10 August 2017 Updates

Pls get your GST registration certificate *framed / laminated* and display it on your shop/ office/ godown and every place of business which you have mentioned in the GST registration certificate.

2. Pls also get the GST registration number printed on the *SIGN BOARD* of your shop/ office/ godown and every place of business which you have mentioned in GST Registration.

3. Composition Dealers under GST are required to display wordings *"Composition Taxable Person"*  in their shop/office/godown and every additional place and also on their SIGN BOARD.

4. Composition dealers under GST are required to print wordings *"Composition Taxable Person, not eligible to collect tax on supplies"* on the sales invoices to be issued under GST.

These are mandatory requirements as given in *CGST Rules No. 5 and 18*.

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GST Registration is Compulsory to Pay Tax under Reverse Charge Mechanism: Govt Explains the Concept of RCM [Read Concept Note]

Read more at: http://www.taxscan.in/gst-registration-compulsory-pay-tax-reverse-charge-mechanism-govt-explains-concept-rcm/10120/

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*SEBI CIRCULAR : Online Registration Mechanism for Custodian of Securities*

https://dasgovernance.wordpress.com/2017/08/10/sebi-circular-online-registration-mechanism-for-custodian-of-securities/

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“Oversight on the part of Accountant can be presumed to be a reasonable cause for not depositing the tax within time”: Patna HC [Read Judgment]

Read more at: http://www.taxscan.in/oversight-part-accountant-can-presumed-reasonable-cause-not-depositing-tax-within-time-patna-hc/10107/

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# *GST*: Migration of an Existing business to GST - Transitional Input Tax Credit of Excise, Service Tax, VAT etc. can’t be claimed in GSTR-3B, but through Transition Forms as The legal provisions doesn’t allow claiming transitional credit through Form GSTR-3B.

# *SEBI* has forwarded a list of 331  shell companies as identified by Ministry  of Corporate Affairs and has directed the Exchanges to identify the companies listed on their trading platform and initiate measures.

# *CBDT*: Direct Tax Collection is Up by 19.10% to ₹ 1.90 Lac Crores in Apr-Jul, 2017, makes it 19.50% of the Budget estimate for FY 2017-18.

# *AADHAAR*: The Govt. & SEBI are planning to link Aadhaar to financial market transactions to try and curb sharp practices such as conversion of black money into white through the stock market.

# *AADHAAR*: Election Commission of India is also considering linking of Aadhar Number with the Voter Cards.

# *IT*: Grant of exemption under section 10(23C)(vi) - date of grant of registration - The registration will take effect from the date of application – CIT Vs Sahitya Sadawart Samiti (2017 (8) TMI 374 - Rajasthan High Court).

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DRI not Liable to Pay Demurrage Charges to Compensate Burden of Importers: SC [Read Judgment]

Read more at: http://www.taxscan.in/dri-not-liable-pay-demurrage-charges-compensate-burden-importers-sc/10102/

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: 12AA Registration cannot be withdrawn on Ground of Receiving Service Charges for conducting Programmes: Delhi HC [Read Order]

Read more at: http://www.taxscan.in/12aa-registration-cannot-withdrawn-ground-receiving-service-charges-conducting-programmes-delhi-hc/10092/

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Designing Charges & Tooling Cost Reimbursed by the Customers is part of ‘Sales Turnover’ under Bombay Sales Tax Act: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/designing-charges-tooling-cost-reimbursed-customers-part-sales-turnover-bombay-sales-tax-act-bombay-hc/10049/

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Very very very useful complete RCM under GST*

*Reverse charge mechanism under GST and implications of exemption upto Rs. 5000 per day*

Let’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :-

Compulsory Reverse Charge even if the supplier is registered –

Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

The above section primarily covers services availed from Goods Transport Agency, Lawyer, government, corporate sponsorships, director etc.

Reverse Charge if the supplier is unregistered –

Sec 9(4) The central tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Central Government had come up with an exemption to the small miscellaneous transactions from unregistered persons.

Notification No. 8/2017- Central Tax (Rate) dt 28.06.2017 issued by Central Government has exempted intra-State supplies of goods or services or both received by a registered person from any supplier, who is not registered, from the whole of the central tax leviable thereon under sub-section (4) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017)

The said exemption shall not be applicable where the 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.

To sum up, the supply should be intra state supply (within the state) and can be for goods as well as services or both. Moreover the supply should be received by the registered person from an unregistered dealer only and upto a daily limit of Rs. 5000/-

Example:-

Mr. X  purchased following items from unregistered dealer, all are dated 01.07.2017 as under:

1st bill – From Ram: Stationery = 2000/-
2nd bill – From Shyam: Lunch = 1000/-
3rd bill – From Madhu : Books = 3000/-

In this case, The bills of Mr. X will not get covered under this notification as aggregate value of all supplies exceeds 5000/- on a single date (01.07.2017)

Exemption would have been available if,:

1) Bill dates are different (So that it will come under 5000/- day limit, say bill date of Ram is 02.07.2017)
2) Any of the bills are 1000/- less than the mentioned value(Say Bill of Madhu is Rs 2000/-
3) If the one of the bills in the same of other person (say, one of the bill is in the name of Mr. Y)

FAQ’s

Whether these 5000 limit be availed for those cases where compulsory tax is payable in RCM basis as per section 9(3) of CGST act?

Where Compulsory tax is to be paid under the Reverse Charge Mechanism under 9(3) of CGST Act, and as per Notification N0o. 13/2017- Central Tax (Rate) dt 28.06.2017 the benefit of this limit cannot be availed. Reason being these notification cover only cases of 9(4) and not 9(3).

Mr. X purchased following items from unregistered dealer, all are dated 01.07.2017 as under:

1st bill – From Ram: Stationery = 2000/-
2nd bill – From Shyam: Lunch = 1000/-
3rd bill – From Madhu: Goods Transport Agency = 3000/-

In this case, The bills from Mr Ram and Mr Shyam will get covered under this notification as aggregate value of all supplies does not exceed 5000/- on a single date (01.07.2017). For the Third bill from Madhu Reverse charge is payable u/s 9(3) without any exemption threshold.

Whether this daily limit benefits would be available if the goods/services received from persons covered under 9(4) are blocked credits?

The benefit of daily limit would be available. Output Tax under reverse charge would be payable if it crosses the daily limit even though they are covered under blocked credits.

What if the limit crosses 5000 in a day, is GST payable over and above the value or from rupee 1?

If the value of taxable supplies exceeds Rs5000 per day for all suppliers, then GST would be payable on the Total value of the supplies received from unregistered persons.

Is this limit applicable to all supplies?

The limit is applicable to only taxable supply of goods or services or both. Exempt supplies are out of the preview of this notification.

Mr. X purchased following items from unregistered dealer, all are dated 01.07.2017 as under:

1st bill – From Ram: Stationery = 2000/-
2nd bill – From Shyam: Hotel Room = 1000/-
3rd bill – From Madhu: Books = 3000/-

In this case, the bills of Mr. X will not get covered under this notification as aggregate value of all supplies does not exceed 5000/- on a single date (01.07.2017) as the supplies from Shyam for Hotel room booking are exempt under Entry 14 of the exemption notification (12/2017).

What if the supplies are procured from Interstate supply from unregistered?

Benefit of this notification is available only for Intra State Purchase. If any transactions are done on an interstate basis the same are covered under the forward charge and in any case the reverse charge provisions are not applicable.

Goods and services both inclusive 5000 or separate?

Yes, the benefit is inclusive for all goods or services or both.

What rate GST should be payable then?

GST should be payable as per the schedules rate of the product/service.

What if procured from Composition persons?

Since Composition persons are registered person, reverse charge is not applicable on such supplies.

Can credit be availed for these taxes paid and on what basis, any invoice issue requirement?

Credits can be availed on payment of GST in cash. A consolidated monthly tax invoice can be raised if supplies are received from a single vendor. The Invoice shall be raised on the date of receipt of goods or services or both. Also a payment voucher needs to be issued on the date of making any advance payment as the time of supply is invoice of payment whichever is earlier.

