UPDATES
1.Mandatory KYC for directors of all companies by August 31, 2018: MCA
2.Now, EPF members can withdraw 75 % of their total PF after one month from cessation of service.
3.NCLT verdict on Tata-Mistry feud on July 4 2018.
4.IndiaMART files IPO draft, plans to offer up to 4.28 million shares.
5.The due date for filing Income Tax Returns for FY 2017-2018 for Individuals is 31st July 2018.
.
===========>
.
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.
.
===========>
.
# *TDS*: 07 JUL 2018 (SAT) is the Due Date for depositing TDS / TCS for the m/o Jun’ 2018.
# *GST*: 10 JUL 2018 (TUE) is the Due Date for filing GSTR -1 for the m/o Jun’ 2018 for taxpayers having turnover exceeding Rs.1.50 crore.
# *ICAI* issues Educational Material on Ind AS27 (Separate Financial Statements) and Ind AS28 (Investments in Associates & Joint Ventures). Link at: https://resource.cdn.icai.org/50756indas40425edmat.pdf
# *NCLT*: Central Govt. has notified that a NCLT Bench will be set up in Jaipur, Rajasthan, effective from July this year.
# *GST*: Tripartite Agreement for developing dairying in the respective states - the supply cannot be treated as b/w the related parties - Provisions of Schedule-1 of GST Act, relating to free supply (without consideration) to related party does not attract – AAR, Gujarat in NDDB (2018 (7) TMI 76).
# *GST*: Classification of Cryo or LNG Containers classifiable under Heading 9617 as ‘Vacuum Flask and other vacuum Vessels, Complete with cases parts thereof other than glass inner’ – AAR, Gujarat in Inox India Pvt. Ltd. (2018 (7) TMI 75).
# *IT-TP*: The findings by the Dispute Resolution Panel (DRP) in the subsequent year does not render the findings in the previous years per se illegal or unsustainable merely because the DRP takes a different view in the subsequent years – Indigra Exports Pvt. Ltd Vs. DCIT (2018 (7) TMI 70 - Karnataka HC).
.
===========>
.
Cenvat Credit Allowable for Service Tax paid on Commission on Sale of Flats: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/cenvat-credit-allowable-service-tax-commission-sale-flats-cestat/25327/
.
===========>
.
No Deduction for Acquiring Distribution Rights of Feature Films If Film is not commercially Exploited: Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/deduction-acquiring-distribution-rights-feature-films-commercially-exploited-kerala-hc/25318/
.
===========>
.
The CBDT has extended the deadline for the PAN-Aadhaar linking to March 31 next year. This is the fifth time the government has extended the deadline for individuals to link their Permanent Account Number (PAN) to their biometric ID (Aadhaar).
Govt is looking at creating a centralized Authority for Advance Rulings (AAR) for GST after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax.
CBIC notifies tariff concession on specified goods on Import from specified countries vide Notification No. 50/2018–Customs- seeks to provide the tariff concession to the goods of the description specified in column (3) of the Table hereto annexed and falling under the Chapter.
Govt is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under GST, on concerns that the rule will adversely impact small businesses while not yielding revenue gains.
Due date for filing GSTR -1 for m/o June 2018 – Applicable for taxpayers with turnover more than 1.50 crore- July 10, 2018.
.
===========>
.
Society not Eligible to Tax Exemption If Fund was used for providing Scholarships to Students to satisfy Business Needs of Another Entity: ITAT* [Read Order]
Read more at: http://www.taxscan.in/society-eligible-tax-exemption-scholarships-students-business-itat/25324/
.
===========>
.
Credit allowable on Welding Electrodes used for Repair and Maintenance of Machineries: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/credit-allowable-welding-electrodes-repair-maintenance-machineries-cestat/25336/
.
===========>
.
*Protection of DTAA can’t be denied Merely on Ground of Non-Furnishing of Tax Residency Certificate: ITAT* [Read Order]
Read more at: http://www.taxscan.in/protection-dtaa-non-furnishing-tax-residency-certificate-itat/25341/
.
===========>
.
Tribunal bound to Follow Notifications: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/tribunal-bound-follow-notifications-cestat/25346/
.
===========>
.
*Confiscation and Penalty can’t be Imposed Merely on Ground that Importer of ‘Arms’ was not a ‘Renowned’ Shooter: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/confiscation-penalty-ground-importer-arms-renowned-shooter-cestat/25352/
.
===========>
.
Income derived from Toddy Tapping is Agricultural Produce, Subject to Tax Deduction: Kerala HC* [Read Judgement]
Read more at: http://www.taxscan.in/income-derived-toddy-tapping-agricultural-produce-deduction-kerala-hc/25358/
.
===========>
.
Cabinet approves renewal of MoU between ICAI and Saudi Organisation for Certified Public Accountants*
Read more at: http://www.taxscan.in/cabinet-approves-renewal-mou-icai-saudi-organisation-certified-public-accountants/25385/
.
===========>
.
CBDT expedites Clearance of Pending Issue of Refunds*
Read more at: http://www.taxscan.in/cbdt-expedites-clearance-pending-issue-refunds/25394/
.
===========>
.
ICAI - Indian Accounting Standards (Ind AS): An Overview (Revised 2018) - (03-07-2018) - https://www.icai.org/new_post.html?post_id=14879&c_id=240
.
