*Chartered Accountant and Excise Officer Arrested for Wrongful IPT Claim worth 52 Crore*
Read more at: http://www.taxscan.in/chartered-accountant-excise-officer-arrested-ipt-claim/21131/
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👉🏻GoM approves FUSION model for GST filing*
(GoM worked out a new 'fusion' model for the tax filing by the companies, as it looks to simplify the return filing process under GST. The ministerial panel was also unanimous that there should be only one return per month.)
👇🏻 👇🏻 👇🏻
https://goo.gl/s5HKhe
*👉🏻ITR-1 form for AY 18-19 now available for e-filing*
(The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax efiling)
👇🏻 👇🏻 👇🏻
https://goo.gl/AH494E
*👉🏻Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4*
(Taxpayers who have opted to pay tax under the composition levy shall not furnish the data in serial number 4A of Table 4 of FORM GSTR-4 for the tax periods January, 2018 to March, 2018 and subsequent tax periods)
👇🏻 👇🏻 👇🏻
https://goo.gl/fY9hxE
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CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).
GST: No need for Composition Suppliers to furnish data of Inward supplies from registered persons(4A of Table 4 of GSTR-4). Press Release MOF, 17.4.18.
E-way bill no. on Invoice sufficient. Its printout not must. Number available on sms or otherwise also valid. Circular 41/15/2018-GST of 13.4.18.
GST: Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. Circular 41/15/2018-GST of 13.04.2018
MCA issues The Companies (Share Capital and Debentures) Amendment Rules, 2018. MCA Notification dated 10.04.2018.
The government fixed minimum overseas capital requirement for certain class of unregistered and unregulated entities offering financial services under the foreign direct investment regime.
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CBDT to go Tax-Friendly: Warns Officials for Misconduct and Harrazzment towards Taxpayers* [Read Letter]
Read more at: http://www.taxscan.in/cbdt-tax-friendly-misconduct-harrazzment/21165/
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*Electoral Bonds: SBI does not Share the Serial Number with anybody, including the Government and Users*
Read more at: http://www.taxscan.in/electoral-bonds-sbi-share-serial-number-government-users/21148/
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GST Council proposes simplified model for filing returns*
BY TIOL News Service
NEW DELHI, APR 17, 2018:
In its latest meeting held today, the GST Council proposed a single-page return form for businesses under GST, after consulting tax experts and industry leaders, with the objective of simplifying the procees for filing returns. Elaborating upon the subject, the GST Council chairperson, Mr Sushil Modi stated that a fusion model of return filing after incorporating stakeholder suggestion has been worked out, which will be placed before the GST Council for approval. He also mentioned that till the simplified return filing process is finalised, GSTR-3B will continue. The GST Council, last month discussed on two models of GST returns and suggested that the GoM would discuss further simplification. One of the models presented before the council was provisional credit should not be granted unless the taxpayers file returns and pay taxes. The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed. After consulting the stakeholders, the GoM worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN portal. Explaining the contours of the fusion model, an official said that the Central Board of Indirect Taxes and Customs (CBIC) is now working on mechanism to deal with instances of non payment of taxes even after availing credit. The official said the model, being drafted by the tax officers, would be to sent notices to taxpayer in case he fails to pay the due taxes seeking explanation, following which the credit could be reversed. Mr Modi said there was unanimity in the GoM that businesses would have to file only one return every month, instead of GSTR-1, 2 and 3 as was conceived earlier. Also there was unanimity that there would be no system based matching and purchaser would have to verify the invoice uploaded by the seller. Mr Modi said the model for simplified return filing that is being worked out would safeguard the interest of Revenue to the exchequer, and avoid inconvenience to the taxpayers. As per the structure being worked out by the Centre and state officials as well as Mr. Nandan Nilekani, businesses having zero tax liability for six consecutive months may get to file returns only twice a year. The return filing date would be spread out and businesses having annual turnover of up to Rs 1.5 crore will have to file return by 10th of next month, while others can file return by 20th. The number of returns filed by both small and large taxpayers would be 12 in a year, in place of 36 at present.
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GST: No need for *Composition Suppliers* to furnish data of *Inward supplies* from registered persons (4A of Table 4 of GSTR-4). Press Release Ministry of Finance dated 17.4.18.
*Case Study:* Consultancy charges Incurred for making investment are allowable - Pr. CIT Vs. Sintex Industries Ltd. (Gujarat High Court)
MCA: It is proposed to amend Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become payable in respect of 23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A, MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS.
*Due Date:*
#18-04-2018 -Due date of GSTR-4 (filed by Composite dealer) for the period of Jan to March 2018
#20-04-2018 -GSTR-3B (GST Monthly Summery) for the Month of March 2018
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*GST: Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports*
The Central Govt. vide Circular No. 40/14/2018-GST dated 6th April, 2018 has clarified regarding the acceptance of LUTs being submitted online in FORM GST RFD-11 by making certain modifications in Circular no. 8/8/2017 dated 4th October, 2017 .