We have compiled the daily expenses which would be liable to GST if procured from unregistered supplier as below:-

Sr.No. Nature of Expenses GST Rate GST IMPACT/ OTHER REMARKS
Supplies from UR (RCM Applicable)

*No GST / NIL GST or EXEMPTED :-*

1 Electricity Charges 0% Out of GST

2 Water Charges 0% Out of GST

3 Bank Interest 0% Out of GST

4 Professional Tax 0% Tax levied by local body / other association out of GST

5 License renewal like Pollution, Factories & Boilers & Local Bodies 0% Tax levied by local body / other association out of GST

6 Building or Property Tax 0% Tax levied by local body / other association out of GST

7 Rent Deposits 0% If adjusted with rent or forfeited – GST applicable

8 Other Deposits 0% If adjusted with other expenses or forfeited – GST applicable

9 Petrol Expense 0% Petrol & Diesel out of GST

10 Salary 0% Out of GST

11 Staff Amenities 0% Out of GST if in lieu of salary.

12 Gifts to Staff 0% Gifts by employer of value above Rs. 50000/- shall be liable to GST as outward supply.

13 Staff Mediclaim Contribution 0% Out of GST if in lieu of salary

14 Allowance & incentive to employees 0% Out of GST if in lieu of salary

15 Stamp & Registration Fees 0% If only a pure agent service – ensure GL balance Nil

16 Provision for Doubtful Debts 0% No credit / deduction shall be allowed

17 Bad Debts Written Off 0% No credit / deduction shall be allowed

18 Warranty Labour Charges 0% If there is no supply element & no consideration

19 Donation 0% If there is no supply element & no consideration

20 Labour Welfare Fund Contribution 0% Out of GST

21 Staff Medical Expenses 0% Employee service without any margin

22 Fine & Penalties by Government 0% Out of GST

23 Discounts – shown in bill 0% GST applicable is after all discount
– if shown in the bill

24 Free Gifts, Gold Coin to Customers 0%

25 Interest on Service Tax/ TDS 0%

26 Interest on Vehicle Loan 0%

27 Interest Others 0%

28 Local Conveyance 0%

29 Transportation Charges – Non GTA / Trucks 0%

*GST Applicable & No ITC :-*

28 Food Expense 12% / No ITC

29 Travel claims – Radio Taxi (Rent-a-cab) 5% No ITC

30 Transportation Charges – GTA 5% No ITC

31 Club & Membership fees 18% No ITC

32 Life Insurance Exps for Employees 18% No ITC

33 Work Contract Services – Construction of Building 18% No ITC if not supplied for outward works contract services

*GST Applicable / RCM supply of URD :-*

34 Advertisement Charges 18%

35 Advertisement in Magazine, 18%

36 Advertisement in Media 18%

37 Discounts – after issue of invoice (Post supply discount) GST Impact Credit note has to be issued, liability will be reduced to extent of GST on discount.

38 Annual Maintenance Charges 18%

39 Bank Charges – Service charges recovered 18%

40 Broker Fee & Charges 18%

41 Call Centre Expense 18%

42 Customer Schemes by MSIL 18%

43 Construction Work 18% GST amount – no ITC – for immovable property (Building)

44 Consumables Paint material
& Other Consumables
28%

45 Customer Welfare expense 18% Food charges – No ITC

46 Contract Labour Expense 18%

47 Extended Warranty Cancellation Charges 18%

48 Free Service Camp Expense 18% If any third party bill comes

49 House Keeping Charges 18%

50 Insurance Charges 18%

51 Legal charges to advocate 18% Advocate raise bill without GST component – RCM to us

52 Loading & unloading Charges 18%

53 Local Conveyance 5%
/ 12%

54 Mediclaim Policy Premium Contribution A/ c 18%

55 Mobile Allowance 18% Pure Agent Service / If margin then GST applicable

56 Other Training Expense 18%

57 Postage and Courier Charges 18% Subject to certain exemptions

58 Printing & Stationery(Flex Printing, Broad Printing, Notice Printing) 18%

59 Rates and Taxes Actuals Depends on case to case basis

60 Recruitment Expenses 18%

61 Rent Paid 18%

62 Rent Paid for Mess (Employees) 18%

63 Repair and Maintenance – Building / Electrical / P& M
/ Others

18%

64 RTO Expenses 18% or
28%

65 Sales Promotion – Others / SSI / Display 18%

66 Sponsorship services 18% Reverse Charge to Service Receiver
– ITC can be availed

67 Security Charges 18%

68 Staff Recruitment 18%

69 Staff Training Expenses 18%

70 Staff Uniform Expenses 18% If a third party bill comes

71 Stationery Expenses 18%

72 Subscription & periodicals 18%

73 Telephone Charges 18%

74 Transportation Charges – GTA 5%

75 Travelling Expenses Interstate 5%/18% Services from Tour operators / Agencies

76 Travelling Expenses International 28%

Note: The above expense heads are for illustrative purpose only. The applicability of GST on a particular expense has to be checked on case to case basis.

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Designing Charges & Tooling Cost Reimbursed by the Customers is part of ‘Sales Turnover’ under Bombay Sales Tax Act: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/designing-charges-tooling-cost-reimbursed-customers-part-sales-turnover-bombay-sales-tax-act-bombay-hc/10049/

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GST Authorities have now activated the option on  GST portal to seek cancellation of registrations. Taxpayers who have not filled  Part B of their enrollment application,and would like to seek cancellation of registration,may do so now on GST Portal.

Physician samples of Drugs and pharmaceuticals distributed free of cost, the ITC availed on the samples has to be reversed in view of section 17(5)(h) of  CGST Act. No tax is payable on clearance of  Physician samples distributed free of cost as the value of supply is Zero and no credit has been availed.

Transitional Input Tax Credit of Excise, Service Tax, VAT etc. cannot be claimed in GSTR-3B. He said that "The legal provisions don’t allow claiming transitional credit through Form GSTR-3B, they have to claim through Transition Forms".

Any revision in GSTR-3B must be routed through Forms GSTR-1, GSTR-2 and GSTR-3.

Refund (if allowable as per section 54 of CGST Act, 2017) Can not  be claimed under Form GSTR-3B, excess ITC can be carried forward to subsequent months for setting off liability.

Where there are no inward or outward supplies during July & August, ‘Nil’ return must be filed.

Composition scheme dealers shall file Form GSTR-4 in the month of October, while e-commerce operators supplying own goods & services will require to file Form GSTR-3B, but in other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified .

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[🍎 Dear All

👉 Don't wait for last minute or last Due Date, Finalise the following immediately so that all compliances can be made well in time:

1. Details of Stock as on 30th June, 2017.

2. Turnover for the year 2016-17 and for the period April to June 2017.

3. Sales made during the month of July and Output Tax Liability thereon.

4. Purchases made during the month of July and eligible ITC thereon.

5. Purchases made from Unregistered Dealers and calculate GST liability to be discharge under RCM.

6. Make a list of all Expenditures for the month of July and calculate GST liability to be discharge under RCM. Specially Rent and Freight expenditure.
(Note: GST is not Payable on Salary Paid to Employees).

7. Calculate Net Tax Liability and Pay on or before 15th August, 2017 along with GST under RCM.

Thanks For Reading

10 August 2017 Corporate News

*Happy Reading*

=== *Corporate and General News on 10th August, 2017* ===

Keep Learning Sharing and Growing MOST Importantly Together.

*Mint*

=> Sebi gives suspected shell companies a chance to be heard

=> Congress expels 8 Gujarat MLAs for voting against Ahmed Patel

=> Netflix doubles down on India investment, snaps up ‘Baahubali’

=> Qatar waives visas for 80 countries, including India, amid Gulf boycott

=> Chandigarh stalking case: Vikas Barala arrested under attempt to abduct charges

=> Tata group hiring bankers for team to sell or merge dozens of units

...........................................

*Business Standard*

=> Sebi softens stand as 'shell firms' move Securities Appellate Tribunal

=> No revision in cess on hybrid cars, small cars: FinMin

=> Economic Survey expected on Friday

=> Maratha march in Mumbai ends on a happy note as Fadnavis announces sops

=> Snapdeal staff may approach PMO to stop FreeCharge sale

=> Govt tweaks HPCL's terms of sale to ONGC to avoid 'open offer'

..........................................

*Economic Times*

=> Aadhaar may become the gatekeeper to Dalal Street soon

=> Land Rover launches new Discovery at Rs 68.05 lakh

=> Isha Ambani confirms JioFiber launch at Rs 500/100GB by Diwali

=> 5% GST likely on packaged food awaiting trademark

=> Daiichi moves Supreme Court to block Fortis sale

=> NCLT says no to Deloitte’s Vijaykumar V Iyer as IRP in Rs 44,000 crore Lanco Infratech case

...........................................

*Financial Express*

=> India summons Pakistan High Commission official, issues demarche over death of soldier

=> North Korea will develop Guam strike plan by mid-August: KCNA

=> Mozilla and fact-checker engine launches initiative to counter fake news

=> Islamic State threatens new attacks in Iran in video

=> ‘Raymond’ man Vijaypat Singhania says he is now penniless, courtesy his son Gautam

=> NCERT launches portal for home delivery of books

...........................................

*Hindustan Times*

=> Rajya Sabha election: After Ahmed Patel’s victory, Congress expels 8 Gujarat MLAs for cross-voting

=> Chandigarh stalking case: Vikas Barala, friend arrested, charged with bid to kidnap

=> Exception in marital rape law: Govt defends no action for forced sex with ‘wife aged 15-17’

=> Citizens of 80 countries, including India, can now enter Qatar visa-free

=> Zinedine Zidane lauds Real Madrid’s ‘spectacular’ Super Cup win vs Man United

=> Russia probe: FBI raids home of Trump’s ex-campaign chairman

...........................................

