Trading Members and participants are hereby informed that BSE SME segment has emerged as preferred platform for SME in India with highest number of listed companies.
In order to provide further incentive to the companies which are “Startups” in the sector of IT, ITES, Bio-technology and Life Science etc., the Exchange is pleased to announce that “BSE Startup Platform” is enabled on BSE SME Segment.
This platform will facilitate the listing of companies in the sector of IT, ITES, Bio-technology and Life Science, 3D Printing, Space technology, E-Commerce, Hi- Tech Defense, Drones, Nano Technologies, Artificial Intelligence, Big data, Enhance/Virtual Reality, E-gaming, Exoskeleton, Robotics, Holographic Technology, Genetic Engineering, Variable Computers Inside body computer technology and any other Hi-tech based company.
The criteria for listing on “BSE Startup Platform” is as follows:
1. The pre issue paid up Equity share Capital of the company should be minimum of Rs. 1 crore.
2. The company should be in existence for a minimum period of 3 years on the date of filing the draft prospectus with BSE
3. There should preferably have investment by QIB investors (as defined under SEBI ICDR Regulations, 2009) / Angel Investors for a minimum period of 2 years at the time of filing of draft prospectus with BSE and such aggregate investment should be at least Rs. 1 crore
4. The company should have positive net-worth
5. The Company should not have been referred to National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code, 2016
6. There should be no winding up petition against the company that has been accepted by the National Company Law Tribunal (NCLT)
The companies listing on BSE Startup Platform with the above mentioned criteria will follow all the other conditions applicable for listing of SME Companies under Chapter XB of “SEBI (ICDR) Regulations, 2009”, relating to disclosures, migration to main Board, etc.
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20180621-17
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GSTN designing tools for taxmen to analyse data to check evasion
By PTI | Jun 24, 2018, 12.33 PM IST
Many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time.
Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.
GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month.
GSTN Chief Executive Prakash Kumar said the next focus of the company will be on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states.
"'We are working on the analytics part. We have already started sharing with tax officers simple analytics on differences between GSTR-3B and GSTR-1, GSTR-3B and GSTR-2A. This is a broad state-wise data generated by GSTN, based on which the officers can look into the returns filed by taxpayers in his jurisdiction and spot mismatches," Kumar told PTI in an interview.
GSTN currently only provides support to tax officers (on data analysis). And gradually we are providing them tools so that they can do it themselves... We are in the process of developing an application for Commissioners to generate data without any external help, he added.
He said the tools would enable tax officers to do the analysis themselves. "We have started work on it, We had even showed the functionality to state officers. We will be slowly releasing the tools over the next few months," Kumar added.
GSTN is also working to improve its user interface by providing systematised error messages with 'error numbers'. Once a taxpayers sees a particular error number pop up on the screen, he can call the GSTN help desk for solutions.
"Now the error message also says what has gone wrong and what you need to do to correct that. It will show a particular error number, which helps the GSTN helpdesk person to quickly identify the error that the taxpayer is committing and can guide him accordingly," Kumar said.
Since the roll out of the GST from July 1, 2017, GSTN has handled 11.5 crore returns and processed 376 crore invoices.
Currently, over 1.11 crore businesses are registered under the GST regime, of which 63.76 lakh have migrated from the erstwhile service tax and VAT regime, and 47.72 lakh are new registrants. As many as 17.61 lakh businesses have opted for composition scheme under GST.
Kumar further said that GSTN has been sending Management Information System (MIS) reports to tax officers 27 states which are categorised as model 2 states for better understanding of taxpayers in their jurisdiction.
"We have provided 27 different MIS report for model 2 states. The tax officers get to see their own jurisdiction data, who their assessees are, return filed, taxes paid. The report has daily, monthly revenue collection list in the jurisdiction, ward-wise collection list, registration details, taxpayers with outstanding liability, disposal of cases, among other things," he said.
Based on the broad data mining by GSTN, tax officers have started analysing cases where there are instances of mismatch and have been sending scrutiny notices to taxpayers whose summary sales returns GSTR-3B did not match with final returns GSTR-1 or with system generated purchase returns GSTR-2A.
Besides, many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time. Also some notices have been sent for claiming less IGST input tax credit while filing sales returns as against the credit claims auto-generated by the GSTN.
On taxpayers getting notices for utilisation of ITC for GST payment, EY Partner Abhishek Jain said, "While these could be genuine cases for quite a number of businesses for reasons like low margins and large transitional credit pool, these notices could help check on utilisation of any ingenuine credits. Also, these could help detect fake credits claimed, if any".