*Modifications made are explained below:*
a) *Form for LUT:* Earlier the (exporters) were required to download the FORM GST RFD-11 from the website of the Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisdictional Deputy/Assistant Commissioner Now, the registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal and the LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online.
b) *Documents for LUT:* Earlier, self-declaration by the exporter to the effect that he has not been prosecuted should suffice for the purposes of Notification No. 37/2017- Central Tax dated 4thOctober, 2017. Now, by this circular it has been clarified that no such document needs to be physically submitted to the jurisdictional office for acceptance of LUT.
c) *Acceptance of LUT/bond:* Earlier, LUT/bond should be accepted within a period of 3 working days of its receipt along with the self-declaration and if not accepted within a period of 3 working days from the date of submission, it shall be deemed to be accepted. Now the LUT shall be deemed to have been accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online. If it is discovered that an exporter whose LUT has been so accepted, was ineligible to furnish an LUT in place of bond as per Notification No. 37/2017-Central Tax, then the exporter’s LUT will be liable for rejection. In case of rejection, the LUT shall be deemed to have been rejected ab initio.”
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Permanent Account Number (PAN) application amended to include the third gender(Transgender) option. CBDT Notification dated 09.04.2018.
CBDT notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18). “For Assessment Year 2018-19, a one-page simplified ITR Form-1 (Sahaj) has been notified.
18.04.18 is last day to file GSTR-4 for Quarterly Return of Outward Suppliers by Composition Suppliers for Jan- Mar,2018.
Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. Circular 41/15/2018-GST of 13.4.18.
Clarification regarding GST on supply of food and drinks in educational institutions 12th April 2018:
o GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit (ITC).
o If schools up to higher secondary level supply food directly to students, then the same are exempt from GST."
MCA Amendment in table F & H of schedule I of Companies Act,2013, in context of MOA and AOA. MCA Notification dated 10.04.2018.
ICAI Invitation to Empanel as a Resource Person to Conduct Investor Awareness Program FY 18-19.Details/Reg. visit https://goo.gl/v8gUBg Rgds. CCMIP,ICAI
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# *GST*: CBIT has issued Procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances – Cir.No.41/15/2018-GST, dt.13.04.2018.
# *GST*: CBIT issues Clarification regarding procedure for recovery of arrears under the existing law and reversal of inadmissible input tax credit – Cir.No. 42/16/2018-GST, dt.13.04.2018.
# *MCA* vide its office order reshuffles its top level officers from one office under the MCA to another.
# *IT*: The MoF has eased the Requirement for obtaining PAN Card u/s 139A of IT Act, 1961 for corporate assesses, which has obtained Certificate of Incorporation (COI) issued by MCA along with PAN and TAN through common application.
# *IT*: Amount paid to the widow of the former MD of the company who passed away - The AO should have known that 'Died in Harness' would mean that a person dies while he was in service and does not mean that while on duty. This erroneous interpretation has led to an erroneous Assessment Order – CIT Vs. India Motor Parts & Accessories Ltd. (2018 (4) TMI 746 - Madras HC).
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📺 *Updates*
▶1. Ind AS: Convertible Preference shares can be treated as equity if certain conditions are met.
▶2. Sec. 194J TDS on provision made for audit fees was required even if payment to be made was uncertain
Citadel Fine Pharmaceuticals (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle- I (3), Chennai*
▶3. Set off of unabsorbed losses of amalgamating cos couldn't be denied if merger was approved in public interest.
Electrocast Sales India Ltd. v. Deputy Commissioner of Income Tax, CC-XXI, Kolkata
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*Class of registered persons liable for GST Audit*
Every registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs.2 Crore is liable to get his accounts audited by a Chartered Accountant or a cost accountant.
The phrase ‘aggregate turnover’, as defined in Section 2(6) would mean the all-India PAN-based turnover for the financial year (inclusive of exports, inter-State supplies, exempt supplies, stock transfers, etc. but exclusive of GST and compensation cess).
Note: The appointed date for effective implementation of the provisions of the GST laws is 01.07.2017, i.e., from the second quarter of the financial year 2017- 18.
Therefore, the very applicability of the threshold limits for audit purposes, whether wholly (Rs.2 Crore) or in proportion, has not been explicitly provided for – _Clarification from the Government is awaited_.
*Assessees whose accounts are to be audited*
The threshold turnover limit of Rs. 2 crore, as referred to above-:
A) Is the same for assessees in all the States and UTs. No separate threshold limit is specified for Special Category States. Since each of the State GST Acts also contain the relevant provisions relating to audit, the GST audit shall be State-wise;
B) Is to determine the applicability alone, and separate audits would have to be carried out for each of the distinct registrations under the same PAN.
