November Lunawat Bulletin Market Watch Sensex 31.10.: 33213.13 30.09. : 31283.72 Nifty 31.10.: 10335.30 30.09. : 9788.60 Inside.. Compliance Due Dates 2 Income Tax 3 GST 4 MCA 5 Lunawat Up- 6 Infosys is to blame for GST Network glitches, say Government Officials Infosys for long the face of India s software sector, finds its management of the GST information technology backbone under scrutiny at the highest levels of the government. It had won the Rs 1,380-crore deal for developing and running GST s backend in 2015. Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network (GSTN), leading to extension of deadlines for returns several times. Singapore offers help to promote RuPay card overseas Singapore has offered assistance to promote India's digital payment network Ru- Pay card overseas by becoming its first international partner. Singapore Foreign Affairs Minister Vivian Balakrishnan said his country is ready to become RuPay Card's first international partner, while praising steps taken by the government such as promotion of digital payments and use of Aadhaar. The RuPay card is a digital payment platform whose benefits include lower transaction cost as the processing is done within India, which also leads to faster transactions. India hits 100 in Ease of doing Business Ranking done by World Bank Reforms in access to credit, power supplies and protection of minority investors have helped India ace 30 places to reach 100th place on the World Bank s ranking of countries by Ease of Doing Business for 2018. Lunawat & Co. Chartered Accountants www.lunawat.com This is for the first time the country is surging to this spot. It has brought much cheer to the reform process undertaken by the government with Prime Minister Narendra Modi terming it a 'historic jump'. This is a major jump for India. India has improved a lot (this year), but there s still room for improvement, it s a right direction to become a nice place. For Private Circulation Only
Lunawat Bulletin Compliance Due Dates Due Date Related to Particulars 07.11. (Tuesday) 07.11. (Tuesday) 15.11. 15.11. 15.11. 15.11. 20.11. (Monday) 29.11. 30.11. (Thursday) 30.11. (Thursday) Page 2 TDS/TCS (Income Tax) Income Tax Deposit Tax deducted/collected during the month of October for all corporate assessees File of Income tax returns along with tax audit report pertaining to A.Y. -18 as extended from 31st October EPF Deposit PF under Employees Provident Fund & Misc. Provision Act, 1952 deducted for the month of October. TDS/TCS (Income Tax) ESI Issue Quarterly TDS / TCS Certificate for the Quarter ending September 30, by downloading from TRACES Deposit ESI under Employees State Insurance Act, 1948 deducted for the month of October. GST File GSTR-6 for the period from July to September. File of GSTR-4 for the period from July to September. Submit detail of closing held as on 31st March & 30th June GST Deposit GST collected during the month of October File GSTR-3B for the month of October. File GSTR-5A for the month of July and August. COMPANY LAW File Form AOC - 4, AOC-4 CFS & AOC - 4 (XBRL) for Financial Statements (Extended from October 29, ) of companies for the FY 2016-17 File MGT - 7 for Annual Return of companies for the FY 2016-17 Income Tax File ITRs, Submit Tax Audit Report & TP Report of Companies and assesses who are required to get their accounts audited u/s 92E under Income Tax Act, 1961 (Domestic and International Transfer Pricing Audit) for AY -18 Submit statement by Scientific research association, university, college, etc as required by Rule 5D / 5E / 5F if it has International or Specified Domestic Transactions Furnish Statement of income distribution for FY 2016-17 by VC Company Fund in Form 64 by Business Trust in Form 64A and Investment Fund in Form 64D Upload statement to accumulate / set apart income u/s 10(21) / 11(2) in Form 10, & Form 9A to apply income in next year as per Expl. to s. 11 (1). In case required to file return by 30th November. Electronically submit copy of audit of accounts to the Secretary Deptt of Scientific and Industrial Research in case company is eligible for weighted deduction u/s 35(2AB). GST File GSTR-2 of July File GST ITC 04 File GST ITC 01 File Tran 1 and those who have already filed can also be revised
