Extension for filing of FORM GSTR-1 till 31.10.2018

Extension for filing of FORM GSTR-1

Extension for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases

It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the period from July, 2017 to September, 2018 till 31.10.2018 has been launched.

In this regard, the due date for furnishing FORM GSTR-1 for the period from July, 2017 to September, 2018 has been extended till 31st October, 2018 for all registered persons having aggregate turnover above Rs 1.5 crores including the registered persons in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry). For taxpayers having aggregate turnover up to Rs 1.5 crores, the due date for furnishing FORM GSTR-1 for the quarters from July, 2017 to September, 2018 has been extended till 31st October, 2018. Notification Nos. 43 and 44/2018 – Central Tax dated 10th September, 2018 have been issued in this regard. For registered persons having aggregate turnover up to Rs 1.5 crores in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing FORM GSTR-1 for the quarter July, 2018 to September, 2018 would continue to remain as 15th November, 2018 as notified vide notification No. 38/2018-Central Tax dated 24th August, 2018.

Further, for those taxpayers who will now be migrating to GST as per the procedure specified in notification No. 31/2018-Central Tax, dated 06.08.2018, the last date for furnishing the details of outward supplies of goods or services or both in FORM GSTR-1 and for filing the return in FORM GSTR-3B for the months of July, 2017 to November, 2018 has been extended till 31.12.2018. Notification Nos. 45, 46 and 47/2018 – Central Tax dated 10th September, 2018 have thus been issued for extension of dates for filing FORM GSTR-3B.

It is hereby clarified that as per the provisions of section 16 (4) of the Central Goods and Services Tax Act, 2017, the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier. The taxpayers are thus, advised to furnish their returns on time to ensure that input tax credit does not become time barred.

Source: PIB

Union Territory Goods and Services Tax Amendment Act 2018

Union Territory Goods and Services Tax

Union Territory Goods and Services Tax (Amendment) Act 2018

Ministry Of Law and Justice,(Legislative Department) issued gazette notification New Delhi, the 30th August, 2018 regarding Union Territory Goods and Services Tax (Amendment) Act, 2018 and details as follows.

The following Act of Parliament received the assent of the President on the

29th August, 2018, and is hereby published for general information:—

THE UNION TERRITORY GOODS AND SERVICES TAX

ACT, (AMENDMENT) 2018

NO. 33 OF 2018

[29th August, 2018.]

An Act to amend the Union Territory Goods and Services Tax Act, 2017.

BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:—

1. (1) This Act may be called the Union Territory Goods and Services Tax (Amendment) Act, 2018.

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Short title and commencement.

2. In section 7 of the Union Territory Goods and Services Tax Act, 2017 (hereinafter referred to as the principal Act), for sub-section (4), the following sub-section shall be substituted, namely:––

“(4) The Government may, on the recommendations of the Council, by notification, specify a class of registered persons who shall, in respect of supply of specified categories of goods or services or both received from an unregistered supplier, pay the tax on reverse charge basis as the recipient of such supply of goods or services or both, and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to such supply of goods or services or both.”.

3. In section 9 of the principal Act, in clause (b), the following proviso shall be inserted, namely:––

“Provided that the input tax credit on account of Union territory tax shall be utilised towards payment of integrated tax only where the balance of the input tax credit on account of central tax is not available for payment of integrated tax.”.

4. After section 9 of the principal Act, the following sections shall be inserted,namely:—

“9A. Notwithstanding anything contained in section 9, the input tax credit on account of Union territory tax shall be utilised towards payment of integrated tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised towards such payment.

9B. Notwithstanding anything contained in this Chapter and subject to the provisions of clause (c) of section 9, the Government may, on the recommendations of the Council, prescribe the order and manner of utilisation of the input tax credit on account of integrated tax, Central tax, State tax or Union territory tax, as the case may be, towards payment of any such tax.”.

Source: Gazette notification

Clarification of Order under section 119 of the Income-tax Act

section 119 of the Income-tax Act

CBDT – Order under section 119 of the Income-tax Act, 1961

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, TPL Division issued circular No.6/2018 vide F. No. 370142/9/2018-TPL New Delhi, Dated the 17th of August, 2018 regarding Order under section 119 of the Income-tax Act, 1961 and details as follows.

Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018.

Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred.

The matter has been examined and it has been decided by the Board that reporting under the proposed clause 30C and proposed clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2019. Therefore, for Tax Audit Reports to be furnished on or after 20th August, 2018 but before 1st April, 2019, the tax auditors will not be required to furnish details called for under the said clause 30C and clause 44 of the Tax Audit Report.

