Facilitation Fee Charged by Rajasthan Tourism Development Corporation subject to Service Tax: Rajasthan HC* [Read Judgment]
Read more at: http://www.taxscan.in/facilitation-fee-rajasthan-tourism-development-corporation-service-tax-rajasthan-hc/23119/
.
=============>
.
Free Banking Services to remain out of GST, says Finance Ministry Official*
Read more at: http://www.taxscan.in/free-banking-services-gst-finance-ministry/23165/
.
=============>
.
✳MCA Update:
▶Forms AOC4-XBRL and PAS-3 are revised on MCA21 Company Forms Download page w.e.f 15th MAY 2018. Stakeholders are advised to check the latest version before filing.
✳Direct Tax:
▶Ahmedabad ITAT opines that location of AO, at the point of time when Tribunal hears and determines the case, is relevant for determining jurisdiction of bench to hear stay/appeals, however, directs registry to place matter before the President for final decision on transfer of assessee’s case to Delhi benches ; [TS-240-ITAT-2018(Ahd)]
Bengaluru ITAT adjudicates issue of taxability of Google’s Adwords program payment in light of HC direction to dispose of appeals independently without being influenced by earlier ITAT order, reconfirms characterization of payment as royalty under the domestic law as well as India-Ireland DTAA; [TS-235-ITAT-2018(Bang)]
✳Indirect Tax:
▶CBEC waives the late fee payable under section 47 of the said Act for failure to furnish the return in FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27th day of December, 2017. Vide notification no 22 /2018 – Central Tax, dated14th May 2018.
✳Key Date:
▶GSTR Return summary for April: 20.05.2018
.
=============>
.
# *GST*: CBIT waived Fee for late filing of Form GSTR-3B for the class of registered persons whose declaration in TRAN-1 was submitted but not filed on the common portal on or before 27 DEC 2017 – N.N.22/2018-CT, dt.14.05.18.
# *GST*: Turnkey project / EPC Contract - cannot be held as supply of immovable property or composite supply - to be taxed as Works contract – AAR, Maharashtra in Giriraj Renewables Pvt. Ltd.
# *GST*: When IGST has been charged as required then there cannot be any intention to evade the tax namely SGST/ CGST - Ramesh Chand Kannu Mal Vs. State of UP & Ors. (2018 (5) TMI 761 - Allahabad HC).
# *IBC*: Corporate Debtor having confirmed the balance amount outstanding, the claim is not at all barred by limitation – SBI Vs. Impex Metal & Ferro Alloys Ltd. (2018 (5) TMI 857 – NCLT, Kol.).
# *IBC*: The applicant, who has filed the application u/s 7 or 9 of the Code, is required to bear the expenses which is to be reimbursed by the CoC to the extent it ratifies the same – SBI Vs. SKC Retails Ltd. thru IRP & Anr (2018 (5) TMI 856 - NCLT, ND).
# *IT*: A non-resident partnership firm cannot be equated as an Indian company - the path of passing the draft assessment order u/s 144C (1) is bad – ESS Distribution (Mauritius) SNC ET Compagnie Vs. ADIT (2018 (5) TMI 737 - ITAT Delhi).
.
=============>
.
GST: Evasion worth 40 Crore Unearthed in Kolkata*
Read more at: http://www.taxscan.in/gst-evasion-40-unearthed-kolkata/23158/
.
=============>
.
👉🏻CBDT Releases Java Utility of ITR-2 for AY 2018-19*
(CBDT has finally released Java Utility of ITR-2 of Assessment Year 2018-19. ITR 1, 2 and 4 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly)
👇🏻 👇🏻 👇🏻
https://goo.gl/qUTqxb
*👉🏻Banks can't exchange soiled or torn Rs 200 and Rs 2000 currency notes*
(The exchange of soiled, mutilated and imperfect notes are governed by RBI (Note Refund) Rules, a part of Section 28 of the RBI Act, which only specifies currency notes of Rs 5, Rs 10, Rs 50, Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000 denomination and not added Rs. 200 and Rs. 2000denomination)
👇🏻 👇🏻 👇🏻
https://goo.gl/BjeQ91
*👉🏻Govt waives Late fees for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing*
(Govt waives the late fee payable under section 47 of the said Act for failure to furnish the return in FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/eMsDnm
*👉🏻ICAI Invites Applications from Highly Competent Candidates for the Position of SECRETARY*
(Membership of ICAI. Additional qualification like MBA/LLB from a renowned Institute / University would be an added advantage. Last Date - 15th June 2018.)