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CBDT proposed to seek more info while filing appeal before ITAT
If a taxpayer is aggrieved by the specified order of the Assessing Officer (AO) then he can approach the first appellate authority {CIT (appeals)}.The Income-tax Appellate Tribunal (ITAT) is the second appellate authority under the Income-tax Act, 1961 for resolving disputes between taxpayer and tax department. An appeal against the order of Commissioner (Appeals) can be filed with theITATby either of the aggrieved party, i.e., Assessee or the Revenue.
Rule 47 of the Income-tax Rules, 1962 prescribes Form No. 36 for filing of an appeal and Form No. 36A for filing of memorandum of cross-objections before the ITAT. These existing Forms require limited information from the appellant and have not been revised since last couple of decades. Form No.36 was last amended vide Income-tax (Fifteenth Amendment) Rules, 1993. In Form No. 36A no amendment has been carried out since its introduction.
The Central Board of Direct Taxes (CBDT) has issued draft notification proposing amendment to Rule 47 so as to modify the existing Form no. 36 and Form no. 36A. Changes proposed in these Forms are in line with the changes done in the Form no. 35, a form to file an appeal before CIT(A), two years back (with effect from March 1, 2016 vide Income-tax (Third Amendment) Rules, 2016).
Just like Form No. 35, the Form No. 36 requires details of amount disputed in pending appeals before ITAT. These additional inputs are proposed to be sought in the appeal forms with an objective that could help the Dept. to design the policy for litigation management. The proposed Form No. 36 requires additional info about the disputed amount in new Form 36 which is similar to amended Form no. 35.
The existing Forms Nos.36 and 36A do not capture various informations like amount disputed in pending appeals before ITAT, delay in filing of appeal, etc. These informationsarevital for both for the department and the Appellate Authorities. Thus, CBDT has proposed to amend Form no. 36/36Aseeking more information from the appellant. Changes have been proposedso as to make these forms more descriptive and informative. The following are the key changes proposed in new Forms:
1.Respondent information:Theexisting Form no. 36/36A seeks only address of the respondent which is used to send notices. The revised Forms requireadditional details like PAN, TAN, email ID, phone number of the respondent and the appellant.
2.Details of pending appeals: In case an appeal in relation to any other assessment year is pending with any bench of the ITAT, then the appellant is requires to provide details of the Bench of ITAT with which the appeal is pending along with the Appeal Number and date of filing of appeal in Form no. 36. This information is proposed to be sought on line of revised Form No. 35.
3.Details of addition and disallowance: Amount of additions and disallowances made in the assessment order and the amount disputed in appeal is required to be mentioned by appellant. In case appeal relates to any penalty order, the amount of penalty disputed in appeal has to be mentioned in the Form. The existing form does not seek such information.
4.Details of fees paid: The Appellant is required to pay a statutory fees for filing of an appeal before the ITAT. The minimum fees is Rs. 500 and it can go up to maximum of 1% of assessed income if assessed income is more than Rs. 2 lakhs during the previous year. In the revised Form no. 36, appellant would be required to furnish details of fees paid such as BSR code, date of payment and amount.
5.Reasons for condonation of delay: In case there is delay in filing of appeal then grounds for condonation of delay not exceeding 500 words are to be enclosed by appellants.
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Nine Steps for Revocation of Cancelled GST Registration
{ Application for revocation of cancelled GST registration can be accessed within 30 days, from issuance of the Cancellation Order on the GST Portal, after logging in.}
* STEPS *
1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed.
2. Login to the GST Portal using your earlier login credentials (i.e. credentials using which you were logging into the GST Portal earlier).
3. Click Services > Registration > Application for Revocation of Cancelled Registration option.
4. In the Reason for revocation of cancellation field, enter the reason for revocation of cancellation of registration.
5. Click the Choose File button to attach any supporting document.
6. Select the Verification checkbox.
7. In the Name of Authorized Signatory drop-down list, select the name of authorized signatory.
8. In the Place field, enter the place where the application is filed.
Note: You can click the SAVE button to save the application form and retrieve it later.
9. Click the SUBMIT WITH DSC or SUBMIT WITH EVC button.
However application for revocation may be accepted or rejected by Tax Official
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Services between Govt. Authorities are exempt from GST
GST : Government/Government Authority providing services to other Government/Government Authority is exempted from GST whereas supply of goods by one Government/Government Authority to other Government/Government Authority is not exempted from GST
• An application under section 97(1) is filed by project co-ordinator (Finance & Admin.), Information Technology Development Agency (ITDA), Govt. of Uttarakhand, Dehardun registered under GST seeking an advance ruling on the question whether the services or material procured by ITDA, a local authority under the control of Uttarakhand Government, from the Indian Institute of Technology (IITs) which is also a Government/Government Authority, is exempt from GST.
