Govt Amends CGST Rules, Notifies Annual Return Form GSTR-9* [Read Notification]
Read more at: http://www.taxscan.in/govt-amends-cgst-rules-notifies-annual-return-form-gstr-9/27873/
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E-way Bill Validity need not be Extended while storing Goods in Godown of Transporter: CBIC* [Read Circular]
Read more at: http://www.taxscan.in/e-way-bill-validity-extended-storing-goods-godown-transporter-cbic/27879/
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GST Annual Return GSTR-9 for Regular assessees & GSTR-9A for Composition ones notified. Notification 39/2018 Central Tax of 4.9.18.
Separate delivery challans to be issued for goods sent in batches or lots.
ITC can be availed basis tax invoice and debit note, if it contains basic information of amount of tax, description of goods / services, GSTIN of supplier and recipient and place of supply.
In case of imported goods, the person in charge of conveyance to carry a copy of bill of entry along with other requisite documents.
Due date for furnishing Form ITC-04 for the period July 2017 to June 2018 extended till September 30, 2018. A new format of Form ITC-04 notified.
Late fee waived for registered persons who submitted but did not file GSTR-3B for the month of October 2017 after generation of ARN.
Waiver of late fee paid for submitting GSTR-6 by ISD (for any tax period) between January 1, 2018 to January 23, 2018.
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SEBI’s Proposal to regulate CAs: ICAI says Chartered Accountants cannot be treated as Fiduciaries
Read more at: http://www.taxscan.in/sebis-cas-icai-chartered-accountants-fiduciaries/27860/
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NCLAT : In Photon Infotech Pvt. Ltd. & Ors. vs. Medici Holdings Ltd. & Ors.
The substratum of the Company which was the business itself has been transferred, it is an exceptional circumstance and waiver as sought under Section 244 should be granted.
Read full case law at : https://dasgovernance.com/2018/09/05/nclat-in-photon-infotech-pvt-ltd-ors-vs-medici-holdings-ltd-ors/
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GST Notifications - Central Tax
*👉🏻CBIC notifies Annual GST Return Forms*
(Notification No. 39/2018 – Central Tax)
👇🏻 👇🏻 👇🏻
https://goo.gl/SV9adz
*👉🏻CBIC extends time limit for making declaration in FORM GST ITC-04
(Notification No. 40/2018 – Central Tax)
👇🏻 👇🏻 👇🏻
https://goo.gl/oUU63Z
*👉🏻CBIC waives late fee for specified classes of taxpayers for Form GSTR-3B, GSTR-4 & GSTR-6
(Notification No. 41/2018 – Central Tax)
👇🏻 👇🏻 👇🏻
https://goo.gl/FYjoX2
*👉🏻CBIC extends time limit for making declaration in FORM GST ITC-01
(Notification No. 42/2018 – Central Tax)
👇🏻 👇🏻 👇🏻
https://goo.gl/4QzFdn
GST Circulars - Central Tax
*👉🏻Principal-agent relationship in context of Schedule I of CGST Act*
(Circular No. 57/31/2018-GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/Ak3rNk
*👉🏻Recovery of arrears of wrongly availed CENVAT credit & inadmissible transitional credit
(Circular No. 58/32/2018-GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/RKjCAH
*👉🏻CBIC clarification on 7 GST Refund Related Issues
(Circular No. 59/33/2018-GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/pU51UA
*👉🏻Processing of GST refund applications of Canteen Stores Department
(Circular No. 60/34/2018-GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/hNPHSK
*👉🏻E-way bill in case of storing of goods in godown of transporter
(Circular No. 61/35/2018-GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/AoN8a4
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SEBI’s Proposal to regulate CAs: ICAI says Chartered Accountants cannot be treated as Fiduciaries
Read more at: http://www.taxscan.in/sebis-cas-icai-chartered-accountants-fiduciaries/27860/
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Taxpayers can Reverse Wrongly Availed CENVAT Credit and Inadmissible Transitional Credit: CBIC [Read Circular]
Read more at: http://www.taxscan.in/taxpayers-cenvat-credit-transitional-credit-cbic/27886/
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CBIC clarifies Refund related Issues [Read Circular]
Read more at: http://www.taxscan.in/cbic-clarifies-refund-related-issues/27895/
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Govt to Hike Penalty for Companies not passing GST Benefit to Consumers