👇🏻 👇🏻 👇🏻
https://goo.gl/oUKdAg
.
=============>
.
*Bombay High Court appreciates CIT’s Efforts to Address injustice caused to Taxpayer* [Read Judgment]
Read more at: http://www.taxscan.in/bombay-high-court-cits-efforts-injustice-taxpayer/23139/
.
=============>
.
GST Rates Finder’ mobile app, which allows people to find tax rates on various services and goods under the goods and services tax regime, will now be available on iOS. To install GST Rate Finder first open Google Play Store and search GST Rate Finder.
Delhi Govt has notified the first appellate authority under Delhi Goods and Services Tax Act wherein the Commissioner (State Tax) authorized all the Add Commissioners to perform the functions of Appellate Authority to hear appeals under section 107 of the Delhi GST.
GST applicable on motor car used in business sold as scrap. Ruling of Authority for Advance Ruling, Maharashtra for CMS Info Systems Ltd.
RBI came up with the latest changes on ECB on the 27th of April 2018, which has been incorporated in the Master Directions. In light of the requests received from corporates for further relaxation of norms in the ECB regulations.
ICAI - BFSIC is organizing Orientation Programme for the DIRM Technical Examination passed members of ICAI at Mumbai & Noida in May 2018 - https://resource.cdn.icai.org/49834bfsic39496.pdf
.
=============>
.
CBDT Directs Dedication Of Fortnight For Appeal Effect And Redressing Public Grievances*
The CBDT has issued a directive dated 7th May 2018 stating that the delay in giving appeal effect and passing rectification orders is the biggest source of grievance against the Department. It is pointed out that such delays also adversely affect the performance of the Department as the infructuous demand remains stuck in appeal orders and rectification petitions till these are disposed of by the assessing officer. With a view to expeditiously dispose off the appeal effect and rectification claims of the taxpayers, the CBDT has directed that the first fortnight of June, 2018 should be dedicated for attending to the pending claims in these areas
Ajit Kumar Shrivastava
MEMBER, CBDT &
Special Secretary to the Government of India
GOVERNMENT OF INDIA
Ministry of Finance/Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi-110001
E-mail: ajit.shrivastava@govin
Tele;011-23095429 Fax 011-23092791
D.O. No. DIT (TP$-I)/Pakhwada/2018-19
Dated 7th May, 2018
Dear Pr.CCsIT/Pr.DGsIT/CCIT, Central
Sub:- *Dedication of a fortnight for Appeal Effect and Rectification for clearing up pendency and redressing public grievance*.
The redressal of public grievance and taxpayer service is an area of top priority for CBDT and the Government. The delay in giving appeal effect and passing rectification orders is the biggest source of grievance against the Department. Moreover, such delays also adversely affect the performance of the Department as the infructuous demand remains stuck in appeal orders and rectification petitions till these are disposed of by the assessing officer.
2. With a view to expeditiously dispose off the appeal effect and rectification claims of the taxpayers, it has been decided to dedicate the first fortnight of June, 2018 for attending to the pending claims in these areas.
During the period of lst to 15th June, 2018, all assessing officers shall accord top priority to work of giving appeal effect and passing the rectification orders, and shall earmark the first half of the day to meet applicants/ counsels who seek to have a hearing to explain their case.
3. In the area of rectification, special attention may be given to demands disputed by the taxpayer in response to proceedings u/s 245 as delay in such cases is creating widespread dissatisfaction amongst taxpayers.
Moreover, wherever chalian correction is required to be carried out to give credit for pre-paid taxes. the same should also be taken up on priority.
For this purpose, the supervisory officers must ensure that the deductors are made to file correction statements whenever there is a mismatch because of failure to deductor to file quarterly statement properly and correctly.
4. The supervisory officers shall monitor effective utilization of the fortnight for the purposes explained above.
A wide publicity of the observance of the fortnight should be given in the local media and banners/ posters etc. may also be placed in office premises to make the taxpayers aware of the drive undertaken by the Department.
The Pr. CCIT/ CCIT/ Pr. CIT may write to the local chapter of ICAI and the Bar Association informing them of the organization of the fortnight and request them to use this opportunity to get as many pending matters disposed of as possible.
The AO and range head must be sensitized to attend the appeal effect and disposal of rectification application on priority basis.
5. A feedback on the results of the efforts made in this regard may be sent to the Board by the end of June 2018
.
=============>
.
ICAI to conduct Idea Placement Programme for Startups by Chartered Accountants*
Read more at: http://www.taxscan.in/icai-idea-placement-startups-chartered-accountants/23122/
.
=============>
.
📺 *Updates*
▶1. Govt. waives of late fees for taxpayers who were unable to file GSTR-3B due to technical issues of TRAN-1 filing
▶2. Hotel accommodation Services to employees & guests of SEZ units, outside SEZ are taxable as 'Intra-State' services
AUTHORITY FOR ADVANCE RULINGS KARNATAKA
Gogte Infrastructure Development Corporation Ltd., In re HARISH DHARNIA AND DR. RAVIPRASAD MEMBER
ADVANCE RULING NO. KAR ADRG 2 OF 2018
▶3. Exp. incurred in connection with issue of shares was to be held as capital in nature : Madras HC
Sterling Holiday Financial Services Ltd. v. Assistant Commissioner of Income-tax, Company Circle-VI(4), Chennai.
.
=============>
.
ICAI issues FAQs on Accounting Treatment of increase in Liability due to Enhancement of Gratuity Ceiling* [Read FAQs]
Read more at: http://www.taxscan.in/icai-faq-accounting-gratuity-ceiling/23108/
.
=============>
.
Audit Firms to face Penalty If Partners found involved in Fraud: Govt amends Companies (Audit and Auditors) Rules* [Read Notification]
Read more at: http://www.taxscan.in/audit-firms-penalty-partners-fraud-companies-rules/22997/
.
=============>
.
*CESTAT allows Cash Refund of Pre-Deposited Cenvat Credit* [Read Order]
Read more at: http://www.taxscan.in/cestat-cash-refund-pre-deposited-cenvat-credit/23015/
.
=============>
.
Cenvat Credit allowable in respect of Building constructed for Hotel used for Renting of Services of Hotel: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/cenvat-credit-building-constructed-hotel-renting-cestat/23021/
.
=============>
.
ITAT asks Google to pay Tax on Adwords Payments* [Read Order]
Read more at: http://www.taxscan.in/itat-google-tax-adwords/23036/
.
=============>
.
ITR 4, or commonly known as Sugam, is to be filed those by individuals and HUF who have opted for the presumptive income scheme for income earned from business and profession during the financial year 2017-18 under sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961 .
ITR form 4 is filed when gross receipts of professionals and self-employed should not exceed Rs 50 lakh during a financial year under section 44ADA. For non-professionals who earn income from business, to be eligible for the scheme, gross receipts in a financial year should not exceeding Rs 2 crore.
Individuals engaged in goods transportation businesses with not more than 10 good carriages can file ITR 4 if they have opted for presumptive income scheme under section 44AE.
This is not the first time the government has made modifications to ITR form 4. "Until FY 15-16, ITR form 4S was applicable for such class, then for FY 16-17 it was renamed as ITR 4 along with various other changes. Keeping with the trend, this year, too, various changes have been made in ITR 4, while the name of form remains unchanged.
Changes in ITR 4 include quoting of GST number and the amount of turnover as per GST return, the number of details of financial particulars has been increased, the codes for selecting nature of business or profession while filing return have been changed, and so on. Therefore, it is clearly evident that day by day, the department is increasing the reporting requirements allowing little wiggle room for tax evaders.
ITR-4 (Sugam), can be file in paper form if they satisfy the below mentioned conditions:
The individual is of age of 80 years or more at any time during the previous year; or, The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.
.
