GST Export Refund: Finance Ministry denies Figures published in Medias*
Read more at: http://www.taxscan.in/figures-pending-gst-refund-published-medias-incorrect-says-finance-ministry/19164/
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Govt enumerates Recommendations by GST Council to change GST Rates and Policy*
Read more at: http://www.taxscan.in/govt-enumerates-recommendations-by-gst-council-to-change-gst-rates-and-policy/19166/
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Madras High Court dismisses Petition seeking to bring Petrol, Diesel under GST*
Read more at: http://www.taxscan.in/madras-high-court-dismisses-petition-petrol-diesel-under-gst/19137/
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Sale Consideration of Shares is Capital Gain If Company treated the same as Investment: Delhi HC follows five broad tests to decide Nature of Income* [Read Judgment]
Read more at: http://www.taxscan.in/sale-consideration-shares-capital-gain-company-treated-investment-delhi-hc-follows-five-broad-tests-decide-nature-income/19133/
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GST: Suppliers to FMCG Companies moves Uttarakhand HC against lack of Tax Concessions*
Read more at: http://www.taxscan.in/gst-suppliers-fmcg-companies-uttarakhand-hc-lack-tax-concessions/19140/
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Madras HC dismisses Petition challenging Use of Acronym ‘ ICAI ’ by Institute of Cost Accountants of India* [Read Judgment]
Read more at: http://www.taxscan.in/madras-hc-dismisses-petition-challenging-use-acronym-icai-institute-cost-accountants/19156/
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*Structure created for Commonwealth Games cannot be considered as Commercial or Industrial Venture: CESTAT quashes Service Tax Demand* [Read Order]
Read more at: http://www.taxscan.in/structure-created-for-commonwealth-games-cannot-be-considered-as-commercial-or-industrial-venture-cestat-quashes-service-tax-demand/19144/
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# *GST*: Difficulties in filing of GST Tran-1 - transitional credit - HC directs the government to reopen the portal within two weeks from today - KTL Pvt. Ltd. Vs. Union of India (2018 (3) TMI 679 - Allahabad High Court).
# *GST*: CBEC clarifies on Refund of GST on Export – Circular No. 37/11/2018-GST, Dt.15.03.2018.
1. The transitional credit pertains to taxes paid under the existing laws - cannot be treated as part of Net ITC.
2. BRC/FIRC for export of goods should not be insisted upon as proof of realization of export proceeds since not envisaged in the law.
3. Exports of goods and services - refund of eligible credit on account of State tax shall be available even if the supplier of goods or services or both has availed of drawback in respect of central tax.
4. Exports of goods and services - taxes paid under existing laws - refunds of tax / duty paid under the existing law shall be disposed of in accordance with the provisions of the existing law - application under GST to be rejected.
# *IT*: Doctrine of mutuality - receipts by cooperative societies, from its members i.e. non-occupancy charges, transfer charges, common amenity fund charges and certain other charges, are exempt from income tax - the receipts cannot be bifurcated into two segments of receipt and costs, so as to hold the former to be outside the purview of mutuality classifying it as income of the society with commerciality – ITO Vs. Venkatesh Premises Co. Soc. Ltd. (2018 (3) TMI 675 - Supreme Court).
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Last date to file Income Tax Return for Asstt. Year 2017-18 is 31st March, 2018 and safeguard yourself from avoidable penalties leviable from the Income Tax Department.
Finance Bill 2018 was passed by Lok Sabha on 14.03.2018 with 21 Amendments by the Finance Minister of India Mr. Arun Jaitely.
Govt. extends indexation benefit to investors of unlisted firms for computing tax liability on sale of shares listed after January 31; capital gains arising from such transactions will continue to be taxed at 20%.
Transfer Charges, Non-Occupancy Charges etc. collected by Co-operative Societies from its members are exempt from Income Tax: Supreme Court of India.
Lok Sabha passed bill on damages for breach of contract and to reduce discretion of courts in such matters. The Specific Relief (Amendment) Bill, 2018.
A parliamentary panel has asked the govt. to assess the Employees Pension Scheme 1995 and consider a revision of the minimum monthly pension of Rs 1,000.
DGFT has Launch of e-MPS-facility to make online payment for miscellaneous applications.
ICAI: If any member want to change/ update the Region /Address then he/she can change https://appforms.icai.org/memberAddressUpdate/ Change it online & submit the hard copy to ICAI with your signature on or before 31/03/2018.
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RBI
RBI has decided to apply the Master Direction – Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 dated September 29,2016 to all the Non-Banking Financial Companies, being Government Companies. Accordingly, all such NBFCs shall put in place a reporting system for filing periodic returns with the Bank, as detailed in the aforesaid Master Directions, to the extent applicable to them. The returns should be compiled on the basis of the figures available in the books of accounts of such NBFCs and filed with the RBI on-line (using the COSMOS software package) by an authorised official of the NBFC, who shall be specifically authorised in this regard by the Board of Directors of such NBFC concerned. The first set of returns should be filed with effect from the: (i) last Friday of December 2017 for the weekly return; (ii) quarter ended - December 31, 2017 for the quarterly returns; (iii) half-year ending March 31, 2018 for the half-yearly returns; and (iv) year ending March 31, 2018 for the annual returns. All weekly, quarterly returns upto December 31, 2017 shall be submitted by April 15, 2018.
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📺 *Updates*
➡1. Reassessment on basis of information from investigation wing that assessee received sum from shell Cos. was justified
Aradhna Estate (P.) Ltd.
v. Deputy Commissioner of Income-tax, Circle-1(1)
➡2. Advance tax couldn’t be treated as tax paid under PMGKY : Delhi HC
Virag Tiwari v. Principal Commissioner of Income-tax
➡3. Govt. issues clarifications on exports related refund issues
https://gst.taxmann.com/topstories/222330000000014716/govt-issues-clarifications-on-exports-related-refund-issues.aspx
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🌷Knowledge Capsules🌷
👉Cabinet approves Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran.
👉 RBI stops Practice of Issuing Letters of Undertaking and Letters of Comfort for Trade Credits .
👉CA Final, Intermediate Students undergoing Articleships to get financial help from ICAI provided they fulfill some criteria's.like family income is < 1.80 lakh, appearing for exam and pursuing articleship.
👉Interest on Fixed Deposits on Money Received in respect of Share Capital is not Assessable as ‘Other Income’: ITAT .
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*Setback for GST: World Bank calls GST ‘Most Complex’ and Second Highest Tax Rate in World*
Read more at: http://www.taxscan.in/setback-gst-world-bank-calls-gst-complex-second-highest-tax-rate-world/19116/
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*Foreign Law Firms Cannot Set up Office In India, Can Advice Clients On ‘Fly in and Fly Out’: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/foreign-law-firms-cannot-set-office-india-advice-clients-fly-fly-supreme-court/19118/
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GST: CBEC Clarifies Export Refund Issues [Read Circular]*
Read more at: http://www.taxscan.in/gst-cbec-clarifies-export-refund-issues/19125/
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Order of a Four-Member Appellate Authority constituted under Chartered Accountants Act is Valid: Delhi HC* [Read Judgment]
Read more at: http://www.taxscan.in/order-four-member-appellate-authority-upholding-decision-disciplinary-committee-icai-valid-delhi-hc/19119/
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Sale consideration of Floor developed under Joint Venture is Not Business Income: Calcutta HC Quashes Addition against Former CBDT Official* [Read Judgment]
Read more at: http://www.taxscan.in/sale-consideration-floor-developed-joint-venture-not-business-income-calcutta-hc-quashes-addition-former-cbdt-official/19130/
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*Payment made for Channel Placement is not Royalty: Bombay HC deletes Sec 40(a)(i) Disallowance* [Read Judgment]
Read more at: http://www.taxscan.in/payment-channel-placement-royalty-bombay-hc/19095/
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CBEC to Observe GST Refund Fortnight for Quick Sanction of Pending Claims*
Read more at: http://www.taxscan.in/cbec-observe-gst-refund-fortnight-quick-sanction-pending-claims/19107/
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*Penalty won’t attract on Rejection of an Application under PMGK Scheme: Delhi HC allows an Income Tax Practitioner’s Plea* [Read Judgment]
Read more at: http://www.taxscan.in/penalty-pmgk-scheme-delhi-hc-allows-income-tax-practitioners-plea/19110/
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CA Result Mismatch: Delhi HC admits Appeal, asks ICAI to produce Documents* [Read Appeal ]
Read more at: http://www.taxscan.in/ca-result-mismatch-delhi-hc-admits-appeal-asks-icai-produce-documents/19050/
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CBDT conducted countrywide review of tax collection, especially for advance tax, TDS, arrears, and black money cases in a bid to shore up the direct tax revenue kitty for the financial year ending March 31.
