CBIC issued various Notifications dated 29-01-2019
https://goo.gl/RojFxM
Central Tax Notifications
👉🏻CGST (Amendment) Act, 2018 applicable from 1st February, 2019.
(Notification No. 02/2019 – Central Tax, Dated 29-01-2019)
https://goo.gl/NjSwhi
👉🏻Central Goods and Services Tax (Amendment) Rules, 2019.
(Notification No. 03/2019 – Central Tax, Dated 29-01-2019)
https://goo.gl/FYHTPh
👉🏻CBIC defines jurisdiction of Joint Commissioner (Appeals) under GST.
(Notification No. 04/2019 – Central Tax, Dated 29-01-2019)
https://goo.gl/19q2GG
👉🏻CBIC aligns rates for Composition Scheme with CGST Rules, 2017.
(Notification No. 05/2019 – Central Tax, Dated 29-01-2019)
https://goo.gl/AaLQQ7
👉🏻CGST Registration provision amended to align Special Category States.
(Notification No. 06/2019 – Central Tax, Dated 29-01-2019)
https://goo.gl/CtaZyy
Union Territory Tax Notification
👉🏻UTGST (Amendment) Act, 2018 applicable from 1st February, 2019
(Notification No. 1/2019 - Union Territory TaxDated 29-01-2019)
https://goo.gl/2rBP2x
Integrated Tax Notifications
👉🏻IGST (Amendment) Act, 2018 applicable from 1st February, 2019.
(Notification No. 01/2019 – Integrated Tax, Dated 29-01-2019)
https://goo.gl/j1WMUu
👉🏻GST Registration of Jewellery, goldsmiths & silversmiths.
(Notification No. 02/2019 – Integrated Tax, Dated 29-01-2019)
https://goo.gl/zSjMQE
👉🏻IGST Registration provision amended to align Special Category States.
(Notification No. 03/2019 – Integrated Tax, Dated 29-01-2019)
https://goo.gl/zE3QU7
Compensation Cess Notification
👉🏻GST (Compensation to States) Amendment Act, 2018 we.f. 01.02.2019.
(Notification No. 1/2019 — Goods and Services Tax Compensation Dated 29-01-2019)
https://goo.gl/jX6wFW
Central Tax (Rate) Notification
👉🏻RCM under CGST on procurement from unregistered dealer’s withdrawn.
(Notification No. 01/2019 – Central Tax (Rate), Dated 29-01-2019)
https://goo.gl/FVyRF4
Union Territory Tax (Rate) Notification
👉🏻RCM under UTGST on procurement from unregistered dealer’s withdrawn.
(Notification No. 01/2019 – Union Territory Tax (Rate), Dated 29-01-2019)
https://goo.gl/CHPME1
Integrated Tax (Rate) Notification
👉🏻RCM under IGST on procurement from unregistered dealer’s withdrawn.
(Notification No. 01/2019 – Integrated Tax (Rate), Dated 29-01-2019)
https://goo.gl/hq6RX9
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👉CBIC Notifies CGST (Amendment) Act, 2018 from 1st Feb 2019 vide Notification No. 02/2019 – Central Tax
👉RBI will inject Rs 37,500 Crore into the system through Purchase of Government Securities under Open Market Operations (OMOs) in February to increase liquidity, through 3 auctions of Rs 12,500 Crore each during the 2nd, 3rd and 4th week
👉NSEL Case: Economic Offences Wing (EOW) issues notices to 300 brokers after SEBI files FIR against them. The notices allege that Forward Contracts on NSEL were illegal.
👉One year of Nirav Modi fraud: Punjab National Bank (PNB) beefs up its Technology Platform and improved the processes with more checks and audit controls to ensure that there is little scope to manipulate the systems.
👉MCA Form PAS-3 Revised Version (Return of Allotment) will be available from 31st January 2019 for filing purposes. Stakeholders may kindly download the latest version from the portal.
👉The Board of Trade (BoT) will seek views of stakeholders including various Govt. Departments, Exporters and Industry Members on February 15, to frame a New Foreign Trade Policy and boost shipments of goods and services. The 70-Member Board, is a Top Advisory Body on External Trade, is chaired by Commerce and Industry Minister Suresh Prabhu.
👉To promote Domestic Assembling of Electric Vehicles (EVs), Govt lowers Import Duty on Parts and Components of Electric Vehicles to 10-15%. Until now, Vehicle Parts and Components imported for assembly in India attracted import duty of 15 to 30%
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#Important_update
#RCM
RCM on aggregate value of such supplies of goods or service or both received by a registered person from any or all the suppliers, who is or are not registered, exceeds five thousand rupees in a day has been made applicable in force w.e.f. 01/02/2019 by Notification No. 01/2019 – Central Tax (Rate) dated 29/01/2019.
RCM on supplies from unregistered dealers has been suspended till 30/09/2018 by Notification No. 22/2018 – Central Tax (Rate), Dated: 6th August, 2018 but the same has been rescinded by the Notification No. 01/2019 – Central Tax (Rate) dated 29/01/2019 and made RCM on supplies from unregistered dealers applicable w.e.f. 01/02/2019.
Hence, w.e.f. 1st February, 2019 the supplies of goods and services received from the Unregistered Dealers in excess of Rs. 5,000/- per day will be liable for Reverse Charge as per Section 9(4) of the CGST Act.
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Invoice Already Declared In E-Way
Now all invoices declared in E-Way Bill system can directly be imported into Form GSTR-1. Therefore, no need to punch all Invoices in GSTR-1. Only those invoices will be punched, for which no Eway Bill has been generated.