=============>
.
Lease, Rent, Pagadi etc on Immovable Property and issues in GST !
Recently Government have issued a circular in relation to tenancy right. Taxpayers were in a confusion that transfer of tenancy rights against premium should be liable to GST or not. Hence, to clarify this issue the department has come up with this circular. Let's have a look on that .
The sale of immovable property like land and building is not chargeable to Tax under GST. Also renting of residential property is exempt from the levy of tax. But renting of commercial properties like shops, offices, etc, are taxable.
The taxability of the transfer of tenancy rights against tenancy premium popularly known as “pagadai system” wherein the landlord is the owner of the property but the possession of the property is with the tenant for which he gives periodic rent to the landlord but the tenant also has an option to sell the tenancy rights of the said property. The consideration received for the transfer of such right is taxable under GST.
However , there are two exceptions for the above consideration taxability
1. When rights are transferred in relation to residential property then no GST is charged on it which means only commercial properties right transferred are chargeable to GST
2. Upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable in respect of service by way of granting of long-term lease of thirty years, or more) of industrial plots or plots for development of infrastructure for financial business, provided by the State Government Industrial Development Corporations or Undertakings or by any other entity having 50 percent. or more ownership of Central Government, State Government, Union territory to the industrial units or the developers in any industrial or financial business area.
Then amount received against the transfer of tenancy rights, would not be liable to GST as it is exempt.
For example, CIDCO gives a plot on the lease for 99 years to Mr ‘A’, then no GST would be leviable on the tenancy premium received by CIDCO, being a government body.
But when same rights are transferred by Mr. ‘A’ to Mr. ‘B’ against tenancy premium/ amount, GST would be leviable on such consideration received by Mr. ‘A’, as namely-
Mr. ‘A’ is non government body.
The property is not a residential property.
The tenancy rights/ possession are being transferred and not the ownership of the immovable property which lies with CIDCO.
So precautions shall be taken while renting or transferring the rights of the property, the taxpayer should take due diligence that to whom the tenancy right is being transferred, type of property for which rights are being transferred (Commercial and residential) and applicability of the GST on the Same.
.
=============>
.
No Addition without any Corroborative Evidence indicating Payment of On–Money*: ITAT [Read Order]
Read more at: http://www.taxscan.in/addition-corroborative-evidence-on-money-itat/23011/
.
=============>
.
*Interest from Margin Money earned on Deposits made for availing Credit facility from Bank eligible for S.10B Deduction: ITAT* [Read Order]
Read more at: http://www.taxscan.in/interest-deposits-credit-facility-10b-deduction-itat/23064/
.
=============>
.
📺 *Updates*
▶1. Estimating exp. incurred on labour & wages in new units by comparing it with old units was unjustified: HC
Darshan Singh Samyal v. Commissioner of Income-tax, J & K
▶2. Interest charged by Del Credere agent on short term loan exempt from GST
AUTHORITY FOR ADVANCE RULINGS. Shreenath Polyplast (P.) Ltd.,
▶3. No income escapement if AO didn't prove that assessee had shown commission as discount to avoid TDS provisions
Novartis India Ltd. v. Assistant Commissioner of Income Tax, Circle-7(2)(2).
.
=============>
.
*Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline*
The Punjab and Haryana High Court, in case of Vishal Garg v. UOI [2015] 61 taxmann.com 418 (Punjab & Haryana), had directed CBDT to make available the ITR forms on the very first day of the assessment year so that every taxpayer gets sufficient time to file their returns.
The ITR forms for the current assessment year 2018-19 were notified by the department on April 3, 2018, without providing the return filing utilities and schema. This year, 7 ITR forms have been notified for filing of return by different categories of taxpayers. However, till date return filing utilities have been released only for ITR 1 and ITR 4 which were issued on April 20, 2018 and May 10, 2018, respectively.
Individuals and Hindu Undivided Families (HUFs) are required to file returns using either of forms ITR 1, ITR 2, ITR 3 or ITR 4. Last year more than 64 million returns were filed only in these 4 forms, which is roughly 96 percent of total returns filed by all taxpayers, including corporate taxpayers and trusts.
