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Latest GST updates

1. Notification- 71/2017-Central Tax ,dt. 29-12-2017 Extends the due dates for 
QUARTERLY furnishing of FORM GSTR-1
for taxpayers with aggregate turnover of upto Rs.1.5 crore. Jul-Sep'17 :  10-Jan-2018 Oct-Dec'17 : 15-Feb-2018 Jan-Mar'18 : 30-Apr-2018
2. Notification 72/2017-Central Tax ,dt. 29-12-2017  Extends the due dates for 
MONTHLY furnishing of FORM GSTR-1 
for taxpayers with aggregate turnover of more than Rs.1.5 crores. Jul-Nov'17:  10-Jan-2018 Dec'17 :  10-Feb-2018 Jan'18 :  10-Mar-2018 Feb'18:  10-Apr-2018 Mar'18:  10-May-2018
3. Notification 73/2017-Central Tax ,dt. 29-12-2017 
Waives the late fee payable for failure to furnish the return in FORM GSTR-4

PIL on Double Taxation Issue: Delhi HC Issues Notices to Govt, GST Council

<p>In a petition relating to double taxation issue on imported goods sold from one Customs-bonded warehouse to another, the Delhi High Court issued notices to the Union government, the GST Council and the Central Board of Excise and Customs (CBEC). Recently, the CBEC had issued a circular clarifying that any supply of imported goods taking place before the goods crosses Customs frontiers of India should be treated […]</p>

CBDT, After Rap By High Court, Bans Adjournments By DRs In ITAT Without Substantial Cause

CBDT, After Rap By High Court, Bans Adjournments By DRs In ITAT Without Substantial CauseThe Delhi High Court in Showa Corporation vs. Dy. Commissioner of Income Tax passed strictures against the practice of the Departmental Representatives seeking adjournment before the Tribunal on frivolous grounds even in high demand cases. Pursuant to that, the CBDT has issued a directive dated 14th December 2017 stating that Department Representatives should not seek adjournments in cases listed before ITAT without substantial cause or reason

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N.K. Goel & Bros. Chartered Accountants
CA Yashu Goel
9899263490

www.TaxingNarad.COM

Outcome of hearing at Delhi High Court on Disqualification of Directors u/s 164 (2) (a):

Scenario 1: If the Co. is active but all or some of Directors are Disqualified: Option Available:Avail Benefit of Condonation of Delay, Scheme, 2018 and Complete your all pending annual filing withing 3 months Window of (01.01.2018 - 31.03.2018). Once the company completes all pending annual filing, the DIN to continue and disqualification shall be removed permanently.Scenario 2:Co. Strike Off and all Directors Disqualified: Option Available:Stricken Off Company's fate to be decided tomm by the Hon'ble Delhi High Court whether they shld also be given a chance to complete pending annual filing through a spearate amnesty Scheme by MCA or NCLT has exclusive jurisdiction to revive a company struck off by RoC. Ministry to report tomm in DHC upon this matter.

Press Release + S. 119 Order Reg Extension By CBDT Of Due Date For Linking Of Aadhaar With PAN

Press Release + S. 119 Order Reg Extension By CBDT Of Due Date For Linking Of Aadhaar With PANThe Ministry of Finance has issued a press release dated 8th December 2017 together with an order of the same date issued u/s 119 of the Income-tax Act, 1961 (the Act) stating that the due date under section 139AA for taxpayers having Aadhaar Number or Enrolment Number to link the same with Permanent Account Number (PAN) has been extended till31.03.2018
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N.K. Goel & Bros. Chartered Accountants
CA Yashu Goel
9899263490

www.TaxingNarad.COM

Press Release Ministry of Finance

Press Information Bureau 
Government of India Ministry of Finance
15-November-2017 20:36 IST
GST Rate Changes Come into effect on 178 items where rate has been brought down from 28% to 18%; Consumers may take note of reduction in Price/MRP on these Goods 
In the 23rd meeting held on the 10th November, 2017, the GST Council had recommended major relief in GST rates on certain goods. These rate changes have been brought into effect from the 15th November, 2017. On 178 items the GST rate has been brought down from 28% to 18%. With reduction of rate coming into effect, a consumer shall be charged the revised reduced rates of 18% on these items with effect from the 15th November, 2017. Accordingly, there would be a corresponding reduction in price/MRP on these goods. Consumers may take note of these reduction while making purchases.
Broadly these items are grouped as follows:
v  Wires, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electri…

DVAT date extension

Commissioner DVAT has extended the date of online filing of Rate wise Closing Stock details  as on 31/3/17 & 30/6/17 upto 15/12/2017.
Notification No. 1066  dt. 15/11/2017

Now Offline utility for filing GSTR 3B

As a relief measure to the tax payers and the professionals, the Goods and Services Tax Network (GSTN) has launched an excel based offline tool for filing GSTR 3B. 
We can now download the offline utility from the GSTN portal under the download section and after filling in the data, the file can be uploaded on GST portal.
A preview of the form will appear after uploading of the return in the GST portal. 
After this, other steps such as submiting the return, offsetting the liability and filing the GSTR-3B Return using digital signature or electronic verification code can be done, GSTN said in a statement. 
"This facility will provide an opportunity to the taxpayer to verify details of GSTR 3B before filing and minimise chances of error," GSTN CEO Prakash Kumar said.