*Indian Express*

=> Congress has expelled eight rebel Gujarat MLAs for violating party whip in Rajya Sabha elections: Ashok Gehlot

=> Chandigarh stalking case: Vikas Barala arrested, police slap 'attempt to abduction' charge

=> Maratha reservation protest reaches Mumbai, Fadnavis says committed to grant reservation

=> Marital rape is not penal offence; Parliament already debated it, says Supreme Court

=> Strong defence, Super Raids push Bengaluru Bulls to win over Bengal Warriors

=> Haseena Parkar: Shraddha Kapoor film to clash with Sanjay Dutt's Bhoomi on September 22

...........................................

*The Hindu*

=> Haryana BJP chief's son Vikas Barala, friend arrested again in stalking case

=> Congress expels eight MLAs for cross-voting

=> CSIR lab bars scientists from participating in March for Science

=> Nepal to criminalise isolation of women during menstruation

=> Rajya Sabha adopts resolution to build inclusive India on Quit India Movement anniversary

=>  24K North Korea 'considering' missile strike after Trump’s ‘fire and fury’ warning

...........................................

*The Times of India*

=> Ceasefire violation: Check terror activities along LoC, India tells Pak

=> Shia board moves SC for ownership of Babri Masjid

=> Gujarat RS polls: CEC went by rulebook to invalidate two votes

=> Haryana BJP chief's son, friend re-arrested in stalking case

=> Amid Gulf rift, Qatar offers visa-free entry to 80 nations including India

=> Police Gypsy stolen ahead of I-Day, cops raise vigil

...........................................

*अमर उजाला*

=> चीन बोला- डोकलाम में बुलडोजर के साथ अब भी 53 भारतीय सैनिक मौजूद

=> गुजरात: क्रॉस वोटिंग करने पर कांग्रेस ने 8 और विधायकों को पार्टी से निकाला

=> कतर ने 80 देशों के लोगों के लिए की वीजा फ्री एंट्री की घोषणा, भारत भी शामिल

=> मध्यप्रदेशः नर्मदा बचाओ आंदोलन की नेता मेधा पाटकर गिरफ्तार

=> चंडीगढ़ छेड़छाड़ केसः विकास बराला गिरफ्तार, केस में अपहरण की धाराएं भी जोड़ीं

=> DU के कॉलेज में पहली बार बना 'एयर क्वालिटी मॉनिटरिंग 

...........................................

*हिन्दुस्तान*

=> डोकलाम​ विवाद:चीनी अखबार की धमकी, भारत से जंग की उलटी गिनती शुरू

=> सियासत: लालू बोले, JDU कार्यकर्ताओं से शरद पर हमला करा सकते हैं नीतीश

=> गुजरात RS POLL:बगावत करने वाले 8 विधायकों को कांग्रेस ने निकाला

=> चंडीगढ़ केस: विकास बराला और आशीष गिरफ्तार, अपहरण की धाराएं दर्ज

=> हादसाः IGI एयरपोर्ट पर 2 विमानों की पंखुड़ियां टकराई, DGCA कर रही जांच

=> कश्मीर: पुलवामा में मुठभेड़ जारी,सेना ने मूसा ग्रुप के 3 आतंकी मारे

...........................................

*दैनिक जागरण*

=> टी-20 में कप्तानी नहीं करेंगे कोहली, रोहित संभालेंगे भारत की कमान!

=> चीन ने भारत से फिर कहा-डोकलाम छोड़ो, भारत-चीन संघर्ष का काउंटडाउन शुरू

=> रेमंड के मालिक विजयपत सिंघानिया को बेटे ने पाई-पाई का मोहताज बनाया

=> नवाज की जगह शाहबाज होंगे पीएमएल-एन के अध्यक्ष

=> कतर में बिना वीजा प्रवेश कर सकेंगे 80 देशों के नागरिक

=> मुंबई में दिखा मराठों का शक्ति प्रदर्शन, झुके सीएम फड़नवीस

...........................................

*प्रभात ख़बर*

=> कांग्रेस ने क्रॉस वोटिंग करने पर गुजरात में 8 विधायकों को 6 साल के लिए पार्टी से निकाला

=> सऊदी एयरलाइंस में स्कर्ट पहनी तो छोड़नी पड़ेगी फ़्लाइट

=> मध्य प्रदेश पुलिस ने मेधा पाटकर को गिरफ़्तार किया

=> नेपाल के पहाड़ी व तराई क्षेत्र में अधिक वर्षा के कारण कोसी नदी के जलस्तर में वृद्धि, लोगों में दहशत

=> आंध्र प्रदेश की डिप्टी कलेक्टर बनीं बैडमिंटन स्टार पीवी सिंधू

=> बीसीसीआई ने ओलंपिक मामला आम सभा को भेजा, चयनकर्ताओं को मिलेंगे 15 लाख

...........................................

09 August 2017 - Updates

Vice President of GST Network Shri Shashi Bhushan Singh conducted a webinar to clarify certain issues related to filing of GSTR-3B GST as under:

 

(1)   Transitional Input Tax Credit of Excise, Service Tax, VAT etc. cannot be claimed in GSTR-3B. He said that "The legal provisions don’t allow claiming transitional credit through Form GSTR-3B, they have to claim through Transition Forms".

 

(2)   He further explained that any revision in GSTR-3B must be routed through Forms GSTR-1, GSTR-2 and GSTR-3.

 

(3)   Refund (if allowable as per section 54 of CGST Act, 2017) CANNOT be claimed under Form GSTR-3B, excess ITC can be carried forward to subsequent months for setting off liability.

 

(4)   Where there are no inward or outward supplies during July & August, ‘Nil’ return must be filed.

 

(5)   Composition scheme dealers shall file Form GSTR-4 in the month of October, while e-commerce operators supplying own goods & services will require to file Form GSTR-3B, but in other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified .

===============>

Travel agents providing online ticketing and other services will be liable to deduct 1 per cent tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said today.
.

.
Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to collect 1 per cent of the net value of taxable supplies made through it. The amount so collected is called tax collected at source or TCS but this provision has been kept in abeyance for the time being.
.

.
Online travel agents have been classified as e-commerce operators (ECO) and so they have to deduct TCS.
.

.
The Central Board of Excise and Customs (CBEC), in a fresh set of frequently asked questions (FAQs), said the TCS requirement would not apply to someone selling own products through a website. Only applicable GST for the goods would be levied in that case.
.

.
Electronic commerce or e-commerce means supply of goods or services, including digital products, over electronic network and an e-commerce operator is a person who owns operates or manages the electronic platform for e-commerce, it said.
.

.
"Online travel agents providing services through digital or electronic platform will fall under the category of ECO (e- commerce operator) liable to deduct TCS under Section 52 of the CGST Act, 2017," the CBEC said.
.

.
CBEC also clarified that the benefit of threshold exemption is not available to an e-commerce operator or a supplier on the e-commerce platform. Businesses with turnover up to Rs 20 lakh are otherwise exempt from GST.
.

.
According to the Central GST (CGST) Act, e-commerce companies have to deduct 1 per cent TCS while making payment to suppliers under the GST regime.
.

.
The CBEC said that every e-commerce operator is liable to collect taxes on behalf of supplier and the tax has to be collected during the month in which the amount of collected from the recipient.
.

.
Besides, the tax amount collected by the operator will have to be paid to the government within 10 days after the end of the month in which the amount was collected.
.

.
Besides, the CGST Act empowers tax officials to seek information on supply or stock details from e-commerce operators.
.

.
"Any officer not below the rank of Deputy Commissioner may issue a notice to the electronic commerce operator to furnish such details within a period of 15 working days from the date of service of such notice," the CBEC said.
.

.
It further clarified that suppliers selling their own products through a website hosted by him will also fall under the definition of an e-commerce operator, but there they need not deduct TCS.
.

.
"In cases where someone is selling their own products through a website, there is no requirement to collect tax at source... These transactions will be liable to GST at the prevailing rates," the CBEC said.
.

.
Besides, every e-commerce operator will be required to furnish an electronic statement within 10 days of the next month giving details of outward supplies of goods or services, including supplies returned through it and the amount collected as TCS during the month.
.

.
These details would be matched with the corresponding details of outward supplies furnished by the supplier and in case of discrepancy the tax department will communicate the same to both the persons

===============>

Manufacture of Encryption Software Eligible for Deduction u/s 80-1B: Himachal HC [Read Judgment]

Read more at: http://www.taxscan.in/manufacture-encryption-software-eligible-deduction-us-80-1b-himachal-hc/10068/

===============>

Sponsorship Service on Sports Events are Equal to Advertisement/ Sales Promotion of Goods: CESTAT allows Cenvat Credit [Read Order]

Read more at: http://www.taxscan.in/sponsorship-service-sports-events-equal-advertisement-sales-promotion-goods-cestat-allows-cenvat-credit/10073/

===============>

# *GST*: CBEC has issued 4 Notifications under CGST on 8 AUG 2017 extending the due dates of filing of various GST returns in Form-GSTR-1 (Noti.No.18/2017), GSTR-2 (Noti.No.19/2017), GSTR-3 (Noti.No.20/2017) & GSTR-3B (Noti.No.21/2017) for the m/o JUL & AUG, 2017.

