Wednesday, 25 January 2017

Some recent updates that you would not like to miss – ( 25th January 2017 )

1.      As per Model GST Law, if the total value of supply under a contract exceeds INR 10 lakhs then the tax is required to be deducted at source. However it is important to note that the value has to be considered excluding tax thereon.

2.     Returns under GST are required to be filed only by the registered persons who are taxable as per the provisions of the Act. So any registered person will not be required to file any return till the time such person reach to the level of turnover aggregating to Rs 20 lakhs or 10 lakhs though it is mandatory to register such person under GST on achieving the turnover of INR 18 lakhs / 9 lakhs.

3.      MCA has deferred the date for roll-out of new version of e-Form SPICe (INC-32) with functionality of applying for Company PAN and TAN is being revised and will be communicated shortly. Stakeholders may therefore continue to file existing version of Form SPICe W.e.f. 21st Jan 2017.

4.    Employees’ Provident Fund Organization (EPFO) has made it mandatory for all pensioners and members to submit Aadhaar number by January 31, 2017 to avail the central govt contribution towards EPS.

5.   In Revised GST Model law, ‘services’ include transactions in money but do not include money & securities.

6.      New fiscal policy framework, rationalisation of tax, rural capex, efficiency in social sector spending and digitisation incentives are key expectations of Union Budget 2017.

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