GST Scam of Rs. 80 Cr detected in Pune, One Arrested
Read more at: http://www.taxscan.in/gst-scam-pune-arrested/30177/
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New Regulatory for ICAI, ICSI & ICWAI on the Cards
Read more at: http://www.taxscan.in/regulatory-icai-icsi-icwai/30180/
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Indirect Tax Legal updates:
1. Central Excise- CSR activity can be considered as Input service since it is included within definition of 'activities relating to business'.CSR is not a charity since it has got a direct bearing on the manufacturing activity of the company which is largely dependent on smooth supply of raw materials and the same also augments the credit rating of the company as well as its standing in the corporate world.
2018-TIOL-3257-CESTAT-MUM
2. Service Tax- Where the arrangement of transportation is only to facilitate delivery of excisable goods at buyer's premises, no service is said to be rendered under Business Support Service. Held, the activities undertaken by the appellant do not conform to the definition of taxable service for the purpose of levy of service tax.
2018-TIOL-3226-CESTAT-MUM
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👉🏻Appointment of Auditor for Conducting GST audit in Union Bank of India
(Request for Proposal (RFP) for appointment of Auditor for conducting GST Audit in UNION BANK OF INDIA.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ad5XPV
👉🏻Appointment of GST Auditor of ITPO for F.Y 2017-18
(Invitation of offer for appointment of GST Auditor of India Trade Promotion Organization (ITPO)
👇🏻 👇🏻 👇🏻
https://goo.gl/h1Kmgn
👉🏻Allahabad Bank invite applications for Appointment of GST Auditors
(RPF for Appointment of Auditors for conducting GST Audit of Allahabad Bank.)
👇🏻 👇🏻 👇🏻
https://goo.gl/N5E4eX
👉🏻Appointment of GST Auditor for Airports Authority of India
(Online tenders through e-procurement mode are invited by Airports Authority of India for Appointment of GST Auditor for F.Y. 2017-18)
👇🏻 👇🏻 👇🏻
https://goo.gl/N1w5Es
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Another Bombshell towards ICAI by Govt.
After the implementation of the auditor’s regulator National Financial Reporting Authority (NFRA), the Government is now looking to discipline the three professional institutes, including the Institute of Chartered Accountants of India ( ICAI ), Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICWAI), Times of India reported.
According to the report, the government has pulled out a report of the high-level committee headed by O retired bureaucrat Meenakshi Datta Ghosh, that no suggested a massive overhaul of the disciplinary actions taken by the three professional bodies.
The committee, whose report has not been made public, had recommended that the ministry of corporate affairs should appoint directors or discipline and secretaries in all three professional Institutes. These Functionaries are proposed to the government officers and may be appointed In the same way as those in autonomous bodies.
The new disciplinary platform will be independent of the professional bodies. The report sought for a time of one year to dispose of the cases. Currently, the matters take three to five years for disposal. It also suggested reducing the practice of frequent adjournments.
The committee had also asked the government to merge the disciplinary committee and the board of discipline and said members elected to the institutes’ councils, the apex decision-making body, should recuse themselves in case they are subjected to any disciplinary action.
Source : Taxscan
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GST: CBIC clarifies Issues on Refund [Read Circular]
Read more at: http://www.taxscan.in/gst-cbic-issues-refund/30183/
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Income from Flats and Shops held as Stock-in-Trade is Business Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/flats-shops-stock-trade-business-income-itat/30168/
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Income tax dept may soon request authorities in the finance ministry to intervene so that I-T dues get a higher priority over dues to unsecured creditors under the insolvency law.
Even after the deadline for filing income tax returns ended on August 31, the growth in taxpayers filing e-returns continued to grow robustly, and for April-September, a 65% growth was witnessed over the year-ago period, data from the CBDT showed.
CBDT amends Section 197 - Form 13 Amended for manner of filing lower TDS deduction rate. cajatinminocha.com/resourceOnline_application_for_lower_tds_deduction.aspx
Time limit for furnishing the declaration in FORM GST ITC-04 in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to September, 2018 has been extended till 31 December, 2018.
