GST TIMES*-
*Q1: I am a single truck owner-operator and I ply my truck mostly between States, carrying the goods booked for my truck by an agent, aggregate value of service which I provided exceeded 20 Lacs during last year. Am I supposed to take registration?*
Answer: You are not liable to registration, as services provided by way of transportation of goods by road are exempt. Notification number 12/2017-Central Tax (Rate), dated 28th June, 2017 refers.
*Q2: I own a single truck and I rent it to a major player, who provides GTA service, should I take a registration? Does my monthly rental/lease income attract GST?*
Answer: Registration is not required since services by way of giving on hire, a means of transportation of goods to a GTA are exempt from tax vide entry no. 22 of Notification number 12/2017-Central Tax (Rate) dated 28th June, 2017.
*Q3: In my truck, I only carry fruits and vegetables, in relation to whose transportation service GST is exempt; should I take registration?*
Answer: Services by way of transportation of goods by road other than by a GTA or a courier agency are exempt from tax under entry no. 18 of notification No. 12/2017-Central Tax (Rate) dated the 28th June, 2017 and thus you are not liable for registration.
*Q4: I am a truck supplier/broker. My job is to get orders for truck owners. I quote the rate for transportation to GTA on behalf of truck owners and I get a small amount as commission out of the truck hire fixed with the GTA. This brokerage is paid by the truck owners. As the services provided by way of transportation of goods by road are exempt from tax, am I liable to registration?*
Answer: You are liable to registration if the aggregate amount of commission received by you in a financial year exceeds Rs. 20 lakhs (Rs. 10 lakhs in special category States ).
*Q 5: As a transporter, am I required to maintain any records of my services of transportation?*
Answer: Yes, in terms of section 35(2) of the CGST Act, 2017 you are required to maintain records of the consigner, consignee and other relevant details of the goods.
Further, in terms of rule 56 of the CGST Rules, 2017 you are required to maintain records of goods transported, delivered and goods stored in transit by you along with the GSTIN of the registered consigner and consignee for each of your branches.
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*STAGES OF CRIMINAL TRIAL ON FIR u/S 154 CrPC*
*1. Registration of FIR*
*2. Commencement of investigation and collection of evidence by investigating agency.* During this time, at any stage decided by investigating agency, accused persons can be arrested
*3. Production of accused before Magistrate (within 24 hours)* Remanded to police custody for further investigation; or Remanded to judicial custody. Note:- Remand does not mean that the police can misbehave or beat the person. Remand means interrogation by the police.
*4. Bail hearing before appropriate court*
*5. After investigation is completed:* If investigating agency feels a prima facie case is made out, chargesheet is filed in Court through the public prosecutor. If police feels that no prima facie case is made out, a final report filed in Court.
*6. Decision is taken by the Court after hearing the public prosecutor and the counsel for defence: On question of Chargesheet:-* Court can reject chargesheet, in which case the accused is discharged. Court can accept that a prima facie case is made out, frame the charges, and post the case for trial. Case goes to next stage (7).On Final Report Court can accept the final report- case is closed and accused is discharged Court can reject the final report, and Direct the police to further investigate the case. Case goes back to Stage (2) Direct the case to be posted for trial. Case goes to next stage (7).
*7. Framing of Charge by Court:* Accused pleads guilty to the Charge. Depending on the seriousness of the crime, the Court may either convict on the basis of plea or post the case for trial. Accused pleads not guilty. Case is posted for trial.
*8. Trial commences: examination of witnesses and other evidence:* Examination of prosecution witnesses by public prosecutor, marking of exhibits, and cross-examination by defence counsel.
*9. Statement of Accused under section 313, CrPC.*
*10. Defence Evidence:* if defence wants to, it examines defence witnesses, who are cross examined by the public prosecutor, and exhibits defence evidence.
*11. Final Arguments:* Public Prosecutor and the defence counsel present their arguments.
*12. Judgment and sentence by the Court:* Acquittal of accused, or Conviction, in which case - Arguments of public prosecutor and defence counsel on sentence - Judgment of Court passing sentence.
*13. Appeal (within specified period of limitation) -* Can be filed by party aggrieved by judgment on acquittal/ conviction/ reduction of sentence.