Income tax department has provisionally attached Benami properties of over Rs. 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha.
Capital Gain Exemption allowed by AO on the basis of Certificate from Tahasildar can’t be treated as ‘erroneous’’: ITAT Delhi Quashes Revisional Assessment in the case of Sangeeta Jain.
CBEC has decided to set up camps across the Country from March 15. CBEC said that there are instances of exporters committing errors while filing refund claims and to help them, the department has started giving out refunds partially with manual intervention.
SEBI is planning to allow start-ups to list on SME stock exchanges. Sources say start-ups will be given special relaxations on the SME platform in terms of net worth requirements and profitability.
MCA notifies the Companies (Filing of Documents & Forms in XBRL) Amendment Rules, 2018, mandate to continue filing for subsequent years. N/N dated 08.03.2018.
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CIT has no Power to Cancel or Withdraw 12A Registration until It is Expressly Granted u/s. 12AA(3): SC* [Read Judgment]
Read more at: http://www.taxscan.in/cit-no-power-cancel-withdraw-recall-registration-certificate-granted-u-s-12a-expressly-granted-u-s-12aa3-sc/19085/
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*Transfer Charges, Non-Occupancy Charges etc collected by Co-operative Societies from Its Members are Exempt from Income Tax: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/transfer-charges-non-occupancy-charges-etc-collected-co-operative-societies-members-exempt-income-tax-supreme-court/19000/
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# *Corporate Law*: Shri P P Chaudhary, MoS for Corporate and Law & Justice stated in Rajya Sabha:-
1. Resolution professional doesn’t require nod of shareholders / members for insolvency resolution;
2. No reduction in approval of resolution plans after enactment of IBC (Amendment) Ordinance 2017.
3. There are 9,073 cases are under consideration in NCLT, including 1,630 cases of Merger and Amalgamation; 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act.
4. “Vanishing companies” can only be listed companies; so far 161 “vanishing companies” have been traced.
# *DGFT* launches e-MPS- facility to make online payment for miscellaneous application - Trade Notice No.25/2018, dt.14.03.2018.
# *Companies Law*: Winding up petition - difficulties for non-payment of the amount due and payable - considering the provisions of Section 126 of the Contract Act, it is imperative to accept the 'option agreement' as a 'contract of guarantee - Vandana Global Ltd. Vs. IL&FS Fin.Ser.Ltd. (2018 (3) TMI 561 - Bombay HC).
# *IT*: Exemption to the assessee u/s. 10(38) - LTCG - exemption available to any other assessee u/s 10(38) relating to long term capital, would also be available to a person carrying on non-life Insurance business - Pr.CIT Vs. The New India Assurance Co. Ltd. (2018 (3) TMI 589 - Bombay High Court).
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E-way bill shall be required w.e.f 1.4.2018 for inter-state supplies where value of consignment excluding Exempted goods, exceeds Rs. 50000.
Auditing and Assurance Standards Board of ICAI has issues Guidance Note on Audit of Banks 2018, dated 11.03.2018.
RBI had discontinued the Letter of Undertaking (LOU) & Letter of Comfort (LOC) for trade credit for import into India with immediate effect from.
