New version of GSTR-4 offline tool available in GST Portal
Read more at: http://www.taxscan.in/new-version-gstr-4-offline-tool-now-available-gst-portal/18885/
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More Late Fee payable for Delay in Filing GSTR-3B due to System Error: GSTN*
Read more at: http://www.taxscan.in/late-fee-payable-delay-filing-gstr-3b-due-system-error-gstn/18814/
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CBEC sets up Camps from March 15 to speed-up Refund Claims
Read more at: http://www.taxscan.in/cbec-sets-camps-across-country-speed-refund-claims/18888/
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Benefit of the Works Contract Composition Scheme can’t be denied to Assessee merely on Ground of Failure to File any Intimation: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/benefit-works-contract-composition-scheme-assessee-intimation-cestat/18880/
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Major Data Gaps between Self-declared Liability in FORM GSTR-1 and FORM GSTR-3B: GST Council recommends Adequate Action*
Read more at: http://www.taxscan.in/major-data-gaps-self-declared-liability-form-gstr-1-form-gstr-3b-gst/18873/
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ICAI Updates Actions taken on PNB Fraud
Read more at: http://www.taxscan.in/icai-updates-actions-taken-pnb-fraud/18850/
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CBDT had issued a circular, making it mandatory to provide Aadhaar or the enrolment number with IT returns for everyone. Some of those without the unique identification number have managed to find a loophole in the system. They say they have been able to file tax returns by putting in all 0s or 1s instead of the 12-digit Aadhaar.
(15-03-18) is last day for payment of advance Income Tax by all Assessees(100%) including 44 AD cases. Challan No. 280.
CBEC extends last date for submission of GST TRAN-2 to 31.03.2018. E-way Bill Rules amended by CGST (Second Amendment Rules), 2018. Notification No.12/2018 Central Tax.
EPFO makes online claims mandatory for provident fund withdrawals above Rs. 10 lakh.
Insolvency and bankruptcy board of India invites comments on draft IBBI (mechanism for issuing regulations) regulations, 2018 dated 7th March 2018.
No CA representation in Government’s new Regulatory for Auditors: NFRA to run by Retired Bureaucrats. The new watchdog for auditors has been approved by the union cabinet last week following the PNB Fraud.
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ICAI* has set up a Group for Review of Procedure for General Elections to the Council and Regional Councils and to work out modalities for implementation of Electronic voting.
# *IBC*: Initiation of CIRP - non-issuance of Section-8 notice prior to filing of the present application is a non-curable defect, which cannot be cured at this stage - Idemitsu Lube India Pvt. Ltd. Vs. AS Autotech Pvt. Ltd. (2018 (3) TMI 390 – NCLT, New Delhi).
# *IT*: Admittedly, there is no allegation that the revised return of income filed by the Assessee u/s 139 (5), contains any inaccurate particulars of income - ITAT rightly deleted the penalty – Pr.CIT Vs. Sterlite Opportunities and Ventures Ltd. (2018 (3) TMI 384 - Bombay HC).
# *ST*: Valuation - only w.e.f. 14.05.2015, as per amended Sec. 67, such reimbursable expenditure or cost would be included in the taxable value - Union of India & Anr. Vs. Intercontinental Consultants & Technocrats Pvt. Ltd. (018 (3) TMI 357 - SC).
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📺 *Updates*
➡1. Yearly commission paid by Co. to its agents not doubted by revenue was to be allowed as deduction: Delhi HC
Commissioner of Income Tax, Delhi v. Hind Nihon Proteins (P.) Ltd.
➡2. Opportunity was to be allowed, even though creditor failed to submit proof of its claim to liquidator in time: NCLT
NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH
UCO Bank, In re
➡3. Moratorium applicable on properties owned by debtor as well as personal guarantor: NCLAT
State Bank of India v. V. Ramakrishnan
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1. Limit of Rs. 50,000/- for E Way Bill to be applied to Individual Consignment a nd not on the Total Value of Consignment in a Vehical;
2. Rs. 50,000/- Limit will be calculated after reducing the value of Exempted Goods if any in an Invoice;
3. Vehical details are not required on E Way Bill for Intra State movement of good upto 50 Kms (earlier 10 Kms)
4. Job Workers can also generate E Way Bill for Inter State movement of Goods.
5. Mandatory requirement for production of E Way Bill (wherever applicable) at the time of delivery by Railways to plug leakage from transportation through Railways.
