Monday, 1 May 2017

Some recent updates that you would not like to miss – 01.05.2017

1.     Bogus share capital/ premium: The proviso to s. 68 (which creates an obligation on the issuing Co to explain the source of share capital & premium) has been introduced by the Finance Act 2012 with effect from 01.04.2013 and does not have retrospective effect.  vsCIT. Gagandeep Infrastructure Pvt. Ltd (Bombay High Court) 

2.     E-Way Bills as Per New GST Rules :

i) Entire process requires participation by Supplier, Transporter and receipt.

ii) IE-Way Bill will be required for movement of all goods, whether within the state or across states.

iii) In Case of an Accident if goods would be transferred from one vehicle to another than transporter has to create a new e-way bill on the GSTN portal, before further transit.

iv) Multiple consignments are to be transported in one vehicle the transporter is required to indicate the serial number of the e-way bills generated in respect of each such consignment on the GSTN portal.

v) Validity period of the e-way bill, which is dependent upon the distance involved for transport of goods.

3.   ROC has issued notices to more than 2 Lakh Companies all over India who have not commenced business within one year of their incorporation or who have not been carrying on any business or operation for a period of two immediately preceding financial years and have not made any application within such period for obtaining the status of dormant company under section 455 to to remove/strike off.

4.     A unique PIN CODE 560500 has been allotted to Centralized Processing Center (CPC), Income Tax Department located in Bangalore by the Department of Post.

5.     No denial of sec. 10(37) exemption if compensation amount of agricultural land was settled after negotiation: Supreme Court [2017] 80/84/[2017] 391 ITR 178.

6.     Information to be furnished electronically in GST INS-01 prior to movement of goods if value exceeds Rs. 50,000, whether within or outside state.

7.     Importers liable to pay ST for importing services of transportation of goods by a vessel w.e.f April 23 ,2017. NOTIFICATION No. 15/2017-Service Tax.

8.     From July 1, 2017, all tax returns will have to mention the Aadhaar no, as per Sec 139AA of Income Tax Act. If you have both PAN and Aadhaar, you need to link the two. If you fail to do so, your PAN no could become invalid.

9.     CBEC has amended the Point of Taxation Rules, 2011 by insertion of new Rule. In the Point of Taxation Rules, 2011, after Rule 8B has been inserted as Determination of point of taxation.

10. In GSTR-1 give Summary of supplies to unregistered persons, Rate wise for Local supplies & Rate & State wise for Inter-state ones up to 2.50 Lacs.

Have a great day ahead!

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