Source: CBDT

Clarification on the immunity provided u/s 270AA of the Income-tax Act

270AA of the Income-tax Act

CBDT – Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961

Government of India,Ministry of Finance,Department of Revenue,(Central Board of Direct Taxes) issued circular No.5/2018 vide F. No. 370149/155/2018-TPL New Delhi, Dated 16th August, 2018 regarding Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961 and details as follows.

1.Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1st April, 2017, the Assessing Officer, on an application made by an assessee, may grant immunity from imposition of penalty under section 270A (not being penalty for misreporting) and initiation of proceedings under section 276C or section 276CC, subject to the conditions specified therein.

2. Apprehensions have been raised that where an assessee makes an application seeking immunity under section 270AA of the Act, and in the earlier year(s) penalty under section 271(1)(c) of the Act has been initiated on the same issue, the Income-tax Authority may contend that the assessee has acquiesced on the issue in such earlier year (s), by seeking immunity under section 270AA of the Act and therefore, take an adverse view in the proceedings for penalty under section 271(1)(c) of the Act.

3. In this matter, it is hereby clarified that where an assessee makes an application seeking immunity under section 270AA of the Act, it shall not preclude such assessee from contesting the same issue in any earlier assessment year. Further, the Income-tax Authority, shall not take an adverse view in the proceedings for penalty under section 271(1)(c) of the Act in earlier assessment years merely on the ground that the assessee has acquiesced on the issue in any later assessment year by preferring an immunity on such issue under section 270AA of the Act.

Source: CBDT

Tax Slabs as Per Punjab State Development Tax Act 2018

Tax Slabs as Per Punjab State Development Tax Act 2018

Tax Slabs as Per Punjab State Development Tax Act 2018 – The Punjab State Development Tax Act, 2018

Government of Punjab,Department Of Legal and Legislative Affairs, Punjab issued notification vide Punjab Govt. Gaz. (Extra), April 19, 2018 regarding The Punjab State Development Tax Act, 2018 and details as follows.

No.12-Leg./2018.-The following Act of the Legislature of the State of Punjab received the assent of the Governor of Punjab on the 16th day of April, 2018, is hereby published for general information:-

THE PUNJAB STATE DEVELOPMENT TAX ACT, 2018

(Punjab Act No.11 of 2018)

AN ACT to provide for the levy and collection of a tax on professions, trades,callings and employment for the benefit of the State of Punjab.

BE it enacted by the Legislature of the State of Punjab in the Sixty-ninth year of the Republic of India, as follows :-

  1. (1) This Act may be called the Punjab State Development Tax Act,2018.

(2) It extends to the whole of the State of Punjab, and offices of the Government of Punjab and offices of any body, whether incorporated or not, which is owned or controlled by the State of Punjab situated in the capital of Punjab.

(3) It shall come into force on and with effect from the date of its publication in the Official Gazette.

  1. In this Act, unless the context otherwise requires, –

(a) “Appellate Authority” means the Appellate Authority appointed under section 3;

(b) “assessee” means a person or employer by whom tax is payable under this Act;

(c) “Commissioner” means the Excise and Taxation Commissioner, Punjab;

(d) “designated officer” means an officer authorized under the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005) or as may be appointed under sub-section (1) of section 3;

(e) “employee” means a person employed on salary or wages, and includes,-

(i) a Government servant receiving pay from the revenues of the Central Government or any State Government or the Railway Fund;

(ii) a person in service of a body, whether incorporated or not,which is owned or controlled by the Central Government or any State Government where the body operates in any part of the State of Punjab, even though its headquarters may be situated outside the State of Punjab;

(iii) a person in service of a body, whether incorporated or not,which is owned or controlled by the State of Punjab, where the body operates in any part of the State of Punjab or outside the State of Punjab;

(iv) Government servant receiving pay from the revenues of the State of Punjab even though his office is situated outside the State of Punjab; and

(v) a person engaged in any employment of an employer not covered by sub-clauses (i), (ii) and (iii) above;

(f) “employer” in relation to an employee earning any salary or wages on a regular basis under him, means the person or the officer who is responsible for disbursement of such salary or wages, and includes the Head of the Office or any establishment as well as the manager or agent of the employer;

(g) “Government” means the Government of the State of Punjab in the Department of Excise and Taxation;

(h) “income” means income as defined in the Income Tax Act, 1961 (Central Act No. 43 of 1961);

(i) “month” means a month reckoned according to the English calendar;