• Serial No. B of Part 3 of GST Tariff - Services (Chapter 99) provides the list of nil rated/fully exempted services. On going through the said list, one finds that Government/Authority providing services to other Government/Authority is exempted from GST.
• Thus, in view of above, the services received by the applicant from IIT, Mumbai is exempt from GST. AS regard to the supply of goods by one Government/Government authority to other Government/Government authority is concerned, there is no exemption from GST in this regard.
[2018] 94 taxmann.com 329 (AAR- UTTARAKHAND)
AUTHORITY FOR ADVANCE RULINGS, UTTARAKHAND
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GST Gyan- Goods without eway bill, bill etc can be confiscated/detained. Other goods in same vehicle with proper papers cannot be held. Circular 49 of 21.06.2018.
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# *GST*: Services provided by TPADL with respect to the non-tariff charges recovered from their customers are not eligible for exemption and TPADL is liable to pay tax on the aforesaid recovery made from their customers – AAR, Rajasthan in TP Ajmer Distribution Ltd. (2018 (6) TMI 1196).
# *GST*: The service provided by M/s. Rishi Shipping is classifiable as ‘Rental or leasing services involving own or leased non-residential property’ (Service Accounting Code – 9972) leviable to GST @ 18% - AAR, Gujarat in Rishi Shipping (2018 (6) TMI 1195).
# *IBC*: Since NCLT is not a forum superior to the High Court, it's orders cannot be construed as injuncting this Court from proceeding with a winding up proceeding in which it has clear jurisdiction to hear and decide - Vinod Jain Vs. Jaipur Metals & Electricals (2018 (6) TMI 1167 - Rajasthan HC).
# *IT*: Validity of reopening of assessment beyond 4 years - there is no mention that income amounting to ₹ 1 lac or more is believed to have escaped assessment - reassessment proceedings held to be null & void ab-initio – Usha Agarwal Vs. ITO (2018 (6) TMI 1175 - ITAT Agra).
# *IT*: Addition u/s 68 - the burden had shifted to revenue to show the basis of some reliable and tangible material which could indicate undisclosed receipts out of books of accounts in the hands of assesse - we cannot improve upon what AO could have done himself - addition made by AO on account of alleged receipts of cash deleted – Godwin Construction Pvt. Ltd. Vs. ACIT (2018 (6) TMI 1172 - ITAT Delhi).
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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. These timelines relate to advance pricing agreements (APAs) and mutual agreement procedures (MAPs).
E-Way bill generation touches 10-crore mark over 80 days after its launch on April 1, e-way bill generation hit the 10-crore mark. “Ten crore E-Way bills in two months and 21 days and still it is showing an upward trend.
Short term accommodation, conferencing, banqueting etc provided to SEZ developer/ unit to be treated as Inter-State supply. Circular 48 of 14.6.18.
ICICI Bank NSE 0.91 % has disclosed that it has received a whistleblower complaint, alleging irregularities in respect of 31 loan accounts worth Rs 6,082 Crore. The allegations pertain to incorrect accounting of interest income on non-performing assets (NPAs) as fees and overvaluation of security provided for corporate loans.
Prime Minister Narendra Modi called for targeting double-digit GDP growth for breaking into the USD 5 trillion economy club and said India's share in world trade has to more than double to 3.4 per cent.
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CBDT has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law. The advisory issued by the Board remind the taxpayers to not accept cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.
Delhi ITAT in the case of Ravina Khurana hearing 15 joint appeals held that there is no justification imposing the penalty without mentioning the grounds specified in the notice issued under section 274 of the Income Tax Act.
Rollout of tax collection at source was deferred to July 1; implementation after systems fully ready that will give a breather to Amazon, Flipkart and other e-commerce service providers.
Due date of – Tran – 2. Registered persons under GST but unregistered under old regime- June 30, 2018.
Bombay High Court has held that GST shall be payable on " one time payment" upon creation of lease for a period more than 60 years even if the Lessor is a body set up by the State Government and there shall not be any exemption. Builder Association of Navi Mumbai vs. UOI 2018.
Bombay High Court has held that Cenvat ( now ITC) is mere concession and not as a matter of right and conditions and restrictions imposed for availing the benefits shall have to be complied with JCB India Ltd Vs.UOI.2018 (3) ZSTPT 140 Bom.