July 31, 2018 is the last date for filing of returns for most of the individual taxpayers and electronic filing of return is mandatory in almost all cases. As per statistics released by the department, 52.61 percent of total ITRs are filed using the Department's utility. Only 122 days are allowed by the tax department after the end of the financial year to prepare and file ITRs. More than 40 days have already elapsed and without releasing the utilities it would not be possible for taxpayers to file their tax returns. Rule 12 of the Income-tax Rules, 1962 mandates almost every taxpayer to file ITR through online mode and, thus, ITR utilities play a vital role in filing of returns electronically.
.
=============>
.
The Reserve Bank of India has ordered Dena Bank Ltd. not to issue any fresh loans and hire any new personnel.*
The public sector lender yesterday reported a further widening of its loss to Rs 1,225.4 crore in the March-ended quarter due to mounting bad loans and higher provisioning. Net loss stood at Rs 575.2 crore in the year-ago period. In the previous quarter, the loss was at Rs 380.1 crore.
The RBI, had last year, vide their letter dated May 31, 2017, initiated Prompt Corrective Action for Dena Bank and imposed certain restrictions on the bank, in view of high bad loans and negative return on assets. “In continuation to the above, we wish to inform that the RBI vide their May 7, 2018 letter (received by the Bank on May 8) has restricted the bank from assuming fresh credit exposure and recruitment of staff,” the state-owned lender said in an exchange filing today.
The bank’s asset quality has worsened with the gross NPAs hitting a high of 22.4 percent of the gross advances as on March 31, from 16.27 percent last year. In value terms, the gross bad loans rose to Rs 16,361.4 crore. Net NPA ratio was also up to 11.95 percent from 10.66 percent year-on-year.
Earlier in January this year, Allahabad Bankhad informed exchanges about being placed under the RBI’s PCA mechanism.
The RBI has initiated similar action against other public sector banks, including IDBI Bank Ltd., Indian Overseas Bank and UCO Bankbefore this.
The RBI in April 2017 had issued a new set of enabling provisions under the revised PCA framework with a clause that if the bank does not show improvement then it could be either be merged or be taken over by other bank.
[5/16, 9:53 AM] CA Rohit Jaiswal: *Material Found during Survey in the Premises of Person Connected to the Assessee Can Be Used in Block Assessment of the Assessee: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/material-found-survey-premises-assessee-block-assessment-supreme-court/22954/
[5/16, 9:55 AM] CA Rohit Jaiswal: SEBI
SEBI with an intent to enable the industry and other users to have access to all the applicable circulars / directions at one place, Master Circular for Credit Rating Agencies (CRAs) has been prepared. This Master Circular is a compilation of the circulars issued by SEBI up to March 31, 2018, which are operational as on the date of this circular. In case of any inconsistency between the Master Circular and the applicable circulars, the contents of the relevant circular shall prevail. The Master Circular is a compilation of all the existing / applicable circulars issued by the Market Intermediaries Regulation and Supervision Department of SEBI to CRAs. Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to CRAs.
.
=============>
.
DGFT
DGFT has extended the last date for submission of Applications for One time condonation under the EPCG Scheme upto 30.09.2018. The Directorate General of Foreign Trade had previously issued Public Notices w.r.t Onetime condonation of time period in respect of obtaining block-wise extension in Export Obligation period under EPCG Scheme; Onetime condonation of time period in respect of obtaining extension in Export Obligation Period under EPCG Scheme and Onetime relaxation for condonation of delay in submission of installation certificate under EPCG Scheme. The Director General of Foreign Trade in public interest hereby further extends the time of receipt of requests till 30.09.2018 in respect of the above mentioned Public Notices.