===========>
.
ICAI - Educational Material on Ind AS 27, Separate Financial Statements and Ind AS 28, Investments in Associates and Joint Ventures - (03-07-2018) - https://www.icai.org/new_post.html?post_id=14878&c_id=240
.
===========>
.
CCI launches Online Guidance System for determining notifiability of Merger & Acquisitions*
Read more at: http://www.taxscan.in/cci-launches-online-guidance-system-determining-notifiability-merger-acquisitions/25398/
.
===========>
.
IBBI: Govt. notifies Procedures for Home Buyers under Insolvency Proceedings* [Read Notification]
Read more at: http://www.taxscan.in/ibbi-amends-insolvency-resolution-process-corporate-persons-regulations/25402/
.
===========>
.
RBI grants licence to Bank of China to set up branch in India
https://timesofindia.indiatimes.com/business/india-business/rbi-grants-licence-to-bank-of-china-to-set-up-branch-in-india/articleshow/64857770.cms?utm_campaign=andapp&utm_medium=referral&utm_source=whatsapp.com
.
===========>
.
RBI will discontinue publishing currency reference rate.
From 10th July, FBIL will commence the process of computing and disseminating reference rate for USD/INR and exchange rate of other major currencies. It would be available on FBIL’s website (www.fbil.org.in)
.
===========>
.
Corporate Update
*Key takeaways from Reliance Industries AGM*
Jio and Retail's share in overall EBITDA has gone up to 13 percent from from 2 percent.
> Reliance launches advanced fiber-based broadband connectivity service called JioGigafibre. Mukesh Ambani says the new fibre service will redefine 24/7 emergency help for all homes across India.
> Users can start registering for 'JioGigaFibre' from August 15.
> Mukesh Ambani says data usage increased to 240 crore GB per month from 125 crore.
> The amount of video consumption increased to 340 crore hours per month from 165 crore hours per month.
> RIL announces addition of Facebook, YouTube and WhatsApp to JioPhone.
> RIL launches high-end variant of JioPhone, named JioPhone 2, featuring horizontal screen viewing and a QWERTY keypad. The phone is priced at Rs 2,999. JioPhone 2 will be available at Jio stores across India from August 15.
> RIL launches JioGiga TV, a set-top box with ability to play videos at 4k resolution.
> Mukesh Ambani announces Monsoon Hungama offer for JioPhone, users can exchange their existing feature phones for a new JioPhone at just Rs 500.
> RIL is currently running beta trials on tens of thousands of homes for the JioGigaFiber. Those interested can register through MyJio or Jio.com.
> Users can exchange existing Jio Phones for a brand new feature phone for Rs 501.
> Speaking about Reliance Retail, Mukesh Ambani said Reliance Trendz continues to be the largest apparel seller in India, while Reliance Digital is the largest seller of electronics and digital products in the country.
> We see the maximum scope in creating a unique online-to-offline platform, Mukesh Ambani said, adding that this will be done by combining the resources of Reliance Retail and Jio's digital infrastructure.
> Ambani said that 7,500 Jio stores saw over 350 million footfalls this year.
> The company opened over 4,000 new stores within the Reliance Retail this year. "Reliance market has been creating value for small merchants," Mukesh Ambani said.
> Our digital connectivity is the foundation for our education, healthcare, agriculture platforms, Mukesh Ambani said.
> He said the Reliance Industries now has one of India's largest media and entertainment networks in its portfolio and that it is the partner of choice for any foreign media company operating in India.
> One in five internet users in India are on Network18's websites and one in two people watch its TV channels, Ambani said.
> Ambani said that digital tools will predict and anticipate customer needs. "Jio has enabled Reliance to strategically reinvent itself as a Technology Platform Company. Digital platforms have become the new-age factories and service providers," Mukesh Ambani said.
> Ambani said that the company wants to more than double income of farmers. He added that Jio can usher a smart green revolution in India.
> The company aims to provide broadband connectivity to villages and schools across India via Jio.
> Ambani said that Reliance Industries has stabilised the world's largest paraxylene complex and commissioned largest off-gas cracker complex.
> Ambani says that Reliance Industries is now the largest recycler of PET bottles in the country.
> The company is proposing a cross-border merger of RHUSA with Reliance.
> Ambani said that along with their partner BP, they will deploy various technologies to ensure that they start gas production from KG-D6 by 2020. "We aim to achieve production of 30-35 million cubic meters of per day by 2022," Ambani said.
> "As the world migrates from fossil fuels to renewable energy, we will maximize oil to chemicals conversion and upgrade all of our fuels to high value petrochemicals. The hydrocarbon business is thus posed for robust value creation and exciting times ahead," Mukesh Ambani said.
> Ambani said that Reliance Foundation’s rural transformation initiatives are focused on establishing strong market linkages for farmers and leveraging technology for better reach and impact. These initiatives have reach out to over 13,500 villages in 15 states.
> "Cyber security is our solemn promise," Mukesh Ambani said.
> Ambani said that the largest ever cycle of investment in hydrocarbon business is nearly complete.
> All these initiatives will enhance our capabilities and competencies, making us future-ready, Mukesh Ambani said.
