Remuneration Paid to Trustees can’t be treated as Excessive without Sufficient Proof: ITAT [Read Order]
Read more at: http://www.taxscan.in/remuneration-paid-trustees-treated-excessive-sufficient-proof-itat/28856/
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Govt allows rendering of Valuation Services without Registration till 31st March 2019 [Read Notification]
Read more at: http://www.taxscan.in/govt-allows-rendering-valuation-services-registration-31st-march-2019/28936/
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CBDT notifies Ex-Servicemen Contributory Health Scheme for purpose of section 80D of the Income Tax Act, 1961 vide notification number 50/2018 dated 26th September, 2018
Penalty under section 271B justified on Assessee who was Partner in M/s. Price Waterhouse which is a partnership firm for his Failure to get his accounts audited as his remuneration was exceeding the limit specified U/s. 44AB.Sagar Dutta Vs DCIT (ITAT Kolkata)
Gujarat High Court directs CBDT to respond on Tax Audit Due date Extension filed by All Gujarat Federation of Tax Consultants Versus Union of India (Gujarat High Court)
Internal Auditor cannot undertake GST Audit simultaneously : ICAI in an announcement dated 28th September 2018 has clarified that Internal Auditor cannot undertake Goods and Service Tax (GST) Audit simultaneously.
Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with transitional plan.
The Securities and Exchange Board of India (Sebi) has sent letters to mutual funds seeking details about their exposure to all NBFCs and housing finance companies, regulatory and industry sources said.
Finance Minister launched a transformative initiative in MSME credit space. The webportal www.psbloansin59minutes.comwill enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).
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👉🏻Rangachari Sridharan appoints as first chief of NFRA
(Former IAS officer Rangachari Sridharan appointed as the first chief of National Financial Reporting Authority (NFRA)
👇🏻 👇🏻 👇🏻
https://goo.gl/a4e7P1
👉🏻Internal Auditor not to undertake GST Audit simultaneously - ICAI
(ICAI Council has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit will also be applicable to GST Audit)
👇🏻 👇🏻 👇🏻
https://goo.gl/CbPQLD
👉🏻High Level Committee Constituted on Corporate Social Responsibility
(The Committee is expected to review the existing CSR framework as per Act, Rules and Circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions)
👇🏻 👇🏻 👇🏻
https://goo.gl/Xy2cu9
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Justice Dilip Gupta appointed as CESTAT President
Read more at: http://www.taxscan.in/justice-dilip-gupta-cestat-president/29001/
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Updates:
1) Last date to pay ICAI memberships & COP fees: https://memfee.icai.org/memfee.html
2) Internal auditor can't be GST auditor of same company: ICAI
3) Banks expect to recover Rs 1.80 lakh cr from NPAs: FM Arun Jaitley: http://www.moneycontrol.com/news/business/banks-expect-to-recover-rs-180-lakh-crnpas-fm-arun-jaitley_11466961.html
4) Don’t sign any Project Report or Estimates or Provisional Figures - https://thetaxtalk.com/2018/09/28/dear-cas-dont-sign-any-project-report-or-estimates-or-provisional-figures/
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No GST on Residential Programmes for Advancement of Religion, Spirituality or Yoga: CBIC [Read Circular]
Read more at: http://www.taxscan.in/no-gst-residential-programmes-advancement-religion-spirituality-yoga-cbic/29011/
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No TCS on Exempted Supplies, Supplies Taxable under RCM & Imports / Exports: CBIC issues FAQs
Read more at: http://www.taxscan.in/no-tcs-exempted-supplies-supplies-taxable-rcm-imports-exports-cbic/29017/
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CBIC lays down Standard Operating Procedure on TDS
Read more at: http://www.taxscan.in/cbic-standard-operating-procedure-tds/29023/
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1. The 30th meeting of the GST decides to set up a Seven- Council Member Group of Ministers to make suggestions on the demand for 10% cess on SGST for Kerala rehabilitation, the GoM may also study other options such as National Disaster Cess as well.
2. CBIC releases Frequently Asked Questions (FAQs) on TCS under GST containing 29 question. To download click, https://goo.gl/qZGGx2
3. Mumbai police’s Economic Offence Wing(EOW) files case against 300 Brokers in NSEL Scam Case on SEBI complaint. SEBI has filed a complaint against them with EOW Mumbai, on the basis of which the latter has registered case under the Forward Contracts (Regulation) Act, 1952.
4.RBI imposes a penalty of Rs 5 Crore on Karur Vysya Bank for Non-Compliance of its Directives on "Income Recognition and Asset Classification (IRAC) Norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts".
5. RBI Freezes Salary of Bandhan Bank CEO & stops Branch Expansion for Non-Compliance of Promoter Holding Rules.
6. RBI issues the Draft Guidelines on Prohibiting Market Abuse which propose to Debar Errant Participants from accessing the market. The Directions, called the Reserve Bank of India (Prohibition of Market Abuse) Directions 2018 define what is Market Manipulation, Benchmark Manipulation and Misuse of Information as well.
7. MCA constitutes High Level Committee on Corporate Social Responsibility– 2018 (HLC-2018) to review the Existing Framework and Guide and formulate the roadmap for a Coherent Policy on CSR.
8. ICAI clarifies that an Internal Auditor of an entity Cannot Undertake GST Audit of the Same Entity.
9. Government hikes Duty Incentives for Exports of as many as 28 Milk Related Products under a scheme to boost their overseas shipments. The Duty Benefits are enhanced under the Merchandise Export from India Scheme (MEIS).