RBI
RBI has issued clarification w.r.t Investment by Foreign Portfolio Investors (FPI) in Debt. The FPIs are only permitted to invest in corporate bonds with minimum residual maturity of above one year, in order to bring consistency across debt categories, it is stipulated that investments by an FPI in corporate bonds with residual maturity below one year shall not exceed, at any point in time, 20% of the total investment of that FPI in corporate bonds. It is also clarified that FPIs are permitted to invest in treasury bills issued by the Central Government. The requirement that investment in securities of any category (G-secs, SDLs or, in terms of this circular, corporate bonds) with residual maturity below one year shall not exceed 20% of total investment by an FPI in that category applies, on a continuous basis. In case investments in securities with less than one year residual maturity, as on 02 May 2018 (beginning of day), is more than 20% of total investment in any category, the FPI shall bring such share below 20% within a period of six months from the date of this circular. Further, the term “related entities” shall have the same meaning as defined in section 2(76) of the Companies Act, 2013 and a newly registered FPI would mean FPIs registered after April 27, 2018. The implementation date of online monitoring of utilization of G-sec limits has been set as June 1, 2018. The existing process for monitoring of limits as well as allocation of limit through auction mechanism will continue in the meantime.
.
=============>
.
Joint Appeal by Firm and Partner is Permissible: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/joint-appeal-firm-partner-cestat/22992/
.
=============>
.
*Institute Imparting Training in Foreign Languages Exempted from Service Tax: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/institute-foreign-languages-exempted-service-tax-cestat/22989/
.
=============>
.
👉🏻ICAI sends notices to Big Four, other MNC auditors.*
(ICAI has issued notices to Indian arms of multinational auditing firms including Deloitte, PricewaterhouseCoopers, EY, KPMG, Grant Thornton and BDO, seeking details of corporate structures, investments and revenue)
👇🏻 👇🏻 👇🏻
https://goo.gl/1Buzso
*👉🏻Bank unions announce 2 Days Strike from May 30.*
(United Forum of Bank Unions has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike)
👇🏻 👇🏻 👇🏻
https://goo.gl/GezXw2
*👉🏻No consensus on GST concession for digital payments*
(Group of State Finance Ministers, which met on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus.)
👇🏻 👇🏻 👇🏻
https://goo.gl/NcCKQA
*👉🏻Adwords Advt paid by Google India to Google-Ireland taxable as royalty - ITAT*
( Google India will have to shell out a 10 per cent withholding tax for its payment to its Ireland unit for the AdWords advertising service, Income Tax Appellate Tribunal’s Bangalore bench has ruled)
👇🏻 👇🏻 👇🏻
https://goo.gl/5UaX9u
.
=============>
.
GST CORNER
*IN CASE OF E WAY BILL PRINTING PROBLEMS*
Q. *User is unable to print the E-way bill as barcode is not displaying*
A. This may happen due to non-entry in Part-B. The user is required to enter the Part-B details and generate the E-way bill and thereafter take print of that valid E-way bill.
Q. *User is unable to login to the E way bill portal*.
A. The user is required to click on “Forgot Username” and “Forgot Password” option. The user must also clear the respective browsing history and reopen the browser.
*IN CASE OF CONFUSION OVER SUPPLY TERMS *
At present 7 rates structure exist in GST 0%, 0.25%, 3% 5%, 12%, 18% and 28% with Schedule I to VII respectively. The same are defined as NIL Rated, Zero Rated, Exempted & Non GST .
Q. What’s the meaning of NIL RATED and ZERO RATED terms in GST . We need to understand the difference between these terms, which may lead to incorrect filings and submission in GST.
A.1. *NIL RATED* It is the supply of goods and services that have 0% GST.
Example: Grains, salt, jaggery etc. Goods or services on which GST rate of 0% is applicable (listed in Schedule 1 in the GST rate schedule) are called nil rated goods or services. So Supply of any of these goods or Services is a nil rated supply under GST.
→ No Input Tax Credit available in case NIL rate supplies
A.2 *ZERO RATED* There is a common misunderstanding that supplies liable to 0% tax rate are the zero rated supplies which is wrong. Zero Rated Supplies include:
- supplies made to any country other than India; and
- supplies made to customers located in Special Economic Zones (SEZ) or SEZ Developers.
→ Input Tax Credit is available in ZERO rated supplies, Refund can be taken for unutilized Input Tax Credit.
Q. What’s the meaning of Exempted & Non GST terms in GST .
A.1. *EXEMPTED* It is the supply of goods and services that does not attract GST and allows no claim on ITC. Example: Bread, fresh fruits, fresh milk and curd etc.
