Photo Seminar on GST Basic Compliance for Staff & Articles... 2 Photo Seminar on Recent Amendments in Exports & Refund under GST...

Transcription

1 Photo Seminar on GST Basic Compliance for Staff & Articles... 2 Photo Seminar on Recent Amendments in Exports & Refund under GST... 2 Chairman s Communication... 3 Forthcoming Programmes.. 4 Certificate Course on Forensic Accounting and Fraud Prevention... 5 Seminar on Insolvency & Bankruptcy... 6 Direct Taxes - Law Update.7 Changes in GST Act in the month of October Photo Swachh Bharat Abhiyan... 10

2 Seminar on GST Basic Compliance for Staff & Articles held on 7th October 2017 at Branch Premises, Bhayander (East) (L-R): CA. Archana Yadav (Speaker), CA. Xavier Rajan (Secretary Vasai Branch of WIRC) & CA. Anadi Bhase (Coordinator) at the dais. CA. Archana Yadav (Speaker) Participants Seminar on Recent Amendments in Exports & Refund under GST held on 15th October 2017 at Branch Premises, Bhayander (East) (L-R): CA. Vimal Agarwal (Immd. Past Chairman - Vasai Branch of WIRC), CA. Harshal Fifadra (Speaker), CA. Nitesh Kothari (Chairman - Vasai Branch of WIRC) & CA. Nikunj Bhangaria (Coordinator) at the dais. Participants Speakers CA. Harshal Fifadra CA. Amit Agarwal CA. Jignesh Kansara 2

3 CHAIRMAN S COMMUNICATION October is known in India not only to recall and celebrate the ideas and ideals of Mahatma Gandhi, whose birthday falls on 2nd October, but also to strengthen and reinforce his messages of love, peace and non-violence in our society that he had given to the world in the interests of humanity. I extend my best wishes on the birthday of Mahatma Gandhi and also of Adikavi Maharishi Valmiki, i.e. 5th October, who composed the Adi Kavya, i.e. first epic, in Sanskrit, Ramayana, comprising 24,000 verses. I wish all members and their families a very Happy Diwali and a prosperous New Year. On 5th November, Vasai Branch will complete 12 years of journey. Thanks for your support & cooperation which adding the succession year, that we are sure to remember it as events of pride in retrospect. Branch Past Events On the occasion of Gandhi Jayanti, Branch had conducted Swachh Bharat Abhiyan at Bhayander Railways Station & Jesal Park, Chowpatty Bhayander (East) joining hands with Lions Club of Kandivali Thakur Complex, Bhayander CPE Study Circle & Youth Forum. Also created awareness Swachh Bharat Mission among common public. Branch has organized Seminar on Recent Amendments in Exports & Refund under GST on 15th October 2017 at Branch Premises. Branch also celebrated Diwali Get Together on 17th October 2017 in the presence of Past Chairman, Past Committee Member, Current Committee Member and Staff at Branch Premises. Forthcoming events Branch is hosting Certificate Course on Forensic Accounting and Fraud Prevention jointly with Information System Audit Committee, ICAI from 28th October to 18th November 2017 (Every Sat & Sun). Members are requested to take the benefit of the same by registering at earliest. As you may be aware that the Insolvency and Bankruptcy Code, 2016 is one of the major economic reforms moved by the Government recently. By looking at that, Vasai Branch has organizes One Day Seminar on Insolvency & Bankruptcy on 12th November 2017 at Zaika Orchid, Bhayander. MANAGING COMMITTEE CA. Nitesh Kothari Chairman CA. Sumeet Doshi Vice Chairman CA. Xavier Rajan Secretary CA. Hemant Shah Treasurer CA. Ankit Rathi WICASA Chairman CA. Vimal Agarwal Imm. Past Chairman CA. Bhanwar Borana Committee Member CA. Mukesh Sharma Committee Member CA. Lalit Bajaj RCM & Branch Nominee EDITORIAL BOARD CA. Nitesh Kothari Chairman CA. Sumeet Doshi Vice Chairman CA. Mukesh Sharma Committee Member Branch also organizes Seminar on Basic & Advanced Excel on 19th November 2017 to upgrade the knowledge of important tools in Excel. A mock test is a practice examination for the students before their actual examination to analyze their potential in the examination hall. Branch has organizes CPT Mock Test on 26th November 2017 in order to boost the morale of the students and enhance their confidence. Exams fever is going on..my warms wishes to all who are appearing in these Exams. Best of Lucks! With these words, I once again request all the Members to presence in all the possible seminars & courses and also your valuable suggestions are invited for the betterment of our branch. Winter is the time for comfort, for good food and warmth, for the touch of a friendly hand and for a talk beside the fire: it is the time for home. Edith Sitwell Nitesh Kothari Chairman Vasai Branch 3

