GST Gyan - Extension of Due date for filing of GSTR-7 ( Tax deducted at source ) to 28.02.2019 for the month Oct, Nov, Dec & Jan . Notification No.7/2019 & 8/2019.
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👉Group of Ministers(GoM) favours lowering GST on Under-Construction Residential Properties to 5%, from 12% currently and also favours slashing GST on Affordable Housing from 8% to 3%. The GoM, under Gujarat Deputy Chief Minister Nitin Patel, was set up last month to analyse tax rates and issues/challenges being faced by the Real Estate Sector under the GST regime.
👉CBIC extends GSTR 7 Due Date for the month of Jan 19 to 28th February 2019. GSTR-7 is a monthly return to be filed by the persons required to deduct TDS under the GST.
👉MCA amends Companies Significant Beneficial Ownership Rules and notifies Companies (Significant Beneficial Ownership) Amendment Rules, 2019
👉SEBI comes out with format for Listed Entities for preparing their Annual Secretarial Audit and Compliance Reports. This would also be applicable for the "Material Unlisted Subsidiaries" of the Listed Entities
👉SEBI issues & notifies Eligibility Criteria for Physical Settlement of Stock Derivatives. According to the circular, in addition to the existing schedule of Stock Derivatives, the derivatives on stock, meeting the eligibility criteria specified by the SEBI will also be physically settled from the new expiry cycle.
👉RBI Slaps Rs 2 Crore Fine on Corporation Bank & Rs 1.5 Crore on Allahabad Bank for violation of various norms among lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks
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2/8/2019 Press Information Bureau
Ministry of Finance
New Return Filing System of GSTN
Posted On: 08 FEB 2019 4:57PM by PIB Delhi
GSTN will focus, amongst others, on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. Improvement in User Interface on the basis of feedback is a continuous process. Few important initiatives/improvements made for better User
Experience are:
i. Questionnaire for filing GSTR-3B to avoid errors by taxpayers.
ii. Option to generate pre-populated Challan by the system to avoid depositing Cash in wrong Head by the
taxpayers.
iii. Introduction of one click Nil return filing.
iv. Suggested utilisation of ITC informed to the taxpayer for discharging tax liability.
v. Contextual help for GST transactions like Registration, Returns, Payment, etc.
GSTN has started work on BI & Analytics. Different scenarios of BI have been identified on which work is going on such as Persona based Analysis, Predictive Analysis, Fraud/Anomaly Detection, Statistical Scoring, 360-degree view of taxpayers, Circular Trading & Network Analysis, etc. Further, GSTN shares data with tax authorities on the following:
Mis-match between figures reported in GSTR-1 & GSTR-3B.
Mis-match between figures reported GSTR-3B and that computed by the system in GSTR-2A. Taxpayers who have generated e-way bill but not filed tax returns
Comparison of GSTR-1 & GSTR-3B for liability analysis, GSTR-2A & GSTR-3B for comparison of ITC being claimed by taxpayers, and analysis regarding taxpayers who have generated e-way bill but not filed tax returns is being done and the reports generated are shared with tax authorities for taking appropriate action.
http://pib.nic.in/PressReleseDetail.aspx?PRID=1563558
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2/8/2019 Press Information Bureau
(Release ID: 1563558) Visitor Counter : 244
http://pib.nic.in/PressReleseDetail.aspx?PRID=1563558
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https://thetaxtalk.com/2019/02/08/a-welcome-judgement-cgst-credit-can-be-utilized-for-making-payment-of-taxes-and-deposits-under-erst-while-laws/
A welcome judgement – CGST Credit can be utilized for making payment of taxes and deposits under erst-while laws.
The judgement could be of great help for other related issues as well.
The Registry (CESTAT) has raised the objection that the appellant had discharged 7.5%/10% of the duty/tax by utilizing credit balance in Electronic Credit Ledger and not discharged in Cash.
Appellant had submitted before Assistant Commissioner informing the fact of payment of such pre-deposit through CGST Credit and indicating the same in their GSTR-3B for the month of August 2018.
