Goods won’t be detained for Minor Errors in E-Way Bill: CBIC Circular No. 64/38/2018 dated 14/09/2019
Government clarifying the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances
In case of following minor discrepancies, penalty would be of only Rs.1000 would be invoked as :-
a) Spelling mistakes in the name of the consignor or the consignee but the GSTIN, wherever applicable, is correct;
b) Error in the pin-code but the address of the consignor and the consignee mentioned is
correct, subject to the condition that the error in the PIN code should not have the effect
of increasing the validity period of the e-way bill;
c) Error in the address of the consignee to the extent that the locality and other details of the
consignee are correct;
d) Error in one or two digits of the document number mentioned in the e-way bill;
e) Error in 4 or 6 digit level of HSN where the first 2 digits of HSN are correct and the rate
of tax mentioned is correct;
f) Error in one or two digits/characters of the vehicle number.
TCS statement
Section 52(4), 52(5) & 52(6) r.w. Rule 67(1) & 80(2)
The operator is required to furnish a monthly statement in Form GSTR-8 by the 10th of the following month.
The operator is also required to file an Annual statement in Form GSTR-9B by the 31st of December following the end of every financial year.
The operator can rectify errors in the statements filed, if any, latest by the return to be filed for the month of September, following the end of every financial year or the actual date of furnishing relevant annual statement, whichever is earlier.
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Payment towards Annual Maintenance Contracts subject to TDS u/s 194C of Income Tax Act: Bombay HC [Read Judgment]
Read more at: http://www.taxscan.in/payment-annual-maintenance-contracts-subject-tds-194c-income-tax-act-bombay-hc/28371/
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Now search by PAN will fetch all the GSTINs registered against the entered PAN in different States/ UT’s, along with status of registration in a tabular format. On clicking of GSTIN hyperlink, taxpayer details will be displayed.
Around 22.5 crore e-way bills have been generated across India till September 13 since the new electronic billing system was introduced on April 1. The e-way bill system kicked off as part of the new GST regime for transporting goods worth >Rs 50,000.
MCA: last date for filing form DIR-3 KYC without fee has expired on 15th Sep 2018. The process of deactivating the non-compliant DINs is in progress and is likely to be completed by 17th September 2018. form DIR-3 KYC will not be available for filing during 16th Sept 2018 to 17th Sept2018). 21 lakhs Directors failed to file KYC for DIR3.
ICAI invites Suggestions on evaluation of examination answer books system. The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system.
RBI stepped up its intervention this week Foreign exchange reserves fell below $400 billion, for the first time since November 11, 2017, in the first week of September. As on September 7, foreign exchange reserves stood at $399.28 billion.
IBBI clarified that a person, who is not a member of the CoC, does not have voting right in the CoC. A person, who is not a member of the CoC, cannot be regarded as one who has voted against a resolution plan or abstained from voting
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Derivative Contract being Settled by Physical Delivery of Shares is treated as similar to Transaction in Equity Share by Actual Delivery: Bombay HC [Read Order]
Read more at: http://www.taxscan.in/derivative-contract-physical-delivery-shares-treated-transaction-equity-share-actual-delivery-bombay-hc/28383/
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ICAI and Taxation Bar Association requests Govt to Extend Tax Audit Report Due Dates
Read more at: http://www.taxscan.in/icai-taxation-bar-association-requests-govt-extend-tax-audit-report-due-dates/28389/
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Quashing extension notifications due to technical glitches to be decided by GST Council: HC
CGST/Rajasthan GST: Where petitioner, namely, Rajasthan Tax Consultants Association, filed writ petition challenging various notifications/orders issued under Central Goods and Services Tax Act/Rajasthan Goods and Services Tax Act, which related to filing of returns, composition levy, registration and refund of tax, it would be appropriate that issues involved be decided by GST Council
[2018] 97 taxmann.com 146 (Rajasthan)
HIGH COURT
Union of India
AUGUST 1, 2018
Section 39, read with sections 9, 22 and 54, of the Central Goods and Services Tax Act, 2017/Section 39, read with sections 9, 22 and 54, of the Rajasthan Goods and Services Tax Act, 2017 - Returns - Furnishing of (NR) - Petitioner, namely, Rajasthan Tax Consultants Association, filed a writ petition challenging various notifications/orders issued under Central Goods and Services Tax Act/Rajasthan Goods and Services Tax Act - Said notifications/orders related to filing of returns, composition levy, registration and refund of tax - Whether it would be appropriate that issues involved be decided by GST Counsel - Held, yes [Para 3]
Circulars and Notifications: Notification No. 12/2017, (Central Tax) (Rate), dated 28-6-2017; Notification No. 18/2017-Central Tax (Rate), dated 8-8-2017; Notification No. 19/2017-Central Tax (Rate), dated 8-8-2017; Notification No. 20/2017-Central Tax (Rate), dated 8-8-2017; Notification No. 23/2017-Central Tax (Rate), dated 17-8-2017; Notification No. 24/2017-Central Tax (Rate), dated 21-8-2017 and Notification No. 28/2017-Central Tax (Rate), dated 1-9-2017
Order No. 1/2017-GST, dated 21-7-2017
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No Penalty since Assessee surrendered Income during Assessment Proceedings: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-penalty-assessee-surrendered-income-assessment-proceedings-itat/28407/
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Kerala HC allows Payment of KVAT Arrears in Ten Installments [Read Order]
Read more at: http://www.taxscan.in/kerala-hc-allows-payment-kvat-arrears-ten-installments/28393/
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Qualifying Note of Auditor not a Ground to treat a Factual Finding as ‘Absurd’: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/qualifying-note-auditor-ground-treat-factual-finding-absurd-delhi-hc/28418/
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SEBI notifies new norms on buy-back of securities
SEBI has notified Securities Exchange Board of India (Buy-Back of Securities) Regulations, 2018. The norms prescribes maximum limit of buy-back as 25% or less of the aggregate paid up capital and free reserves of the Company. Under new norms, a company can’t buy-back its securities so as to delist its shares from stock exchange. Norms further prescribes for buy-back through tender offer, buy-back from open market, General obligations for company for buy back proce...
