Payments to Sub-Agents does not attract TDS u/s 194G: ITAT [Read Order]
Read more at: http://www.taxscan.in/payments-sub-agents-attract-tds-itat/29552/
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# MCA amends Schedule III to the Companies Act, 2013 – Notification, dt.11.10.2018.
# ICAI has constituted a High Power Group to study the systemic issues in IL&FS matter and suggest remedial measures and improvement in the system.
# GST: Contract for supply of water after removal of excess iron and to supply all goods and services for achieving the objective of supplying water after removing excess iron - Rate of GST is 12% - AAR, Maha. in Membrane Filters India Pvt. Ltd. (2018 (10) TMI 684).
# IBC: IBBI amends Reg. 7, 12, & 13 – Conditions for grant of Certificate of Registration of the IBBI (Insolvency Professionals) Reg., 2016 – N.N.IBBI/2018-19/GN/REG036, dt.11.10.2018.
# NIA: Dishonor of Cheque - recovery of loan - The criminal proceedings filed u/s 138 of the Negotiable Instrument Act cannot be used as arm-twisting tactics to recover the amount allegedly due from the petitioner - Riya David Vs T. Manikandan (2018 (10) TMI 663 - Madras HC).
# IT: Premium expense on hedging contract - speculative transaction or not - the provisions of section 43(5) of the Act are clearly not attracted – SC Johnson Products Pvt. Ltd. Vs DCIT (2018 (10) TMI 678 - ITAT Delhi).
TMI: taxmanagementindia.com
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One More Exam for GST Practitioners enrolled after 24th Sep 2018
Read more at: http://www.taxscan.in/exam-gst-practitioners/29612/
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Govt denies Reports on Sanction of Pending GST Refund Claims
Read more at: http://www.taxscan.in/govt-denies-reports-sanction-pending-gst-refund-claims/29615/
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Lottery is a ‘Good’: Calcutta HC upholds GST Levy on Lotteries [Read Judgment]
Read more at: http://www.taxscan.in/lottery-good-calcutta-hc-gst/29624/
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GST REFUND UPDATE
Given below is update for you, on new functionalities, which were made available on GST Portal, recently:
Refund
Application for Refund can now be filed for multiple tax periods, in following refund cases :
1. Export of services with payment of tax with facility to upload Statement 1
2. ITC accumulated due to Inverted tax structure with facility to upload Statement 2
3. On account of supplies made to SEZ (Unit and Developer) with payment of IGST with facility to upload Statement 4
4. Recipient/Supplier of deemed export with facility to upload Statement 5B
source: GSTN
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Private banks that are being charged GST on transactions undertaken by their business correspondents are starting to increase their charges on remittances. At least two large private sector lenders in the domestic money remittance business have increased charges by at least 20 basis points.
Govt raised tariffs on certain telecom equipment and components by up to 20%, in its efforts to rein in the widening current account deficit (CAD). latest set of imports includes equipment used for industrial use as well as a few components for mobile devices.
Sebi asked depository participants to inform on monthly basis about the average time taken to provide the number of foreign portfolio investors (FPI) applications received and the average time taken in processing of such applications during the immediate preceding month to by fifth working day of every month, in a prescribed format.
RBI will stick to its data-localisation directive and the October 15 deadline to comply with it, the central bank strongly communicated in a meeting with payments services providers. Out of 80 payments services providers that were told to store data locally, and not mirror it outside India, 64 said they were ready with local data storage.
ICAI constituted a High Power Group on Infrastructure Leasing & Financial Services Limited (IL&FS) matter. Terms of Reference would be to study the systemic issues in the IL&FS matter and suggest remedial measures and improvement in the system; and any other matter incidental thereto.
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GST: Delhi Dept launches Special Drive against Tax Evasion: Sends Notices to 51,500 Traders
Read more at: http://www.taxscan.in/gst-delhi-drive-tax-evasion-notices-traders/29630/
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MCA Amendments notified dated 11.10.18 in Schedule III (Preparation of Financial Statements) to the Companies Act, 2013:
Key Changes:
1. Further classification of Loans Receivables
2. Description of purpose of each reserve
2. Name changed : Fixed Assets, Securities Premium Reserve etc
2. MSME Disclosures and further Classification of Receivables & Payables in IND AS compliant financials
3. Division III introduced for preparation of Financial Statements for a NBFC whose financial statements
are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.
http://www.mca.gov.in/Ministry/pdf/NotificationScheduleIII_12102018.pdf
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Gauhati HC dismisses Petition challenging Service Tax Demand Post-GST [Read Judgment]
Read more at: http://www.taxscan.in/gauhati-hc-dismisses-petition-challenging-service-tax-demand-post-gst/29635/