Read more at: http://www.taxscan.in/govt-hike-penalty-companies-gst-benefit-consumers/27883/
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Kerala Floods: Customs Officers from Chennai donates Rs.27 Lakhs [Read Letter]
Read more at: http://www.taxscan.in/kerala-floods-customs-officers-chennai-donates-rs-27-lakhs/27887/
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Election 2018: ICAI notifies Code of Conduct
Read more at: http://www.taxscan.in/election-2018-icai-notifies-code-conduct/27912/
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Registration of CA Firms Now a One-Day Affair: ICAI to launch New Facility
Read more at: http://www.taxscan.in/registration-of-ca-firms-now-a-one-day-affair-icai-to-launch-new-facility/27901/
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Companies can avail Cenvat Credit on CSR Expenses: CESTAT [Read Order]
Read more at: http://www.taxscan.in/company-eligible-cenvat-credit-payment-fulfilment-csr-activity-cestat/27910/
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Services provided by Charitable Trusts not exempted under GST, Tax payable on Sale of Spiritual Products: AAR [Read Order]
Read more at: http://www.taxscan.in/services-provided-charitable-trusts-exempted-gst-tax-payable-sale-spiritual-products-aar/27938/
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EXTENSION OF LAST DATE OF FILLING MEF 2018-19
Considering the requests from various Members of ICAI, it has been decided by Professional Development Committee to extend the last date for submission of online Multipurpose Empanelment Form for the year 2018-19 including Declaration and Financial Documents till 12.00 am of 10th September, 2018.
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#GST
GST Annual Return (GSTR-9) - Macro view
👉 6 parts
👉 19 Tables
👉The details for the period between July 2017 to March 2018 are to be provided in this return.
Require details pertaining to below mentioned points:
👉 Details of #Outward supplies declared during the financial year
👉Details of #ITC as declared in returns filed during the financial year
👉Details of #taxpaid as declared in returns filed during the financial year
👉Particulars of the transactions for the #previousFY declared in returns of April to September of current FY or upto date of filing of annual return of previous FY whichever is earlier
👉Particulars of #Demands and #Refunds
👉Information on #supplies #received from #composition taxpayers, #deemed #supply under section 143 and goods sent on #approval basis
👉#HSN Wise Summary of #outward supplies
👉#HSN Wise Summary of #Inward supplies
👉 #Latefee payable and paid
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Delhi HC dismisses Moin Qureshi ‘s Petition against Invalidation of Tax Settlement Application [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-dismisses-moin-qureshis-petition-invalidation-tax-settlement-application/27855/
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Demonetized Currencies need not be disclosed from FY 2017-18 Onwards
Read more at: http://www.taxscan.in/demonetized-currencies-disclosed-fy-2017-18-onwards/27925/
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Column : Mechanism of Audit by Tax Authorities under GST Laws writes Vivek Sharma
Read more at: http://www.taxscan.in/mechanism-audit-tax-authorities-gst-laws/27954/
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Rules notified to determine ‘Fair Market Value’ for conversion of inventory into capital assets
The Central Board of Direct Taxes (CBDT) has notified the rules relating to the determination of ‘Fair Market Value’ of inventories converted into capital assets.
The rules, which will come into effect from April 1 — assessment year 2019-20 — will help remove uncertainty surrounding valuation of assets which are converted into capital assets.
The rules follow an amendment in the Income Tax Act inserted in the Finance Act 2018. The amendment provides that any profit and gain from the conversion of inventory into the capital asset or its treatment as capital asset will be charged to tax as business income. It has also been provided that for this purpose the fair market value of inventory on the date of conversion or treatment determined in prescribed manner will be deemed to be the full value of consideration.
