Friday, August 31, 2018

State can do Enforcement action in GST againt tax payers allotted to Central Tax Authorities

Office of the

Chief Commissioner of State Tax

Eedupugallu, Vijayawada.

CIRCULAR

CCT’s Ref. No. CCW/GST/74/2015 Date :-23 -08-2018.

Present :- Sri J.SyamalaRao, I.A.S.,

Sub :- APGST Act, 2017- Intelligence based Enforcement action- Tax payers allotted to Central Tax Authorities – GST Council decisions on Cross –Empowerment – Reg.

Ref :-1. Minutes of the 9^th GST Council Meeting held on 16.1.2017.

Minutes of the Coordination meeting held on 29.5.2018 at CGST,

Visakapatnam. ********

It is noticed that the officers of the Department have been conducting audit of tax payers allotted to state authorities and whenever any modus operandi is noticed in evading tax in a particular trade, the audits are confined to State allotted taxpayers only leaving the tax payers allotted to central tax authorities unattended. This results in not realizing the SGST dues to the State from the taxpayers allotted to Central Tax Authorities.

In this regard, the GST Council in its 9^th Meeting approved to the following decisions on cross empowerment.

Both the Central and State tax administration shall have the power to take intelligence based enforcement action in respect of the entire value chain.
Powers under IGST Act shall be cross empowered to the State tax administration on the same basis as under the CGST and SGST Acts either under law or under Article 258 of the Constitution but with the exception that the Central tax administration shall alone have the power to adjudicate a case where the disputed issue relates to place of supply, or when an affected State requests that the case be adjudicated by the CGST authority and for such issues of export and import as may be discussed in the Law Committee of officers and brought back to the Council for decision:

Further in the coordination meeting of the Central Tax and State Tax authorities of Andhra Region the following decisions relate to Enforcement Activities are taken.

Intelligence based irregularities: – The authority detecting the evasion will take up the complete follow up action of investigation adjudication etc. The incident reports will be sent to the counterpart Chief Commissioner soon after the inspection or search.
TRAN-I Verification: – All pending legacy issues will be handled by respective authorities in respective of to whom tax payer is allotted.
Non- Filers: – The authority to whom tax payer is allotted will issue notices to non- filers.

It is also clarified that any taxpayer can be inspected under Section 67 if condition of Section 67 are satisfied.

Hence all the Joint Commissioners (ST) are requested to initiate action against the tax payers allotted to Central Tax Authorities in specific cases duly following the above mentioned decisions of GST Council and Coordination Committee of State and Central Tax Authorities.

Sd/- J.SyamalaRao,

Chief Commissioner (ST)

All the Joint Commissioners (ST) in the state

// f.b.o. //

Sd/- T.RameshRabu

Commissioner (ST) GST & Computers

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GST Amendment Act 2018 Notified : GST News 464

No Expenses disallowance for non-deduction of TDS if bills not received :GUJARAT HC

No TDS was deducted on expenses provisions as the same was contingent liability and the bills were not issued which were issued subsequently and on that the TDS was deducted as and when the final bills were received.

HIGH COURT OF GUJARAT

Principal Commissioner of Income-tax-4, Ahmedabad

Sanghi Infrastructure Ltd.

M.R. SHAH AND A.Y. KOGJE, JJ.

R/TAX APPEAL NO. 404 OF 2018

JULY 16, 2018

Nitin K. Mehta for the Petitioner. Mrs. Mauna M. Bhatt for the Respondent.

JUDGMENT

M.R. Shah, J. – Feeling aggrieved and dissatisfied with the impugned order dated 30.09.2016 passed by the learned Income Tax Appellate Tribunal, Ahmedabad “B” Bench, Ahmedabad (hereinafter referred to as “Tribunal”) in ITA No.2516/Ahd/2012 for the Assessment Year 2009-10, the Revenue has preferred the present Tax Appeal with following proposed questions of law.

“[A]		Whether the Appellate Tribunal is right in law and on facts in deleting the disallowances to the tune of Rs.4,24,30,623/-?
[B]		Whether the Appellate Tribunal is right in law and on facts in confirming the order of the CIT (Appeals) in deleting the disallowances made on account of Lease rental payments, disallowance of Rs.70,00,000/- u/s 37(1) of the Act on account of Operating & Maintenance charges and repairs & maintenance charges of Rs.60,00,000/- u/s 40(a)(ia) of the Act on the payments on which the TDS was not deducted by the assessee?
[C]		Whether the Appellate Tribunal is right in law and on facts in not appreciating the facts that the payment were reimbursed by the assessee company without deducting the TDS?”