CBIC notified the persons whose registration under the said Act has been cancelled by the proper officer on or before the 30thSept, 2018, as the class of persons who shall furnish the final return in FORM GSTR-10 of the said rules till the 31st Dec, 2018.
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Tax Audit: CBDT issues Advisory to file Returns by 31st October
Read more at: http://www.taxscan.in/tax-audit-cbdt-advisory/30201/
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1. GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs CBIC has set up a 'Nudge Team' to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes.
2. Enthused by the impact of new insolvency and bankruptcy law, the government expects bad loan recoveries to exceed Rs1.80 trillion target for the current financial year, an official said.
3. The government is planning to link up the databases of various tax and regulatory authorities to spot signs of growing stress before they blow up like in the case of IL&FS, a government official said. According to the plan, the databases of income tax department, goods and services tax (GST) Network, Central Board of Indirect Taxes and Customs, Financial Intelligence Unit, Registrars of Companies, the Reserve Bank of India and the Securities and Exchange Board of India will be linked through an application programming interface (API), the official cited above said on condition of anonymity. API is a software interface that facilitates communication among various databases.
3. The World Trade Organisation’s dispute settlement body has set up a panel to examine the US complaint against certain export-subsidy measures by India as both the sides failed to resolve the issue at consultation level, an official said.
4. Commerce and Industry Minister Suresh Prabhu has said India and the US have exchanged offers for a possible trade deal with a view to resolving issues related to bilateral commerce. India had announced hiking customs duty on 29 products, including pulses and iron and steel items, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from November 2.
5. FinMin starts budget 2019 preparation, seeks input from central ministries.
6. For SBI account holders, new ATM cash withdrawal rules kick in from October 31. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018.
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Legal Updates
1.Delhi High court rejected the plaint filed by plaintiff alleged transfer of shares and allotment of further shares to defendent by the Company in violation of the Companies Act. It held that the Court does'nt have appropriate jurisdiction, thus the plaintiff being aggrieved has to file the petition for claiming remedies such as rectification of register of members, cancellation of shares issued in voilation u/s 62 of Companies Act,2013 etc. , in accordance with law before the NCLT.
SAS HOSPITALITY PVT. LTD. & ORS. VS. SURYA CONSTRUCTIONS PVT. LTD. & ORS. MANU/DE/3791/2018
2. It has been held that once a company petition for winding up is admitted, it ceases to be a petition on behalf of one petitoner only, but it becomes a petition on behalf of several creditors in representative capacity. Ganesh Benzoplast Ltd. Vs. Kedia Distilleries Ltd. MANU/MP/0076/2004
3. High Court held that where a petition of winding up is filed u/s 433 and 439 of Companies Act,1956 , it has to be in compliance of provisions of rules 96,99,24 and form no.48 of Companies rules,1959. The petition shall be advertised so that concerned authorities may file their objections. The court while ordering winding up shall give directions for advertisment to be published in accordance with rule 96, however, if required advertisement still not published for winding up of company, then the said order of winding up shall stand set aside.
Ahmadur Rahman & Ors. Vs. ROC MANU/GH/0002/1972
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NCLAT : In Vijay Kumar Jain vs. Standard Chartered Bank Ltd. & Ors.
The suspended Board of Directors cannot decide the viability and feasibility of a ‘Resolution Plan’ nor is competent to restructure their debt in order to make the ‘Corporate Debtor’ as a going concern. It only in the domain of the ‘Committee of Creditors’ who are expert in the field to decide the viability, feasibility and financial matrix of one or other ‘Resolution Plan’ by majority share of voting rights.
Read full case law at : https://dasgovernance.com/2018/10/30/nclat-in-vijay-kumar-jain-vs-standard-chartered-bank-ltd-ors/
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VAT Re-Assessment Order passed after GST rollout is Valid: Karnataka HC [Read Judgment]
Read more at: http://www.taxscan.in/vat-re-assessment-gst-karnataka-hc/30209/