# *GST*: Extended due date (Calendar) of filing Returns for the m/o *July 2017* is:
• GSTR-3B: 20 Aug, 2017
• GSTR-1: 01 - 05 Sep, 2017
• GSTR-2: 06 -10 Sep, 2017
• GSTR-3: 11 - 15 Sep, 2017

# *GST*: Extended due date (Calendar) of filing Returns for the month of *August 2017* is:
• GSTR-1: 16 - 20 Sep, 2017
• GSTR-3B: 20 Sep, 2017
• GSTR-2: 21 - 25 Sep, 2017
• GSTR-3: 26 - 30 Sep, 2017

# *GSTN* has activated the option on GST portal to seek cancellation of registrations. Taxpayers who have not filled Part B of their enrollment application, and would like to seek cancellation of registration, may do so now on GST Portal.

# *HGST* issues Guidelines / Instructions for detention/ inspection report u/s 68 & 129 of the HGST Act / CGST Act and Section 20 of the IGST Act 2017 - Memo No.1598/ST-6, dt.01.08.2017.

.
[===============>

An Order of Compulsory Purchase u/s 269-UD(1) of Income Tax Act cannot be Challenged before the HC directly: Madhya Pradesh HC [Read Order]

Read more at: http://www.taxscan.in/order-compulsory-purchase-us-269-ud1-income-tax-act-cannot-challenged-hc-directly-madhya-pradesh-hc/10054/

===============>

: Activity of Publishing Newspapers and Periodicals cannot be treated as ‘Charitable Purpose’: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/activity-publishing-newspapers-periodicals-cannot-treated-charitable-purpose-bombay-hc/10062/

==============>

GST Gyan - Physician samples of Drugs and pharmaceuticals distributed free of cost, the ITC availed on the samples has to be reversed in view of section 17(5)(h) of CGST Act. No tax is payable on clearance of Physician samples distributed free of cost as the value of supply is Zero and no credit has been availed.

===============>

Income-tax returns filed this fiscal year has risen nearly 25 per cent. the total number of ITRs filed till August 5 grew 24.7 per cent to 2.82 crore, as against 2.26 crore during the corresponding period of 2016-17.

Due dates of filing GST returns for the month of July and August, 2017 as per notification No. 18,19,20,21 dated 08/08/2017:
I)FORM GSTR - 1(Notification No.18)
July = 1to 5 September
August = 16 to 20 September

II)FORM GSTR - 2(Notification No.19)
July = 6 to 10 September
August = 21 to 25 September

III)FORM *GSTR-3*(Notification No. 20)
July = 11 to 15 September
August = 26 to 30 September

IV)FORM GSTR 3B(Notification No.21)
July = 20th August
August = 20th September

GST code for CAS:
• 998221 Auditing
• 998222 Accounting
• 998223 Payroll
• 998231 Corporate Tax consultancy
• 998232 Individual Taxation
• 998224 Other similar services

SEBI directed bourses to initiate action against 331 suspected shell companies that are listed and these scrips will not be available for trading this month.

UCO Bank invites online applications for empanelment of Concurrent Auditors. Last Date of submission of applications is August 18, 2017.

==============>

➡1.Govt. extends time limit for filing of GST returns forms

➡2. Kerala HC allows filing of manual return without Aadhaar; admits writ on issue of PAN-Aadhaar linkage

➡3. Order on petition to de-register company can’t be recalled if petition is neither reserved nor pending: HC
HIGH COURT OF CALCUTTA
Credence Trexim (P.) Ltd., In re

➡4. Composite rental income from letting out building together with fixtures was taxable as income from other sources
Jay Metal Industries (P.) Ltd. v. Commissioner of Income-tax-V*

==============>

#Economy:The Govt crackdown against 331 “suspected shell companies” has hit several investors, including mutual funds and small investors, who hold shares worth nearly Rs 9,000 crore in these companies. The Ministry of Corporate Affairs identified “shell companies”  in consultation with the Serious Fraud Investigation Office and the I-tax dept.  These companies have been placed in the so-called graded surveillance measure stage VI, where trading in the security is allowed only once a month with “surveillance deposit” of three times the trade value.The typical modus operandi has been to buy shares of shell firms, jack up the prices and sell shares after a year to claim LTCG exemption.

#In the last three years, the I-tax dept has identified over 1,155 shell companies which were used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was over Rs 13,300 crore.The SFIO, too, has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates. Based on the SFIO report, the MCA has removed 162,618 companies from the ROC.The Govt decided to crack down on such sham transactions after the Special investigation teams on black money suggested a mechanism to detect shell companies and put in place checks and balances to curb stock market abuse.

#Finance:Axis Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5% for deposits up to Rs 50 lakh.The bank will continue to pay 4% interest on deposits of above Rs 50 lakh. The new interest rates will be effective from August 8.

#Around one million bank employees and officers will go on strike on August 22, following a call by the United Forum of Bank Unions, which consists of all the nine bank unions.The union is criticising the Govt's decision to privatise public sector banks, mergers and consolidation of banks, and write off corporate NPAs and demanding to declare willful default of bank loans as a criminal offence, implement recommendations of the parliamentary committee on the recovery of NPAs.

Thanks for Reading

09 Aug 2017 Corporate News

_Happy Reading !!!_

=== *Corporate News on 9th August, ,2017* ===

*Mint*

=> Gujarat Rajya Sabha elections Live: Ahmed Patel wins 44 votes, retains RS seat

=> Crompton Greaves offers Videocon Rs1,440 crore for Kenstar

=> Hindustan Unilever will not hike prices this quarter: CFO P.B. Balaji

=> Boeing eyes India tie-ups for drones, digital technology

=> India’s drug regulator warns on Abbott’s bioresorbable stents

=> Sebi cracks the whip on 331 suspected shell companies

...........................................

*Business Standard*

=> North Korea threatens missile strike near US territory Guam: Reports

=> Sebi whip on trading in 331 shell companies blocks investors' Rs 9,000 cr

=> Congress leader Ahmed Patel retains Gujarat Rajya Sabha seat with 44 votes

=> GST breather for Railways; no tax on transfer of goods for self-consumption

=> Airtel gets Rs 2,570 crore from Infratel stake sale

=> Titan taps Amazon to enter US market

...........................................

*Economic Times*

=> Google Feed to be launched soon in India

=> Trai to start consultation process on data ownership

=> Tax burden on bigger cars may not exceed 50 per cent

=> Aegis opens new centre in Malaysia, to hire 5,000

=> Idea seeks NCLT nod for Vodafone merger

=> Xi Jinping sees PM Modi as a leader who is willing to stand up for Indian interests: US expert

...........................................

*Financial Express*

=> Insolvency proceedings: National Company Law Tribunal reserves order in Era Infra case

=> China earthquake: Death toll in Sichuan mounts to nine

=> Gujarat Rajya Sabha elections 2017 results: Ahmed Patel's victory, an eye opener for BJP, says Randeep Surjewala

=> Prasar Bharti may soon launch its own digital platform

=> Note ban: Supreme Court seeks response on Tamil Nadu based cooperative bank plea

=> Uttar Pradesh, Assam, Karnataka under Niti Aayog programme to transform health sector

...........................................

*Hindustan Times*

=> Chandigarh stalking case: Probe hits roadblock, courtesy poor CCTV footage

=> After midnight drama, Congress leader Ahmed Patel wins Rajya Sabha seat in Gujarat

=> JD(U) sacks Sharad Yadav’s confidante from post of party general secretary

=> Up to 100 feared dead, thousands injured in China earthquake: Govt

=> Babri dispute: Shia Waqf Board says mosque can come up at a distance

=> Barcelona move on from Neymar to honour Chapecoense

...........................................

*Indian Express*

=> Amit Shah, Smriti Irani win Gujarat Rajya Sabha polls: Ahmed Patel gets in after EC gets two out

=> Chandigarh stalking: Subhash Barala kept calling, I didn’t take his calls, says father

=> Delhi Assembly: On Day 1, war erupts over House panels

=> North Korea has produced nuclear warhead small enough to fit inside its missiles: report

=> China earthquake: Seven dead, 100 feared trapped as quake of magnitude 6.5 strikes Sichuan Province

=> Opposition says, two kinds of Rs 500, Rs 2,000 notes; govt calls it frivolous

...........................................

*Keep Learning Sharing and Growing MOST Importantly Together*

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08 Aug 2017 Updates

*Happy Reading*

=== *Corporate News on 8th August, 2017* ===

*Mint*

=> Health ministry warns on rushed implementation of generics plan

=> Hike in GST cess on luxury cars will dent Make in India, say carmakers

=> NDA set to consolidate its Rajya Sabha position in the next 16 months

=> IRDA defends order on merger of Sahara Life, ICICI Prudential

=> Amazon India posts 88% jump in gross sales volume for June quarter

=> Number of ITR filings for 2016-17 jumps 24.7% to 28.2 million

...........................................

