"17 May 2017" Archive

GST: Input Tax Credit Eligibility and Conditions

For all business entities; Input Tax Credit, its availment and use is a key focus area. It is because the amount of Input Credit available is equivalent to hard cash. ...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

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Cabinet approves Measures to Prevent Base Erosion & Profit Shifting by India

Cabinet approves signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting by India...

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Cabinet approves Pan-India implementation of Maternity Benefit Program

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to Pan-India implementation of Maternity Benefit Program which now has been extended to all districts of the country w.e.f. 01.01.2017. The Prime Minister in his address to the nation on 31.12.2016 had announced Pan-India implementation of ...

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Generate 100s of Form 16 using simple tool by H&R Block

Every company is mandated to send Form 16 to all your employees.The FORM 16 GENERATOR is a tool which simplifies an employer’s efforts to generate Form 16s for all their employees. ...

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CSR is getting mainstreamed through Companies Act 2013

The Minister of State (MoS) for Finance and Corporate Affairs, Shri Arjun Ram Meghwal, says Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013. This landmark legislation has brought the issue of CSR from back rooms of corporates to their Board rooms ...

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Focus Areas of Reports Generated by Software for Filing Returns

Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the assessee to resort to centralised billing mechanism. For ensuring that there is no duplicacy in issuance of invoices by more than one units in the same State, policy of generation of alphanumeric bills can be ...

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Cabinet approves Law to evict unauthorised occupants from Govt residences

Cabinet approves amendment of the Public Premises (Eviction of Unauthorized Occupants) Act, 1971 to enable summary eviction proceedings in Residential Accommodation...

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State cannot Ban Production of Extra Neutral Alcohol: Patna HC

Bihar Distillers & Bottlers Pvt. Ltd. Vs The State of Bihar (Patna High Court)

1. Challenging the constitutional validity of certain provisions under the Bihar Prohibition and Excise Act, 2016 (hereinafter referred to as the Prohibition Act‘), these writ petitions have been filed and the reliefs claimed are to declare Section 2(40) (ii), Section 13, Section 23 and Section 24(1) of the Prohibition Act as ultra vire...

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IBBI announces Second Edition of Limited Insolvency Examination

The Board specifies the syllabus, format and frequency of the Limited Insolvency Examination under regulation 3(3) of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 as under:...

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Types of Returns under GST

There are multiple returns under the GST regime. The most common used return will be GSTR 1, 2 ,3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis. GSTR 4 is submitted on a quarterly basis and GSTR 9 on an Annual Basis....

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Features of GSTR3 and Filing of Monthly Return under GST

Every registered taxable business is required to furnish details of Inward and Outward Supply and make payment of GST in monthly GSTR-3 Return. Taxable person who opted for compounding scheme u/s 8 of GST Act shall require to furnish a return for each quarter or part thereof, electronically, in GSTR-3, within eighteen days after the end o...

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जी.एस.टी. (आपके सवाल और उनके जवाब)

जी.एस.टी. को लेकर हमने जो हिन्दी में आपको लेख भेजे और इसके अतिरिक्त हमने जो ऑडियो सीरिज प्रारम्भ की है उसके बाद हैं कई सवाल प्राप्त ...

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Cabinet approves Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and ratifying, an Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters....

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Comply with norms related to transfer of proceedings from HCs to NCLT before 14.06.2017

NA (17/05/2017)

The time for compliance of rule 5 of the Companies (Transfer of Proceedings) Rules, 2016 has been extended to six months from 15th December 2016 vide Notification No. GSR 175(E) dated 28th February, 2017 to six months from 15th December 2016....

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SCOMET Export permission for ‘Stock & Sale’ purposes

Public Notice No. 07/2015-2020-DGFT (17/05/2017)

The provision of SCOMET export authorization for Stock and Sale has been clarified and the procedure to be followed when seeking permission for re-export/retransfer of SCOMET items by the stockist entity to the ultimate end-user has been framed....

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Position limits for cross-currency futures and options contracts (not involving Indian Rupee) on exchanges in International Financial Services Centres (IFSC)

Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2017/43 (17/05/2017)

Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified on March 27, 2015, which came into force on April 01, 2015 wherein currency derivatives were specified as permissible securities in which dealing may be permitted by stock exchanges in IFSC....