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CBIC extends #GST TRAN 1 date upto 31.01.2019 for the period for registered persons who were not able to submit TRAN 1 by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council. (Source: Taxsutra)
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UP Govt mandates RFID Tag for E-Way Bills
Read more at: http://www.taxscan.in/govt-mandates-rfid-tag-e-way-bills/28362/
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CBIC issues Guidelines for Deductions and Deposits of TDS by the DDO [Read Circular]
Read more at: http://www.taxscan.in/cbic-issues-guidelines-deductions-deposits-tds-ddo/28450/
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Government might give another 15 days chance for complying din 3 kyc
2.1 million company directors may get another chance to adhere to KYC rules - The Economic
Times-https://m.economictimes.com/news/economy/policy/2-1-million-company-directors-may-get-another-chance-to-adhere-to-kyc-rules/articleshow/65847980.cms?utm_source=AMPusers&utm_medium=whatsappshare&utm_campaign=socialsharebutton
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Media News: 2.1 million company directors may get another chance to adhere to KYC rules - The Economic Times - http://www.ecoti.in/cNhl-b
ICAI: TAXATION OF NON-RESIDENTS [Based on the law as amended by the Finance Act, 2018]
The publication includes guidance on pertinent issues relating to Non-residents, GAAR, Advance Ruling, BEPS and various case laws.
Link of document: https://resource.cdn.icai.org/51791citax41497.pdf
GST: TCS Liability from 1st October 2018 on E-commerce Operators under GST
Case Study: HC on filing of Transfer Pricing Apples in ritualistic manner - Pr. CIT Vs Barclays Technology Centre India Private Ltd. (Bombay High Court)
Due Date -
20th September, 2018 - GSTR-3B (August, 2018) – Summary Return
30th September 2018 - Last date of deposit the Membership fees of ICAI
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Examination for Confirmation of Enrollment of GST Practitioners
Posted On: 17 SEP 2018 7:25PM by PIB Delhi
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018.
The GSTPs enrolled on the GST Network under sub-rule (2) of Rule 83and covered byclause (b) of sub-rule (1) of Rule 83, i.e. those meeting the eligibility criteria of having enrolled as sales tax practitioners or tax return preparer under the existing law for a period not less than five years, are required to pass the said examination before 31.12.2018 in terms of second proviso to Rule 83(3). The examination for such GSTPs shall be conducted on 31.10.2018 from 1100hrs to 1330 hrsat designated Examination Centresacross India.
It will be a Computer Based Exam. The Registration for this exam can be done by the eligible GSTPson a registration portal, link of which(https://nacin.onlineregistrationform.org/)will also beprovided on NACIN and CBIC websites. The Registration Portalwill be activated on 25th September, 2018 and will remain open up to 10th Oct 2018.For convenience of candidates, a help desk will also be set up, details of which will be made available on the registration portal. The applicants are required to make online payment of examination fee of Rs. 500/- at the time of registration for this exam.
Pattern and Syllabus of the Examination
PAPER: GST Law & Procedures:
Time allowed: 2 hours and 30 minutes
Number of Multiple Choice Questions: 100
Language of Questions: English and Hindi
Maximum marks: 200
Qualifying marks: 100
No negative marking
Syllabus:
Central Goods and Services Tax Act, 2017
Integrated Goods and Services Tax Act, 2017
State Goods and Services Tax Acts, 2017
Union Territory Goods and Services Tax Act, 2017
Goods and Services Tax (Compensation to States) Act, 2017
Central Goods and Services Tax Rules, 2017
Integrated Goods and Services Tax Rules, 2017
All State Goods and Services Tax Rules, 2017
Notifications, Circulars and orders issued from time to time.
