Income-tax department has attached over 1,500 unaccounted properties worth Rs 43 billion across the country within one and a half years of the introduction of the revised benami legislation. Jaipur and Mumbai top the list, with attachments of 200 each.
TDS, TCS and Reverse Charge Mechanism under Gst provisions kept on hold till 30th September.
Indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to GST, triggering panic among such companies.
SEBI issues List of Defaulters as on 31.03.2018 For Non-Payment of Penalty imposed by SEBI through Orders Passed Upto 31.12.2017.Sorce: www.sebi.gov.in
RBI has come out with draft guidelines on constituting a board of management (BoM) in addition to the board of directors, for urban cooperative banks (UCBs), with the aim of strengthening the governance in these banks. The BoM will be responsible for credit, risk and liquidity management.
MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency &Bankruptcy Code, 2016 to provide a comprehensive legal framework, considering the fact that corporates transact businesses in more than one jurisdiction and also have assets across many jurisdictions.
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*ICSI*: 30 JUN 2018 is the last date for payment of Annual Membership and CoP fee for 2018-19 due for payment from 1st Apr 2018.
# *ICAI*: 30 SEP 2018 is the last date for payment of Annual Membership and CoP fee for 2018-19 due for payment from 1st Apr 2018.
# *GST* Council to decide on inclusion of natural gas, ATF in GST.
# *IBC*: MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency & Bankruptcy Code, 2016.
# *IBC*: CIRP - existence of default - dispute concerning the Principal amounts shown in application as are different from amount given in account statements cannot conceded – BoB Vs. Barnala Steel Ind.Pvt. Ltd. (2018 (6) TMI – NCLT, ND).
# *IT*: Addition confirmed on the basis of certified BS and P&L A/c prepared on estimate basis to avail bank loan – Binod Agarwala Vs. CIT (2018 (6) TMI 1286 - Calcutta HC).
# *IT*: Disallowance 14A r/w Rule 8D - The assessing authority also could not have called upon the Assessee himself to undertake the exercise of computing the disallowance u/s 8D of the Rules. Such abdication of duty in not permissible in law – CIT Vs. Chaitanya Prop.Pvt. Ltd. (2018 (6) Tmi 1237 - Karnataka HC).
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CBDT releases notification for taxation of foreign company held as resident in India as per POEM https://studycafe.in/2018/06/cbdt-releases-notification-for-taxation-of-foreign-company-held-as-resident-in-india-as-per-poem.html
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Surcharge can’t be levied on Retailers on Basis of Stock Imported into State: Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/surcharge-levied-retailers-stock-imported-state-kerala-hc/25009/
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GST Laws Amendment: Law Review Committee identified 180 Issues*
Read more at: http://www.taxscan.in/gst-laws-amendment-review-committee/25026/
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Senior bureaucrat Shri S Ramesh has been appointed as chairman of the Central Board of Indirect Taxes and Customs (#CBIC), the apex policy-making body for indirect taxes, according to an official order.
He will succeed Mrs. Vanaja N Sarna, who superannuates on June 30.
Shri Ramesh, a 1981 batch officer of the Indian Revenue Service (Customs and Central Excise), is at present the member in the board, mandated with the responsibility of implementing the Goods and Services Tax (#GST).
He has been appointed as chairman of the CBIC with the status of special secretary to the central government, the order said.
Mrs. Sarna was appointed as chief of the Central Board of Excise and Customs (#CBEC), which has now been rechristened as the CBIC, in March last year. She was instrumental in the implementation of the GST from July 1 last year.
Official sources said Sarna may be appointed as chairperson of the Goods and Services Tax Network (#GSTN), the IT backbone of the GST, after her retirement.
Senior IRS (Customs and Central Excise) officer Shri Raj Kumar Barthwal has been named as the new member in the CBIC in place of Shri Ramesh, the order said.
Source: TOI
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CBEC has issued a circular to all its officers and Commissionerate for Non Initiation / Delay in recovery Proceedings as per the Audit Reports of CAG of India. The departments was directed to create Special Cell with the name "Recovery Cell" in each commissionerate for the purpose of making recovery of the Government Dues. It has been observed that these cells are functioning as monitoring Cell instead of recovery cell and not following the uniform practices. All officers are advised to follow the uniform practices and only those cases where recovery is not made by Departmental efforts and further action is required to be taken shall be referred to the Recovery Cell.