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Reimbursement of Car Running and Maintenance Charges to Employees amount to ‘ Perquisites ’, TDS Applicable: ITAT* [Read Order]
Read more at: http://www.taxscan.in/reimbursement-car-running-maintenance-charges-employees-perquisites-tds-applicable-itat/24917/
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GST Gyan - Short term accommodation, conferencing, banqueting etc provided to SEZ developer/unit to be treated as Inter-State supply. Circular 48 of 14.06.2018
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Non-Availability of Staff not an Excuse to avoid Penalty for Delay in Filing TDS Statement: ITAT* [Read Order]
Read more at: http://www.taxscan.in/non-availability-staff-excuse-avoid-penalty-delay-filing-tds-statement-itat/24909/
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*👉🏻GST notices to Cos for passing off cash balance as transition credit*
(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)
👇🏻 👇🏻 👇🏻
https://goo.gl/gE53Jp
*👉🏻RBI proposes Board of Management in Urban Co-operative banks*
(RBI proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks)
👇🏻 👇🏻 👇🏻
https://goo.gl/VmhvVY
*👉🏻Heads of 11 PSBs to appear before Parliamentary Panel*
(Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday)
👇🏻 👇🏻 👇🏻
https://goo.gl/cma6v2
*👉🏻Pattern of Assessment from May 2019 Examination - ICAI*
(In each of the above papers, the weightage for objective type questions would be 30%. The remaining questions i.e., 70% of the paper would be as per the present pattern of assessment)
👇🏻 👇🏻 👇🏻
https://goo.gl/s7ADY8
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No Prohibition on Importing Goods Violating Patent Laws: Govt amends Intellectual Property Rights (Imported Goods) Enforcement Rules* [Read Notification]
Read more at: http://www.taxscan.in/importing-goods-violating-patent-laws-govt-amends-intellectual-property-rights-imported-goods-enforcement-rules/24982/
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GST Dept recovers Rs. 3.80 Crores from Civil Contractor*
Read more at: http://www.taxscan.in/gst-dept-civil-contractor/25000/
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ICAI conducting ‘Career Ascent 2018’ for Experienced Chartered Accountants*
Read more at: http://www.taxscan.in/icai-placement-programme-chartered-accountants/25042/
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Bogus Balance Sheet prepared to avail Bank Loan can be basis for Addition: Calcutta HC asks to proceed against CA Firm for Inflating Value of Assets* June 26, 2018
“The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.” The Calcutta High Court, last week held that the addition to income can be made on the basis of balance sheet and profit and loss accounts certified to have been prepared on estimate basis to avail bank loan and having no relation with the actual. While upholding the addition, Justices Sanjib Banerjee and Abhijit Gangopadhyay has asked to proceed against the Chartered Accountant firm for inflating the value of assets of the assessee to avail the credit facilities from the bank.
The judgment dated 21st June starts with a quote that “The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.” Coming to the facts of the case, the assessee, with an object to avail credit facilities from the bank, submitted a balance-sheet prepared by a firm of chartered accountants by the name of Roy Ghosh and Associates. The balance-sheet indicated figures which may not have been commensurate with what was reflected in the books of accounts of the assessee. Nonetheless, a certificate was issued by the Chartered Accountants in Form 3CB under Rule 6G(1)(b) of the Income Tax Rules, 1962. The income tax department, while completing assessment proceedings, relied on these figures to determine income of the assessee. On second appeal, the Tribunal upheld the said addition.
Before the High Court, the assessee contended that under Rule 6G(2) of the Income Tax Rules, 1962, the particulars which are required to be furnished under Section 44AB of the Income Tax Act, 1961 are to be in Form No. 3CD. According to them the certificate issued by the Chartered Accountant Firm was not in Form No.3CD and the Tribunal fell into error in making observations as to the veracity of the particulars under Section 44AB as contained in the quoted passage. It was further contended that it is usual practice for a balance-sheet and profit and loss accounts to be prepared on the basis of estimates for the presentation thereof to a bank at a time prior to when the assessee is statutorily required to complete the assessee’s annual accounts.
Read more at: http://www.taxscan.in/balance-sheet-bank-loan-calcutta-hc-ca-firm/24999/
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SEBI
The SEBI Board in its recent meeting had taken various decisions in the best interest of the stakeholders. On review of various Regulation, it has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period as prescribed under SEBI (Substantial Acquisition of Shares and (Takeovers) Regulations, 2011. Relevant provisions outlined under Sections 68 and 70 of the Companies Act, 2013 have been incorporated in the new Buyback Regulations to make it self-contained and to sync with the Companies Act, 2013. Further, the Board approved the SEBI (Issue of Capital and Disclosure Requirements) Regulations, (“ICDR Regulations”) 2018 through which the requirement of announcing price band five working days before opening of the issue has been reduced to two working days before opening of the issue; Financial disclosures in case of public issues / rights issues to be made for 3 years as against the present duration of 5 years; Restated and audited financial disclosures in the offer document to be made on consolidated basis only and Audited standalone financials of the issuer and material subsidiaries to be disclosed on the website of the issuer Company; For a company to be eligible to make a fast track rights issue, it should not have any audit qualifications or adverse opinion.
