Friday, 12 May 2017

Some recent updates that you would not like to miss – 12.05.2017

1.  In GSTR-2, Purchaser to specify inward supplies for which he is not eligible for ITC fully or partly whether at invoice level or otherwise.

2.  Union ministry of finance has granted income tax exemption to Indian seafarers sailing aboard foreign ships outside India for more than 182 days a year. (CBDT) circular no. 13/2017.

3.  GSTR-1 of a month can be filed within 10 days from end of month. It cant be filed from  11th to 15th as GSTR-2 to be filed in this period.

4.  Service tax may move up from 15% to 18% under GST: Revenue Secretary Hasmukh Adhia. At present, the services sector is taxed at 14% with two additional cesses -- Swachh Bharat Cess and Krishi Kalyan Cess attracting half percent.

5.  CBDT has issued Revised Form 3CD applicable for Tax Audit cases for AY 2017-18.

6.  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. n 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.

7.  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.

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

9.  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.

 10. 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.

Have a great day ahead!

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