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*Taxability of Legal Services under GST*
_Analysis_ :
a. Legal Services when provided to a business entity having T/o exceeding Rs.20/10 lacs is not exempt. Even though it is under RCM but not in any case exempt.
b. Even where entire tax is payable on RCM, exemption to obtain registration is not available where a person is engaged in supply of inter-state services (since notification no. 5 is not issued/not applicable under IGST Act) except where T/o is up to Rs.20/10 lacs.
c. Sale of an old printer, furniture, etc is not exempted. Thus, liability to register can arise from other supplies also.
d. Important examples dealing with registration requirement:
i. Advocate in Delhi having turnover of Rs.50 lacs in respect of services provided to his clients (t/o>20 lacs of each client) located in Delhi/Haryana/Uttar Pradesh shall be mandatorily required to take registration even when all services are taxable under RCM since notification no.5- CT is not applicable in respect of inter-state services. Section 24 shall apply in this case.
ii. In the above example, if all clients are located in Delhi, then registration is not required basis notification no. 5.
iii. In first example, if additionally there is sale of old printer turnover of which is Rs.2 lacs, registration shall be required since section 22 shall apply. Section 23 and notification no. 5 shall not apply.
iv. Advocate in Chennai having legal services turnover of Rs.19 lacs and turnover of Rs.2 lacs in respect of sale of old printer shall be mandatorily required to take registration since turnover exceeds Rs.20 lacs. Section 22 shall apply in this case and section 23 shall not apply since sale of printer is not exempt/under RCM
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Date of Presentation of Cheque is the Date of payment of Service Tax: CESTAT Quashes Interest Demand [Read Order]
Read more at: http://www.taxscan.in/date-presentation-cheque-date-payment-service-tax-cestat/18837/
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# *IT*: Direct Tax collections for FY2017-2018 grew by 19.50% to Rs.7.44 Lac Crore till Feb’ 2018 with Corporate Income Tax grew by 19.70% and Personal Income Tax by 18.6%.
# *IT*: Thursday (15 MAR 2018) is the last day for payment of final installment of advance taxes for the Asst. Year 2018-19.
# *IBC*: CIRP - existence of operational debt - failure to make payment against procurement of paddy - the application deserves to be admitted - Hajura Singh Bhim Singh Vs. Best Foods Ltd. (2018 (3) TMI 319 – NCLT, Chandigarh).
# *IT*: Non-competition agreement with Ranbaxy Laboratories Ltd. - in the absence of a finding that the two agreements entered with RLL and SPIL are sham and nominal, no addition can be made - V.C. Nannapaneni Vs CIT (2018 (3) TMI 311 - Telangana & AP High Court).
# *IT*: LTCG - Deduction claimed u/s 54 - Section 54(2) does not say that in case the assessee could not get the possession of the property, he is not entitled for exemption u/s 54 – ACIT Vs. M. Raghuraman (2018 (3) TMI 293 - ITAT Chennai)..
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CBDT had issued a circular, making it mandatory to provide Aadhaar or the enrolment number with IT returns for everyone. Some of those without the unique identification number have managed to find a loophole in the system. They say they have been able to file tax returns by putting in all 0s or 1s instead of the 12-digit Aadhaar.
CBEC extends Last Date for Submission of GST TRAN-2 to 31.03.2018. E-way bill Rules amended by CGST (Second Amendment Rules), 2018. Ntfcn No.12/2018.
SEBI has re- constituted its committee that suggests roadmap for developing corporate bond market in the country. The 27-member committee would now be chaired by Harun R Khan, former Deputy Governor RBI.
Assessee not liable to pay tax on goods purchased at concessional rate against Declaration Form for export : HC.
