Transporter registered in multiple states with same PAN may apply for common enrolment no. for eway bill by filing GST ENR-02, using any GSTIN.
GST has been spoken of as a panacea for high fuel prices but the structure in works would ensure rates remain almost at same levels. A peak tax rate of 28% plus states levying some amount of local sales tax or VAT on petrol and diesel.
MCA issues The Companies (Significant Beneficial Owners) Rules, 2018; &, The Companies (Management & Administration) 2nd Amendment Rules, 2018. MCA Ntfcns of 13.06.18.
MCA across India have initiated the action (II Stage) against the non working companies for striking off of all such companies under Section 248(1) of the Companies Act, 2013. Public Notice in Form No. STK — 5, Pursuant to sub-section (1) and sub-section (4) of section 248 of the Companies Act, 2013 and rule 7 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 has been issue by the Registrar of Companies, Delhi to 31,250 Companies.
Indian Valuation Standards as issued by the Institute of Chartered Accountants of India effective for the valuation reports issued on or after 1st July, 2018.
SEBI has issued a circular w.r.t Enforcement of SEBI Orders regarding appointment of Directors by listed companies. SEBI has referred to enforcement of its Orders debarring entities/individuals from accessing the capital markets and / or restraining from holding position of directors in any listed company.
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✳MCA Update:
▶Form DIR-3 is likely to be revised on MCA21 Company Forms Download page w.e.f 21st JUNE 2018. Stakeholders are advised to check the latest version before filing.
✳Direct Tax :
▶Madras HC dismisses Revenue's writ appeal against the order of Single Judge for AY 2009-10 holding the final assessment order passed, without issuing draft order, and the subsequent corrigendum treating the earlier assessment order as "draft order" u/s 144C, as invalid;
[TS-469-HC-2018(MAD)-TP]
▶Kolkata ITAT upholds CIT(A)’s acceptance of assessee’s TNMM over TPO’s CUP-method for benchmarking assessee’s (manufacturer in FMCG Industry) sale of finished goods transaction for AY 2012-13; Noting that prices at which assessee had sold its products to third party distributors in countries like Kenya, Congo, Sri Lanka etc. were compared by TPO with those sold to assessee’s AEs in Bangladesh, Dubai and UK without any adjustments to difference in economies of these countries;
[TS-468-ITAT-2018(Kol)-TP]
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*👉🏻Taxpayer can file revised return after notice issued by I-T Dept - ITAT*
(A tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an income-tax (I-T) officer merely because the revised return has been filed after issue of notice - ITAT)
👇🏻 👇🏻 👇🏻
https://goo.gl/yZa42V
*👉🏻Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC*
(If an IP seeks discharge from process on any other ground, he may be debarred from taking any fresh assignment for a period of five years)
👇🏻 👇🏻 👇🏻
https://goo.gl/GWWDX8
*👉🏻CBDT proposes clear-cut timelines under transfer pricing*
(CBDT has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India)
👇🏻 👇🏻 👇🏻
https://goo.gl/F6jBF3
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# *GST*: CBIT&C modifies the procedure for interception of vehicle for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular, dt.13.04.2018 – Cir.No.49/23/2018-GST, dt.21.06.18.
# *MCA*: The Registrar of Companies across India have initiated the action (II Stage) against the non working companies for striking off of all such companies under Section 248(1) of the Companies Act, 2013.
# *SEBI* has issued a circular w.r.t Enforcement of SEBI Orders regarding appointment of Directors by listed companies.
# *GST*: GTA Service - The document issued by District Supply Officer conveying the goods transported cannot be construed as a consignment note - Gade Transport Vs. CCE (2018 (6) TMI 1010 - CESTAT Mum).
# *IT*: A tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an IT officer merely because the revised return has been filed after issue of notice – ITAT, Mum in Mahesh Hinduja.
# *IT*: When large amounts are stated to have been gifted, that too by a person having no blood relation with the assessee, the question of genuineness of the gifts would require closer scrutiny - Tribunal has made superficial observations and mechanically accepted the genuineness of the gifts – CIT Vs. Mukesh M Sheth (2018 (6) TMI 1056 - Gujarat HC).
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Frequent Transactions in Shares won’t Constitute ‘Business’ If Assessee treated the same as ‘Investment’: ITAT* [Read Order]
Read more at: http://www.taxscan.in/frequent-transactions-shares-constitute-business-investment-itat/24781/
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Time limit for availing Non Availed ITC in previous months
A taxpayer who has not availed the eligible ITC of any of the previous months, may avail such ITC in any of the subsequent months, but anytime either before the filing of the annual return or filing of the GST Returns for September belonging to subsequent financial year, whichever is earlier. Within the same time frame, any amendments to the previously filed GST returns of a financial year can be made.