*Business Standard*

=> Sebi may extend trading hours for derivatives market

=> GIC Re files for IPO; might raise Rs 6,000 crore

=> Luxury car firms lash out at govt on cess flip-flop

=> Airtel plans to sell 3.7% in Bharti Infratel for Rs 2,500 crore

=> Gujarat Rajya Sabha poll today: Major blow for Ahmed Patel, NCP to back BJP

=> Zero tax certification for foreign remittances under I-T lens

...........................................

*Economic Times*

=> Amazon India set to make its online food retailing debut during Diwali

=> Centre, Supreme Court mulling radical judicial reform to ease higher courts’ load

=> Under scanner: SEBI sends notices to Angel Networks

=> Suzuki Sport details out, to be launched in Oct

=> Kabul requests India to launch exclusive satellite for Afghanistan

=> Government keen on swift update of law to hike cess on big cars

...........................................

*Financial Express*

=> Rajya Sabha Elections 2017: Edge of the seat contest likely in Gujarat today, Amit Shah, Smriti Irani, Ahmed Patel in fray

=> China says willing to pay price for new North Korea sanctions

=> Supporters of Venezuela President Nicolas Maduro march as hackers back army base attack

=> Gujarat Rajya Sabha elections: NCP to vote for BJP, fate of Ahmed Patel hangs in balance

=> Nepal PM Sher Bahadur Deuba to visit India from August 23

=> Blast rocks Pakistan city of Lahore, at least 35 injured

...........................................

*Hindustan Times*

=> Rajya Sabha poll today: BJP eyes all 3 seats in Gujarat, Ahmed Patel’s fate hangs in balance

=> Chandigarh stalking: Police find key CCTV proof against Haryana BJP chief’s son, Centre asks for report

=> S. Sreesanth eyes cricket return after Kerala High Court lifts life ban, BCCI guarded

=> SUVs, luxury cars to cost more as GST Council okays proposal to hike cess to 25%

=> Jab Harry Met Sejal: Shah Rukh Khan, Anushka Sharma fail to cross Rs 50cr mark over weekend

=> Fruit truck laden with explosive blasts in Lahore, injures 22

...........................................

*Indian Express*

=> Amit Shah, Smriti Irani, Ahmed Patel in fray: Gujarat braces for vote today as BJP, Congress draw battlelines

=> Chandigarh Stalking Case: Have CCTV footage of accused chasing victim, say police

=> 2.83 crore I-T returns: 25% increase in filing of tax returns, says Govt

=> NITI Aayog’s new head Rajiv Kumar hints at more exits, waning ‘foreign influence’

=> Nitish Kumar back in NDA, Bihar package on Centre table

=> Hearing on Jammu & Kashmir's Muslim minority status in Supreme Court today

...........................................

*The Hindu*

=> High-stakes battle today for Gujarat Rajya Sabha seats

=> Women’s panel seeks fair probe into stalking case

=> Chinese defence ministry meets visiting Indian media at the height of Doklam crisis

=> Situation grim for Bengal ‘taant’ sari weavers after GST

=> ‘Make In India’ yet to spur manufacturing, says panel

=> Pakistan all set to hoist the tallest flag in its territory

...........................................

*The Times of India*

=> Trai raps Apple for 'colonising data' in India, says it's anti-customer

=> Hafiz Saeed’s Jamaat-ud-Dawa launches political party in Pakistan

=> J&K braces for unrest over Article 35A

=> China bid to play on Nepal fears on Indian aggression

=> I-T returns up 25% as more individuals declare income

=> Doklam stand-off: China's defence ministry does not support 'short war' theory

...........................................

*अमर उजाला*

=> पाक सेना के स्नाइपर शॉट से LoC पर एक जवान जख्मी, हालत गंभीर

=> अहमद पटेल का राज्यसभा चुनाव जीतना हुआ मुश्किल, NCP विधायक बीजेपी को करेंगे वोट

=> J&K: सेना ने की घुसपैठ की बड़ी कोशिश नाकाम, 5 आतंकियों को मार गिराया

=> चंडीगढ़ छेड़छाड़: सवालों से तिलमिलाए SSP, प्रेस कांफ्रेंस बीच में छोड़कर भागे

=> केरल हाईकोर्ट ने क्रिकेटर एस. श्रीसंत पर लगा 'लाइफ टाइम बैन' हटाया

=> नोटबंदी का असर, आईटी रिटर्न 25 फीसदी बढ़ा

...........................................

*हिन्दुस्तान*

=> राज्यसभा चुनाव:गुजरात-बंगाल में वोटिंग आज, बीजेपी को मिला NCP का साथ

=> चंडीगढ़ छेड़छाड़ मामला:पुलिस ने बरामद किए 5 CCTV फुटेज

=> धमकी:बैन के बाद उत्तर कोरिया ने कहा- US को चुकानी होगी अपराधों की कीमत

=> अब इजरायल ने कतर के न्यूज चैनल अल जजीरा को बंद किया

=> GST: महंगी होंगी SUV-लग्जरी कारें, सेस बढ़ाने का प्रस्ताव

=> टेक्सटाइल इंडस्ट्री को जीएसटी में बड़ी राहत, अब पांच प्रतिशत ही टैक्स

...........................................

*दैनिक जागरण*

=> टेस्ट सीरीज में इंग्लैंड के इस ऑलराउंडर के प्रदर्शन के सामने फीके पड़े सब

=> गुजरात की सियासी जंग का फैसला आज, मुश्किल में घिरे हैं अहमद पटेल

=> धारा 35ए से छेड़खानी हुई तो होगा जन आंदोलन : फारूक

=> हाफिज सईद के आतंकी संगठन जमात ने बनाई राजनीतिक पार्टी

=> मच्छल में घुसपैठ नाकाम, पांच आतंकी ढेर

=> पाकिस्तान ने परमाणु अप्रसार संधि को नकारा

...........................................

*प्रभात ख़बर*

=> प्रतिष्ठा की जंग, गुजरात में राज्यसभा चुनाव आज, अहमद पटेल के भविष्य का होगा फैसला

=> नये सिरे से आकलन करवाने के मूड में केंद्र सरकार : फ्रिज, एसी या कार है, तो कल्याणकारी योजनाओं का लाभ नहीं!

=> बड़ा खुलासा : अटैचमेंट के डर से राबड़ी देवी ने बालू माफिया को एक दिन में बेचे तीन फ्लैट

=> दिलीप कुमार के स्वास्थ्य में सुधार, अभी भी आईसीयू में: अस्पताल

=> गुरुंग की चेतावनी जल्द वार्ता नहीं, तो शुरू होगी असली पिक्चर

=> जीएसटी में सामान ढोने वाले ट्रकों की भी होगी मॉनीटरिंग

...........................................
Banks are closed on 12th /13th /14th /15th August. ...plan accordingly.

Bank holidays in *August 2017*
*12.08.17*  (2nd Saturday)
*13.08.17* Sunday
*14.08.17*  Monday (Krishna Jayanthi)
*15.08.17* Tuesday (Independence day)

And again
*25.08.17* ( Ganesh chaturthi)
*26.08.17* (4th Saturday)
*27.08.17* Sunday.

Plan your Banking work accordingly 👍🏻

=======>

Issued by CBEC

Invoice and payment voucher by a person liable to pay tax under reverse charge:
A registered person liable to pay tax under reverse charge
(both for supplies on which the tax is payable under reverse charge mechanism and supplies received from unregistered persons) has to issue an invoice in respect of goods or service
or both received by him. Such a registered person in respect of such supplies also has to issue a payment voucher at the
time of making payment to the supplier.

 =======>

SEBI had made amendments in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The amendment was made to enhance the transparency as earlier there was no specific disclosures are required in certain matter such as delay in payment of the Interest/ principal amount with respect to the loans etc. Now, the listed Entity shall make Disclosure of defaults made on payment of Interest/ repayment of principal amount on loans from Banks/Financial Institutions etc. The circular shall be applicable to all listed entities which have listed any of the specified securities (equity and convertible securities). The disclosures shall be made to the stock exchanges when the entity has defaulted in payment of interest / installment obligations on debt securities (including commercial paper), Medium Term Notes (MTNs), Foreign Currency Convertible Bonds (FCCBs), Loans from banks and financial institutions, External Commercial Borrowings (ECBs) etc. The entities shall make disclosures within one working day from the date of default at the first instance of default in the prescribed format. This circular shall come into effect with effect from October 1, 2017. This is to enable listed companies to put appropriate systems in place for prompt submission of disclosures as stipulated in this circular.

=======>

*EXEMPTIONS GRANTED TO PRIVATE COMPANIES UNDER COMPANIES ACT, 2013 ��� CRITICAL ANALYSIS*

Recently, the Ministry of Corporate Affairs has amended the principal notification dated 5th June, 2015 to provide for some more exemptions to private companies, small companies, one person company, and start ups. This article is intended to analyse exemptions that have been granted to the aforesaid entities by the recent notification dated 13th June, 2017.

