How people are evading GST with novel methods:
READ MORE- https://www.gststation.in/how-people-are-evading-gst-with-novel-methods/
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Processing of GST refunds delayed: Exporters:
READ MORE- https://www.gststation.in/processing-of-gst-refunds-delayed-exporters/
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Lock industry owners, workers say impact of demonetisation, GST major poll issues:
READ MORE- https://www.gststation.in/lock-industry-owners-workers-say-impact-of-demonetisation-gst-major-poll-issues/
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Realtors appeal to housing ministry to cut GST rate:
READ MORE- https://www.gststation.in/realtors-appeal-to-housing-ministry-to-cut-gst-rate/
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GST filing rules clarified; audit report format available for Rs 2 crore-plus businesses:
READ MORE- https://www.gststation.in/gst-filing-rules-clarified-audit-report-format-available-for-rs-2-crore-plus-businesses/
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ICAI - ANNOUNCEMENT - For Kind Attention of Members, Firms & Students - (16-04-2019) - https://www.icai.org/new_post.html?post_id=15570&c_id=219
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Very very important point to be kept in mind while filing GSTR-3B for the month of March 2019:
As per section 16(4) of CGST Act, 2017, the maximum time limit for claiming ITC for the relevant financial year is earliest of the following:
1. Due date of filing return under section 39 for the month of September following the end of relevant financial year; OR
2. Actual date of filing annual return for the relevant financial year.
However, as the FY 2017-18 being the first year of GST implementation, the Central Government has issued Order No. 02/2018 - Central Tax dated 31st December 2018 through which for FY 2017-18, the said time limit is extended to earliest of the following:
1. Due date of filing return under section 39 for the month of March 2019; OR
2. Actual date of filing annual return
Return under section 39 is GSTR-3. However, filing of GSTR-3 is temporarily suspended and the new summary return in the form of GSTR-3B has been introduced.
The due date of filing annual return for the financial year is also extended to 30th June 2019 vide Order No. 03/2018-Central Tax dated 31st December 2018.
Therefore, the maximum time limit for claiming ITC for the period from July 2017 to March 2018 will be earliest of the following:
1. Due date of filing GSTR-3B for the month of March 2019 i.e. 20th April 2019; OR
2. Date of filing annual return for the period from July 2017 to March 2018.
Therefore, please avail ITC for the period from July 2017 to March 2018 within the said time limit.
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No GST on interest-free security deposit received by the lessor which are refundable on completion of lease tenure
[2019] 104 taxmann.com 258 (AAR - MAHARASHTRA)
Where applicant, engaged in renting of immovable property to business entities for commercial purpose, had also taken security deposit from lessee as security against damages to property such as furniture, fittings attached with property or any damage to property leased, deposit received by applicant could not be treated as consideration for supply made by applicant and, therefore, applicant would not be liable to pay GST on such deposit amount received by it.
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Analysis of SAT Judgement in Yogesh G. Gemawat & Ors. vs. SEBI
A director either full time or part time, either elected or appointed or nominated is bound to discharge the functions of a director and should have taken all the diligent steps and taken care in the affairs of the company. In case of any proceedings for negligence, default, breach of duty, misfeasance or breach of trust or violation of any statutory provisions of the Act, the Directors being “officer is default” are liable for penal actions.
Read full case analysis at : https://dasgovernance.com/2019/04/17/analysis-of-sat-judgement-in-yogesh-g-gemawat-ors-vs-sebi/
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12% GST on RECs: Renewable power companies move Delhi High Court:
READ MORE- https://www.gststation.in/12-gst-on-recs-renewable-power-companies-move-delhi-high-court/
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👉CBDT, in its action plan for the Current Quarter from April- June 2019, has set 30th June 2019 as the Deadline to dispose of all the cases related to Demonetisation “where assessment is required to be framed,”.
👉CBDT notifies changes in Form 16 (TDS Certificate for Salary Income) and Form 24Q (TDS return in respect of salary). The changes have been made to bring TDS certificate in sync with new ITR forms issued for AY 2019-20.
👉To increase the accessibility of services for Day-to-Day Non-Trade Current Account Transactions, RBI informs that Systematically Important NBFCs offering Foreign Exchange Transactions on Individual Accounts will be eligible to obtain Authorised Dealer (AD) Category-II licence from it.
👉RBI puts into circulation Rs 50 banknotes signed by Governor Shaktikanta Das
👉MCA: Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect
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Solution: Company not paying any dues of you or your any client
If any company (private or public) is not paying any dues (whether for supply of goods or services or for any investment on bond , debentures or loan) to anyone, insolvency & bankruptcy code has a solution for you for quick realisation. It has been seen that (in more than 90% of cases) Company pays your Due before admission of petition, if company is in running condition & dispute doesn't exist. This is due to the reason that if any petition is admitted under IBC, powers of all directors ceases & is vested with an independent person, called IP. No director wants to loose it's control & due to this reason, they try to pay before petition is admitted. A single creditor can file petition, if total dues (including interest , if any) exceeds Rs. 1 lakh.Even when entity is not in running condition & there is no chances of resolution, assets can be sold for realisation.
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Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network has made its format available on its portal. The GST Council in December extended the last date for filing these forms by three months to June 30.
💡Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect.
💡MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system.” the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner.
RBI needs inspiration to decide on policy rate cuts. The Index of Industrial Production grew at a measly 0.1% in Feb, the lowest since 1991. Of course, some of it is due to the base effect as this comes on top of a healthy 6.88% growth in the previous year.
IBBI is working to provide an accountable and competent valuation professionals. MCA had notified on February 1, all valuations under the Companies Act and the IBC would have to be conducted by valuers registered with the IBBI.
SEBI streamlines procedure to issue certified copies of orders, circulars, passed by the Board, Adjudicating Officers or Recovery Officers or circulars issued by the departments of the Board.
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Analysis of SAT Judgement in Corporate Strategic Allianz Ltd. vs. SEBI
By not furnishing full disclosures and in fact allowing false information to creep in the disclosures misled the investors as on the strength of such disclosures in prospectus, the investors take informed decision to invest and for such inaccuracy and lapses, responsible people and intermediaries be penalise accordingly.
Read full case analysis at : https://dasgovernance.com/2019/04/18/analysis-of-sat-judgement-in-corporate-strategic-allianz-ltd-vs-sebi/
