GST: Relaxed norms for setting up firms, other steps to help improve India’s ease of biz ranking:
READ MORE- https://www.gststation.in/gst-relaxed-norms-for-setting-up-firms-other-steps-to-help-improve-indias-ease-of-biz-ranking/
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Bombay High Court & ITAT ruled out that the transfer of a subsidiary’s share cannot be ‘slump sale’ of an undertaking. The court and tribunal rulings could deter income tax officials from branding every large equity transaction as a slump sale of a business to a third party and levy capital gains tax under section 50B of the Income Tax Act.
CBIC has clarified vide its Circular, that IGST Credit will be first used to offset IGST Liability and thereafter it can be used to offset CGST and SGST/UGST liability in any order and in any proportion as per newly inserted Rule 88A of the CGST Rules vide Notification No. 16/2019-Central Tax dated 29th March, 2019.
GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated.
eForm MSME (Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises) is available on MCA21 Company Forms Download page w.e.f 1st May 2019.
Government's initiatives such as relaxed norms for company incorporation, and removing requirement of a bank account for GST registration will help India further improve its ease of doing business ranking of the World Bank this year.
Central Economic Intelligence Bureau (CEIB) is of the view that use of the stringent Prevention of Money Laundering Act could be considered to curb and deter fraudulent input credit tax, claimed by companies generating fake invoices of GST. till December 2018, input tax credit was fraudulently availed by creating fake GST invoices to the tune of Rs 4,000 crore.
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Flawed GST structure putting domestic makers of Indian Railways locomotives, rolling stocks at a disadvantage:
A distinct GST structure that exists for the railways and the suppliers of capital goods and other inputs to the transporter has put the domestic manufacturers of locomotives, rolling stocks, track fixtures, etc, at a disadvantage. The railway travellers and freight customers may not be better off either.
READ MORE- https://www.gststation.in/flawed-gst-structure-putting-domestic-makers-of-indian-railways-locomotives-rolling-stocks-at-a-disadvantage/
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👉GST Officers are working out a mechanism to deal with Non-Payment of Taxes by large number of Small Restaurants and Retail Entities which are collecting taxes from customers but not depositing with the Govt. Several consumers have filed complaints through a mobile app—Iris Peridot—that GST was charged by small restaurants but the eatery neither deposited taxes with the Govt. nor filed GST returns.
👉The Govt is soon likely to invite select lenders for discussion on a Second Round of merger in Public Sector Banks. The lenders to be called may include Punjab National Bank (PNB), Union Bank of India and Bank of India (BoI).
👉In light of recent defaults by various companies on their debt papers, to which several Mutual Funds had Sizeable Exposure, the SEBI is likely to revisit regulations relating to Mutual Funds to Safeguard Investor Interests. The move comes after recent defaults in various Fixed Maturity Plans (FMPs) by several mutual funds.
👉India hikes Import Duty on Wheat to 40% from 30% to support local farmers. The hike in duty is likely to make imports of wheat unviable for flour mills even after recent declines in global prices.
👉Amid uncertainty over India's Oil Import Possibilities from Iran after the waivers to US sanctions on Iran are withdrawn, IDBI Bank has stepped-up efforts in this direction by creating Iran Trade Processing Cells in 3 Indian cities. IDBI received the approval to handle Import-Export Transactions with Iran in early March.
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We expect a 5-10% reduction in GST in lighting sector: Sumit Joshi, CEO, Signify:
READ MORE- https://www.gststation.in/we-expect-a-5-10-reduction-in-gst-in-lighting-sector-sumit-joshi-ceo-signify/
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CIRCULARS ISSUE ON 30-04-2019 BY CBIC
Circular No.101/2019-Central Tax-
GST exemption on the upfront amount payable in installments for long term lease of plots, under Notification No. 12/2017, Central Tax (Rate), S.No. 41, dated 28.06.2017.
Circular No.100/2019-Central Tax- GST Applicability on Seed Certification Tags.
READ MORE- http://www.gststation.in/cgst-circulars-2/
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GST: Companies face queries over input tax credit claims:
READ MORE- https://www.gststation.in/gst-companies-face-queries-over-input-tax-credit-claims/
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Taxability of Receipts of Charitable Trusts under GST Law
#Central Goods and Services Tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 and at such rates, not exceeding twenty percent, as may be notified by the Government, on the recommendation of the Council and collected in such manner as may be prescribed and shall be paid by the taxable person.
Transfer of business as a going concern on slump sale is exempt from GST
# Where applicant, carrying on business of manufacturing of textile yarns, fabrics and garments across India, intends to sell one of the ongoing businesses along with all assets and liabilities and said business is live/operating and purchaser has purchased said business to carry on same kind of business applicant has supplied services by way of transfer of business as a going concern, and as per serial no. 2 of Notification No. 12/2017-Central Tax (Rate) dated 28-6-2017, same is exempted from levy of GST
Capital gain exemption shall be limited to actual sale consideration and not stamp duty value
#Computation of capital gain and consequently computation of exemption under section 54EC, shall have to be worked out on basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C it could claim exemption only in relation to amount of investment made in specified bond and not qua entire capital gain computed as per section 50C
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# CBDT order dt. 30-04-2019 : IT Deptt and GSTN to enter an MOU to share information
In exercise of powers conferred u/s 138 (1)(a) CBDT directs Principal Director General of Income-tax (Systems) or Director General of Income-tax (System), New Delhi shall be the specified income-tax authority for furnishing Information respecting assessees to the Nodal Officer, GSTIN
# *GST CIRCULAR dt. 30-04-2019
- Circular No. 101/2019 : GST exemption on the upfront amount payable in installments for long term lease of plots, under Notification No. 12/2017, Central Tax (Rate), S.No. 41, dated 28.06.2017.
http://www.cbic.gov.in/htdocs-cbec/gst/circular-cgst-101.pdf
- Circular No. 100/2019 : GST Applicability on Seed Certification Tags.
http://www.cbic.gov.in/htdocs-cbec/gst/circular-cgst-100.pdf
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GST investigation arm finds Tata Starbucks guilty of profiteering Rs 4.51 cr:
READ MORE- https://www.gststation.in/gst-investigation-arm-finds-tata-starbucks-guilty-of-profiteering-rs-4-51-cr/
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👉🏻CBDT to share ITR data with GSTN to detect tax evasion by business persons
(The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR)
👇🏻 👇🏻 👇🏻
http://bit.ly/2UPPc8e
👉🏻Trade Unions can file as Operational Creditors under IBC - SC
(SC has held that a trade union, for the purpose of triggering insolvency, can be an operational creditor)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PJVjtO
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MCA has notified that the due date for filing of one time return by companies in form DPT 3 stands extended upto 90 Days from 31 March 2019, as against the earlier notified deadline of 90 days from 22 Jan. 2019
https://t.co/7VU05AND3o
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GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout
READ MORE- https://www.gststation.in/gst-collection-jumps-to-rs-1-13-lakh-crore-in-april-the-highest-since-its-rollout/
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DIR-3 KYC DUE DATE CHANGED FIR EVERY YEAR:
For the year 2019-
Every individual who
has been allotted a Director Identification Number (DIN) as on 31st March 2019 of a
financial year as per these rules shall, submit e-form DIR-3-KYC to the Central
Government on or before 30th June 2019 of immediate next financial year.
DIR-3 KYC
due dates has been changed: on or before 30th June
of immediate next financial year.
Therefore this year 2019 Due date will be : 30.06.2019