November CBDT recognizes trading in Indian Commodity Exchange not to be speculative transaction Income Tax CBDT issued a notification dated 30 th October notifying Indian Commodity Exchange Limited (PAN: AABCI9479D) as a recognised association not for speculative transactions in respect of trading in commodity derivatives which is chargeable to commodity transactions tax. Transactions in this exchange would not to be speculative transaction u/s 43(5)(e) read with Rule 6DDD(4) Draft Notification of amendment of Rule 17A and Form 10A of the Income-tax Rules, 1962 As per the notification dated 17 th Page 3 October, of CBDT a new clause is to be inserted in Rule 17A related to charitable Trusts. The prescribed Form 10A is to be amended to conform the modification for the trust or charitable organizations registered under the section 12A or 12AA. Press Release and Draft notification for was released for public comments to be made by 27.10.17 Other Updates CBDT extends due date of filing International group country-by-country reporting u/s 92D(4) read with section 286(2) in Form 3CEBA to 3CEBE to 31st March 2018 CBDT issues notification for TDS on interest on deposits made under Capital gain Accounts Scheme where depositor has deceased Madhya Pradesh Pollution Control Board and Swasthya Sathi Samiti As per the notification dated 27 th October, of CBDT, Madhya Pradesh Pollution Control Board and Swasthya Sathi Samiti constituted under the State Government of Madhya Pradesh and West Bengal respectively, the specified income and expenses occurred by the board shall be exempt under section 10(46). Clarification related to guidelines for establishing 'Place of Effective Management (PoEM) in India CBDT has issued Circular No 25 of dated 23rd October by which it has provided clarification related to guidelines for establishing Place of Effective Management (PoEM) in India. The CBDT has in particular addressed concerns that as per the extant guidelines, PoEM may be triggered in cases of certain multinational companies with regional headquarter structure merely on the ground that certain employees having multi-country responsibility or oversight over the operations in other countries of the region are working from India, and cosequently, their income from operations outside India may be taxed in India
Lunawat Bulletin Due Dates for filing GST Returns Goods And Service Tax GST Highlights Details/Returns Tax Period Revised due date GSTR 2 July, 30th November GSTR-3B October, 20 Th November GSTR-3 July, 11 th December, GSTR-3B November, 20 Th December GSTR-3B December 20 Th January 2018 GST collections in line with projections, no shortfall Tax collections under the new GST regime are more or less in line with the projections and there are no plans yet to revise the annual revenue targets, CBEC Chairperson Vanaja N Sarna said. He said the target for revenue for the Department of Customs is about Rs 9.68 lakh crore for the current fiscal. Customs collection growth is "alright", she said, adding that the GST roll out from July 1 has been relatively smooth. Page 2 E-WALLET FOR EXPORTERS The National Payments Corporation of India (NPCI) and the National Securities Depository Ltd (NSDL) are in the fray for operating the proposed e-wallet system for exporters under the goods and services tax (GST) regime. The government is yet to decide on the agency that will develop the notional credit system to help exporters with working capital flow. GST Network (GSTN), the information technology backbone of GST, is also being considered for this, in the government s push for a cashless economy. 1. Introduced Form GSTR 1E to be submitted by exporters who have made exports by paying IGST on exports of goods to avail refund. 2. CBEC extends facility of Letter of Undertaking to all exporters. 3. At its 22nd meeting GST Council has recommended various facilitative changes to ease the burden of compliances of SMEs. 4. From 10.10. the held up refund of IGST paid on goods exported outside in July has begin whereas for the month of August the same has been started from 18.10.. 5. At its 22nd meeting GST Council provided recommendation regarding change in GST Rates for Goods and IGST Rates in case of Import. 6. Officers appointed under the GST Act shall also act as proper officer for the purpose of sanction of refund. 7. Registered person whose turnover is less than Rs. 1.50 Crore shall furnish details as specified in Schedule IX of the GST Act. 8. Persons making inter-state supplies of taxable services and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year as the category of persons exempted from obtaining registration n under the said Act. 9. Purchasing Limit of Rs. 5000 per day from URD stands with drawn for Reverse Charge mechanism of collection of GST. 10. CBEC provides rules for cancellation of registration in case of person registered under any other law 11.CBEC notifies Evidences which are required to be produced by the supplier of deemed export supplies for claiming refund.