The applicant has also enclosed letter dated 03.10.2018 along with GSTR-3B filed for the month of August and also submitted the Circular No. 58/32/2018-GST dated 04.09.2018 and also Circular No. 42/16/2018-GST dated 13.04.2018 and submitted that the Circular very clearly states that the arrears of Central Excise duty, Service Tax or wrongly availed cenvat credit under the existing law is permissible to be paid through the utilization of amounts available in the electronic credit ledger.
In view of this fact, we are of the opinion that the objection raised by the Registry is not tenable and therefore, we set aside the objection and direct the Registry to take the appeal on record and list the same for final disposal in due course.
M/s. Dell International Services India Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bengalore) – Appeal No. ST/21529/2018-DB
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UDIN SERIES
👉 Q17. Whether UDIN will be applicable only for manually signed documents or also for digitally signed certificates being uploaded online such as Form 15 CB?
Ans: UDIN will be applicable both for manually as well as digitally signed Certificates / uploaded online. In case of digitally signed / online certificates, UDIN has to be generated and retained for providing the same on being asked by any third party/ authority.
👉 Q18. Is UDIN required for original Certificate only or for duplicates also?
Ans : UDIN is to be generated once only for Original Certificates. In case, duplicate certificate is being issued on the request of the client, same UDIN is to be mentioned.
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👉Finance Ministry data shows that a total of Rs 4,172.44 Crore was collected by the Govt as late fee for delayed filing of various GST returns since the implementation of the GST on July 1, 2017, till February 4, 2019
👉Finance Ministry informs that Suspicious Income Tax Refund Claims have gone up in last 3 years and Scrutiny Assessments have been Initiated Against Taxpayers claiming high refunds inconsistent with the pattern of income and investments. The number of Suspicious Refund Claims Selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17.
👉A massive scam involving Alleged Forgery of Fraudulent GST Receipts has been unearthed in a number of companies in and around Chennai. The fraud has been allegedly carried out by a man named Suresh Devadasi who has since been arrested. He managed to issue GST tax receipts worth Rs 2000 crores and managed tax evasion worth Rs 265 crore through them.
👉RBI imposes penalty on 7 banks for Non-Compliance with various directions issued by the RBI, including monitoring of end use of funds.
👉RBI Governor Shaktikanta Das meets Foreign Investors(FPIs) in Hong Kong. This is his first interaction abroad with investors after taking over as the RBI's governor in December last year.
👉SEBI is planning to Tighten Risk Management Practices in equity derivatives and stocks in the runup to the General Elections 2019. It is likely to Tighten Margin Rules for Futures and Options Trades and Restrict introduction of strike prices in Options Intra-Day as it looks to curb wild speculation by traders
👉ICAI releases Educational Material on Indian Accounting Standard (Ind AS) 111-- Joint Arrangements which will provide guidance to the stakeholders in how an entity that is a party to a joint arrangement to determine the type of joint arrangement by assessing its rights and obligations and to account for those rights and obligations in accordance with that type of joint arrangement.
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ICAI : Compendium of Ind AS is a comprehensive up-to-date version encompassing all the rounds of amendments issued by MCA till date that are effective as of 1st April, 2018 - Ind AS and related Guidance Material can be accessed at
https://www.icai.org/new_post.html?post_id=15361
ICAI : Using Information Available at Information Utility (IU) Platform for External Confirmations - The auditors are advised to use the information available at the Information Utility platform of National e-Governance Services Limited, as an additional source of external confirmations to strengthen the audit evidence.
https://resource.cdn.icai.org/54062aasb43402.pdf
CAG Empanelment of CA Firms/LLPs for the year 2019-2020 - The online application along with detailed instructions in this regard will be available on C& AG website at www.cag.gov.in TILL 15 FEB 2019.
Upcoming Due Dates
13-02-2019- GSTR-6 for Input Service Distributor
14-02-2019- Issue of TDS Certificate for tax deducted under section 194-IA, 194-IB in the month of December 2018
15-02-2019 -Quarterly TDS certificate (other than salry) for the quarter ending December 2018
15-02-2019- ESI/PF Payment for m/o Jan 2019
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👉🏻Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
(Income Tax Dept has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over Rs.20000 Cr.