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Direct Tax-
Recently the department has come out with 21 days notice for non filers identified by their Non- Filers Monitoring System
The Finance ministry on 22nd January 2019, identified and requested the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit an online response within 21 days.
In case no ITR filed or no response is provided, the Income Tax department will initiate the proceeding under the Income-tax, 1961.
It is opine that the department have identified recording of the transactions in which assessee has incurred the following transactions but haven’t filed the return, Such cases might have fallen to the line .
1. Cash Payments in the following events in a financial year:
- For purchase of bank drafts or pay orders or banker’s cheque, totaling Rs. 10 Lakh.
-For any pre-paid instruments like smart cards, magnetic chip cards, internet accounts, wallets etc issued by RBI and totaling to Rs. 10 Lakh
-Cash deposit/withdrawal totaling to Rs. 50 Lakh or more.
-Cash deposits in one or more accounts amounting to Rs. 10 Lakh by an individual except for deposits in current accounts
-Cash Payments for the sale of goods or services made by any person of Rs. 2 Lakhs
2. Any Deposits amounting to Rs. 10 Lakhs or more in a single financial year.
3. Any of the following payment in a single financial year by anyperson:
up to Rs. 1 Lakh or more in cash;
-Rs. 10 Lakhs or more by any other mode,against credit card bills of one or more card
4. Receipt from any personaggregating to Rs. 10 Lakhs or more in a financial year for acquiring bonds or debentures (other than on renewal) issued by the company or individual.
5. Payment towards shares to a company, amounting to Rs. 10 Lakhs in a financial year.
6. Buy Back of shares by any person, totaling Rs. 10 Lakhs or more in a financial year.
7. Receipt of money for acquiring units of mutual funds (in one or more schemes) acquired by any person totaling to Rs. 10 Lakhs or more in a financial year.
8. Receipt for sale of foreign currency involving credit or expense in such currency through a currency card or debit card or credit card or through traveler’s cheque or draft or any other instrument – an amount ~aggregating to Rs. 10 Lakhs or more during a financial year by any individual.
9. Immovable property bought or sold by any person of an amount of Rs. 30 Lakhs or more or valued at Rs. 30 Lakhs or more by Stamp Authorities.
10. Cash deposits during the interval of 9th November 2016 to 30th December 2016 which sums up to-Rs. 12,50,000 or more, in one or more current account of a person; or
Rs. 2,50,000 or more, in one or more accounts of a person (other than the current account)
11. Cash Deposits between 1st April 2016 to 9th November 2016 in respect of accounts that are reportable as above for Cash deposits during the interval of 9th November 2016 to 30th December 2016.
12. Form 26AS showing details of tax deducted by a person
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IBBI punishes Insolvency Professional for violation of Code, Directs to Undergo Pre-registration Educational Course [Read Order]
Read more at: http://www.taxscan.in/ibbi-insolvency-professional-pre-registration-course/33088/
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Announcement Regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.
This is regarding the applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.
Provisions of the Companies Act 203 and Rules thereon.
Section 139 (2) of the Companies Act 2013 provides that no listed company or a company belonging to such class or classes of companies as may be prescribed, shall appoint or re- appoint—
(a) an individual as auditor for more than one term of five consecutive years; and
(b) an audit firm as auditor for more than two terms of five consecutive years:
Further as per the “Companies (Audit and Auditors) Rules, 2014, for the purposes of sub- section (2) of section 139, the class of companies shall mean the following classes of companies excluding one person companies and small companies:-
(a) all unlisted public companies having paid up share capital of rupees ten crore or more; (b) all private limited companies having paid up share capital of rupees fifty crore or more; (c) all companies having paid up share capital of below threshold limit mentioned in (a) and
(b) above, but having public borrowings from financial institutions, banks or public
deposits of rupees fifty crores or more.
Issue
“A Chartered Accountant/ firm, an auditor in a company on which Rules relating to Rotation of auditors were applicable, retired in the year 2017 and a new auditor appointed in the same year. After amendment was brought as per Companies (Amendment) Act 2017, the company do not meet principles of rotation of auditors in the year 2018.
Whether the auditor who was an auditor of the company in the year 2017 can be reappointed by the company as the company ceases to fall under the criteria of rotation of auditors?”
View
The Corporate Laws & Corporate Governance Committee at its 43rd meeting held on 7th January, 2019 discussed the issue and was of the view that since the requirement of rotation of auditors is not applicable on the company subsequently, therefore the auditor who was the auditor in the company earlier in the year 2017 can be reappointed without prejudice to the other provisions of the Companies Act 2013.
In other words, once a company ceases to fall under the ambit of Rotation principles, the company can appoint any chartered accountant/ firm as an auditor of the company irrespective of the fact that the same chartered accountant/ firm was an auditor of the company in previous years.
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IBC LEGAL UPDATES-
1. NCLAT set aside NCLT order dismissing application u/s 9 of IBC on mere ground that the demand notice u/s 8 of IBC is to be served on the registered office of the corporate debtor and not on Corporate Office. It held that if the demand notice is served on the corporate debtor either on its registered office or its corporate office, it should be treated as a valid service of notice u/s 8. Hence, application is maintainable under the code.
Alloysmin Industries vs. Raman Casting Pvt. Ltd. MANU/NL/0017/2019
2. NCLAT held that without initiating insolvency against the principal borrower, a lender can initiate insolvency against the Guarantor under the provisions of IBC,2016.
Ferro alloys corporation ltd. LSI-16-NCLAT-2019(NDEL)
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