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No Service tax on Reimbursed Expenses prior to May 2015: *Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/no-service-tax-reimbursed-expenses-prior-may-2015-supreme-court/18795/
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📺 *Updates*
➡1. Assessee couldn't be treated as an assessee-in-default if it rectified TDS defects during appellate proceedings
Executive Engineer Construction v. Deputy Commissioner of Income-tax, (TDS), Agra.
➡2. No Sec. 69A additions if copy of sale of land agreement produced by assessee wasn't rebutted by Dept.
Income Tax Officer, Ward-1, Malerkotla v. Jagdev Singh.
➡3. Transfer of shares to step down subsidiary would also get benefits of Sec. 47: ITAT
Emami Infrastructure Ltd. v. Income-tax Officer, Ward 12 (1), Kolkata
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GST- Refunds - Q & Ans- Curtsey TAXTALK*
Q1. *What are the cases in which refund will be sanctioned to the claimant?*
Ans: Refund will be sanctioned in following cases:
• Refund of excess balance in Electronic Cash Ledger.
• Refund of tax paid on zero rated supply of goods or
services of both.
• Refund of tax on inputs/input services used in making
zero rated supply.
• Refund on account of ITC accumulated due to Inverted
Tax Structure.
• Refund of tax paid on Deemed Exports.
• Finalisation of provisional assessment.
• On account of appeal/any other adjudication order.
• Refund for tax paid on purchase made by UN bodies
and other Notified Agencies.
• Tax Refund for International Tourists.
*Q.2 Have the procedure for claiming refund been simplied in GST regime?*
Ans: Yes. The procedures relating to export have been
simplified in GST Regime. The process for the same is as follows:
• Application for refund shall be filed for a tax period in
FORM GST RFD-01A online on the common portal.
• Valid return in FORM GSTR-3B and GSTR-1 has to be filed for the tax period for which refund application
has been filed.
• Registered person applying for refund must give an undertaking to the effect that the amount of refund sanctioned would be paid back to the Government with interest in case it is found subsequently that the requirements have not been complied with in respect of the amount refunded.
• On filing of refund application, an Acknowledgement
Reference Number shall be generated.
• The FORM GST RFD-01A along with the ARN and other necessary documents needs to be submitted manually in the office of the jurisdictional proper officer.
*Q.3 Whether there is any time limit to file refund claim?*
Ans: Generally, Yes. The refund claim has to be filed within
two years from the relevant date. However, no time
limit where tax/interest/ or any other amount has been
paid under protest.
*Q.4 Whether there is any provision for condonation of delay in filing refund claim beyond two years from the relevant date?*
Ans: No, there is no provision to condone the delay and the
refund claim will be rejected without getting any merits
of the refund claim.
*Q.5 How soon will refund in respect of export of goods/services be santioned?*
Ans: The refundable amount shall be sanctioned within 60
days from the date of receipt of application complete
in all respects.
However, as a measure of facilitation
to exporters, 90% of the amount excluding the amount
of input tax credit provisionally accepted will be
refunded within seven days from the date of
acknowledgement in Form GST RFD-04.
Provisional refund shall be calculated taking into account the total Input Tax Credit, without making any
reduction of credit being provisionally accepted.
*Q.6 Can refund of wrong payment of tax be granted?*
Ans: Yes, a person may be granted refund of taxes which
have been wrongly paid and credited to the electronic
cash ledger. A taxable person may pay integrated tax
instead of central tax/state tax because of incorrect application of the place of supply provisions. In such
case, the taxable person may file an application for
refund of excess cash credited in the electronic cash
ledger.
*Q.7 Can refund of unutilized ITC be allowed as refund to exporters?*
Ans: Yes, refund of any unutilised input tax credit of inputs
and input services will be allowed except where
• the goods exported out of India are subjected to
export duty; or
• the exporter claims drawback of CGST or refund of IGST paid on such export.
*Q.8 Whether refund:can be granted to Casual/Non–Resident Taxable Persons?*
Ans: Casual/Non – resident taxable person has to pay tax
in advance at the time of registration. Refund may be
granted to such persons at the end of the registration
period because the tax paid in advance may be more than the actual tax liability on the supplies made by
them during the period of validity of registration period.
