"22 September 2017" Archive

Difficulties faced by dealers and Professionals under GST & solution

Please refer to the meeting held between your good self and office bearers of Punjab Tax Bar Association in which various issues were discussed point wise in very healthy atmosphere. This information was passed on by member PTBA Punjab to ATL. It was really appreciable for the concern shown by your good self towards the problems discussed...

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Proposal to introduce Income Tax Rule 39A is totally unfair

The proposal of introducing a new Rule 39A in the Income-tax Rules, 1962 is totally unfair. If implemented, it will further increase the already existing heavy compliance burden on tax payers. It also ignores the very object of new scheme of advance tax introduced from A.Y. 1988-89....

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Can filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

This article discusses in detail whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?...

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Impact of GST on Insurance Premium

The implementation of Goods and Services Tax (GST) is affecting the insurance sector adversely. The premium rates on policies are bound to increase as the previous tax value has been revised to a higher percentage by 3%....

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Compliance for Companies related to Meetings As per new SS 1

Notice shall specify the serial no., day, date, time and full address of the venue of the meeting. Meeting may be convened at any time and place, on any day. Notice is required to be given even if meeting is held on pre-determined date or interval....

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Valuation of unquoted shares…some distance to go

The Finance Act, 2017 has introduced two important sections in the Income tax Act, 1961, with the intent of curbing perceived tax abuse: section 56(2)(x) and section 50CA. While the existing anti-abuse section, i.e., section 56(2)(vii) was applicable only in case of individuals, HUF, firms and unlisted companies; section 56(2) (x) has bee...

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Change of Name of Company under Companies Act 2013

The name of the company is the building block for its existence and to maintain its separate legal entity. The first clause of the Memorandum of Association of the company states the name of the company from which it is known in the Public domain. In the global business environment, restructuring and arrangements are very […]...

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Tax Payers advised to confirm identities of Income Tax Search Authorities

The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law....

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Govt clarifies on Transition Credit of Rs. 65,000 crore claimed by taxpayers

There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted....

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Govt clarifies on Blockage of Working Capital of Exporters in GST

There are lot of apprehensions expressed in the media about the problem of blockage of working capital for exporters post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts....

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Interest Subsidy Scheme on home loans for MIG extended by another 15 months

The central government today announced that the benefit of interest subsidy of about Rs.2.60 lakh on home loans under Pradhan Mantri Awas Yojana (Urban) will now be available for beneficiaries belonging to Middle Income Groups (MIG) fir fifteen more months beyond December this year....

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Exemption u/s. 10(23C)(v) eligible on addition under section 68

Asst. CIT Vs. Gurudatta Shikshan Sanstha (ITAT Pune)

Asst. CIT Vs. Gurudatta Shikshan Sanstha (ITAT Pune) Ground raised by the Revenue revolves around the correctness in granting exemption under section 10(23C) of the Act in respect of the additions made under section 68 of the Act. Held by ITAT I find from the records that no action has been initiated by the assessing […]...

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3 Changes on Income Tax Website WEF 22nd September 2017

Now a day, there are continuous changes on Income Tax Website with respect to the access of Income Tax Website accounts by the users. Today, new Registration process to facilitate effective communication between the taxpayer and department has been enabled by the Income Tax Department. ...

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Disqualification of Director for Non Filing of companies financial statement

As MCA has struck off the approx 209,000 Companies from its record because of Non Filing of its financial statement for 3 years or more as per provisions of Section 164(2) and issued the list of approx 100,000 Director who has been disqualified under 164(2). Both the lists are available on the website of the MCA....

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Whether Company can be Restored if no business conducted since many years

In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...

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Whether Insolvency Resolution Process against Guarantor could be Initiated on default in Repayment to Creditor


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Power of NCLT to accept or reject joint application filed by operational creditor

Power is given to Operational Creditor’s u/s 8 and 9 to file application against the corporate debtor in case of default in payment. As per language of Section 8 An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in...