DGFT
DGFT has Notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20. In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade has amended the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs which are divided into 5 zones viz Northern, Western, Eastern, Southern and Special Economic Zone with HQ's at Delhi. The office address of DGFT and its Regional Authorities and their Jurisdiction at 46 locations have been updated and 7 new private SEZ have been added to the list under the Foreign Trade Policy, 2015-20.
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Input tax credit under GST*
Input Tax Credit (ITC) is the important concept under new indirect tax law system, i.e. GST. One of the major benefit under GST is that it will remove cascading effect i.e. tax on tax in the tax system. This cascading effect was removed because of ITC system. Every registered person shall be entitled to take credit of input tax charged on any inward supply of goods and services.
# *Conditions to avail Input Tax Credit (ITC):*
*Furtherance of Business:*
Tax on those supply, which is used in furtherance of business is available for ITC. Here, the furtherance of business doesn’t mean only purchases. Furtherance of business means any supply which is used or in the course of business.
For example: GST paid on audit fee is available as ITC.
*Possession of Tax Invoices:*
Documentary evidence of tax paid. i. e. tax invoices, credit note is mandatory to be in possession of assesses who is availing Input Tax.
*GSTIN to be mention:*
Documentary evidence must contain GSTIN of both supplier and recipient.
*Delivery is mandatory:*
Mere passing the entries in books of accounts doesn’t avail Input Tax. Goods must be actually received or services must be actually availed.
*Payment to Supplier:*
Assessee who is availing Input Tax is necessarily made payment of supply along with tax amount within 180 days from date of issue of tax invoices. If assessee has not made payment of supply within 180 days, then the amount of tax which was taken as input tax credit was added to output tax liability of assessee.
Further, ITC is avail to assessee when assessee made payment to his creditor. (see rule 37 of CGST Rules 2017, read along with section 16(2)(d) of CGST Act, 2017)
# *Input Tax Credit is not available on following supplies Section 17(5)*
1. Motor Vehicle and other conveyances Except:
If they are used for providing taxable services of further supply of motor vehicle or transportation of passengers or providing services of training, driving, flying, navigating such vehicle or conveyances.When motor vehicle is used for transportation of goods.
2. Food Beverages, outdoor catering, cosmetic and beauty treatment, health services plastic surgery etc.
3. Membership of club, Health and Fitness Center
4. Life Insurance Policy, Health Insurance.
5. Work Contract services, when supplied for construction of immovable property (other than Plant and Machinery) except where it is an input service for further supply of work contract services.
6. Goods and Services received by the taxable person for construction of immovable property (other than Plant and Machinery) on his own account including when such goods or services are used in course of furtherance of business.
# *Input Tax Credit on Capital Goods:*
Capital Goods was defined under section 2(19) of CGST Act,2017. Capital Goods means goods, the value of which is capitalized in books of accounts of the person claiming Input Tax and which was used or intended to be used in the course of furtherance of business.
The definition of capital goods is very vast now. In the earlier law i.e. excise duty. The definition of capital goods is very restricted and complicated.
Now in order to claim ITC on capital goods, there is one condition which was given in Section 16(3) of CGST, Act
"If a registered person has claimed depreciation on tax component under Income Tax Act, 1961 then no ITC of GST paid on such capital goods is allowed."
# *How Input Tax Credit is used in GST:*
GST laws levies tax in 3 form i.e. IGST, CGST, SGST/UTGST. ITC law is equally applicable to all the above three laws, But there are some rules regarding inter-taxation set off of input. These rules are.
1. *Input Tax Credit of IGST:*
Input of IGST will be used to pay tax payable as IGST, but if there is no tax payable as IGST then credit of IGST can be set off with CGST, If there is also no CGST liability then IGST credit can be used for payment of SGST. If there is also no SGST payable then input of IGST will be carry forward to next month.
2. *Input Tax of CGST:*
Input of CGST will be used to pay tax payable as CGST, but if there is no tax payable as CGST then credit of CGST can Be used for payment of IGST, If there is also no IGST liability then CGST credit Then credit of CGST will be carry forward to the next month.
3. *Input of SGST:*
Input of SGST will be used to pay tax payable as SGST, but if there is no tax payable as SGST then credit of SGST can be used for payment of IGST, If there is also no IGST liability then SGST credit will be carry forward to the next month.