(j) “person” means any person who is engaged in any profession, trade, calling or employment in the State of Punjab and includes a sole proprietor, a partnership firm, a Hindu Undivided Family, a Company, a Society, a Trust, a Club, an Institution, an Association, a local Authority, a Department of any State Government, Union Territory Government or Central Government, a Government enterprise, a statutory body or other body corporate, irrespective of the fact that the main place of business of such person is outside the State of Punjab and where the main place of business of any such person is not in the State of Punjab, the local manager or agent of such person in the State of Punjab in respect of such business and also includes a person engaged in the following:-

(i) transfer, otherwise than in pursuance of a contract, of property in any goods for cash, deferred payment or other valuable consideration;

(ii) transfer of property in goods (whether as goods or in some other form) involved in the execution of works contract;

(iii) delivery of goods on hire-purchase or any system of payment by instalments;

(iv) transfer of right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration; and

(v) supply by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (whether or not intoxicating), where such supply or service is for cash, deferred payment or other valuable consideration:

Tax Slabs for Punjab State Development Tax Act, 2018

  1. All such persons who are assessable Rs. 200/- per month under the Head Income from Salaries and/ or Wages as per the Income Tax Act, 1961.
  2. All such persons who are assessable Rs. 200/- per month under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961.

To download notification click below

THE-PUNJAB-STATE-DEVELOPMENT-TAX-ACT-2018.pdf (115 downloads)

Source: Government of Punjab

Extension of last date for filing of AOC-4 XBRL E-Forms

Extension of last date for filing of AOC-4 XBRL E-Forms

Extension of last date for filing of AOC-4 XBRL E-Forms – Relaxation of additional fees and extension of last date of filing of AOC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013

Ministry of Corporate Affairs issued circular vide F. No. 01/19/2013-CL-V (Pt.) dated 27th April, 2018 regarding Relaxation of additional fees and extension of last date of filing of A0C-4 XBRL E-Forms using Ind AS under the Companies Act, 2013 and details as follows.

In continuation of this Ministry’s General Circular No. 13/2017 dated 26.10.2017, General Circular No. 01/2018 dated 28.03.2018 and upon consideration of requests received from various stakeholders for extending the last date of filing of A0C-4 XBRL E-Forms using Ind AS under the Companies Act, 2013, it has been decided to extend the last date for filing of A0C-4 XBRL for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the financial year 2016-17, without additional fee till 31st May, 2018

This issues with the approval of competent authority.

To download detail notification click below

Extension-of-last-date-for-filing-of-AOC-4-XBRL-E-Forms.pdf (59 downloads)  

Source: Ministry of Corporate Affairs

Inviting Comments for draft notification on Income Tax Act Section 112A

draft notification on Income Tax Act Section 112A

Inviting Comments for draft notification on Income Tax Act Section 112A (4) – Draft Notification under section 112A as inserted by Finance Act, 2018 by 30th April, 2018

The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10 per cent of such capital gains exceeding one lakh rupees. The said section, inter alia, provides that the provisions of the section shall apply to the capital gains arising from a transfer of long-term capital asset being an equity share in a company, only if securities transaction tax (STT) has been paid on acquisition and transfer of such capital asset.

However, to provide the applicability of the tax regime under Section 112A of the Act to genuine cases where the STT could not have been paid, it has also been provided in sub-section (4) of Section 112A of the Act that the Central Government may specify, by notification, the nature of acquisitions in respect of which the requirement of payment of STT shall not apply in the case of acquisition of equity share in a company.

In order to have wider consultation in this matter, the draft of notification proposed to be issued under Section 112A (4) of the Act has been uploaded on www.incometaxindia.gov.in. Stakeholders are requested to submit their comments/ suggestions on the draft notification by 30th April, 2018 at the e-mail address dirtpl2@nic.in

Source: PIB

Clarification regarding Bill to Ship To for e-Way Bill under CGST Rules 2017

Bill to Ship To model of supplies

Clarifications in relation to requirement of e-Way Bill for Bill to Ship To model of supplies

A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill to Ship To” model of supplies. In a typical “Bill to Ship To” model of supply, there are three persons involved in a transaction, namely:

‘A’ is the person who has ordered ‘B’ to send goods directly to ‘C’.

‘B’ is the person who is sending goods directly to ‘C’ on behalf of ‘A’.

‘C’ is the recipient of goods.

  1. In this complete scenario two supplies are involved and accordingly two tax invoices are required to be issued:

Invoice -1, which would be issued by ‘B’ to ‘A’.

Invoice -2 which would be issued by ‘A’ to ‘C’.