*14. On notice being issued to the opposite parties, arguments are placed before Appeal court of defence counsel and the public prosecutor.*
*15. Judgment of Appeal Court.*
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IT Dept unearths TDS Scam involving 3200 Crores: Mumbai based Companies and Individuals under Scanner
Read more at: http://www.taxscan.in/dept-unearths-tds-scam-involving-3200-crores-mumbai-based-companies-individuals-scanner/18594/
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*Finance Ministry constitutes a Steering Committee to study issues in Fintech Space*
Read more at: http://www.taxscan.in/finance-ministry-constitutes-steering-committee-study-issues-fintech-space/18590/
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UPS can be considered as Computer If it is Connected to ATM Machine or a Computer: ITAT allows 60% Depreciation* [Read Order]
Read more at: http://www.taxscan.in/ups-can-considered-computer-connected-atm-machine-computer-itat-allows-60-depreciation/18578/
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Rent on electricity meter comes under GST, move may draw criticism*
http://www.gststation.in/rent-on-electricity-meter-comes-under-gst-move-may-draw-criticism/
Indirect tax department has clarified that rent on electricity meter draws goods and service tax (GST), a development which is likely to draw criticism from the industry. The Central Board of Excise and Customs (CBEC) said even though electricity is exempted from GST, rent on electricity meter is not. Pratik Jain, partner PwC, said there […]
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No TDS Liability since Commission to Foreign Agent is not subject to Income Tax in India: ITAT* [Read Order]
Read more at: http://www.taxscan.in/no-tds-liability-since-commission-foreign-agent-subject-income-tax-india-itat/18563/
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# *GST*: CBEC has issued a Cir.No.34/8/2018-GST, dt.01.03.2018 clarifying the following:
1. The Bus body building to be treated as composite supply.
2. Retreading of tyres as composite supply. Where the old tyres belong to the supplier of retreaded tyres, is a supply of goods.
3. The Priority Sector Lending Certificates (PSLCs) are taxable as goods at standard rate of 18% under the residuary S.No.453 of Sch.III of NNo.1/2017-CT(R).
4. The Service by way of transmission or distribution of electricity by an electricity transmission or distribution utility is exempt from GST under notification No. 12/2017- CT (R), Sl. No. 25 but the activities carried by DISCOMS against recovery of charges from consumers under State Electricity Act taxable under the GST.
# *CBDT* has notified the scheme for centralised issuance of notice, which may be known as the Centralised Communication Scheme, 2018 and shall come into force on the date of its publication in the Official Gazette.
# *IT*: Merely because the assessee-company did not challenge the addition before Ld. CIT(A), there is no ground to levy penalty u/s 271(1)(c) – Netambit Value First Services Pvt. Ltd. Vs. DCIT (2018 (3) TMI 36 - ITAT Delhi).
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*NCLAT : In Dr. B V S Lakshmi vs. Geometrix Laser Solutions (P.) Ltd.*
*_Where the appellant failed to bring on record any evidence to suggest that the money was disbursed against consideration for the time value of money, the appellant was rightly held to be not a financial creditor._*
*_Read full case law at :_* https://dasgovernance.com/2018/03/05/nclat-in-dr-b-v-s-lakshmi-vs-geometrix-laser-solutions-p-ltd/
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MCA introduces Form AOC-3A for companies who need to comply with Accounting Standards as per Ind AS.
MCA is in process to implement in dematerialization of Shares of unlisted Co. compulsory demat policy would create an audit trail in securities transactions and enhance credibility of institutional investment in unlisted companies.
CESTAT has ruled that activity of arranging press conferences, press release, interviews etc for clients would not amount to event management service and the same not covered service tax under the said category. Case: M/s Perfect Relations Ltd.
CBEC has launched Single Window Interface for Facilitating Trade (SWIFT) which will enable the Importers electronically lodges their customs clearance documents at a single point.
The Union Budget has extended the benefit of tax-free withdrawal from the National Pension System (NPS) to non-employee subscribers of the scheme.
ICAI LAST DATE FOR PAYMENT OF ANNUAL MEMBERSHIP AND COP FEES FOR THE YEAR 2017-18 IS 15.03.2018.
Brahma Kumaris Om Shanti Retreat Centre Gurgaon is organizing a Workshop for CA & CS on "Using Spiritual Powers” by sister Shivani on 18 March 2018 from 10:00 am to 04:00 pm. Registration log on to: www.omshantiretreat.org 9810008621
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📺 *Updates*
➡1. Director couldn't stake claim over shares owned by petitioner on failure to pay loan amount: NCLT
Mrs. Ramalakshmi v. Texline Fabrics India (P.) Ltd.
➡2. AO couldn't reopen assessment without dealing with objection raised by assessee in detail : Delhi HC
Scan Holding (P.) Ltd.
M v. Assistant Commissioner of Income-tax.
