"21 July 2017" Archive

Government constitutes a GST Feedback and Action Room (FAR)

Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017 to review the information, calls, media inputs etc received from Ministries, State Governments, field formations, social media, news channels, emails etc To reply the queries of the taxpayers and tax officials and to deal with issues related to the implementatio...

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Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited...

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Publication of names of tax defaulters in public domain — reg.

F.No. 1(153)/DIT(R)/I. T. Demand Cate/2017-18/ (21/07/2017)

As you are aware, the Directorate of Recovery & TDS is the nodal point of CBDT for co-ordination with field formations for implementing the policy of naming and shaming on behalf of the Income Tax Department. ...

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MGST: Extension of time limit for filing intimation for composition levy

Order No. 01/2017-(MGST) (21/07/2017)

Commissioner of State Tax, Maharashtra State, Mumbai hereby extends the period for filing an intimation in FORM GST CMP-01 upto the 16th August 2017....

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EPFO enables online Transfer Claims under Unified Portal

Circular No. IS/4(1)2017/2537 (21/07/2017)

As you are aware, new Facility to apply for Transfer has been launched in the Member Interface and Employer Interface under Unified Portal with effect from 27th May 2017 replacing the functionality of the erstwhile OTCP Portal....

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EPF Compliance in respect of multiple units establishments

Circular No. C-I/3(19)2016/Clarification/ECR/7357 (21/07/2017)

In accordance with the cited instructions, there are many establishments which have employees working at different locations and branches but the payment of PF dues of all the workers is made under a single PF code number. However there were demands to give a facility for field offices to monitor compliance in their inspection area or inf...

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Distribution of GST Provisional Id & Access Token of Phase 8 dealers

Trade Circular No. 33T of 2017 (21/07/2017)

Provisional Ids and Access Token of Phase 8 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavat.gov.in, using their login credentials. ...

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MVAT: TDS on work contracts executed prior to 30-6-2017

Trade Cir No. 32T of 2017 (21/07/2017)

Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS....

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GST Composition application due date extended to 16th August 2017

Order No. 01/2017-GST (21/07/2017)

CBEC hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule (3) of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017....

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Impact of GST on Motor Cab Industries

This Article analyzes the impact of GST on this booming and competitive sector of Radio Taxi. How invoicing shall be done by Ola, Uber under GST: The decision on how to charge the GST shall depend upon the companies pricing policy. If they intend to offer all inclusive price, Rs.7 per KM (taxes included), then drivers shall have to b...

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Real Estate Agent, its Roles & Responsibilities under RERA

This article discusses in details who is real estate agent under RERA, his registration and his roles and responsibilities under the RERA (Real Estate Regulation and Development Act, 2016) and penalties on him....

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Summary of exemptions to private companies under Companies Act, 2013

Exemptions to Private companies under Companies Act, 2013 in a nutshell is given below for ready reference of the Professionals. This article is written with an intention to give the readers a one page look at the exemptions to private companies under the Companies Act, 2013. I hope it proves to be useful to all […]...

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Say No to Ready made Pension Plans; Say Yes to Customized Retirement Plans

The existing pension plans/ retirement plans in India are from the insurance companies. They are available in the form of traditional products or in the form of ULIP schemes....

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Platform deals – a tax perspective

India has recently seen a growing preference among investors to invest in platform deals. When investors want to play big and have a long-term strategy, they create platforms to invest in sizeable assets in the same sector, rather than investing in individual assets....

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GST Impact On Job Workers

Job work is an integral aspect of the manufacturing industry. Manufacturers usually outsource a portion of their activities to a third person. This turns out be cost-efficient and helps them to be more productive by focusing on their core activities...

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Things to know about GST Returns

Before GST a manufacturer who is compliant under Central Excise, Service Tax, and VAT has to file returns as specified by each of the states. With this GST in place, whether you are a trader, manufacturer, reseller or a service provider, you only need to file GST returns. ...

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RCM- Reverse Charge Mechanism

In India, the concept of reverse charge under GST is being introduced which is already present in service tax. Currently, there is reverse charge mechanism in supply of services only. But in GST RCM applicable for both services and goods....

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ICSI: GST Applicable in December 2017 Exam

With implementation of Goods & Services Tax w.e.f July 1,2017, students of Professional Programme are hereby notified that selected topics of Part B of the syllabus for Advance Tax Laws and Practice (Module 3 Paper 7) of Professional Programme has been replaced with Goods and Services Tax (GST) for December, 2017 examinations....

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CBDT Revises Instruction on handling Internal Audit Objections

Instruction No. 07/2017 (21/07/2017)

The Instruction No 9 of 2006 dated 7/11/2006 as supplemented by Instruction No 16 of 2013 deal with revenue / receipt audit. In spite of a comprehensive instruction with well-defined role & responsibilities of various authorities, the pendency of outstanding objections has not abated. ...

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We are in a trust based taxation regime: CBEC Chairman

No. DO.No.19/CH(EC)/2017 (21/07/2017)

You are aware that Notification No. 16/2017 – Central Tax dated 7th July, 2017 has been issued specifying conditions for acceptance of Letter of Undertaking (LUT) in place of bond. You would appreciate that we are in a trust based taxation regime. ...

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