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RFID Sealing mandatory from 1st November: CBIC [Read Circular]
Read more at: http://www.taxscan.in/rfid-sealing-mandatory-1st-november-cbic/29052/
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Printing of Question Papers for Educational Institutions Exempt from GST: AAR [Read Order]
Read more at: http://www.taxscan.in/printing-question-papers-educational-institutions-exempt-gst-aar/29043/
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Most Important GST News:
Don’t miss the last chance to rectify errors of FY 2017-18
Nothing is more expensive than a missed opportunity
Any rectifications in the details already furnished in returns of July 2017 to March 2018 may be corrected/added in the return to be filed for the month of September 2018.
Details of outward supplies can be modified on or before 10.10.2018 (being due date for filing GSTR 1 monthly) and details of inward supplies on or before 20.10.2018 (being due date for filing GSTR 3B).
In this article, I have focused on most probable errors in the returns and way to correct them.
Outward Supplies:-
1. Invoice / Credit Note pertaining to FY 2017-18 missed in GSTR 1 – The invoice/Credit Note may be added in GSTR 1 along with invoices/Credit Note of September 2018 return with original date. If the tax pertaining to invoice is also not paid, the same may be added to taxable value and tax of the month of September, 2018 and pay the tax along with interest from due date of payment of tax till date of actual payment.
2. B2B Invoice details wrongly entered in GSTR 1–Here is a case where the invoice details are entered in GSTR 1 but some fields are wrongly mentioned. Some of the situations are:-
· Error in GSTIN i.e. Invoice is in name of Mr. X but GSTR 1 is filed mentioning GSTIN of Mr. Y,
· Error in taxable value,
· Error in tax rate, etc.,
These details may be modified in September, 2018 return.
3. B2C details wrongly entered in GSTR 1–There will be again 2 types of errors in B2C details.
3A. B2B invoice entered as B2C – If an B2B invoice pertaining to month of January 2018 entered as B2C in GSTR 1 of January 2018, this error can be rectified by adding the invoice details in GSTR 1 of September 2018 along with September B2B invoices and amending the B2C supplies of January 2018 GSTR 1.
3B. B2C Intra-state supplies entered as Inter-state – If B2C supplies of an assessee from the state of Maharashtra entered as B2C supplies of Andhra Pradesh i.e. Intra state entered as inter-state, the same may be rectified in GSTR 1. However, if the same error is also continued in GSTR 3B too, the liability may be affected since IGST is paid instead of CGST+SGST. This can be rectified by paying CGST+SGST and claiming refund of IGST.
3C. B2C Inter-State supplies wrongly entered as different state– If B2C supplies made to Andhra Pradesh was entered as B2C supplies to Telangana by a supplier registered in Odisha; the tax liability doesn’t change but the state mentioned is wrong. This also doesn’t affect the liability but the wrong details needs to be rectified for correct disclosure.
Inward Supplies:-
1. Failed to avail ITC / Debit Note– Did you miss claiming ITC on any invoice/Debit Note pertaining to FY 2017-18. No Worries, the same can be claimed upto the month of September 2018. Include the same in GSTR 3B of September 2018 and the ITC can be availed and utilised.
2. GSTR 2A Vs GSTR 3B – We had already mailed you the Monthly data of GSTR 2A downloaded in Excel format from GST Portal. Many have been ignoring the reconciliation of ITC as per GSTR 3B with details available in GSTR 2A. This reconciliation exercise should be a continuous process since it is a time consuming one but major outcomes are as under:-
· Unearthing any missed credits i.e. supplies on which ITC is available but not availed will come into light when the reconciliation is done. It is important to note that the ITC pertaining to FY 2017-18 cannot be availed after the return for the month of September 2018 is filed.
· There may be situations where ITC has been claimed as per Invoice issued by the supplier but the supplier failed to file GSTR 1. If supplier doesn’t file GSTR 1, the invoice details doesn’t appear in GSTR 2A. This exercise helps us to follow up with the supplier and intimating/educating them to file their GSTR 1.
3. RCM payable not shown or less shown in GSTR 3B returns filed for the period 2017-18 should be reconcile & consider now & pay the Tax on RCM in September-2018 return to avail ITC of same.
4. Excess ITC claimed / Debit Note not accounted – There may be situations where excess ITC would have been claimed due to error. For example, instead of entering only tax amount in ITC IGST column in GSTR 3B, amount of purchases may be entered which inflates IGST ITC. The same may be rectified now by reversing the excess ITC availed by entering the amount to be reversed in GSTR 3B for the month of September 2018.
The situations discussed above are the most common issues which are required to be addressed in this September return. Now, one may agree that September month return is made crucial and hence please be cautious and re visit all the returns filed, reconcile with books of accounts and GSTR 3 B, GSTR 2A & GSTR 1 and claim/reverse the missed ITC and also rectify any errors that were made while filing the returns for FY 2017-18.
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The Karnataka High Court has held that confiscation of goods under GST law is permitted only there is violation of law and not mere breach of.technical procedure of not uploading aforesaid transport document in respect of non taxable supply I.e. supply of construction material to its own site. Confiscation set aside. CCE VS Indus Towers Ltd 2018 (16) GSTL 531.
The Bombay High Court observed that when appellant substantially complied with the conditions of stay order passed in 1997 but fully complied with terms of stay before dismissal of appeal in 2013 hence dismissal of appeal on the ground that there was delayed compliance of stay order is not tenable when admittedly duty fine and penalty paid before dismissal of appeal due to Non compliance. The order of dismissal of appeal set aside appeal to be heard on merits. Techno Forge Ltd 2018 (16) GSTL 373 Bom. High Court.