➡3. Interest awarded under Land Acquisition Act forms part of compensation; not liable to tax
Dnyanoba Shajirao Jadhav
v. Income-tax Officer, Ward-3 (3), Latur*
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ICAI ROLE POST NFRA
What is ICAI’s role now?
1. ICAI’s role will continue in respect of its students and members in general.
2. The disciplinary proceedings will go on asusual however ICAI will ñot have power to take on cases of auditors of listed companies or few non listed companies threshold limit to be notified in the rules.ICAI disciplinary role only curtailed to that extend.
3. NFRA may take up the cases among members as well as firm's of listed companies or unlisted companies above threshold limit but small audit firms are still out of reach of NFRA and ICAI.
4.The Institute shall go on disciplinary cases against auditors of listed companies in First Schedule of the Chartered Accountants Act which list the circumstances / situations in which an Accountant shall be guilty of professional misconduct.
5. ICAI will continue with its advisory role on accounting and auditing standards and policies .
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NCLT (Ahmedabad Bench) : In Vitol S A vs. Asian Natural Resources (India) Ltd.*
*_Where the Corporate Insolvency Resolution Process gets started, the management and conduct of affairs comes into the hands of Interim Resolution Professional or Resolution Professional._*
*_Read full case law at :_* https://dasgovernance.com/2018/03/04/nclt-ahmedabad-bench-in-vitol-s-a-vs-asian-natural-resources-india-ltd/
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*Expenses incurred by Company for Advertising Achievement of its Managing Director is Business Expenditure: ITAT* [Read Order]
Read more at: http://www.taxscan.in/expenses-incurred-company-advertising-achievement-managing-director-business-expenditure-itat/18528/
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# *GST*: Commissioner of Customs (NS-II), Jawaharlal Nehru Custom House, Mumbai issued a Public Notice No.29/2018, dt.26.02.2018 on Alternative Mechanism with Officer Interface for Refund of IGST on Export – Invoice mis-match Cases.
# *NFRA*: The Cabinet has approved setting up of the independent regulator *National Financial Reporting Authority* to take over disciplinary powers of ICAI to act against erring auditors and auditing firms as envisaged in the Companies Act, 2013.
# *FEOB*: The Cabinet has approved *Fugitive Economic Offenders Bill*, a stringent law to confiscate the assets of those who flee the country to escape being brought to account.
# *CBI* arrested PNB’s internal auditor responsible for auditing the systems and practices of the Bank in connection with Rs.12000+ Crores bank fraud.
# *CBI* is investigating a “*revised tax returns*” fraud involving several employees of Infosys, officials from the I-T dept.
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CBDT has decided to give a last chance to persons who have not filed income tax returns for the last two years. An advisory issued by the board that such persons can file income tax returns by 31st March 2018.
Income Tax Deptt. notifies the Centralized Communication Scheme, 2018 for conduct of electronic assessment proceedings. CBDT Notification dated. 22.2.2018.
CGST Mumbai Central Commissionerate arrested director of Shah Brothers Ispat Pvt Ltd, and director of V N Industries, for availing of "ineligible credit" of Rs 5.20 crore and Rs 2.03 crore, respectively.
GST Deptt Chandigarh taken action against “organized gang" involved in the Rs 100 crore fake GST billing scam, against 134 persons associated with 70 companies/ firms in the Punjab state.
NFRA: The Union Cabinet has approved the proposal for the establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
India replaces China as world's fastest growing economy, as GDP grew at 7.2% in Oct-Dec 2017, and will likely expand 6.6 percent in 2017-18, amid strong revival signs in consumption spending and invest activity.
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➡️New form AOC-3A notifies by MCA for sending financial statements to members by Ind AS Complaint Co.
➡️The deadline for linking Aadhaar card with essential services is March 31, 2018.
➡️Aircel files for Bankruptcy.
➡️India’s GDP Growth Rises To 7.2% in December quarter, India Fastest Growing Economy ahead of China in race
➡️Govt. exempts Ind AS companies engaged in defence production from segment reporting.
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➡1. Two functionally similar companies are incomparable if one Co. is having Brand value
Principal Commissioner of Income-tax-7 v. Oracle (OFSS) BPO Services (P.) Ltd.
➡2. Govt. issues clarifications on applicability of GST on certain services
https://gst.taxmann.com/topstories/222330000000014547/govt-issues-clarifications-on-applicability-of-gst-on-certain-services.aspx
➡3. ITAT allows sec. 54 relief even if sum wasn’t deposited in Capital Gain Scheme
Mrs. Seema Sabharwal v. Income-tax Officer, Ward-4, Panchkula.
🙏�Thank you🙏�
Have a nice day