 goods, 53 services categories.
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#Economy:The Govt is preparing the new rules to keep a strict watch on the gems and jewellery sector. Retailers would soon have to report purchases above Rs 6 lakh to the Financial Intelligence Unit. The report said the new rules would also apply to retailers of other luxury goods. Bullion has come under the Govt scanner as it has become a convenient parking spot for black money.
#Finance:The Govt is planning to refresh the corporate governance norms for state-owned banks. The changed rules could be announced even before the Union Budget is presented. Improving the quality of credit appraisal at these banks is among the likely changes. The governance reforms, as an official put it, would bring in measures to track the performance of the executive-rank employees of the banks, intensively. The proposed steps would also respond to Moody’s criticism that reforms needed for efficiency and better operating performance were absent at public sector banks.
#India Ratings and Research projected the country's economic growth to improve to 7.1% next financial year from 6.5% this year, buoyed by robust consumer demand and low commodity prices. In its outlook for 2018-19, the agency said there will be a gradual pick up in growth momentum owing to structural reforms like GST and Insolvency and Bankruptcy Code in place.
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📺 *Updates*
➡1. List of recommendations made by GST Council in its 25th meeting
https://gst.taxmann.com/topstories/222330000000014081/list-of-recommendations-made-by-gst-council-in-its-25th-meeting.aspx
➡2. Provisions of Cos. Act would apply to all banking cos, except they are inconsistent with Banking Regulation Act: NCLT
Kamlesh Kalidas Shah v. State Bank of India.
➡3. Indirect tax provisions not applicable if foreign co. wasn’t deriving substantial value from Indian Co.
AUTHORITY FOR ADVANCE RULINGS NEW DELHI
GEA Refrigeration Technologies GmbH, In re
🙏Thank you🙏
Have a nice day