November Highlights of Section 247 Valuation by Registered Valuers Ministry Of Corporate Affairs MCA Updates 1. The Central Government announces 18th October as the date of commencement of Section 247 of companies Act along with its rules. 2. These rules provide for registration of valuers for conducting valuation under Companies Act 2013with the authority specified by Central Government. 3. Registered Valuers are also required to be members of the Registered Valuers Organisations (RVOs), recognised by the authority under the Rules. 4. A transition period upto 31st March, 2018 for registration of valuers with the authority. 5. Central Government hereby delegates the powers and functions vested in it under section 247 of the said Act to the Insolvency and Bankruptcy Board of India. 1. The Central Government announces 18th October as the date of commencement of Section 247 of companies Act related to registered valuers along with its rules. 2. IEPF Authority has opened demat accounts with NSDL and CDSL through PNB and SBICAP securities limited respectively. 3. In case a resolution plan implemented under Insolvency and Bankruptcy Code, the shareholders approval would be deemed to have been given if Resolution Plan approved by Adjudicating Authority. Other MCA News MCA amends Companies (Acceptance of Deposit) Rules - IFSC Public Companies and certain Private Companies can now accept deposit from members and File Form DPT 3 MCA clarifies that new Form DPT 3 would be available after November, till then, old DPT 3 can be used MCA extends due rate of filing AOC-4, AOC-4 (XRBL non- Ind As) & AOC-4 CFS without additional fee till 28.11. MCA extends due rate of filing AOC-4 XRBL for Ind - AS based Financial Statements to 31st March 2018 MCA has called an urgent meeting to discuss if there are grey areas in the Companies Act that need to be addressed. Proviso to S. 2(87) related to restriction on layers of subsidiaries beyond 2 made applicable w.e.f. 20th September MCA notifies Companies (Restriction on number of Layers) Rules, exempt categories to file Form CRL 1 within 150 days Demonetization deposits: Shell firms could face criminal action under revamped law Page 5
November Presentations During October, our partner CA. Pramod Jain gave following presentations: Driving Financial Performance at Institute of Directors, Kolkata. Financial Literacy for Directors at Institute of Directors, Kolkata. Critical Issues in Tax Audit & ICDS I to II at Advocate Forum, Delhi Overview of Critical issues in Tax Audit & ICDS I & II - at Sales tax Bar Association, Delhi Lunawat Update During October, our partner CA. Rajesh Saluja gave following presentations: Lecture on GST, at Law Center II, Delhi University Finance for Non Finance at Bharti Infratel, Jammu. Finance for Non Finance at Bharti Infratel, Patna We may be contacted at: Daryaganj, New Delhi 54, Daryaganj, New Delhi 110 002 Tel: +91 11 23270624 + 91 11 23279414 Email: dgoffice@lunawat.com Paschim Vihar, New Delhi A-2/132, Prateek Apartments, Paschim Vihar, New Delhi 110 063 Tel: + 91 11 25278405 + 91 11 25278406 + 91 11 45581263 + 91 11 45581264 Email:pvoffice@Lunawat.com Karampura, New Delhi 109, Magnum House-1, Karampura Complex, New Delhi-110 015 Tel: + 91 11 41427356 + 91 11 42068101 Email: karampura@lunawat.com Disclaimer Mumbai Office No. 9, First Floor. Star Trade Centre, Chamunda Circle, Near Station, Borivali (W), Mumbai - 400 092 Tel: + 91 22 28954451 Email: mumbai@lunawat.com Keshopur, New Delhi WZ-339, 2nd Floor, Street No. 19, Santgarh, Keshopur, Outer Ring Road, New Delhi - 110 018 Tel: +91 11 28333914 Fax:+ 91 11 28331602 Email: keshopur@lunawat.com We also have ASSOCIATES at : Chennai, Kolkata, Ludhiana, Jalandhar, Pune, Chandigarh, Udaipur, Vadodara, Bangalore, Cochin, Indore, Jodhpur, Jaipur, Bharatpur, Hyderabad, Jharsuguda, Panipat, Ranchi & Ghaziabad. Our Services Audit and Assurance International Taxation Indian Direct Tax Laws Goods & Service Tax (GST) Corporate Laws Limited Liability Partnership (LLP) NGOs/Societies and Trusts Insolvency & Bankruptcy Code Compliance Audits Investigations Outsourcing Services Setting up Business in India Consulting Services Trainings Valuations XBRL Trade Marks Lunawat & Co. All Rights Reserved Information in this document is intended to provide only a general outline of the subjects covered. We recommend that you seek professional advice prior to initiating action on specific issues. Lunawat & Co. does not take any responsibility for any loss arising from any action taken or not taken by anyone using this material. Editorial Team: CA. Vikas Yadav, CA Rahul Modi, Monika, Rashika. Page 6