INTRODUCTION

1. In the Companies Act, 1956, there were specific provisions which granted exemptions to private companies. However, under the Companies Act, 2013 (���the Act���), there are very few provisions which provide for such specific exemptions to private companies. Taking into consideration the representation made by the stakeholders, Chamber of Commerce and Professional Institutes, the Ministry of Corporate Affairs (���MCA���) issued a Notification1 (���Principal Notification���) that provided for certain exemptions. However, the said exemptions are subject to compliance of certain conditions and disclosures. With an objective to provide more exemptions to private companies, the MCA issued yet another Notification2 (���recent MCA Notification���) and provided for some more exemptions to private companies, small companies, start-ups, one person company (���OPC���). The exemptions granted by recent MCA Notification are also subject to certain compliances and disclosures. It is also noteworthy that the recent MCA Notification amends the Principal Notification. This article is a critical analysis of the exemptions to private companies in the light of recent MCA Notification.

REQUIREMENT OF CASH FLOW STATEMENT

2. Pursuant to the extant provisions, OPC, small company and dormant company are not required to attach ���cash flow statement��� to the financial statements. The Principal Notification is amended by the recent MCA Notification and the exemption has been extended to a private company which is a ���start-up��� as recognised by DIPP. It���s noteworthy that the requirement of ���cash flow statement��� remains applicable to the private companies which are not start-ups.

ACCEPTANCE OF DEPOSITS UNDER SECTION 73 OF THE 2013 ACT

3. Pursuant to the recent MCA Notification, the following conditions are not applicable to a private company (subject to conditions, discussed later) for accepting money from its members from time-to-time :

Issuance of a circular to its members including therein a statement showing the financial position of the company, the credit rating obtained, the total number of depositors and the amount due towards deposits in respect of any previous deposits accepted by the company and such other particulars in prescribed form.Filing a copy of the circular along with such statement with the Registrar within 30 days before the date of issue of the circular.Depositing such sum which shall not be less than 15 per cent of the amount of its deposits maturing during a financial year and the financial year next following, and kept in a scheduled bank in a separate bank account to be called as deposit repayment reserve account.Providing such deposit insurance in prescribed manner.Certifying that the company has not committed any default in the repayment of deposits accepted either before or after the commencement of this Act or payment of interest on such deposits.

3.1 According to the recent MCA notification, the above mentioned provisions are not applicable to private company which satisfies any of the following conditions :

Private company which accepts from its members monies not exceeding 100 per cent, of aggregate of the paid-up share capital, free reserves and securities premium account. Under the Principal Notification, the monetary limit was only up to paid-up share capital, free reserves. The same has been extended by including securities premium account, as the same ���securities premium account��� are also shareholders funds.Private company which is a start-up, for 5 years from the date of its incorporation. This exemption has been introduced by the recent MCA Notification. It is noteworthy that private company which is a recognized start-up can raise deposits from its members without any monetary limit. At the same time, the recognised start-up is not required to even comply with conditions relating to the issuance circular, filing of copy of circular with Registrar of Companies, depositing prescribed amount in separate bank account, providing deposit insurance and certification with respect to no default in the repayment of deposits acceptedIf a private company complies with the certain conditions (as given below), it is not required to comply with the provisions of clauses (a) to (e) of sub-section (2) of Section 73 of the Act. These conditions are :Private company is not an associate company or subsidiary company of any other companyIf the borrowings of the private company from banks or financial institutions or any bodycorporate is less than twice of its paid up share capital or Rs. 50 crore, whichever is lower.Private company has not defaulted in repayment of the borrowings subsisting at the time of accepting deposits.

3.2 In my view, this exemption is very critical as it has prescribed three conditions that a private company is required to comply with. The private company in a group of companies will not be able to take the benefit of the said exemption, as it would be either an associate company or subsidiary company of the other company. However, a private company, which is a holding company in a group company, and at the same time satisfies other conditions, can take advantage of the said exemptions. The second condition has been introduced with an objective to impose a monetary limit on the borrowings of the private company. In my view, the third condition is very critical to comply with. The condition relates to no default with respect to the borrowings subsisting at the time of deposits. The ���borrowings��� are not defined and, hence, may include short-term or long-term borrowing or the borrowings from banks/financial institutions or creditors in the course of business. Considering the drafting of the said clause and intention of Government, the ���borrowings��� ought to have been ���borrowings from banks or financial institutions���, but it is not mentioned accordingly in the recent MCA Notification. In the recent MCA notification, it is also clarified that the said companies are required to file a return with the Registrar of Companies in prescribed format with respect to the details of monies accepted.

It is noteworthy that neither Principal Notification nor the recent notification exempts the compliance of clause (f) of sub-section (2) of section 73 of the Act. Therefore, a private company (whether start-up or not) is required to comply with the said condition. The condition relates to providing security, if any, for the due repayment of the amount of deposit or the interest thereon including the creation of such charge on the property or assets of the company. In my view, this condition ought to have been exempted for private company (whether start-up or not) with or without condition or compliances.

ANNUAL RETURN UNDER SECTION 92 OF THE ACT

4. According to section 92, every company shall prepare and file annual return with the Registrar of Companies. The details of the annual return shall be as on the close of the financial year. Amongst others, the company is required to disclose ���remuneration of directors and key managerial personnel��� in the annual return. According to the recent MCA Notification, private company and small company will be required to disclose only aggregate amount of remuneration drawn by directors. The remuneration drawn by key managerial personnel need not be disclosed by private company and small company. However, this exemption is not applicable to DIPP recognized start-ups, which are private companies. Pursuant to the provisions of section 92, the annual return of OPC and small company shall be signed by the company secretary, or where there is no company secretary, by the director of the company. The exemption with respect to signing of annual return has been extended to start-ups by the recent MCA Notification. Accordingly, the annual return of following companies shall be signed by company secretary, or where there is no company secretary, by the director :

OPC,small company andprivate company (if such private company is a ���start-up��� recognized by DIPP).

REPORTING BY THE STATUTORY AUDITOR UNDER SUB-SECTION (3) OF SECTION 143 OF THE ACT

5. According to sub-section (3) of section 143 of the Act, the statutory auditor of the company is required to report certain prescribed matters. For a private company which is satisfying certain conditions (as prescribed below), the statutory auditor is not required to report whether the said company has adequate internal financial controls system in place and the operating effectiveness of such controls. The statutory auditor is not required to report the above matter for ���

private company which is an OPC or small company ; orprivate company which has turnover less than Rs. 50 crore as per latest audited financial statement or which has aggregate borrowings from banks or financial institutions or anybody corporate at any point of time during the financial year less than Rs. 25 crore.

The exemption is not applicable to a private company recognised by DIPP as ���start-up���.

MEETINGS OF THE BOARD OF DIRECTORS UNDER SECTION 173 OF THE ACT

6. It is interesting to note that sub-section (5) of section 173 (relating to ���Meetings of the Board���) has been substituted by the recent MCA Notification whereby, OPC, small company, dormant company and private company (���recognised��� as start-up by the DIPP) shall be deemed to have complied with provisions of section 173, if at least one meeting of the Board of directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than 90 days. The provisions of sub-section (5) of section 173 has been extended to start-ups. It is further clarified in section 174 of the Act (relating to ���Quorum���) that the provisions are not applicable to OPC, if there is one director on its Board of directors. It���s quite astonishing that provisions of the Act are replaced by a Notification issued by MCA.

QUORUM FOR THE MEETING OF THE BOARD UNDER SECTION 174

7. Section 174 states that the quorum for a meeting of the Board of directors of a company shall be one-third of its total strength or two directors, whichever is higher. The provisions further clarify that the participation of the directors by video-conferencing or by other audio visual means shall also be counted for the purposes of quorum. Sub-section (3) of section 174 states that where at any time the number of interested directors exceeds or is equal to two-third of the total strength of the Board of directors, the number of directors who are not interested directors and present at the meeting, being not less than two, shall be the quorum during such time. Such provision is a hurdle for closely-held public companies and private companies. Taking into consideration that there is no exception to the said provision, the recent MCA Notification clarifies that in the case of private companies, interested director may be counted towards quorum in the meeting after disclosure of his interest pursuant to section 184 of the Act. ���Interested director��� as a term has been defined in clause (49) of section 2 of the Act, but the same is referred to only in section 174 of Act. Considering this, there is a proposed amendment [in Companies (Amendment) Bill, 2016] to omit the definition of ���interested director���. Therefore, in my view the amendment suggested by the recent MCA Notification may not have a long-term effect.

PARTICIPATION��� UNDER SECTION 184(2) OF THE ACT

8. Sub-section (2) of section 184 provides that every director of a company who is in any way, whether directly or indirectly, concerned or interested in a contract or arrangement or proposed contract or arrangement entered into or to be entered into with prescribed parties [as elaborated in clauses (a) and (b)] shall disclose the nature of his concern or interest at the Board meeting in which the contract or arrangement is discussed and shall not participate in such meeting. The provision further states that where any director who is not so concerned or interested at the time of entering into such contract or arrangement, he shall, if he becomes concerned or interested after the contract or arrangement is entered into, disclose his concern or interest forthwith, when he becomes concerned or interested or at the first Board meeting held after he becomes so concerned or interested.