MCA - IBBI
The Ministry of Corporate Affairs, 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. The MCA has presented Introductory note and draft chapter for Suggestions from the stakeholders at large. Suggestions on the draft chapter on Cross Border Insolvency are invited to further enhance the same and ensure that wider consultation/views are incorporated. Suggestions in the format prescribed below may be mailed to the email id “crossborder@mca.gov.in till 30.06.2018
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SUGGESTIVE WAYS TO DEAL ROC LATEST NOTICE STK-5
The Companies which have not filed their Financial Statement (AOC-4 / 23AC, ACA) or Annual Return (MGT-7) for a period of two immediately preceding financial year shall receive the Notice in form STK-5. Before filing of reply to ROC Notice, Go through the three vital points to address the said notice. Check the filing of financial statement or Annual return , Company is operating or not and want to continue the company or want to strike off.
1. *Generally, ROC has issued notice to only those companies, who have not filed their Financial Statement or Annual return for preceding two financial years*.
{In this case - If the notice has been sent mistakenly, write them back with the details and attach challan.}
2.* OPERATIONAL COMPANY & PROMOTERS WANT TO CONTINUE*
{In this case, Before reply to ROC, complete the annual filing of the Company and then reply to ROC that, our Company is working Company and our company inadvertently fails to file Financial Statement and Annual Return. Which we have filed with additional fees (copy of challan is attached).} ca vashisht amresh kumar
3. *NO OPERATIONS BUT WANT TO CONTINUE THE COMPANY*
{In this case, Before reply to ROC, complete the annual filing of the Company and then reply to ROC that, our Company is working company, however there are not revenue or profit in our company still we are trying for business in future and our company inadvertently fails to file Financial Statement and Annual Return. Which we have filed with additional fees. Annexed copy of challan is attached.
4. *NO OPERATIONS AND DOESN’T WANT TO CONTINUE THE COMPANY*
{In this case following shall be process}
FIRST: Complete the Annual Filing of Company (by filing of AOC-4 and MGT-7 with ROC by paying additional fees).
SECOND: File e-form STK-2 for strike off of Company with the relevant attachments.
THIRD: Reply to ROC, that we have completed our pending annual filing with additional fees, Company don’t want to continue and e-form STK-2 has been filed for strike off of Company. (attached copy of all the challans of annual filing forms and STK-2) ca vashisht amresh kumar
5. *IMPLICATION OF NON REPLY OF ROC NOTICE SKT-5*
i. Name of Company shall be removed from the record of ROC.
ii. Bank account of Company shall be ceased.
iii. Directors of Company shall be disqualified.
iv. DIN of Directors shall be ceased.
v. Directors shall not be allowed to continue as directors in other companies.
vi. Directors shall be personally liable for all the statutory and other liabilities of Company.
vii. Directors shall be liable for penalties, punishment or prosecution for non-compliances under the Act.
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#( mutual fund taxation).AY-18-19(few tips).The tax provisions under Section 80C says deduction is available under only the ELSS category of mutual funds. This category of mutual funds has a 3-year lock in which incidentally is the shortest lock-in within the available 80C options. “It is important that investors take time to understand where they are investing and its impact. Most AMCs have at least one ELSS product as part of their product offering,”
#
While you can claim up to Rs 150000 deduction for investment in ELSS scheme during the financial year, there are other tax implications on mutual funds which one should be aware of while filing their ITR.#
one needs to consider these points while filing this year’s ITR:
#
=> Be conscious of declaring any dividend income if received from mutual fund dividend schemes.
#
=> Any long-term capital gains booked in equity MF will be exempt from income tax only till March 31, 2018.
#
=> Benefit of indexation: Benefit of indexation on their original debt fund investment means that the original investment is adjusted for the price of inflation and taxed accordingly.
#
=> Capital Gains of debt mutual fund arising out of sale before three years, the short-term gains are taxed according to your tax slab.
#
=> Remember to declare any short or long-term gains out of your liquid fund investments – especially due to rapid growth in instant redemption liquid fund products, there may be a significant number of retail investors who need to be cognizant of this point***