*Q.9 Will the principle of unjust enrichment shall be applicable for all sorts of refund?*
Ans: The principle of unjust enrichment would be applicable
in all cases of refund except in the following cases:–
• Refund of tax paid on zero-rated supplies of goods or
services or both or on inputs or input services used in
making such zero-rated supplies.
• Unutilized input tax credit in respect of (a) zero rated supplies made without payment of tax or, (b) where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies.
• Refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice has not been issued.
• Refund of tax where tax wrongfully collected and paid to Central Government or State Government.
• If the incidence of tax or interest paid has not been passed on to any other person.
• Such other class of persons who has borne the
incidence of tax as the Government may notify.
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➡️Cabinet approves Arbitration and Conciliation (Amendment Bill), 2018.
➡️CCI levies Rs.540 million fine on Jet, SpiceJet, IndiGo.
➡️RBI imposes Rs 4 crore penalty on State Bank of India .the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 4 crore on State Bank of India (the bank) for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes.
➡️In order to carry out the provisions of the Insolvency and Bankruptcy Code, The Insolvency and Bankruptcy Board of India has invited comments on draft IBBI (Mechanism for Issuing Regulations) Regulations, 2018.
➡️The Insurance Regulatory and Development Authority of India (IRDAI) has repealed the IRDA (Standard Proposal Forms for Life Insurance) Regulation, 2013 to withdraw the standard format for life Insurance proposal form.
➡️Aircel Seeks Urgent Hearing at NCLT to Appoint an IRP
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*Assessee couldn't be treated as an assessee-in-default if it rectified TDS defects during appellate proceedings*
[2018] 91 taxmann.com 27 (Agra - Trib.)
*IN THE ITAT AGRA BENCH*
*Executive Engineer Construction*
*v.*
*Deputy Commissioner of Income-tax, (TDS), Agra*
Section 194C, read with section 201, of the Income-tax Act, 1961 - Deduction of tax at source - Contractors/sub-contractors, payment to (Incorrect submission of PAN) - Assessment year 2011-12 - In course of survey proceedings, Assessing Officer found that assessee had failed to deduct and deposit TDS under section 194C - He further found that assessee had not filed quarterly statements of Forms 24Q and 26Q for relevant year and hence, assessee had rendered itself liable to be treated as an assessee-in-default under section 201(1) - Commissioner (Appeals) noted that it was not a case where assessee had not made TDS; that assessee had made TDS by treating contractors as having PANs at rate of 2.25 per cent, however, PANs for those contractors were not available and, thus, assessee should have made TDS at rate of 20 per cent - He thus confirmed assessment order - It was apparent from records that assessee had submitted before Commissioner (Appeals) that incorrect PANs of contractors had been rectified - Besides, post passing of Assessing Officer's order, assessee had furnished quarterly statements and paid requisite taxes along with interest - Whether in view of aforesaid developments subsequent to passing of assessment order, Commissioner (Appeals) should have absolved assessee of being treated as an assessee-in-default - Held, yes - Whether, since Commissioner (Appeals) failed to do so, impugned order passed by him was to be set aside - Held, yes [Para 10][In favour of assessee].
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Uniform Tax Rate under KVAT Act applicable to Works Contracts prior to 1st April 2006: SC [Read Judgment]
Read more at: http://www.taxscan.in/uniform-tax-rate-kvat-act-applicable-works-contracts-prior-1st-april-2006-supreme-court/18710/
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*Transporting Goods to Unregistered Person* not prohibited under *GST*, Tax Evasion can’t be suspected: *Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/transporting-goods-unregistered-person-not-prohibited-gst-tax-evasion-cant-suspected-kerala-hc/18761/
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NACIN Mumbai develops a Flyer on ‘Refund of Integrated Tax Paid on Account of Zero Rated Supplies* [Read Concept Note]
Read more at: http://www.taxscan.in/nacin-mumbai-develops-flyer-refund-integrated-tax-paid-account-zero-rated-supplies/18720/
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No CA representation in Govt’s new Regulatory for Auditors: NFRA to run by Retired Bureaucrats
Read more at: http://www.taxscan.in/no-ca-representation-govts-new-regulatory-auditors-nfra-run-retired-bureaucrats/18750/
