Friday, 29 December 2017

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

Monday, 25 December 2017

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>

Friday, 22 December 2017

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 Cause

The 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

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

Wednesday, 20 December 2017

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.


Sunday, 10 December 2017

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 PAN

The 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

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

Thursday, 16 November 2017

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, electrical connectors
v  Electrical boards, panels, consoles, cabinets etc for electric control or distribution
v  Particle/fibre boards and ply wood; articles of wood, wooden frame, paving block
v  Furniture, mattress, bedding and similar furnishing
v  Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases
v  Detergents, washing and cleaning preparations
v  Liquid or cream for washing the skin
v  Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient;
v  Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorisers
v  Perfumes and toilet waters
v  Beauty or make-up preparations
v  Fans, pumps, compressors
v  Lamp and light fitting
v  Primary cell and primary batteries
v  Sanitary ware and parts thereof, of all kinds
v  Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic
v  Slabs of marbles and granite
v  Goods of marble and granite such as tiles
v  Ceramic tiles of all kinds
v  Miscellaneous articles such as vacuum flasks, lighters
v  Wrist watches, clocks, watch movements, watch cases, straps, parts
v  Articles of apparel & clothing, accessories of leather, guts, furskin, artificial fur and other articles such as saddlery and harness for any animal
v  Articles of cutlery, stoves, cookers and similar non electric domestic appliances
v  Razor and razor blades
v  Multi-functional printers, cartridges
v  Office or desk equipment
v  Doors, windows and frames of aluminium
v  Articles of plaster such as board, sheet
v  Articles of cement or concrete or stone and artificial stone
v  Articles of asphalt or slate
v  Articles of mica
v  Ceramic flooring blocks, pipes, conduit, pipe fittings
v  Wall paper and wall covering
v  Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware
v  Electrical, electronic weighing machinery
v  Fire extinguishers and charges for fire extinguishers
v  Fork lifts, lifting and handling equipment
v  Bull dozers, excavators, loaders, road rollers
v  Earth moving and levelling machinery
v  Escalators
v  Cooling towers, pressure vessels, reactors
v  Crankshaft for sewing machine, tailor's dummies, bearing housings, gears and gearing; ball or roller screws; gaskets
v  Electrical apparatus for radio and television broadcasting
v  Sound recording or reproducing apparatus
v  Signalling, safety or traffic control equipment for transports
v  Physical exercise equipment, festival and carnival equipment, swings, shooting galleries, roundabouts, gymnastic and athletic equipment
v  All musical instruments and their parts
v  Artificial flowers, foliage and artificial fruits
v  Explosive, anti-knocking preparation, fireworks
v  Cocoa butter, fat, oil powder
v  Extract, essence and concentrates of coffee, miscellaneous food preparations
v  Chocolates, chewing gum / bubble gum
v  Malt extract and food preparations of flour, groats, meal, starch or malt extract
v  Waffles and wafers coated with chocolate or containing chocolate
v  Rubber tubes and miscellaneous articles of rubber
v  Goggles, binoculars, telescope
v  Cinematographic cameras and projectors, image projector
v  Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology
v  Solvent, thinners, hydraulic fluids, anti-freezing preparation

Wednesday, 15 November 2017

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 

Thursday, 26 October 2017

Tweet from GST@GoI (@askGST_GoI)

GST@GoI (@askGST_GoI) tweeted at 4:58 PM on Thu, Oct 26, 2017:
FORM GST TRAN - 1 (with revision facility) extended to 30th November 2017. Suitable order will be issued shortly.

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Sunday, 22 October 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.

Saturday, 23 September 2017

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>

Taxpayers can now edit, submit and file GSTR 3B for July 2017

GST Tech (@askGSTech) tweeted at 4:34 PM on Fri, Sep 22, 2017:
Taxpayers can now edit, submit and file GSTR 3B for July 2017.

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Friday, 15 September 2017

Export of pulses -Toor, Moong and Urad Dal -made free today

DGFT (@dgftindia) tweeted at 8:24 PM on Fri, Sep 15, 2017:
Export of pulses -Toor, Moong and Urad Dal -made free today-

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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 dissolve the main 18 tax regions in the country, which account for all direct tax collection.