For instance, the annual returns for FY 2017-18 must be filed by 31st December 2018. The due date for GST returns for September 2018 is October 20, 2018. One must file any amendments or corrections or fresh claims of ITC before the earlier of these two dates
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# *GST*: Procurement of services or material from Govt./Govt. Authority - The applicant is covered under local authority - exempted from GST – AAR, UK in ITDA, Govt of Uttrakhand (2018 (6) TMI 1126).
# *GST*: Turnkey project upon examination of the specific nature of the supply envisaged under the draft contract we conclude that the envisaged supply does not amount to a composite supply – AAR, Karnataka in Giriraj Renewables Pvt. Ltd. (2018 (6) TMI 1127).
# *NIA*: Issuing of disputed cheque and the amount mentioned in it, is admitted by the revisionist. He cannot be given any benefit of the fact that the date mentioned in this cheque was filled up by any other person - Ravindra Yadav Vs. State of U.P. & Anr (2018 (6) TMI 1087 - Allahabad HC).
# *IT*: Transaction of loan b/w husband and wife does not attract the provisions of S-269SS - Penalty levied u/s 271D of the Act in the instant case is not justified - Sunil Kumar Sood Vs. JCIT (2018 (6) TMI 1122 - ITAT Delhi).
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CBDT proposes clear-cut timelines under transfer pricing, through a draft notification, suggested that the amount should be returned within 90 days of signing of APAs and MAPs.
CBIC has issued a circular clarifying the procedure for interception of conveyances for inspection of goods in movement, and detention, release, and confiscation of such goods and conveyances.
Goods without eway bill, bill etc can be confiscated/detained. Others in same vehicle, with proper papers can’t be held. Circular 49 of 21.6.18.
The Insolvency and Bankruptcy Code, 2016 consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
NSE is in the process of introducing a corporate governance code that will be stricter than the existing laws and regulations.
Due date for furnishing challan-cum-statement in respect of tax deducted U/s 194-IA & 194-IB for m/o May’18- June 30, 2018.
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CIT cannot exercise Revisionary Jurisdiction to remit matter to AO without satisfying conditions u/s 263: ITAT Read Order]
Read more at: http://www.taxscan.in/cit-revisionary-jurisdiction-remit-263-itat/24895/
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Prompt Investigation in Fresh Cases pertaining to ‘ Panama Papers’, says Finance Ministry
Read more at: http://www.taxscan.in/prompt-investigation-panama-papers/24867/
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Bank(RD- interest) higher than PSU Bank- SBI RDs or recurring deposits require customers to pay the instalments in regular payments
Recurring deposit (RD) accounts are popular among customers who want to build on their savings with regular deposits. Interest rates on recurring deposits are as compelling as those on fixed deposits (FDs). The only difference between the two forms of investments is that fixed deposits are a one-time investment, while recurring deposits require customers to pay the instalments in regular payments. Major banks such as State Bank of India (SBI) offer the option of opening recurring deposit accounts. However, the interest rates on recurring deposits of large banks like SBI are not as high as those offered by small finance banks such as**** AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Bank.
What are small finance banks?
Small finance banks aim to provide banking and credit services in rural areas and interiors. They cater to small farmers, businessmen and other marginalised sections of the society, where mainstream banks have not penetrated as yet. Thus they provide financial inclusion to underbanked people
For small finance banks, making customers invest on a continuous basis is a key challenge, say experts. "As digital penetration and use of handheld devices make customer acquisition easier for all even without having physical presence in the interiors, private sector banks are engaging microfinance companies as their business correspondences to mobilise low-cost deposit from rural catchments," said Rakesh Singh, retail head, SVC Bank.
Apart from these, small finance banks need to expand beyond their neighbourhood and break their regional barriers, he added.
However, interest rates on their savings accounts and fixed deposit accounts are lucrative and many a times even better than mainstream banks.
Banks Up to *1 year Up to **3 years Up to ***5 years**"""*"""
AU Small Finance Bank 7% 7.25% 8%
Equitas Small Finance Bank 7.50% 7.75% 7%
Suryoday Bank 8.50% 8.75% 7.75%
Given below are interest rates on recurring deposits offered by AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Bank:
