💡CBIC extends the due date for filing Form GSTR-1 for the month of March 2019 till April 13, 2019
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Analysis of Supreme Court Judgement in Hammad Ahmed vs. Abdul Majeed & Ors.
The well-known principle of interpretation of document is that one line cannot be taken out of context. It is a cumulative reading of entire document which would lead to one conclusion or the other.
Read full case analysis at : https://dasgovernance.com/2019/04/10/analysis-of-supreme-court-judgement-in-hammad-ahmed-vs-abdul-majeed-ors/
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# ICAI Publication on Frequently Asked Questions on Valuation as brought out by Valuation Standards Board of ICAI
https://resource.cdn.icai.org/54846vsbfaq.pdf
# ICAI E-Newsletter on GST- 23rd edition
http://idtc-icai.s3.amazonaws.com/download/GST%20Newsletter-%2023rd%20edition.pdf
# CBDT circular No. 7/2019 dt. 08-04-2019
Extends due date for furnishing of report u/s 286(4) of the Income-tax act,1961 i.e. Country By Country Reporting (CBCR) for constituent entities having parent entity in USA to 30 April 2019.
# MCA : Filing of Affidavits as per Section 7(1)(c ) of the Companies Act, 2013 read with rule 15 of the Companies (Incorporation) Third Amendment Rules has been dispensed with vide the Companies (Amendment) Act, 2017 from 27th July 2018 i.e. Only declaration by first subscriber(s) and director(s) in INC-9 is mandatory and affidavit is NOT required to be filed
# UDIN under Bank Audit : The requirement of UDIN during the statutory bank branch audit is as under:
- Statutory Audit Report – NO
- Tax Audit Report – YES
- Certificates - YES
UDIN has to be generated separately for each branch and for each type of assignment per branch, e.g. tax audit, certification, etc.
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Surat Diamond traders claim huge decline in business due to GST:
READ MORE- https://www.gststation.in/surat-diamond-traders-claim-huge-decline-in-business-due-to-gst/
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Income Tax Department will initiate recovery of tax along with penalty from approximately 65,000 assessees who deposited Rs.10 lakh or more in their bank account during demonetisation, but did not file return for the AY 2017-18. These 65,000 plus are part of nearly 3 lakh non-filers with large deposit.
ITR disclosure requirement have been rising in recent years as the income-tax dept has been using technology extensively to track tax evasion and process returns. But this year, the number of changes made to the ITR forms notified for AY 2019-20 is probably the highest in the recent time.
Govt to bring warehouses under the GST net is likely to have a major impact on players in the organised sector who take warehouses on rent as part of their collateral management business. It means they have to pay now 18 per cent GST on the rent they pay for the warehouses in which their collateral commodities are stored.
Revenue dept has asked tax officials to scrutinise the mismatch in turnover towards services between ITR and service tax returns for 2015-16 and 2016-17. CBIC) stated that there was a considerable gap of Rs 12 lakh crore between the turnover on account of services as per the ITR/TDS data and the value of services declared in the service tax returns for 2015-16.
GST department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST.
MCA has Revised version of theeForm INC-35 -AGILE (Application for Goods and services tax Identification number, employee’s state Insurance corporation registration plus Employees provident fund organisation registration).
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GST Council working on possible changes, changes expected regardless of new govt:
READ MORE- https://www.gststation.in/gst-council-working-on-possible-changes-changes-expected-regardless-of-new-govt/
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👉As part of the new ‘Project Insight’, introduced by the Govt to unearth Undeclared Income or Illegal Wealth and nab Tax Evaders, the Income Tax Department may access the Information of Evaders from their Facebook and Instagram Accounts to identify mismatches between Spending Patterns and Income Declaration
👉SEBI streamlines the Procedure for Issuing Certified Copies of Orders and Circulars to the Parties involved and other applicants. For the parties involved in the proceedings, the certified copies of the orders passed by SEBI will be provided without charging any fee.
👉RBI gives Life Insurance Corporation of India (LIC) 12 years to reduce its stake by 10% in IDBI Bank. LIC has 51% Controlling Stake in the bank, making the insurer the lender's Majority Shareholder.
👉Bajaj Energy Ltd (BEL) files IPO papers with SEBI. The company plans to raise Rs 5,450 Crore through a public issue comprising a fresh issue of up to Rs 5,150 Crore and offer for sale of Rs 300 Crore by promoter Bajaj Power Ventures. Currently, Bajaj Power Ventures Pvt Ltd. (BPVPL) owns 100% stake in Bajaj Energy.
👉European Union (EU) moves WTO against duties imposed by India on imports of certain information and communications tech products. It said India is imposing tariffs on nine categories of ITC items in excess of WTO- bound rates.
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I-T Dept looking at IBC resolution cases for possible tax violations:
READ MORE- http://www.ibcguide.com/i-t-dept-looking-at-ibc-resolution-cases-for-possible-tax-violations/
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AUTHORITY FOR ADVANCE RULING (GST)
WEST BENGAL DECIDED ON 08.01.2019 In Re: GGL Hotel and Resorts Compnay Ltd.
ISSUE Whether ITC is available on lease rent paid during pre-operative period for the leasehold land on which resort is being constructed to be used for furtherance of business, when the same is capitalised and treated as capital expenditure.
RELEVANT PROVISION OF GST ACT
Section 17 of the Act inter alia deals with blocked credit. It inter alia provides that "credit shall not be available for goods or services or both received by a taxable person for construction of immoveable property(other than plant and machinery) on his own account including when such goods or services or both are used in the course or furtherance of business".
The expression construction is explained to include re-construction, renovation, addition, alterations or repairs, to the extent of capitalisation, to the said immoveable property.
APPLICANT'S CONTENTION
On the other applicant contends that the lease rent is capitalized under the head 'Leasehold Land' and not under the head 'building block' and hence the lease rent is not used for construction of resort.
RULING
ITC is not available to the applicant for the lease rent paid during pre-operatove period for leasehold land used in furtherance of business, when the same is capitalised and treated as capital expenditure. Further, it is irrelevant in the context whether lease rent is capitalized under the head 'Leasehold Land' or 'Building Block'.