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👉🏻Certificate of incorporation is sufficient proof of PAN/TAN*
(Govt said the Certificate of Incorporation (COI) issued by the MCA is adequate proof of Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) for a Company)
👇🏻 👇🏻 👇🏻
https://goo.gl/vPz5Go
*👉🏻 lays out procedure for inspection of goods under E-way bill*
(Detailing the uniform procedure for interception and inspection of goods under the e-way bill system of the GST, CBIC has instructed field officials to submit inspection reports within three days of intercepting conveyances)
👇🏻 👇🏻 👇🏻
https://goo.gl/E4Ug35
*👉🏻IBBI slaps penalty on Electrosteel Steels Resolution Professional*
(IBBI has slapped a penalty and issued a show cause notice to the resolution professional of Electrosteel Steels for neglecting the claims made by operational creditors)
👇🏻 👇🏻 👇🏻
https://goo.gl/jxMRLv
*👉🏻Empanelment of Internal Auditor for HP State Handicrafts & Handloom Corp Ltd*
( Expression of Interest for CA Firms for their Appointment /Empanelment as Internal Auditors for the Financial Year 2017-18)
👇🏻 👇🏻 👇🏻
https://goo.gl/pAfkjL
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E-Way Bill system for Intra-State movement of goods, has been implemented from 15.04.18 for the States of Andhra Pradesh, Gujarat, Kerala, Telangana & Uttar Pradesh.
Last date for submitting GSTR 3b and payment of taxes for March 2018 is 20th April 2018.
The Central Board of Indirect Taxes and Customs, inter-alia, lays down procedure for recovery of central excise duty / service tax and CENVAT credit thereof riasing out of proceedings under existing law, unless recovered thereunder, and that of inadmissible transitional credit, as “arrears of tax” under CGST Act. Circular No. 42/16/2018-GST DT 13/04/2018.
CBIC has issued Circular, clarifying the various procedures for interception of conveyances, etc. in the light on compulsory introduction of e-way for inter-state movement of goods w.e.f April 1, 2018 and intra-state movement of goods Circular No. 41/15/2018-GST dt 13/04/2018.
GST Rate of Rubber Wood is 18%: In an order by the Authority for Advance Ruling, ( AAR ) Kerala, the authority clarified that rate of GST on rubber wood as 18% under the HSN4403.
It is proposed to amend Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become payable in respect of 23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A, MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS.
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📺 *Updates*
▶1. No penalty as income admitted during search was recorded in other documents maintained by assessee
Deputy Commissioner of Income-tax, Circle- 2 (2), Kolkata v. Manish Agarwala*
▶2. Goods detained due to incomplete details in delivery challan could be released on furnishing bank guarantee
Beena Steel Corpn. v. Assistant Sales Tax Officer, Thrissur*
▶3. Statement furnished during appellate proceedings to justify diff. in Form 26AS & ITR can be admitted by CIT(A)
Deputy Commissioner of Income tax-(1)(1), Kolkata v. Lexicon Auto Ltd.
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*GST*: Recovery of arrears under existing law and reversal of inadmissible input tax credit vide Circular No. 42/16/2018-GST - (13/04/2018)
*GST: e-Way Bill* applicable for Intra-State movement of goods in 5 states of Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh w.e.f. 15th April, 2018. *E-way bill for Intra-State will be going to start in Haryana w.e.f 20th April 2018*
*ICAI*: Free e-Book on Compliances of Service Tax / GST in Banking Sector -
http://idtc.icai.org/publications.php
*Case Study:* Provision for doubtful advances not allowable as Bad debts U/s. 36(1)(vii) - Elite International (P.) Ltd. Vs ACIT (ITAT Mumbai)
*MCA:* PAN and TAN on the COI issued by MCA shall be treated as sufficient proof of PAN and TAN for the said company.
*Guwahati CIT Bribe Case:* Accuses are not chartered Accountants press release by ICAI - In view of the above, it is a matter of concern for ICAI that in the aforesaid matter CBI did not verify the credentials of the persons in question with ICAI before issuing a statement to the media and public at large
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ITAT confirms Assessment against District Judges as there is No Provision in IT Rules Exempting Medical, Conveyance and Sumptuary Allowances* [Read Order]
Read more at: http://www.taxscan.in/itat-confirms-assessment-exempting-medical-conveyance-sumptuary-allowances/20883/
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Permanent Account Number (PAN) application amended to include the third gender option. CBDT Notification dated 09.04.2018.
In Evergreen Seamless Pipes and Tubes Pvt. Ltd.& Ors vs. Union of India & Ors., the Bombay High Court upheld the Constitutional validity of One Year Limitation for GST Transitional Credit under Section 140(3)(iv) of the CGST Act, 2017.
MCA issues The Companies (Share Capital and Debentures) Amendment Rules, 2018. MCA Notification dated 10.04.2018.