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Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants

Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly, to cater to the needs of the Students appearing for the Final Examination in May’2017 but are yet to complete GMCS Course, adequate arrangement has been made by the Board of Studies. ...

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Key Initiatives of Department of Expenditure in last three years

Department of Expenditure, Ministry of Finance takes Key Initiatives in the last three years. General Financial Rules 2017 released; Central Sector and Centrally Sponsored Schemes rationalized ...

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Welfare of the Soldiers

Man behind the machine must also be well oiled. This has been the mission of the NDA government since last three years. When weapon systems and equipments worth millions of dollars are acquired, Jawans and Officers taking care of them for their effective use during combat, must also be hale and hearty. ...

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SC Upheld validity of MVAT (Levy, Amendment and Validation) Act, 2009

Eurotex Industries and Exports Limited Vs State of Maharashtra & Anr. (Supreme Court of India)

SC upheld constitutional validity of the Maharashtra Value Added Tax (Levy, Amendment and Validation) Act, 2009 which amended certain provisions in the Maharashtra Value Added Tax Act, 2002 (MVAT Act) with retrospective effect from April 01, 2005. ...

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Railway catering services not exempt from sales tax: Bombay HC

Union of India Vs State of Maharashtra and Ors. (Bombay High Court)

The only contention and which has prevailed throughout is that the departmental catering service being a property of the Union of India through General Manager, Western Railway, it squarely falls within the exemption provision and particularly carved out by Article 285 of the Constitution of India. That exempts property of the Union from ...

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Compliance on Cancellation of Registration under Revised GST Law

At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as th...

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Input Tax Credit under CGST Act, 2017 and Rules thereof

Input tax credit on input, input services and capital goods is the most contentious issue where always are lot of litigation on admissibility . This is common problem in case of lack of clarity of the provisions and rules under the existing indirect tax as well like Excise , Service Tax and VAT....

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5 Things to do for becoming GST Ready

As GST implementation date approaches it is time that businesses get ready for it. There are few important things that businesses need to take care of before the implementation date to be GST ready....

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Conditions for Taking Input Tax Credit Under CGST, 2017

In this editorial, the eligibility and conditions for taking Input Tax Credit under Central Goods and Services Tax Act, 2017 is being covered. The aim is to decipher various aspects of Input Tax Credit....

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Cancellation and Revocation of Registration under GST

Since GST is all set to roll out in July 1, 2017, the major and important task is to Register under GST and while registering, one should be very careful, as registration can be cancelled as well, if the proper procedure is not followed....

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Modus operandi adopted by tax evaders during demonetisation

This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...

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Analysis of cash deposits during 9th Nov to 30th Dec 2016

Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments....

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Mandatory filing of Statement of Financial Transactions (SFT) on or before 31st May, 2017

Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017. ...

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All About Tax Invoice under GST

As per Section 31(1) of CGST Act 2017, a registered person supplying taxable goods shall, before or at the time of,— (a) Removal of goods for supply to the recipient, where the supply involves movement of goods; or(b) Delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the desc...

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“Supply” Now & Then: With reference to GST in India

“SUPPLY” This word has become the foundation stone for all the future financial transactions in India. All the beams, pillars, walls, rather the complete structure of the indirect taxation in India have been built on and around this one word. Under the proposed GST regime, any transaction which is not a supply cannot be taxed and a tr...

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EPFO to settle claims in 10 days & grievance in 15 days

Shri Bandaru Dattatreya launches EPFO’s Citizens’ Charter 2017 & e-court management system Citizens’ Charter 2017 to bring transparency and accountability on the part of EPFO The Minister of State for Labour & Employment(IC), Shri Bandaru Dattatreya launched EPFO’s Citizens’ Charter 2017 and e-court management system in ...

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FM Launches Operation Clean Money Portal; 5.68 lakh new cases identified

The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax compliant society and transparent tax administration...

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No late fee on filing of MVAT Returns for FY 2016-till 15.06.2017

Trade Circular No. 16T of 2017 (17/05/2017)

Late Fee payable by any VAT dealer in Maharashtra, who files returns for the periods of any month or quarter for FY 2016- 17 shall stand exempted, if such returns are filed (uploaded and submitted) on or before 15th June 2017....

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