According to the MCA���s Principal Notification, in the case of private companies, the provisions shall apply with an exception that the interested director may participate in such meeting after disclosure of his interest. Whether such participation means ���discussion��� or ���voting��� or both? In my view, the MCA ought to have clarified expression ���participate��� in the recent MCA Notification.

APPLICABILITY OF MCA NOTIFICATION

9. Pursuant the recent MCA Notification, the exceptions, modifications and adaptations provided shall be applicable to a private company which has not committed a default in filing its financial statements (under section 137 of the Act) or annual return (under section 92 of the Act) with the Registrar of Companies. By this amendment, the MCA has amended the Principal Notification as well. However, it is interesting to note that there is a reference of ���default���. So the question that arises is : Can a private company take advantage of the MCA���s Notification (Principal and Recent Notification) if such company ���delays��� (but not ���default���) in either filing its financial statements or annual return? Another question that arise : Suppose if the private company ���defaults��� (or ���delays���, as interpreted) in either filing its financial statements or annual return, then is such company required to amend its articles of association (which it had amended pursuant to the Principal Notification) ?

CONCLUSION

10. The present notification provides for the exemptions for various classes of private companies as: (i) small company, (ii) OPC, (iii) private company recognised under start-up India, (iv) private company not recognised under start-up India. For every exemption for each class of private company, the MCA has prescribed separate conditions. The complexity is further compounded when the applicability of the MCA Notification is taken into consideration. Also, taking into consideration the number of start-ups recognised and registered by DIPP are very less, if the exemptions are granted to private company as a whole (rather than bifurcating exemptions between small company, OPC, start-up, etc.), the Government would be better placed to achieve the objective of ���ease of doing business���.

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[Designing Charges & Tooling Cost Reimbursed by the Customers is part of ‘Sales Turnover’ under Bombay Sales Tax Act: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/designing-charges-tooling-cost-reimbursed-customers-part-sales-turnover-bombay-sales-tax-act-bombay-hc/10049/

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Namaste
*Daily News Alert:*

*GST:* Taxpayers who have not filled Part B of their enrollment application, and would like to seek cancellation of registration, may do so now on GST Portal. Such taxpayers are requested to login with chosen username for activated Provisional Ids and opt for cancellation.

*GSTR-3B Return is now available* on the Portal. Form GSTR-3B needs to be filed by a taxable person under GST for submitting the provisional assessment of the tax liability. A taxable person has to file the GSTR-3B for the invoices generated in July by August 20, 2017.

CBEC asks Exporters to register their Bank Accounts with Customs for IGST Refunds 

*SEBI:* Disclose Loan default within one working day: SEBI to listed Companie - Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount on loans from banks / financial institutions, debt securities, etc.

*Case Study:* Kerala HC allows IT Returns filing without Quoting of Aadhaar - Prasanth Sugathan Vs. Union Of India (High Court Of Kerala At Ernakulam)

*ICAI Live Webcast* on GST - 8th Aug 2017 - 10.00 am to 5.30 pm on Classification under GST, Transition, Documentation, Migration issues, Job work etc. to view click here http://estv.in/icai/08082017/

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Income from Turnkey- Contract of Plantation would not constitute ‘Agricultural Income’: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/income-turnkey-contract-plantation-not-constitute-agricultural-income-bombay-hc/10045/

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CBEC has formally issued the notifications for extending the due dates for filing or returns GSTR-1, GSTR-2 and GSTR-3. Earlier, the Govt had only issued a press release announcing the extension of dates. The due date for Form GSTR 3B has also been notified. The due dates are now.

20th August - GSTR 3B for July
5th Sept  - GSTR 1 for July
10th Sept -  GSTR 2 for July
15th Sept - GSTR 3 for July
20th Sept - GSTR 3B for August
20th Sept - GSTR 1 for August
25th Sept - GSTR 2 for August
30th Sept - GSTR 3 for August

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Online Travel Agents liable to Deduct 1% TCS under GST: Provision kept in abeyance for the Time being, says CBEC [Read FAQs]

Read more at: http://www.taxscan.in/online-travel-agents-liable-deduct-1-tcs-gst-provision-kept-abeyance-time-says-cbec/10038/

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Companies Act :

Investigation ordered into affairs of the Company is justified where the order is made on the basis of material on record with proper application of mind. Writ Petition challenging the order is liable to be dismissed.  Sunair Hotels Ltd. Vs. Union of India and Anr. [2017] 139 CLA 52 (Del.)

IBC :

Where the Corporate Debtor itself is initiating the process of Insolvency, it is incumbent on the Corporate Debtor to disclose all the facts including facts in relation to the debts owed by it to its creditors as well as of assets of the Corporate Debtor.  In Re : Unigreen Global (P.) Ltd.  [2017] 139 CLA 101 (NCLT)

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U Turn for GTA Industry

Welcome step which GSTN council has done in its meeting held on 05 August 2017 wherein they have made the GTA Industry, which was in earlier in Indirect Tax regime under reverse charge mechanism ( except when services provided to unregistered parties/ proprietorship) has come under the ambit of Forward charge under the GST regime.

With such move, GTA shall be charging the GST @12% and availing the Input Tax Credit. This welcome step shall reduce the cost of the services for the GTA Industry as credit of motor vehicle which constitute major cost will be available to the GTA Industry along other credit benefits including credit on self supplies invoices raised between the distinct persons.

For the same , each GTA has to analyse the cost benefit analysis which they have to make between the forward charge or reverse charge basis the below.

1 Compliance cost which GTA has to suffer on account of obtaining the registration in each states
2 Profitability of GTA under reverse charge v/s Forward Charge by taking the benefit of Credit under reverse charge in both the situation
3 Additional working capital blockage in the form of upfront payment of tax under forward charge v/s under reverse charge basis the debtor cycle.
4 Increase in the business opportunity wherein the customer accepts more from forward charge GTA as they will get the following benefits
a) Credit of the tax paid on day -1 v/s reverse charge they have to pay the tax first and then take the credit
b ) Reduced compliance cost for the customer under Forward charge

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Breaking: Govt Extends Time limit for Furnishing GST Returns to September [Read Notification]

Read more at:http://www.taxscan.in/govt-extends-time-limit-furnishing-gst-returns-september/10027/

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“Professional Updates:

*GST Council* in its 20th Meeting on 05 AUG 2017 (SAT) has approved the following:

# Authorize the FinMin to increase Cess on Motor Cars exceeding 1500CC or 4 Meters in length to 25% Vs 15%.

# E-Way bill will be implemented w.e.f. 1st OCT 2017.
• No e-Way bill for exempted goods.
• No e-Way bill for goods travelling within a radius of 10 kms.

# Anti-profiteering mechanism will be implemented by appointing state wise committees.

# Changed / Reduced GST Rates on the following items:
• Textile Job Works @ 5%
• Job work for printing of books, newspapers, etc. @ 5% (if Input used are supplied by the publisher), otherwise taxed @ 12%.
• Works Contract for Government @ 12% with full ITC.
• Agriculture Services provided post-Harvest and storage of food grains @ 12% Vs. 18%
• GTA given option to pay 12% GST with full ITC under forward charge or 5% GST without ITC (The option to be chosen at the beginning of financial year)
• Rent a Cab Operator – Given option to pay GST @ 12% with full ITC or 5% GST without ITC.
• Tractor Parts @ 18 % Vs. 28 %

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GST Council confirms Applicability of RCM on Legal Services

Read more at: http://www.taxscan.in/gst-council-confirms-applicability-rcm-legal-services/10009/

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New process of refund under the Income tax Act

Refund process under the Income tax becomes more stricter than earlier through the amended Section 143 (1) A of the Income Tax Act,

The Income tax department is suspecting that most of the taxpayers are getting refunds by declaring the taxable income comparatively lesser than the issued Form 16/16A. The Income tax department also find out that most of the salaried employees are taking credit of House Rental Allowances, Leave Travel Allowances and deductions under 80C to 80U without supporting evidences or supporting with fake documents.

To come over from this issue, the Income tax department amended section 143(1) A, where the tax payer will get intimation from the department regarding the deviation from their salary shown as per filed Income tax returns with the calculated salary as per Form 16 issued by the company or deviation from the income shown as per the Form 16 A or as per the 26 AS.

The taxpayer who gets the intimation notice u/s 143(1) A should reply to the notice within 30 days along with the supporting documents in the Income tax portal. It is mandatory that the scan copies of genuine documents are available with them at the time of filing income tax returns or within 30 days from the date of notice. The actual amount of taxable income as per the Form 16 or Form 16 A will be taken for the computation and it will be processed further by the income tax department if the taxpayer not replies to the notice within the prescribed time.

The taxpayers can verify the Part –A of Intimation u/s 143 (1) A, it will be very clear about the mismatches happened with your filed Income Tax return and Form 16.