The Supreme Court on extended indefinitely the March 31 deadline for mandatory linking of Aadhaar with bank accounts and mobile phones.
EPFO makes online claims mandatory for provident fund withdrawals above Rs. 10 lakhs.
NCLAT allowed the appeal to extend the period of resolution process for another 90 days when the extension is sought beyond the completion of 180 days. Quantum ltd Vs. Indus Finance Corp Ltd.
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*AADHAR*: The 31 March 2018 deadline for linking of Aadhaar with Bank Accounts and Mobile phone numbers had been EXTENDED indefinitely by the Supreme Court till it the final verdict on the petitions pending before it.
# *RBI* in the fallout of PNB fraud has scrapped quasi bank guarantee instruments such as the Letter of Undertaking (LoUs) & Letter of Comfort (LoC).
# *GST*: CBEC issues Cir.No.36/10/2018-GST, dt.13.03.2018 clarifying process on refund applications for UIN entities.
# *IBC*: IBBI signs a MoU with the RBI for effective implementation of the Code and its allied rules and regulations.
# *IT*: Confessions by a fake CA in Mumbai exposes lacuna in e-filing of tax return and to claim bogus refunds without uploading any supporting document.
# *IT*: Determine the ALP of the export sales to AEs - manufacturing of electric connectors, accessories, cable assemblies and system integration - TNM method is the most appropriate method is a reasonable and possible view on application of appropriate test in the present facts – Pr.CIT Vs. Amphenol Interconnect India Pvt. Ltd. (2018 (3) TMI 536 - Bombay HC).
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📺 *Updates*
➡1. Apex Court bars foreign law firms/ lawyers from practicing in India
➡2. ITAT allows Sec. 54F exemption even if unutilized capital gains wasn't deposited in scheme
Smt. M.K. Vithya v. Income Tax Officer, Ward 1, Tiruvannamalai*
➡3. Membership fees paid to stock exchange is capital in nature: HC
Abhipra Capital Ltd. v. Deputy Commissioner of Income-tax (Investigation)*
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👉🏻Govt asks banks to name and shame wilful defaulters*
(Tightening the noose around wilful defaulters, Govt has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers)
👇🏻 👇🏻 👇🏻
https://goo.gl/3FsFVU
*👉🏻SC indefinitely extends March 31 deadline for mandatory Aadhaar linking*
(Supreme Court has ruled that for now, citizens do not have to link their Aadhaar numbers to a range of services including bank accounts and mobile phones)
👇🏻 👇🏻 👇🏻
https://goo.gl/BjWCMh
*👉🏻RBI discontinues Letters of Undertaking, Letters of Comfort for trade credit*
(RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks with immediate effect)
👇🏻 👇🏻 👇🏻
https://goo.gl/G3s5YU
*
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New functionalities in GST Portal.
👇👇👇👇👇👇👇👇👇
Return ----- Reset of Form GSTR 4 after Submit • While filing Form GSTR 4, on clicking of “Submit” button, system does all the calculation and posts liabilities in the ledgers of the taxpayers. After this step, taxpayer discharges his liabilities and files his Return. As of now after clicking submit button no modifications can be made by taxpayer in Form GSTR 4.
• Concerns have been raised that taxpayer should be allowed to reset GSTR-4 even after “Submit” button is clicked and entries are posted to the liability register or cash ledger.
• The functionality has now been modified. As earlier taxpayer is required to click on “Submit”. Based on this click, system does required validations and posts liability in the respective ledgers (on the basis of details furnished by the taxpayer in the Form GSTR 4).
• Further “Reset” button has been provided after “Submit” button. This button will get enabled only after “Submit” button is clicked and submit is successful. Entries posted in the Electronic Liability Register/cash ledger will be deleted. Taxpayer can now edit details and resubmit the Form GSTR 4. Reset Button will get disabled if Return is filed or User has already offset liability.