  1. Queries have been raised as to who would generate the e-Way Bill for the movement of goods which is taking place from ‘B’ to ‘C’ on behalf of ‘A’. It is clarified that as per the CGST Rules, 2017 either ‘A’ or ‘B’ can generate the e-Way Bill but it may be noted that only one e-Way Bill is required to be generated as per the following procedure:

Case -1: Where e-Way Bill is generated by ‘B’, the following fields shall be filled in Part A of GST FORM EWB-01:

1.Bill From:In this field details of ‘B’ are supposed to be filled.

2.Dispatch From:This is the place from where goods are actually dispatched. It may be the principal or additional place of business of ‘B’.

3.Bill To:In this field details of ‘A’ are supposed to be filled.

4.Ship to: In this field address of ‘C’ is supposed to be filled.

5.Invoice Details:Details of Invoice-1 are supposed to be filled

Case -2: Where e-Way Bill is generated by ‘A’, the following fields shall be filled in Part A of GST FORM EWB-01:

1.Bill From:In this field details of ‘A’ are supposed to be filled.

2.Dispatch From:This is the place from where goods are actually dispatched. It may be the principal or additional place of business of ‘B’.

3.Bill To:In this field details of ‘C’ are supposed to be filled.

4.Ship to: In this field address of ‘C’ is supposed to be filled.

5.Invoice Details:Details of Invoice-2 are supposed to be filled

Source: PIB

Press Release on Scheme of Electoral Bond

Scheme of Electoral Bond

Scheme of Electoral Bond

1.The Government notified the scheme of Electoral Bonds on Jan. 02, 2018. Electoral Bond is a bearer instrument in the nature of a Promissory Note.

2.The Purchaser is allowed to buy electoral bond (s) only on due fulfilment of all the extant KYC norms and by making payment from a bank account. The Bond does not carry the name of payee or any other details by which the buyer can be identified. Likewise no detail of political party depositing the bonds is noted on the electoral bonds. Thus, any particular bond cannot be identified or associated with any particular buyer or political party deposits it.

3.The Electoral Bonds have some built in security features to eliminate chances of forgery or presentation of fake bonds. These include a random serial number invisible to the naked eye. This number is not noted by the SBI in any record associated with buyer or political party depositing a particular electoral bond. It is, thus, not linked to any party transaction when the Bank issues a bond to the buyer. As such the number is not being used or can be used to track the donation or the buyer.

4.SBI does not share the serial number with anybody, including the Government and users.

Source: DEA

Reserve Bank of India KYC Directions 2016

Reserve Bank of India KYC Directions 2016

Reserve Bank of India KYC Directions 2016 – Prevention of Money-Laundering (Maintenance of Records) Rules 2005

RBI issued circular vide RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016 (Updated as on April 20, 2018) regarding Master Direction – Know Your Customer (KYC) Direction, 2016

In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account based relationship or otherwise and monitor their transactions. 1REs shall take steps to implement provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time, including operational instructions issued in pursuance of such amendment(s). The revised Master Direction is in accordance with the changes carried out in the PML Rules vide Gazette Notification GSR 538 (E) dated June 1, 2017 and thereafter and is subject to the final judgment of the Hon’ble Supreme Court in the case of Justice K.S. Puttaswamy (Retd.) & Anr. V. Union of India, W.P. (Civil) 494/2012 etc. (Aadhaar cases).

2. Accordingly, in exercise of the powers conferred by Sections 35A of the Banking Regulation Act, 1949 and the Banking Regulation Act (AACS), 1949, read with Section 56 of the Act ibid and Rule 9(14) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby issues the Directions hereinafter specified.

2

CHAPTER – I PRELIMINARY

1. Short Title and Commencement.

(a) These Directions shall be called the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.

(b) These directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India.

2. Applicability

(a) The provisions of these Directions shall apply to every entity regulated by Reserve Bank of India, more specifically as defined in 3 (b) (xiii) below, except where specifically mentioned otherwise.

(b) These directions shall also apply to those branches and majority owned subsidiaries of the REs which are located abroad, to the extent they are not contradictory to the local laws in the host country, provided that:

i. where applicable laws and regulations prohibit implementation of these guidelines, the same shall be brought to the notice of the Reserve Bank of India.

ii. in case there is a variance in KYC/AML standards prescribed by the Reserve Bank of India and the host country regulators, branches/ subsidiaries of REs are required to adopt the more stringent regulation of the two.

iii. branches/ subsidiaries of foreign incorporated banks may adopt the more stringent regulation of the two i.e. standards prescribed by the Reserve Bank of India and their home country regulators.

Source: RBI