Let us know the steps to be followed for replying to the notice u/s 143(1) A to get the refunds or to agree to the additions,

Steps to be followed to reply:
Step 1: Log on to https://www.incometaxindiaefiling.gov.in/
Step 2: Login through your User ID (PAN) and Password
Step 3: Choose E-Proceedings and then Click on e-Assessments/Proceedings
Step 4: Click on the link placed under Proceeding Name
Step 5: Click on the link placed under Reference ID to verify once with your return
Step 6: Click on the option ‘Submit’ to respond for the intimation u/s 143(1) A
Step 7: In the response column you can choose 'Agree for Addition'

***** You can choose the above option if  Income tax return filed with unintentional errors, further your total income will be considered with the actual additions as per the intimation and you have to file Revised return within 15 days from the date of response.
Step 8: In the response column you have to choose 'Disagree to the addition'

***** If your form 16/form 16 A does not given effects to the deductions what actually it supposed to be then you can choose this option, further the relevant documents also to be upload for getting refunds along with the proper reason to be chosen from the drop box. Here no need to file a revised return after a given response.
For Example: (If Salaried employees)

** Choose 'Allowances exempt claimed under Return not in form 16' for the below
Conveyance Allowance - To the maximum of Rs.19200 per Annum
HRA not clamed under Form 16 - But it should be under section 10(13A) of the Income tax Act

** Choose 'Deductions claimed under return not in Form 16' for the below
LIC Premium, Medical Insurance, Recurring Deposits, House loan Repayments, Fixed Deposits above 5 Years, PPF and other 80C to 80U deductions

It is always better to file the tax returns with proper income as per your Form 16/Form 16A, the taxpayer can check 26 As once before filing their Income tax returns for better ideas. Even we can get refunds if there are genuine documents as per law. It’s always better to consult with an Expert before giving any response to the process mentioned above.

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: 25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 07th August, 2017.

PRESS RELEASE

25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41%

As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year. The growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 05.08.2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017. This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetization.

The effect of demonetization is also clearly visible in the growth in Direct Tax Collections. Advance Tax collections of Personal Income Tax (i.e. other than Corporate Tax) as on 05.08.2017 showed a growth of about 41.79% over the corresponding period in F.Y. 2016-2017. Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25% over the corresponding period in F.Y. 2016- 2017.

The above figures amply demonstrate the positive results of the Government’s commitment to fight the menace of black money. CBDT is committed in its resolve to eradicate tax evasion in a non intrusive manner and widening of tax base.

 

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

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No TDS on Payments made for providing SMS Services: Bombay HC [Read Order]

Read more at: http://www.taxscan.in/no-tds-payments-made-providing-sms-services-bombay-hc/10017/

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Delhi HC allows Expenditure Incurred prior to recognition of R & D Center [Read Judgment]

Read more at: http://www.taxscan.in/delhi-hc-allows-expenditure-incurred-prior-recognition-r-d-center/10012/

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There's no perfect life but we can fill it with perfect moments.

Life is best for those who are enjoying it. Difficult for those who are comparing it. Worst for those who are criticizing it. Your own attitude defines your  life.

Government has postponed the filing of GSTR 1,2 & 3 for July and August, 2017.
In the place of these monthly returns, GSTR 3B has been introduced. Deadlines for July  GSTR 3B is 20th August 2017 .

  GST Council (20th) meeting Update
    i. Total Registration- 86 lacs
    ii. E way bills given in-principle approval
       a. Limit of 50000 not changed
       b. Eway bill not to be issued for exempted goods
       c. Eway bill not to be issued of goods are travelling within 10 km radius
  iii. Jobwork of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were     taxed at 18%
  iv. Rates on tractor parts brought down to 18%
  v. Government given work contracts like roads bridges canals will now be taxed at 12% with credits. Earlier this was 18%.
  vi. Anti profiteering mechanism will get kick started by appointing state wise committees.

SEBI widens default disclosure rules as Bank loans worth at least Rs 12 lakh crore have at present been classified as NPAs. So it compulsory for listed companies to make a disclosure to the stock exchanges if they default on any interest or principal payment obligation to banks.

Aadhaar now mandatory for death certificates except Jammu & Kashmir, Assam and Meghalaya wef. October 1, death certificates will be issued only after relatives of the deceased provide Aadhaar number to authorities.

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: 🎾 *GST Payment Process*

*Highlights*

1.🐌 Only 25 banks have been authorised to collect GST.

2. 🐌Private Banks, HDFC, ICICI and Axis Banks are not eligible to collect GST.

3. 🐌Regd persons having their accounts with these banks can pay only through NEFT/RTGS only.

4. 🐌All tax challans are to be created only after logging into your GST account.

5. 🐌CPIN will be generated for each such challan created.

6. 🐌Such challan can be used to pay later but only within 15 days.

7.🐌 Such challans having CPIN are also required even if you wish to pay through epayment or debit/credit card.

8. 🐌After payment of challan either at bank or epayment mode, a CIN number will be generated.

9. 🐌If payment is made through NEFT/RTGS, then you have to log in to your account and enter your UTR number in your profile.

10. 🐌Three days after the generation of CIN or entering your UTR, your tax payment will be reflected in your e-cash ledger.

11. 🐌Only after the payment is reflected in your e-cash ledger, you can adjust/pay your output liability.

12. 🐌This concept of three days is different from what is in IT, etc.

*Conclusion*
🏵You must pay your taxes well 3 days before you file your GSTR-3.Only then you will be able to file your GSTR-3.

🏵In other words, if last date of filing GSTR-3 is 20th, then last date of payment will be 17th.
🙏So please be sure to pay off your tax liability  by 15-17th of each month.

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Sec 12AA Registration cannot be Denied to a Trust Merely on Ground of Absence of Dissolution Clause in the Deed: Bombay HC

Read more at: http://www.taxscan.in/sec-12aa-registration-cannot-denied-trust-merely-ground-absence-dissolution-clause-deed-bombay-hc/10004/

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          🙏 *नमस्कार*🙏
           जय श्री सालासर बालाजी

चिंतित व्यक्ति के मन में राक्षक अपना स्थायी डेरा जमा लेता है, फिर वह न कार्य आरम्भ करने देता है और न सफलता प्राप्त करने देता है।

📺 *Updates*

➡1. Now listed entities need to disclose loan defaults within one working day: SEBI
CIR/CFD/CMD/93/2017 

➡2. CBEC explains concept of Aggregate turnover and Margin scheme under GST

➡3. Analysis of Section 115BBDA of the Act vis-à-vis taxability of mutual fund above the specified limit.

➡4. NCLT allows conversion of public Co. into a private Co. as it wasn’t prejudicial to interest of stakeholders.
NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH Chettinad Cement Corporation Ltd.,

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Rounding of tax etc. under GST:

Section 170. The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.

Thus, from the above the following points may be concluded:
•The amount of tax or interest payable shall be rounded off to nearest rupees.

Manner of rounding off:

Rounding of under GST shall done at the stage where tax is actually liable to be paid. As per section 12 / section 13 tax is payable at the time of supply which is generally at the time of issue of invoice by the supplier. The extract of the section 12 and section 13 of the act is given below:

Section 12: Time of supply of goods i.e., liability to pay tax in case of supply of goods:

(1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section.

(2) The time of supply of goods shall be the earlier of the following dates, namely:—
1.the date of issue of invoice by the supplier or the last date on which he is required, under sub-section (1) of section 31, to issue the invoice with respect to the supply; or
2.the date on which the supplier receives the payment with respect to the supply:

Provided that where the supplier of taxable goods receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice in respect of such excess amount.

Explanation 1.––For the purposes of clauses (a) and (b), “supply” shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment.

Explanation 2.––For the purposes of clause (b), “the date on which the supplier receives the payment” shall be the date on which the payment is entered in his books of account or the date on which the payment is credited to his bank account, whichever is earlier.

Section 12: Time of supply of services i.e., liability to pay tax in case of supply of services:

(1) The liability to pay tax on services shall arise at the time of supply, as determined in accordance with the provisions of this section.

(2) The time of supply of services shall be the earliest of the following dates, namely:—
•the date of issue of invoice by the supplier, if the invoice is issued within the period prescribed under sub-section (2) of section 31 or the date of receipt of payment, whichever is earlier; or
•the date of provision of service, if the invoice is not issued within the period prescribed under sub-section (2) of section 31 or the date of receipt of payment, whichever is earlier; or
•the date on which the recipient shows the receipt of services in his books of account, in a case where the provisions of clause (a) or clause (b) do not apply:

Provided that where the supplier of taxable service receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice relating to such excess amount.

Explanation.––For the purposes of clauses (a) and (b)––
1.the supply shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment;
2.“the date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier.

Conclusion:

Rounding of tax shall be done at each time when liability to pay tax arises. Under the normal circumstances liability to pay tax arises at each time when an invoices is issue to the recipient and hence at each invoice level rounding off the tax needs to done and the aggregate tax liability for a tax period (which is on monthly basis) shall be paid within 20 days after the end of the particular month.

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GST Gyan-SAC (GST) code for CAs.

998221 Auditing
998222 Accounting
998223 Payroll
998231 Corporate Tax consultancy
998232 Individual Taxation
998224 Other similar services

Thanks For Reading.