4 FORTHCOMING PROGRAMMES FOR MEMBERS Date Seminar on Timings Venue Speakers Coordinator Fees CPE 11th Nov to 2nd Dec 2017 (Every Sat & Sun) Certificate Course on Forensic Accounting and Fraud Prevention 9.30 am to 5.30 pm Green Court Club, Mira Road (East) Eminent CA. Vimal Agarwal C A. X a v i e r R a j a n CA. Hemant Shah ` 20, Hrs 12th Nov 2017 Seminar on Insolvency 9.30 am to 5.30 pm Zaika Orchid, Near East West Flyover, Bhayander (West) CA. Pravin R. Navandar CA. Rajendra Gada CA. Vimal Agarwal CA. Sumeet Doshi CA. Preeti Agrawal ` Hrs 19th Nov 2017 Seminar on Basic & Advanced Excel am to 1.00 pm Branch Premises, Indralok Phase- II, Bhayander (East) CA. Dharmendra Lunawat CA. Hemant Shah CA. Abhishek Tiwari ` Hrs FORTHCOMING PROGRAMMES FOR STUDENTS Date Seminar on Timings Venue Speakers Coordinator Fees CPE 26th Nov 2017 CPT Mock Test for Dec 2017 Exam am to 4.30 pm Shanti Shopping Centre, Mira Road (East) _ CA. Ankit Rathi ` 200 _ ATTENTION: INTERMEDIATE (IPC) STUDENTS Pursuant to the amendment in CA Regulations, 1988, a candidate who has passed either or both the Groups of Intermediate (Integrated Professional Competence) Examination can commence their Practical Training. In other words, now students of Intermediate (Integrated Professional Competence) Course can commence their Practical Training even after passing Group 2 or Group 1 or both the groups of Intermediate (Integrated Professional Competence) Examination. Director, Board of Studies 4

5 The Institute of Chartered Accountants of India Vasai Branch of WIRC Organises Certificate Course on Forensic Accounting and Fraud Prevention Organized by Committee on Information Technology ICAI Hosted By Vasai Branch of WIRC of ICAI Date:- 11 th, 12 th, 18 th, 19 th, 25 th & 26 th Nov & 2 nd Dec 2017 CPE 20 Hrs Timing: am to 5.30 pm Venue:-Green Court Club (GCC), Mira Bhayander Road, Mira Road (East) For further Details please find below link For Registration please find below link:- Course Chairman CA. Atul Kumar Gupta Chairman, Committee on Information Technology Mobile: atul@servicetax.net Course Co-ordinator CA. Nitesh Kothari Chairman, Vasai branch of WIRC of ICAI Mobile: nmkotharica@gmail.com For Details, Please contact: Mr. Khushmat Jain Branch Incharge, Vasai Branch of WIRC of ICAI Contact No. : , (022) /01/02 vasaibranch@gmail.com Note: Limited Seats 40 only 5