→ No Input Tax Credit available in case of exempted supplies
A.2 * NON GST* It is the supply of goods and services that does not come under the purview of GST while other taxes maybe applicable.
Example: Petrol, alcohol etc
Q. What are the Consequence of Filing using wrong term ?
A. In case of discrepancies between data furnished by taxpayer in GSTR 3B & GSTR 1 and Shipping Bill/Bill of export the lower of the two will be allowed as refund.
For discrepancies data furnished in GSTR-3B and GSTR-1 Refund can be on hold.
If Refund is on hold due to mismatch in GSTR-3B and GSTR-1 data “Table 9 of GSTR 1 of subsequent periods needs to be filled i.e Amendments table” Refund will be processed after considering amendments in Table 9.
.
=============>
.
*Transgenders not Required to Submit supporting Documents to get PAN : Income Tax Dept*
Read more at: http://www.taxscan.in/transgenders-documents-pan-dept/22883/
.
=============>
.
Central Board of Indirect Taxes and Customs (CBIC) wrote to officials for proactive approach in facilitating the enrolment and helping the applicants in case they have committed any bona fide mistakes while making the application will only further our cause of achieving a trade-friendly image.
The Authority for advance ruling under the GST Law has recently given a ruling treating EPC contracts for construction of solar power plants as works contract.
Auditor to hold office till 6th AGM without Ratification. MCA withdraws Ratification requirement. The Companies (Audit & Auditors) Rules, 2018.
MCA notifies Sec. 8 of The Companies Act, 2013 alongwith other sections and sub-sections of The Act. Commencement Notification of MCA dated 07.05.2018.
If Quorum is present in physical presence of Director(s), other director(s) may participate through video conference in Board Meeting to decide on specified matters. MCA Ntfcn of 07.05.18.
SEBI vide notification dated May 9, 2018 has notified Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 amending Listing Regulations for suitably incorporating the recommendations.
Please submit your Self-declaration Form *Online* to avail *20 Unstructured CPE Hours* for Calendar Year 2017 from the link.http://cpeapp.icai.org/member/login Last Date of submission : 31st May, 2018.
.
=============>
.
*Education Subsidy given by Employer to Schools where Children of Employees pay only part Fee is not Perquisite: Gujarat HC* [Read Judgment]
Read more at: http://www.taxscan.in/education-subsidy-employer-perquisite-gujarat-hc/22979/
.
=============>
.
No income escapement if AO didn't prove that assessee had shown commission as discount to avoid TDS provisions*
May 11, 2018[2018] 93 taxmann.com 83 (Bombay)
IT : Where Assessing officer initiated reassessment proceedings on ground that goods sold by assessee to its stockists at a price below MRP was in fact commission which had been shown wrongly as discount in order to avoid provisions of TDS, in view of fact that there was no material on record showing that assessee had claimed any expenditure as discount on sale of products to stockists, impugned reassessment proceedings deserved to be set aside.
.
=============>
.
Announcement
*Regarding omission of Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 pertaining to Section 147 (5) (Punishment for Contravention) of the Companies Act 2013*
Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 prior to the Companies (Amendment) Act, 2017 read as under:
In case of criminal liability of any audit firm, the liability other than fine, shall devolve only on the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud.
Position after the Companies (Amendment) Act 2017
Rule 9 has been omitted and the provisions of Rule 9 have been introduced in the Act as proviso to Section 147 (5) of the Companies Act, 2013.
The proviso to Section 147 (5) that has been incorporated reads as under-
"Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable."
Consequently, Section 147 (5) reads as follows:
"(5) Where, in case of audit of a company being conducted by an audit firm, it is proved that the partner or partners of the audit firm has or have acted in a fraudulent manner or abetted or colluded in any fraud by, or in relation to or by, the company or its directors or officers, the liability, whether civil or criminal as provided in this Act or in any other law for the time being in force, for such act shall be of the partner or partners concerned of the audit firm and of the firm jointly and severally.
Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable."
Hence, it is evident from above that the erstwhile Rule 9 of the Companies (Audit and Auditors) Rules, 2014 has now been incorporated in the Companies Act 2013.