👇🏻 👇🏻 👇🏻
https://goo.gl/fTbw9d
👉🏻SEBI relaxes norms for non-residents to transfer shares to relatives
(SEBI granted relaxation to non-residents such as NRI, PIOs, and foreign nationals from furnishing a copy of PAN card and allowed them to transfer equity shares held by them to their immediate relatives)
👇🏻 👇🏻 👇🏻
https://goo.gl/gjvSS2
👉🏻Rs 4,172 crore late fee for delayed filing of returns collected since GST launch
(A total of Rs 4,172.44 crore was collected by the Government as late fee for delayed filing of various GST returns since its implementation)
👇🏻 👇🏻 👇🏻
https://goo.gl/JqaE6z
👉🏻Appointment of Internal Auditor to IBBI
(Request for Proposal for Appointment of Internal Auditor to IBBI.
Last Date - 28/02/2019)
👇🏻 👇🏻 👇🏻
https://goo.gl/5zGJD7
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👉The Income Tax Department busts a nexus of Hawala Operators who were running a Money Laundering Racket in the national capital Delhi, estimated to be worth Rs 20,000 Crore. A "series of" Raids and Surveys were conducted by the Delhi investigation unit of the I-T Department over the last few weeks in different business areas of Old Delhi, Naya Bazaar & Chandni Chowk
👉The State-Level Screening Committee of Anti-Profiteering of GST warns Traders & Manufacturers that if they do not pass on benefits due to decrease in GST on certain goods to consumers, action will be initiated.
👉SEBI relaxes norms for non-residents such as NRI, PIOs, and Foreign Nationals from furnishing a copy of PAN card and allowed them to Transfer Equity Shares held by them to their Immediate Relatives. Under SEBI's LODR provisions, transferee as well as transferor is required to furnish a copy of their PAN card to the listed entity for registration of transfer of the securities. Now, The non-resident will be required to provide copy of an Alternate Valid Document to ascertain identity as well as the non-resident status.
👉To check Excessive Price Movements, SEBI proposes a slew of measures including Capping the Maximum Daily Movement & Circuit Filters of up to 20% for All Stocks including that are part of the Future and Options (F&O) Segment.
👉SEBI comes out with Framework for Utilisation of Security Deposits available with Clearing Corporations, Warehouse Development and Regulatory Authority in order to rationalise such deposits.
👉State Bank of India and Oriental Bank of Commerce have put on sale various Stressed Financial Accounts to recover dues of around Rs 5,740 crore.
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Delhi HC upholds Misconduct Proceedings against Chartered Accountant for Sexual Harrassment [Read Judgment]
Read more at: http://www.taxscan.in/delhi-high-court-misconduct-chartered-accountant-sexual-harrassment/33443/
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ICAI elects New President and Vice-President
Read more at: http://www.taxscan.in/icai-president-vice-president/33456/
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UDIN – Secure your certificates
#UDIN is 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants.
#UDIN is to be generated at the time of signing the Certificate. However, the same can be generated within 15 days of the signing of the same (i.e within 15 days from the date mentioned at Certificates and not beyond that)
# For generating UDIN, the Document type is to be selected. Thereafter, date of signing the document is to be mentioned. There are 3 fields for entering the financial figures / values from the document and the description of the figure/ value so entered. Out of these, 2 fields are mandatory. In case, there is no financial figure / value available in the document, 0 (zero) is to be mentioned and in description it should be clarified that no financial figure / value is available.
# No details of the Client is to be mentioned anywhere on UDIN Portal.
#Non-applicability of UDIN can be listed out but the list is not exhaustive. Like in the 1st phase, requirement of obtaining UDIN is Not Applicable for:
I. Auditor's Opinion/Reports issued by the Practicing Chartered Accountant under any Statute w.r.t. any entity or any person (e.g.: Tax Audit, Transfer Price Audit, VAT Audit, GST Audit, Company Audit, Trust Audit, Society Audit, etc.,
II. Valuation Reports,
III. Quarterly Review Reports,
IV. Limited Review Report
V. Information System Audit,
VI. Forensic Audit,
VII. Revenue / Credit / Stock Audit,
VIII. Borrower Monitoring Assignments,
IX. Concurrent / Internal Audit and the like,
X. Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.