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Disqualification of director – Struck off companies

During the month June – August ROC has struck off the 200,000 (Two Lakh) Companies from its record. List of Companies struck off from record of ROC available on the website of the ROC. Even Our Honble Prime Minister Mr. Narendra Modi in his speech at ICAI on CA day has confirmed that scrutiny of 300,000 (Three Lakh) Companies are going...

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Whether Pendency of proceeding before DRT is Ground of Rejection under IBC

With the Insolvency and Bankruptcy Code inching in reality, the Debt Recovery Tribunals (DRT) will resolve individual bankruptcy cases, the National Company Law Tribunal will work on corporate insolvency. The reasons for the pile-up of cases varied from legal lacunae to insufficient technical expertise in dealing with such cases. Labour a...

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Impact of Disqualification on directors – struck off companies

Ministry of Corporate Affairs along with Ministry of Finance has taken actions against the Shell Companies in other words the Companies which has not filed the Financial Statement and Annual Return with ROC. They have taken the action step wise step like; MCA has cancelled the registration of around 2010 lakh (209,032) defaulting Companie...

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Investigation – SFIO – Arrest

The Ministry of Corporate Affairs by Notification NO. S.O. 2751(E) Dated: 24th August, 2017 has notified that [1]Section 212 sub-section (8), (9) and (10) shall come into force w.e.f. 24.08.2017. MCA further vide [2]notification no. G.S.R. 1062(e) Dated: 24th August, 2017 has published rules called the Companies (Arrests in connection wit...

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Distribution of GST Provisional Id and Access Token of Phase 13 dealers

Trade Circular No. 42T of 2017 (22/09/2017)

Provisional Ids and Access Token of Phase 13 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavin using their login credentials. The list of all such dealers is published under GST Tab on Mahavat portal. This phase 13 mainly considers the 367 dealers whose Provisional IDs ar...

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Accounting Entries for GST related Transactions

The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is a Indirect Tax which was earlier known as Excise & Service Tax and Value Added Tax (VAT). Now the GST is is a single tax on the supply of goods and service...

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Penalty U/s. 271AAA not applicable on failure to ask question regarding manner of earning of income

Pr. CIT Vs Mukeshbhai Ramanlal Prajapati (Gujrat High Court)

Section 271AAA imposes an additional condition of the assessee having to substantiate the manner in which, the undisclosed income was derived. This requirement, however, must be seen as consequential to or corollary to the base requirement of specifying the manner, in which, the undisclosed income was derived. It is only when such declara...

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Top 10 Facebook Tips to Spot False News

We want to stop the spread of false news on Facebook. As we work to limit the spread, here are some tips on what to look out for: Be skeptical of headlines. False news stories often have catchy headlines in all caps with exclamation points. If shocking claims in the headline sound unbelievable, they probably […]...

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Initiatives Under Ease of Doing Business at Chennai Port as on 07.09.2017

At Chennai Port Trust manual form-13 has been dispensed. Both Terminals (CCTPL & CITPL) are issuing e-form 13 only. The CFS gate module in ICES system is not yet completed. Hence the processing & transfer of export related details from CFS to Terminal gates cannot be done electronically....

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Advisory On Blue Whale Challenge Game

Blue whale game (The suicide game) is abetment to suicide. It is understood through various internet reports that it is shared among secretive groups on social media networks. The creators seek out their players/victims who are in depression and send them an invitation to join....

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Harmonisation of norms for Masala Bonds issuance with ECB guidelines

RBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 (22/09/2017)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to time....

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Relaxation in reporting requirement in respect of RDB transactions

RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 (22/09/2017)

Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as per the extant ECB norms....

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Notification regarding restriction of refund on corduroy fabrics

Notification No. 29/2017- Central Tax (Rate) (22/09/2017)

Seeks to amend notification no. 5/2017- central tax (rate) dated 28.06.2017 to give effect to GST council decisions regarding restriction of refund on corduroy fabrics...

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Notification providing GST exemption on various goods

Notification No. 28/2017- Central Tax (Rate) (22/09/2017)

Seeks to amend notification no. 2/2017- central tax (rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions....