# *Restrictions on used of ITC:*
ITC cannot be used for payment of Interest and late fee under GST.ITC cannot be used for payment of demand generated by Assessing Officer under Section 74 and 75 of CGST Act, 2017.Payment of tax under Reverse Charge Mechanism.Payment of tax under section 10 i.e. Composition levy.CGST credit can’t be used for payment of SGST and SGST credit can’t be used for payment of CGST.
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Discounts under GST regime
Sec.15 of the CGST Act, 2017, reproduced below, deals with the provision of discount, as under:
“The value of the supply shall not include any discount which is given –
(a) Before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
(b) After the supply has been effected, if –
(i) Such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices, and
(ii) Input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.”
The logical inference which could be drawn from plain reading of above provision is:
1. Discount, if mentioned on the face of the invoice, can be reduced from the taxable value of the supply of goods.
2. Discount, even if not mentioned on the face of the invoice can be reduced from the taxable value, if following conditions are satisfied:
i) Discount is established in terms of an agreement before supply. In simple words, both supplier and recipient are aware and have agreed about the discount before the supply.
ii) Discount is linked to a specific supply invoice.
iii) ITC attributable to the discount is required to be reversed by the buyer or recipient of the supply.
GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply.
There will be no differentiation in GST between trade and cash discounts. In fact, GST segregates the discounts allowed into two categories:
Those given before or at the time of supply, and
Those given after the time of supply.
Discount allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply.
Example: Company offers a 10 % discount on the sale of goods worth Rs. 200. If the company mentions the discount amount (Rs. 20) separately in the invoice, the value of the taxable supply will be Rs.180 (200–20).
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The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.
CBEC has issued a circular to all its officers and Commissionerate for Non Initiation / Delay in recovery Proceedings as per the Audit Reports of CAG of India.
MCA has issued notification that additional fee @ Rs.100/- per day, after 30th June 2018 shall become payable in respect of the annual filing forms (MGT-7 (form for annual return), AoC-4 (Form for balance sheet and profit and loss account), in addition to the existing if filed after due date.
Holders of shares in listed companies now face a December deadline to convert them into dematerialized form if they have to transfer or sell them. About 2.3 per cent of India’s $2-trillion plus market capitalization is still held in the form of physical stock.
SBI has filed an appeal in the GST tribunal against a tax demand of Rs. 210 crore for providing various services in the 2013-16 period. The case pertains to tax liability on services provided by SEBI to entities such as stock exchanges, their members, brokers.
RBI financial stability report released that Gross NPA ratio of banks to rise to 12.2% by March 2019 if economic conditions stay the same. Bad loans at Indian banks, especially those controlled by the government, will increase further in the year to March 31.
DGFT has notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20
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Discounts under GST regime
Sec.15 of the CGST Act, 2017, reproduced below, deals with the provision of discount, as under:
“The value of the supply shall not include any discount which is given –
(a) Before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
(b) After the supply has been effected, if –
(i) Such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices, and
(ii) Input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.”
The logical inference which could be drawn from plain reading of above provision is:
1. Discount, if mentioned on the face of the invoice, can be reduced from the taxable value of the supply of goods.
2. Discount, even if not mentioned on the face of the invoice can be reduced from the taxable value, if following conditions are satisfied:
i) Discount is established in terms of an agreement before supply. In simple words, both supplier and recipient are aware and have agreed about the discount before the supply.
ii) Discount is linked to a specific supply invoice.
iii) ITC attributable to the discount is required to be reversed by the buyer or recipient of the supply.
GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply.
There will be no differentiation in GST between trade and cash discounts. In fact, GST segregates the discounts allowed into two categories:
Those given before or at the time of supply, and
Those given after the time of supply.
Discount allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply.
Example: Company offers a 10 % discount on the sale of goods worth Rs. 200. If the company mentions the discount amount (Rs. 20) separately in the invoice, the value of the taxable supply will be Rs.180 (200–20).
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15% Discount Extended by Broadcasters to Advertising Agency shall be excluded for Charging Service Tax: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/discount-extended-broadcasters-advertising-agency-charging-service-tax-cestat/25020/.