6 The Institute of Chartered Accountants of India Vasai Branch of WIRC Organises Seminar on Insolvency & Bankruptcy Day & Date:- Sunday, 12 th November 2017 Timing : am to 4.40 pm Venue:-Zaika Orchid, Near East West Flyover, Bhayander (West) CPE 6 Hrs Programme Chairman CA. Nitesh Kothari (Chairman, Vasai Branch of WIRC) Programme Coordinator CA. Vimal Agarwal CA. Sumeet Doshi CA. Preeti Agarwal (Immd. Past Chairman) (Vice Chairman) (Co-ordintor) Timing Topics Speakers 9.15 am to 9.45 am Registration & Breakfast am to am Inauguration am to pm Overview, Importance & Opportunities Eminent faculty from E & Y pm to pm Tea Break pm to 2.10 pm Corporate Insolvency Resolution & Fast Track CA. Pravin R. Navandar Resolution 2.10 pm to 2.40 pm Lunch Break pm to 4.40 pm Voluntary Liquidation CA. Rajendra Gada Registration fees Online Registration Rs. 750/- (Fee Rs % GST) Cash/Cheque to be drawn in favor of Vasai Branch of WIRC of ICAI sent to Vasai Branch Office, Indralok Phase-II, New Golden Nest Road, Bhayander (East), Thane For Details Please Contact:- Vasai Branch of WIRC, Branch premises, Indralok phase-ii, New Golden Nest Road, Bhayander(East) Tel: /01/02 or vasaibranch@gmail.com Website:- 6

7 Direct Taxes - Law Update CA. Haresh P. Kenia Mobile No. : hpkenia@mtnl.mct.in SECTION 194A OF THE INCOME-TAX ACT, 1961, READ WITH RULES 31A AND 37BA, OF THE INCOME-TAX RULES, DEDUCTION OF TAX AT SOURCE - INTEREST OTHER THAN INTEREST ON SECURITIES - TDS ON INTEREST ON DEPOSITS MADE UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988 WHERE DEPOSITOR HAS DECEASED NOTIFICATION NO.8/2017, DATED It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hands of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law. Ideally in such type of situations, the TDS certificate on the interest income for and upto the period of death of the depositor is required to be issued on the PAN of the deceased depositor and for the period after death of the depositor is required to be issued on the PAN of the legal heir. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of income-tax (Systems) hereby specifies that in case of deposits under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased: (i) (ii) TDS on the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the depositor, and TDS on the interest income accrued for the period after death of the depositor is required to be deducted and reported against PAN of the legal heir, unless a declaration is filed under sub-rule(2) of Rule 37BA of the Income-tax Rules, 1962 to that effect. SECTION 90, READ WITH SECTIONS 90A AND 139, OF THE INCOME-TAX ACT, 1961 AND RULES 12 AND 128 OF THE INCOME-TAX RULES, DOUBLE TAXATION RELIEF - FOREIGN TAX CREDIT - PROCEDURE FOR FILING STATEMENT OF INCOME FROM A COUNTRY OR SPECIFIED TERRITORY OUTSIDE INDIA AND FOREIGN TAX CREDIT NOTIFICATION NO.9 [DGIT(S)-ADG(S)-3/ E-FILING NOTIFICATION/FORM 67/2017, DT Foreign Tax Credit. An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and to the extent as specified in rule 128 of the Income tax (18th amendment) rules, As per sub-rule (9) of rule 128 the statement in Form No. 67 referred to in clause (i) of sub-rule (8) and the certificate or the statement referred to in clause (ii) of sub-rule (8) shall be furnished on or before the due date specified for furnishing the return of income under sub-section (1) of section 139, in the manner specified for furnishing such return of income. In exercise of the powers delegated by Central Board of Direct Taxes ('Board') under rule 12(4) of the Income tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby lays down the following procedures: Online filing of Form 67: 1. All assessee's who are required to file return of income electronically under section 139(1) as per rule 12(3) of the income tax rules 1962, are required to prepare and submit form 67 online along with the return of income if credit for the amount of any foreign tax paid by the assessee in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India. Preparation and Submission of Form Form 67 shall be available to all the assessee's login. The assessee is required to login into the e-filing portal using their valid credentials. A link for filing the Form has been provided under "e-file" Prepare and Submit Online Forms (Other than ITR)". Select form 67 and assessment year from the drop down. Instructions to fill the form are enclosed along with the form. The completed Form 67 can be submitted by clicking on "Submit" button. Digital Signature Certificate or Electronic Verification Code is mandatory to submit Form 67. 7