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Income tax sec 32(2) had to be construed in its own term and not so as to restrict the benefit or advantage, it is sought to confirm; assessee was entitled to carry forward unabsorbed depreciation of earlier. (Favour of Assessee) CIT vs. British Motor Car Co. Ltd. (High Court- Delhi)
GST Council was told that there is a major variance between the amount of integrated GST and compensation cess paid by importers at custom ports and input tax credit of the same claimed in GSTR-3B, the summary form for input-output.
GSTN portal recently clarified the liability to pay the late fee for filing GSTR-3B with delay. The taxpayer has to pay all liability along with late fees and interest to file Form GSTR 3B due to the system error.
Decisions GST Council Meeting Mar 10. GSTR-1 & 3B till Jun. Inter-state e-way bill wef Apr 1 & intra-state by Jun 1. TDS/TCS & RCM NA till Jun 30.
Parliamentary panel has asked the government to define "Shell Company" in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings.
ICAI issued advisory to the members came after it received information from the RBI that there have been "certain issues between the banks' joint auditors and the banks' management regarding the allocation of work among the joint auditors".
Background Material on Bank Audit can be downloaded from the below mentioned link. http://www.nirc-icai.org/BMaterial/List%20of%20circulars%20mail%20for%2007.03.2018.pdf http://www.nirc-icai.org/BMaterial/IFAR.pdf
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# *ICAI* has issued 1100+ pages *Guidance Note on Audit of Banks* (2018 Edition). Link at: https://resource.cdn.icai.org/49205icai-aasb-gnabanks2018.pdf.
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# *MCA* has notified the amended Rules which may be called as the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018.
# *MCA* has notified the revised the versions of eforms - Form AOC-4, Form INC-28 & Form IEPF-1.
# *IBC*: LML Ltd. Kanpur, as a Corporate Debtor itself moved to NCLT for Insolvency Resolution, to be liquidated as the highest bid of Rs.270 Crores was below the liquidation value by about Rs.100 Crores as the Promoters couldn’t bid post amendment in the IBC Act.
# *CPI*: Feb retail inflation decline to 4.44% Vs. 5.1% in Jan’ 18.
# *IIP*: Industrial production growth rose to 7.5% in Jan’18 Vs. 7.1% in Dec’17.
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GSTR-3B to continue for further 3 months i.e. for Apr- Jun months.
GST Implementation Committee (GIC) being tasked to redress the grievances caused to the taxpayers due to IT glitches.
Deferred the implementation of E-wallet scheme for 6 months i.e. 1st Oct, 2018.
Tax Exemption for exporters extended for further 6 months till 1st Oct, 2018 which was earlier 31st Mar, 2018.
Suspended the provisions of TDS and TCS under section 52 & 53 respectively of CGST Act, 2017 till 30th Jun, 2018.
No need for vehicle no in E-way bill for intra-state transport from seller to transporter or transporter to buyer upto 50 kms instead of 10 earlier.
MCA notifies The Companies (Filing of Documents & Forms in XBRL) Amendment Rules, 2018. Mandate to continue filing for subsequent years. Ntfcn dtd 08.03.2018.
26th GST Council Meeting Updates.
Reverse Charge Mechanism on supplies from un-registered supplier to a registered person is deferred till June, 2018.
Nationwide E-way Bill on Inter-state supplies to be rolled out from 1st April, 2018.
Also, E-way Bill on Intra- state supplies to be made applicable from 15th April, 2018 in phases but not later than 1st June, 2018.
To facilitate the same states are divided into 4 lots.
Karnataka, Kerala and Tamil Nadu are likely to implement the same in first phase from 15th April.
No decision on simplification of Returns.
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📺 *Updates*
➡1. Private University engaged in imparting education is eligible for Sec. 12AA registration: ITAT
Indus University v. Assistant Commissioner of Income-tax, Cir. 5(3), Ahmedabad*
➡2. No service tax on reimbursement of expenses: SC
Union of India v. Intercontinental Consultants & Technocrats (p.) Ltd.
🙏�Thank you🙏�
Have a nice day
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GST Gyan- No need to mention vehicle Number in E-way bill for intra-state transport from seller to transporter or transporter to buyer upto 50 kms instead of 10, Kms earlier.