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Allahabad HC directs competent authority to make corrections in GST registration application
CGST/Uttar Pradesh GST : Where assessee-firm applied for registration under GST statutes on 27-6-2017, but mistakenly provided PAN number of one of partners and when mistake was realised, assessee again applied for registration on 14-8-2017, but registration could not be activated as two registration applications were filed, Competent Authority was directed that in case assessee surrendered registration application dated 14-8-2017, his earlier registration application dated 27-6-2017 be corrected and activated
[2018] 94 taxmann.com 310 (Allahabad)
HIGH COURT OF ALLAHABAD
Bengali Lal & Sons
v.
State of U.P.*
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MCA to update KYC of Directors | New E-form DIR-3 KYC to be released
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https://studycafe.in/2018/06/mca-to-update-kyc-of-directors-new-e-form-dir-3-kyc-to-be-released.html
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC
to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC
on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken
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Following changes will be applicable for new DSC obtained from 01/07/2018.old DSC & tokens will work as it is.*
1. Video verification will be mandatory in class 2 DSC,(class 2 individual DSC mainly used for income Tax, PF, TDS,MCA, GST, etc)( Similar process currently applicable for Class 3 DSC, same process now will be applicable for Class 2 as well.
2 . Aadhar Biomentric DSC will not require to do video Verification as person is physically verified with aadhar biometric authentication.
3.USB Token'S CSP is getting upgraded and will be application from 01.07.2018, hence old tokens will not work for renewals.
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Q*, Can the Return under GST be revised?
*Ans* There is no any concept of revised return under GST. So, under GST, no amendment can be made in the return once it is filed.
*Q* What the taxpayer should do if any mismatch occurred in sales after filing of return?
*Ans* While preparing and furnishing the details in FORM GSTR-3B, if the outward supplies have been under reported by the taxpayer, then the same maybe added in Outward supplies details of GSTR-3B of the next month. The payment of tax relating to those invoices must be made in the next month along with interest. Also, give the correct bill wise details of those invoices in GSTR-1 of the same month and if the GSTR 1 of that month is already filed then report it in the GSTR 1 of next month.
If the taxpayer forgets to report the details of any tax invoice in GSTR 1 then he can report the same in GSTR 1 of the next month.
Ex. If the taxpayer forgets to add the details of a tax invoice of Rs. 1,00,000 having IGST of Rs. 18,000 in the GSTR 3B of May month then he must report the bill wise details of that bill in GSTR 1 of the May. Also, he must add the details of taxable value Rs. 1,00,000 as well as tax amount Rs. 18,000 (along with interest) in the GSTR 3B of June month.
*Q* What the taxpayer should do if any mismatch occurred in ITC taken relating to purchases made?
*Ans* Where the eligible ITC claimed by the taxpayer in FORM GSTR-3B is less than the ITC eligible as per the details of the purchases, the additional amount of ITC can be taken as credit in the next month. But if the ITC claimed is more than the actual eligible ITC, then it must be reversed in the GSTR 3B of the next month. Also the interest on that extra ITC utilized must be paid.
Ex. If in the GSTR 3B for the month of April, a taxpayer has taken the credit of Input tax of Rs.15000 instead of Rs. 20000, then remaining credit of Rs. 5000 (20000-15000) can be claimed in the GSTR 3B of the May month.
*Q* What to do if the payment wrongly made in the different head?
*Ans* If the taxpayer has made the payment of IGST wrongly under the head of CGST/ SGST, then he needs to pay the tax under the head IGST and he can take the refund of amount wrongly paid under the head CGST/ SGST after filing the FORM RFD-01 and vice versa.
Ex. If ‘A’ wrongly made the payment Rs. 2000 in IGST instead of the amount to be paid as Rs. 1000 in CGST and Rs. 1000 in SGST, then he must pay Rs. 1000 respectively under the head CGST and SGST. Also, he can claim the refund of Rs. 2000 paid under IGST.
*Q* what is the concept of Annual return under GST?
*Ans* Annual return is returned which is to be filed once in a year by the registered taxpayers under GST. It shall be filed on or before 31st December of the subsequent financial year. There are two types for annual return i.e for Audit case and for non Audit case. For Non-audit taxpayers, it is compulsory to furnish the Annual return only. But for taxpayers having Audit under GST, it is compulsory to furnish the annual return along with the audit report and Reconciliation statement. Now how the government will bring provisions for mismatch of purchases and other provisions, only God knows!
*Q* What lesson the taxpayer should take from this?