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Important changes in Duty Drawback Rules and AIR Schedule notification

Circular No. 38/2017-Customs (22/09/2017)

Definition of Drawback has been amended to provide for drawback of Customs and Central Excise duties excluding integrated tax leviable under sub-section (7) and compensation cess leviable under sub-section (9) respectively of section 3 of the Customs Tariff Act, 1975 chargeable on any imported materials or excisable materials used in the ...

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CBEC amends GST rate schedule

Notification No. 27/2017- Central Tax (Rate) (22/09/2017)

Seeks to amend Notification No. 1/2017- central tax (rate) dated 28.06.2017 to give effect to GST council decisions regarding GST rates...

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Educational Material on Ind AS 18, Revenue (Revised 2017)

Indian Accounting Standard (Ind AS) 18, Revenue , prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. Since revenue is an element which can influence the decisions of the users of the financial statements, the principles prescribed in the Standard need to be applied very...

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IGST exemption on inter-State supply of skimmed milk powder

Notification No. 30/2017- Integrated Tax (Rate) [G.S.R. 1198(E)] (22/09/2017)

Skimmed milk powder, or concentrated milk- When supplied to a distinct person as per sub - section (4) of section 25 of the Central Goods and Services Tax Act, 2017 (12 of 2017), for use in production of milk [for distribution through dairy cooperatives] and not for further supply of skimmed milk powder, or concentrated milk as such....

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Various aspects related to IFRS- converged Ind AS

This publication contains an overview of various aspects related to IFRS- converged Indian Accounting Standards (Ind AS) such as road map for the applicability of Ind AS, carve-outs from IFRS/ IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS etc. It also...

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IGST: No refund of un-utilized ITC on supply of corduroy fabrics

Notification No. 29/2017-Integrated Tax (Rate) [G.S.R. 1194(E)] (22/09/2017)

Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017 prescribing No refund of un-utilized ITC on supply of corduroy fabrics. ...

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IGST notification on GST council decisions regarding GST exemptions

Notification No. 28/2017-Integrated Tax (Rate) [G.S.R. 1193(E)] (22/09/2017)

Seeks to amend Notification No. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 28/2017-Integrated Tax (Rate) New Delhi, the 22nd September, 2017 G.S.R. 1193 (E).- In exercise of the powers conf...

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IGST notification to give effect to GST council decisions regarding GST rates

Notification No. 27/2017-Integrated Tax (Rate) [G.S.R. 1192(E)] (22/09/2017)

Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 1/2017-Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (...

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UTGST: Notification regarding restriction of refund on corduroy fabrics

Notification No. 29/2017-Union Territory Tax (Rate) [G.S.R. 1197 (E)] (22/09/2017)

Seeks to amend Notification No. 5/2017- Union Territory Tax (Rate) dated 28.06.2017 to give effect to GST council decisions regarding restriction of refund on corduroy fabrics. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 29/2017-Union Territory Tax (Rate) New Delhi, the 22nd September, 2017 G.S.R. 1197...

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Notification providing UTGST exemption on various goods

Notification No. 28/2017-Union Territory Tax (Rate) [G.S.R. 1196 (E)] (22/09/2017)

(A) in the Schedule,-(i) against serial number 27, in column (3), for words other than put up in unit containers and bearing a registered brand name, the words, brackets and letters other than those put up in unit container...

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CBEC amends UTGST GST rate schedule

Notification No. 27/2017-Union Territory Tax (Rate) [G.S.R. 1195 (E)] (22/09/2017)

Seeks to amend Notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 to give effect to GST council decisions regarding GST rates. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 27/2017-Union Territory Tax (Rate) New Delhi, the 22nd September, 2017 G.S.R.1195 (E).- In exercise of the powers ...

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Export Vis A Vis Place of Provision

A. THE LOCUS STANDI OF PLACE OF PROVISION The fiscal laws are intra territorial legislation, take for any taxation law, be it income tax or value added taxes, they sought to tax the “subject” only within the landmass of India. Contrarily Civil and Criminal legislations such as FEMA, extends to exterior jurisdictions as well, majorly t...

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