Recently, Prime Minister Narendra Modi highlighted several defects in existing tax laws and directed the I-T department to build a new system for taxpayers. 

*In the new system, if the tax department launches scrutiny against a person in Delhi, the software will provide the related correspondence and generate a unique identification number. This number, or code, would be randomly assigned to an assessing officer (AO) based in say, Mumbai or Guwahati or anywhere else. The AO will not be able to identify the person against whom the scrutiny has been launched.* The investigation will be pursued based on the case details and the relevant documents pertaining to the matter.

The new system would also do away with the AOs' discretionary powers to call for additional documents, records, and most importantly, ask the taxpayer to appear in person.

Under the pilot project, the additional documents, if required, will be sought through the system, which will automatically send a request to the assessee for submission of the same.

The jurisdiction-free assessment system aims to minimise interaction between the taxpayer and the tax officer, ensuring a transparent and no-harassment culture. "The e-communication is expected increase voluntarily participation, and give more comfort to the assessee," added the officer.

The first experiment would be done on scrutiny cases through an 'e-proceeding' system — an internet-based paperless communication system for tax dealings. The I-T department is working on similar modules.

Thursday, 14 September 2017

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.

The grievance of the Petitioner is that it holds export orders placed on it prior to 1st July 2017 for the fulfilment of which it has to undertake imports of inputs. According to them, with the change brought about by the GST regime, the Petitioner would have no option but to pay IGST out of its sources causing a working capital blockage. The Petitioner would have to rely upon borrowings as it has already exhausted its overdraft limits with the banks.

The prospect of the IGST being ultimately refunded some time in future is of little consolation to the Petitioner who seeks liquidity to discharge the additional levy of IGST failing which its imports will get blocked. It is in this factual background, the petitioners impugned the applicability of levy of IGST even to imports that are made for fulfilment of export orders that have been placed on and accepted by the Petitioner prior to 1st July, 2017. Also, the Petitioner is seeking to only avail the credit outstanding in respect of advance authorizations issued to the Petitioner prior to 1st July 2017.

The Court, being satisfied that there is prima facie case in the petitioners case, directed the Government to allow the Petitioner to continue making the imports under the Advance Authorization licenses issued prior to 1st July, 2017 in terms of their quantity and value subject to terms. Accordingly, it made the following directions. The Petitioner will be permitted to clear the consignments of imports constituting inputs for the fulfilment of its export orders placed on it prior to 1st July 2017 without any additional levies, and subject to the quantity and value as specified in the advance authorization licenses issued to it prior to 1st July 2017.

The above clearance would be subject to

(a) verification by the Customs Department that it is in conformity with the quantity and value as mentioned in the Advance Authorization license and

(b) ensuring that the extent of credit is available vis-a-vis such Advance Authorization licenses issued prior to 1st July 2017.

The above interim direction is further subject to the Petitioner furnishing an undertaking by way of an affidavit filed in this Court within one week from today to the effect that in the case of the Petitioner ultimately not succeeding in this writ petition, or failing to fulfil its export obligations, it is liable to pay the entire IGST as was leviable, together with whatever interest as the Court may determine at the time of final disposal of the writ petition.

The Petitioner will furnish to the Customs Department the entire list of its Advance Authorizations that are valid as on 1st July 2017 and a list of the export orders placed on the Petitioner prior to 1st July 2017. It is made clear that the above interim direction will only apply to those imports which are made by the Petitioner for fulfilment of its export orders placed with it prior to 1st July 2017 and not to any export order thereafter.

Source :

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

Sunday, 10 September 2017

Gstr 3B





*20th SEP 2017*


You are advised to take necessary action for timely compliance and avoid applicable penalties.


Monday, 4 September 2017

Tweet from GST@GoI (@askGST_GoI)

GST@GoI (@askGST_GoI) tweeted at 7:58 PM on Mon, Sep 04, 2017:
GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively.

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Sunday, 30 July 2017

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 distinguished

The 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 made on reimbursement

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

Wednesday, 5 April 2017

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 offices



CA Yashu Goel