*Ans* , being the first year of GST there are lot of mistakes has been made by the taxpayers and government. Further, the dates of income tax return have arrived but the taxpayer cannot revise GST return and annual return filing of GST has also not started. There is no any option available under the GST to revise the return. It is a difficult problem for all the taxpayers. It cannot be predicted that when and how the solution for this problem will come. The differences between income tax return, GST return and books of accounts is coming. Therefore situation of *Aasmaan se nikla aur Khajur mai atke*
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CBDT clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess.Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this, a foreign company was considered as a tax resident of India, only if the control and management of its affairs were wholly in India during that financial year.
MCA will ask the CS and CA of the companies concerned to update the information related to their directors at the time of filing of annual results. The information will include details such as passport, PAN number and contact details along with the physical address of directors.
SEBI has issued List of 1690 Defaulters as on May 31, 2018 for Non-Payment of penalty imposed by SEBI through Orders passed upto December 31, 2017.
RBI has introduced Single Master Form for reporting of FDI in India. Visit the link for more details-https://calalitgoel.com/rbi-new-circular-fdi/.
DGFT has allowed submission of application seeking authorization for import / export of restricted items, after making online application, through e-mail instead of physical papers after payment of applicable fees.
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[6/29, 11:30 AM] +91 88607 79306: 365 days of implementation of GST: Celebrating a year of learning
...
https://studycafe.in/2018/06/365-days-of-implementation-of-gst-celebrating-a-year-of-learning.html
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✳Direct Tax :
▶ITAT notes the assessee-company's conclusion of the MAP with USA in respect of 'management charges' payment and allows withdrawal of the ground of appeal against TPO's determination of ALP at NIL; On the dispute of Revenue characterizing assessee company's 'engineering and design' services as ITeS, ITAT rejects ITeS classification and remands the matter to the file of the TPO for fresh adjudication; ITAT notes TPO's inconsistent position over the years and that the TPO's characterisation was not in tune with the functional analysis and further that TPO had not brought any evidence to support ITeS classification; On the comparability analysis, ITAT allows additional ground raised by assessee for excluding certain comparables by applying 'employee-cost' filter : Bangalore ITAT [TS-476-ITAT-2018(BANG)-TP]
▶ITAT Delhi held that Hostel, mess and transport facility surplus cannot be considered as business income if these are incidental to the main object of the Society. [Society for Educational Excellence Vs. DCIT (ITAT Delhi)]
✳Indirect Tax
▶CESTAT Delhi held that Custom Broker Licence cannot be refused merely for penalization U/s. 114 of Customs Act, 1962. [M/s Global Marine Agencies Vs CC (Prev.) (CESTAT Delhi)]
For Regular Updates through Whatsapp, Save +91-9716048641 in your mobile and send “UPDATE” message on whatsapp at the number +91-9716048641. For any queries contact @ 9810387163.
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Income-tax Update
1.IT Dept. provides for instant e-PAN allotment (Beta version) in near to real time, free of cost for limited period; first come first serve basis;
2.Only Resident Individuals (except minors & others covered u/s 160) with a valid Aadhaar number (with updated Mobile number) can avail the e-PAN allotment facility.
https://portal.incometaxindiaefiling.gov.in/e-Filing/Services/ePAN.html?lang=eng
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EPFO
The Central Board of Trustees, EPF in their recent meeting have approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member's credit with interest thereon. The members would also have an option to withdraw remaining 25 percent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952. At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. The move is expected to have twin advantages, allowing quick withdrawal of the money, while keeping the account active even after unemployment.
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Income-tax department has attached over 1,500 unaccounted properties worth Rs 43 billion across the country within one and a half years of the introduction of the revised benami legislation. Jaipur and Mumbai top the list, with attachments of 200 each.
TDS, TCS and Reverse Charge Mechanism under Gst provisions kept on hold till 30th September.
Indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to GST, triggering panic among such companies.
SEBI issues List of Defaulters as on 31.03.2018 For Non-Payment of Penalty imposed by SEBI through Orders Passed Upto 31.12.2017.Sorce: www.sebi.gov.in
RBI has come out with draft guidelines on constituting a board of management (BoM) in addition to the board of directors, for urban cooperative banks (UCBs), with the aim of strengthening the governance in these banks. The BoM will be responsible for credit, risk and liquidity management.
MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency &Bankruptcy Code, 2016 to provide a comprehensive legal framework, considering the fact that corporates transact businesses in more than one jurisdiction and also have assets across many jurisdictions.