Finance Ministry advises Tax Payers to Confirm Identities of Income Tax Search Authorities

<p>The Finance Ministry has advised Tax Payers 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. However, instances have been brought to the notice of department wherein, certain unscrupulous […]</p>

Income-Tax Dept. to launch Jurisdiction-Free Assessment from October

Sep 15, 2017 01:11 AM IST
*The assessment of taxpayers is set to become jurisdiction-free.* Coming October, the income tax (I-T) department will launch a pilot project of the new system in Mumbai and Delhi to identify the loopholes. *The project will then cover 100 cities in the first phase of implementation.*
*The system envisages allocation of a particular taxpayer's profile to any officer across the country via a special software.* In the existing system, taxpayers are assessed in the specific region where they are based.
The move aims to curb corruption in the department along with harassment faced by the assessees. "This is a first-of-its-kind initiative. Under this, *neither the assessee nor the tax officer would know the other's identity,*" said a senior I-T official close to the development.
*The system would be equipped to deal with all kinds of tax-related matters, including filing of returns, scrutiny cases, and others, he added.*
The system is expected to diss…

Delhi HC Allows Import of Goods without payment of IGST to the extent of Advance Authorization obtained before GST Rollout

In a significant ruling,
Justices S Muralidhar and Prathba M Singh have granted an interim relief to the petitioners to import goods without payment of Integrated Goods and Services Tax (IGST) to the extent of advance authorization scrip obtained by them prior to July 1st.
The order would be a major relief to the exporters who are under a threat of losing working capital on a daily basis due to the payment of IGST post implementation of the Goods and Services Tax (GST).
The petitioner, in the instant case was granted with Advance Authorization as per the Foreign Trade Policy 2015 – 2020.In terms with the FTP, the Advance Authorization licence is issued to a manufacturer exporter or merchant exporter having past export performance in at least two preceding financial years. The petitioners were aggrieved with the Notification No. 26/2017-Customs dated 29th June 2017, issued by the Government post GST regime, wherein an additional levy of IGST was made for imports made after 1 st July 2017…

Gstr 3B

*URGENT PLEASE NOTE*
LAST DATE FOR SUBMITTING 
GSTR 3B and PAYMENT OF TAXES
FOR AUGUST 2017 IS
*20th SEP 2017*
*i.e. 10 DAYS FROM TODAY*
You are advised to take necessary action for timely compliance and avoid applicable penalties.
CA YASHU GOEL

Amounts paid by way of reimbursement of expenses do not constitute income in the hands of the recipient. Consequently, the payer is under no obligation to deduct TDS u/s 194C and no disallowance of the expenditure can be made u/s 40(a)(ia). CBDT Circular No.715 dated 08.08.1995 distinguished

ACIT vs. St. Mary's Rubbers Private Ltd (ITAT Cochin)S. 40(a)(ia): Amounts paid by way of reimbursement of expenses do not constitute income in the hands of the recipient. Consequently, the payer is under no obligation to deduct TDS u/s 194C and no disallowance of the expenditure can be made u/s 40(a)(ia). CBDT Circular No.715 dated 08.08.1995 distinguishedThe Tribunal, while giving the above decision, had also considered the effect of CBDT Circular No.715 dated 08.08.1995 and also ruled that the said Circular was applicable only where consolidated bills were raised inclusive of contractual payments and re-imbursement of actual expenditure. Same view was taken by the Bangalore Bench of this Tribunal in the case of DCIT vs. Dhanyaa Seeds (P) Ltd. (supra). Hon'ble Gujarat High Court in the case of Pr. CIT vs. Consumer Marketing (India) (P.) Ltd.(supra) held that when separate bills are there for reimbursement of expenditure received by C&F agent, TDS was not required to be m…

CBDT Clarifies Imp Law On Cash Transaction Limits Imposed By Sections 269ST And 271DA

The CBDT has issued a press release dated 5th April 2017 by which it has provided important clarification regarding the restriction imposed on cash transaction by sections 269ST & 271DA inserted by the Finance Act 2017 to the Income-tax Act. These sections provide that no person (other than those specified therein) shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. The CBDT has clarified that the said cash transaction limit of Rs 2 lakh will not apply to withdrawal from banks, cooperative bank and post officesRegards,CA Yashu Goel