8 3. Submission of Form 67 shall precede filing of return of income. MISCELLANEOUS - LODGING OF TAX ARREAR CLAIMS AND IMPLEADING AS A PARTY BEFORE NCLTs LETTER [F.NO. ADDL. DIT(R)/BIFR/ /8/733], DATED Previously the sick companies used to move Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The BIFR had its benches only at Delhi. This Act has been repealed now w.e.f The cases of sick companies are now governed by Insolvency and Bankruptcy Code 2016 (IBC-2016) adjudicated by National Company Law Tribunal (NCLT) having 11 Benches at New Delhi (two benches), Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. The appeals against the orders of these benches can be filed before National Company Law Appellate Tribunal (NCLAT) at Delhi. Recently, a case has come to the notice wherein the Hyderabad Bench of NCLT has passed an order under sections 30(6) and 31 of IBC-2016 allowing various reliefs under the Income-tax Act without even making the Department a party to the dispute. The steps to contest the same are being initiated separately. Subsequently the website of Insolvency and Bankruptcy Board of India ( has been accessed and it is found that public announcements with regard to initiation of Resolution Process, Voluntary Liquidation Process and Liquidation Process have been made in 287, 29 and 4 cases respectively as of now. Under the provisions of IBC 2016, the NCLT is required to make a public announcement for resolution/insolvency of the sick company (called corporate debtor under IBC- 2016) for submission of claims under section 15 of IBC You are requested to direct the Assessing Officers having jurisdiction over these cases to notify the demands due from these sick companies to the Resolution Professionals/Insolvency Professionals (details of whom are also available on the website) immediately. Simultaneously a request to the NCLT should also be made for impleading the Department as a party to the case in case any other reliefs under the Income-tax Act are envisaged in the Resolution Plan. A request to Ministry of Corporate Affairs/NCLT/IBBI for notifying the Department in every such case is being moved separately so that the need to identify such cases on one to one basis is obviated. As this is likely to take some time, the field officers may be directed to regularly access the site of so as to prevent any delay in future. 2 ANNOUNCEMENT Board of Studies is organizing Six Days Course on GST and Ind AS through a combination of Webcasts from Head Office and physical classes at Regional Councils and Branch(es) for the students as per following schedule: Certificate Course Date of Webcast Timing GST 17th, 18th, 24th, 31st December, 2017 and 6th, 7th January, st Session: 10 AM to 1 PM Ind AS 13th, 14th, 20th, 21st, 27th, 28th January, nd Session: 2 PM to 5 PM Students, after completion of the Course(s) are required to pass a mobile app based online test with 50% marks to be eligible for receiving participation certificate issued by Board. The fee for above Courses is ` 1,500/- each per student. Students are required to contact their nearest Branch/Regional Council for Registration. The last date of registration is 10th December Director, Board of Studies 8