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EPC contract for electrical cable supply and laying work, fall under works contract service and taxable at 18% GST: AAR of Maharashtra
Facts: M/S. Yogiraj Powertech Private Limited (“the Applicant”) received order from Nagpur Metro Rail Corporation (“NMRCL”) for "Shifting LT, HT O/H lines crossing and providing LT, HT U/G cables for Nagpur Metro Rail Project". NMRCL Is a Special Purpose Vehicle (SPV) created for the smooth implementation and operations of the Nagpur Metro Rail Project and is a joint venture of Government of India & Government of Maharashtra, with 50:50 equity. After going through documents provided it is evident that work is awarded through the work involves various activities vis. Supply, erection, testing and commissioning including transport, loading, unloading, insurance etc. of transformer substation, HT & LT Overhead Line & Cable Through Underground which is awarded to applicant in single bunch of contract at a single price tendering process thus it is also evident that applicant has no option to quote different prices for each individual items and has to accept entire work and do not have option to accept part activities and refuse rest activities.
Issue Involved: The applicant has sought advance ruling in respect of the following questions:
Whether EPC Contract for electrical cable supply and laying work can be classified as contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of immovable property wherein transfer of property in goods (whether as goods or in some other form) is involved in the execution of such contract?
Whether these contracts can be classified as works contracts as per GST Law and whether notification no. 11/2017-Central Tax (Rate) dated 28th June 2017 as amended by notification no.01/2018-Central Tax (Rate) dated 25th Jan 2018 is applicable to the present case?
Applicant’s Interpretation of law: The applicant has submitted that they have received order from NMRCL for "Shifting of LT, HT O/H Iines crossing and providing LT, HT U/G cables. They have also submitted that the work involves Supply, Erection, testing and commissioning including transport, loading, unloading, insurance etc of transformer substation, HT & LT Overhead Line & Cable through Underground, for the Metro Rail Project. In the tender/work order, the work schedule separately describes each activity to be carried out to complete the work and also rate for each activity is separately mentioned, by adding amount of each activity total estimated tender cost is derived and they have quoted in percent % above or below of the estimated cost.
Thus, they had no option to quote the individual prices for each activity and the tender had to be accepted as a whole and they could not accept part activities. They have further stated that NMRCL department is insisting them to charge 12% GST as per Notification No. No. 11/2017-C. T. (Rate) dated June 28, 2017 as amended by Notification No.01 /2018-C.T. (Rate) dated January 25, 2018, treating above work as Composite supply of works contract as defined in clause (119) of Sec. 2 of the CGST Act, 2017.
Held: The Hon’ble AAR Maharashtra vide its Advance Ruling NO.GST-ARA-47/2018-19/B-120 dated September 25, 2018 stated with reference to definition of ‘original work’ which means that all new constructions; all types of additions and alterations to abandoned or damaged structures on land that are required to make them workable; erection, commissioning or installation of plant, machinery or equipment or structures, whether pre-fabricated or otherwise, etc. In view of the extensive deliberations as held herein, we pass an order as follows:
In the present case the work done by the applicant does not appear to be original works. The work is not construction of metro rail project, but this is shifting of existing utilities obstructing metro railway path and providing supplying and installation of new underground along with its accessories.
The contract is not related to any original work and is in the nature of composite supply of works contract. The activity of the applicant in the present case is nothing but a composite supply of Works Contract, not being original works and they will be covered under Sr. No. 3, item No. (ii) Of Notification No. 11/2017 dated June 28, 2017 as amended by Notification No. 1/2018 dated January 25, 2018 and attract 18% GST (9% each of CGST and SGST).
Citation: [2019] 102 taxmann.com 45 (AAR - MAHARASHTRA)