MCA vide its office order reshuffles its top level officers from one office under the MCA to another. All the transfers and posting are ordered on the administrative grounds and with immediate effect.
The Reserve Bank tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year
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*Continuous default by Company be a reason for winding up*
*_Read full case law at :_* https://dasgovernance.com/2018/04/13/continuous-default-by-company-be-a-reason-for-winding-up/
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👉🏻RBI tightens monitoring of Liberalised Remittance Scheme for overseas money transferring*
👇🏻 👇🏻 👇🏻
(RBI tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year.)
*👉🏻Startups with up to Rs 10-cr investment to get tax concession*
(Govt. on Thursday allowed start-ups to avail tax concession only if total investment including funding from angel investors does not exceed Rs.10 crore.)
👇🏻 👇🏻 👇🏻
https://goo.gl/htSnbQ
*👉🏻Tax dept begins verifying pre-GST records, Notices sent*
(Taxpayers registered for goods and services tax have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed)
👇🏻 👇🏻 👇🏻
https://goo.gl/3UiNso
*👉🏻Partners Required On PAN India Basis*
( We are 50+ years old firm. Delhi based CA Firm and having branch at Gurgaon. We are looking for partners to expand the firms presence at an all India level.)
👇🏻 👇🏻 👇🏻
https://goo.gl/hm8Gbv
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Delhi ITAT held that the AO cannot pass the assessment order under Section 143(3) of the Income Tax Act against a struck off company. M/s. Anujay Hycare vs. ITO.
Amendment in table F & H of schedule I of Companies Act, 2013, in context of MOA and AOA. MCA Notification dated 10.04.2018.
RBI has ruled out any relaxation in bad loan rules, saying the tough norms will discipline borrowers and prevent banks from pushing distressed loans under the carpet.
Govt and the Unique Identification Authority of India (UIDAI) on Wednesday told the Supreme Court that no Aadhaar card has been duplicated.
MCA has issued a notification to amend the Schedule I of Companies Act, 2013. every certificate as may be issued by the Company, shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary.
SEBI is planning to tighten rules governing the appointment process for top executives at market infrastructure institutions (MIIs) such as exchanges, clearing corporations and depositories.
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# *GST*: Transitional credit - Transferring CENVAT credit u/s 174(1) & 174(3) of CGST Act, 2017 - validity of conditions imposed - transitional arrangements have clear nexus, therefore, with the object sought to be achieved. They cannot be struck down as having no such relation or nexus – JCB India Ltd. & Ors Vs. Union of India & Ors. (2018 (4) TMI 585 - Bombay HC)
# *MCA* has issued a Notice on its website stating that it is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @ Rs.100/- per day for filings under Section 92 (Annual Return) or Section 137 (Annual Financial Statement) of the Companies Act, 2013.
# *MCA* has issued a Notification to notify the Companies (Share Capital and Debentures) Amendment Rules, 2018 effective from 10-04-2018.
# *MCA* has issued a Notification to amend Schedule-I of Companies Act, 2013 that every certificate as may be issued by the Company, shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary, wherever the company has appointed a company secretary instead of two directors.
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👉🏻Clarification regarding GST on supply of food and drinks in educational institutions*
( GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit, If schools up to higher secondary level supply food directly to students, then the same are exempt from GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/B4Wyd7
*👉🏻MCA amends Tables in Schedule I related to MOA and AOA*
(It amends Table F which is Articles Of Association Of A Company Limited By Shares and Table H which is Articles Of Association Of A Company Limited By Guarantee And Not Having Share Capital)
👇🏻 👇🏻 👇🏻
https://goo.gl/6xdhDm
*👉🏻CBDT proposes changes in norms for advance ruling*
( The proposed modified forms seek details including names, address, the country of the residence and taxpayer identification number issued by the country of residence)
👇🏻 👇🏻 👇🏻
https://goo.gl/zhmCbs
*👉🏻Criteria to decide whether any service rendered will fall U/s. 194C or 194J*
(An Analysis to decide whether any service rendered will fall U/s. 194C or 194J by CA Saloni Dhawan)
👇🏻 👇🏻 👇🏻
https://goo.gl/oqBuPx
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*GST:* PIB dated 11- April - 2018 Clarification regarding GST on supply of food and drinks in educational institutions.
i) GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit (ITC).
ii.) If schools up to higher secondary level supply food directly to students, then the same are exempt
*MCA* amends Tables in Schedule I related to MOA and AOA order dated 10/04/2018.
Companies (Share Capital & Debentures) Amendment Rules 2018 order dated 10/04/2018.
*GST:* For preparing your GSTR-4 for the 4th quarter (Jan . Mar), 2017-18, a new version of GSTR-4 offline tool (V2.1) is now available in .Download. section from 6th April 2018.