9 Changes in GST Act in the month of October 2017 CA. Monu Verma Mobile No. : camonuverma@gmail.com All You Need to Know Changes in GST Act in the month of October The latest 22nd GST council meeting decided that AC restaurant tax rate revised to 12% from 18%, and yarns, clips, pins would be in 5% slab. Also, it is revealed that the threshold limit for the composition scheme dealers has been increased from 75 lakh to 1 crore. SMEs earning up to ` 1.5 crore annually will have to file quarterly returns. On 6th October, 22nd GST council meeting held to revise compliance provisions for businesses by GST council, which is made up of state finance ministers, officials from both states and the Centre and is headed by the FM, Arun Jaitley. The discussion has taken place regarding structural changes in new Indirect tax regime on the basis of complaints and feedbacks from businesses. So, many key aspects were discussed on GST related issues and the GST Council notified by amending important points. Here are the Prominent Highlights of the changes reflected in the month of October 2017: 1. The reverse charge on all the supplies received by the registered person from unregistered person shall stand exempt till 31st day of March Supplier engaged in taxable supplies as well as exempted services shall not be treated as ineligible for composition scheme. 3. The time limit of filling GSTR 6 (ISD Return) for the month July, 2017; August, 2017 and September, 2017 has been extended till 15th November, The time limit of filling GSTR 5A (Return of the person supplying online information and database access or retrieval services from a place outside India to a nontaxable online recipient) for the month July 2017, August 2017, and September 2017 has been extended till 20th November, The time limit of filling GSTR 4 (return by composition dealer) for the quarter July, 2017 to September, 2017 has been extended till 15th November, Supplier having turnover less than 1.5 Cr. shall not be liable to pay GST on Advances. 7. The exemption from registration has been given to a service provider if the aggregate turnover is less than ` 20 Lacs (10 Lacs in special category state except for J&K) even if they are making inter-state supplies of services. 8. A registered person supplying taxable as well as exempted goods or services or both to an unregistered person, can issue a single invoice-cum-bill of supply for all such supplies. 9. Notification No. 48/2017 was issued dated , notifying transaction of supplies to be deemed as Deemed Exports under section 147 of CGST Act, Sl. Description of Supply No. 1. Supply of goods by a registered person against Advance Authorization. 2 Supply of capital goods by a registered person against Export Promotion Capital Goods Authorization. 3. Supply of goods by a registered person to Export Oriented Unit. 4. Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorization. The application for refund under Deemed Exports can be filed under third proviso of Rule 89 of CGST either by: (a) the recipient of deemed export supplies; or (b) the supplier of deemed export supplies in cases where the recipient does not avail of input tax credit on such supplies and furnishes an undertaking to the effect that the supplier may claim the refund Further, CBEC notifies certain evidences which are required to be produced by the supplier of deemed export supplies for claiming refund, under section 147 of the CGST Act, 2017 Notification no. 49/ Big relief for Merchant Exports was provided through Notification No. 41/2017-IGST & Notification No. 40/2017-CGST where in it was notified that 0.1% on Inter State Supply and 0.05% as CGST & 0.05% as SGST on Intra State Supply of Goods will be applicable between Registered Persons for Exports. The notifications are issued subject to fulfillment of the certain conditions. 11. The Central Board of Excise and Customs (CBEC) has issued clarification under Circular No. 10, wherein it relaxed the rules for movement of goods, including jewellery, within a state or outside along with an e-way bill, for sale on an approval basis. Such movements take place even for business exhibitions and such events where actual sale may or may not happen. It was clarified that as per Rule 55 of the Central Goods and Services Tax Rules, 2017, the goods which are taken for supply on approval basis can be moved from the place of business of the registered supplier to another place within the same State or to a place outside the State on a delivery challan along with the e-way bill wherever applicable and the invoice may be issued at the time of delivery of goods. For this purpose, the person carrying the goods for such supply can carry the invoice book with him so that he can issue the invoice once the supply is fructified. It was further clarified that all such supplies, where the supplier carries goods from one State to another and supplies them in a different State, will be inter-state supplies and attract integrated tax in terms of Section 5 of the Integrated Goods and Services Tax Act, To facilitate taxpayers, late fee on filing of GSTR-3B for August 2017 &September 2017 has been waived through Notification No. 50/2017 dated Late fee paid will be credited back to taxpayer ledger. 2 9

10 Swachh Bharat Abhiyan on 1st Oct 2017 at Bhayander Railway Station & Jesal Park Chowpatty Editor: CA Nitesh Kothari Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai Tel. : The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch. DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements. To Undelivered please return to : The Institute of Chartered Accountants of India, Vasai Branch of WIRC Address: Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayander (East), Thane Telephone: vasaibranch@gmail.com Website: 10