Read more at:
https://www.thehindubusinessline.com/economy/rules-notified-to-determine-fair-market-value-for-conversion-of-inventory-into-capital-assets/article24865970.ece
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FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SECOND AMENDMENT) REGULATIONS, 2018
G.S.R. 823(E)
dated 30th August 2018
issued by RBI
In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 (Notification No. FEMA. 20 (R)/2017-RB dated November 07, 2017) (hereinafter referred to as ''the Principal Regulation''), namely:-
1. Short Title & Commencement
(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018.
(ii) They shall come into force with effect from the 1st day of September, 2018.
2. Amendment to Regulation 13
(i) The existing clause (1) of sub-regulation 13.1 is deleted.
(ii) The existing clause (11) of sub-regulation 13.1 is substituted with the following namely:
(11) Downstream Investment
(i) An Indian entity or an investment vehicle making downstream investment in another Indian entity which is considered as indirect foreign investment for the investee Indian entity in terms of these Regulations, shall notify the Secretariat for Industrial Assistance, DIPP within 30 days of such investment, even if capital instruments have not been allotted, along with the modality of investment in new / existing ventures (with / without expansion programme).
(ii) Form DI: An Indian entity or an investment Vehicle making downstream investment in another Indian entity which is considered as indirect foreign investment for the investee Indian entity in terms of Regulation 14 of these Regulations shall file Form DI with the Reserve Bank within 30 days from the date of allotment of capital instruments.”
(iii) After the existing clause (12) of sub-regulation 13.1, the following is inserted as Clause (13) namely:
(13) Form InVi : An Investment vehicle which has issued its units to a person resident outside India shall file Form InVi with the Reserve Bank within 30 days from the date of issue of units.”
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RBI
RBI has notified that all new filings for FC-GPR, FC-TRS , LLP-I, LLP-II & CN will be in SMF only w.e.f September 01, 2018 (Copy Attached). FC-GPR & FC-TRS shall not be filed on ebiz. RBI with the objective of integrating extant reporting structure of various types of foreign investment in India has introduced a Single Master Form (SMF) which is available online from September 1 ,2018. At present , FCGPR / FCTRS filing is carried through on e-biz portal. Due to launching of SMF portal on 1st September,2018, e-biz portal would no longer be available for filing. All the Banks are advised to all filings pending for disposal in the e-biz portal at the earliest on or before 20th September 2018. For all cases which are pending at the company/ entity level for re-submission with clarification or additional documents, all such companies, are advised to ensure that cases where re-submission was to be done should be done within one week with complete documents failing which it would be treated as not filed. Further, where the entities have not been able to register for the Entity master, they may do so from September 01, 2018. However, they may provide the reasons for not registering within the time period along with the authority letter.
IBBI
IBBI has issued circular to all Insolvency Professional Entities w.r.t Compliance of regulation 13 (2) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. All IPE are directed to inform the Board within seven days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director and forthwith and for all pending cases, not later than 7th September, 2018, if it has failed to inform any cessation or joining of an insolvency professional as its partner or director in the past. Failure to comply with the said requirement shall invite appropriate action, including withdrawal of recognition granted to an IPE.
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GST - Landmark Judgment (ITC)
Condition no (iv) of Section 140(3) of the Central Goods and Services Tax Act, 2017 in transitional credit provisions providing for 1 year time limit of purchases for claiming excise duty credit inter alia in the cases of first stage dealers and importers struck down as unconstitutional by Hon. Gujarat High Court in the case of Filco Trade Centre Pvt ltd vs Union of India Special Civil Application No 18433 of 2017 decided on 5th September 2018..Hon Court held that duty paid on inputs is as good as tax paid and creates a vested right..Hon Court held that credit cannot effectively be taken away with retrospective effect by introducing a condition that no credit will be available for goods purchased prior to 1 year.