2. We have heard Mrs. Bhatt, learned Counsel appearing on behalf of the Revenue at length. We have considered in detail the assessment order passed by the Assessing Officer, the order passed by the learned CIT (A) as well as the order passed by the learned Tribunal and the reasonings and findings recorded by the learned CIT (A) as well as the learned Tribunal.

3. Now, so far as the proposed question No. A viz. deleting dis-allowance to the tune of Rs.4,24,30,623/- by the learned CIT (A) and confirmed by the learned Tribunal is concerned, at the outset it is required to be noted that dis-allowance were made by the Assessing Officer under Section 40(a)(ia) of the Income Tax Act (hereinafter referred to as “IT Act”) on the ground that the TDS amount was not deducted by the assessee. However, considering the material on record, the learned CIT (A) as well as the learned Tribunal have observed that infact the payments were reimbursement of lease rent charges paid to lessor viz. SREI Infrastructure Ltd. by Sanghi Industries Ltd. (SIL) and the TDS was deducted and paid by the concerned assessee – SIL. Considering the above, it cannot be said that the learned CIT (A) as well as the learned Tribunal committed any error in deleting such dis-allowance.

4. Now, so far as the proposed question No. B viz. deleting dis-allowance made on account of lease rental payments, dis-allowance of Rs.70 lakh under Section 37(1) of the IT Act on account of operating and maintenance charges and repairs and maintenance charges of Rs.60 lakh under Section 40(a)(ia) of the IT Act on the payments on which TDS was not deducted by the assessee is concerned, it is required to be noted that in the year under consideration, no TDS was deducted as the same was contingent liability and the bills were not issued which were issued subsequently and on that the TDS was deducted as and when the final bills were received. Considering the above, no error has been committed by the learned CIT (A) as well as the learned Tribunal in deleting the dis-allowance. We are in complete agreement with the view taken by the learned Tribunal as well as the learned CIT (A).

5. Now, so far as the proposed question No.C is concerned, the same is consequential to question No.B, which is held against the Revenue as observed hereinabove.

6. In view of the above and for the reasons stated above, no substantial question of law arise in the present Tax Appeal and the same deserves to be dismissed and is, accordingly, dismissed.

Other Income Tax Judgments

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GST (Amendment) Act 2018 Notified : Download /Print

GST (Amendment) Act, 2018

The President has given its assent to the Central GST (Amendment) Act, 2018, Integrated GST (Amendment) Act, 2018, Union Territory GST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 on August 29, 2018.

Download GST (Amendment) Act 2018

The Central Goods and Services Tax (Amendment) Act, 2018

The Integrated Goods and Services Tax (Amendment) Act, 2018.

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CBDT final Rules for Computation of FMV of Inventory converted into Capital Asset

The Central Board of Direct Taxes has released final Rule 11UAB prescribing the manner of determination of fair market value of the inventory converted into capital asset. shall come into force from the 1st day of April, 2019 and shall apply in relation to assessment year 2019-20 and subsequent years.

Earlier the draft rule was released on May 03, 2018 which was placed before the stakeholders for comments/suggestions.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 30th August, 2018
INCOME-TAX

S.O. 4213(E).—In exercise of the powers conferred by clause (via) of section 28 read with
section 295 of the Income-tax Act, 1961 (43 of 1961), hereinafter referred to as the Income-tax Act, the
Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962,
namely:
1. (1) These rules may be called the Income-tax (9th Amendment), Rules, 2018.
(2) They shall come into force from the 1st day of April, 2019 and shall apply in relation to assessment year 2019-20 and subsequent years.

2. In the Income-tax Rules, 1962,

(a) in rule 11U, in clause (b), for sub-clause (ii), the following sub-clause shall be substituted, namely:—
“(ii) in any other case,—

(A) in relation to an Indian company, the balance-sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date which has been audited by the auditor of the company appointed under the laws relating to companies in force; and

(B) in relation to a company, not being an Indian company, the balance-sheet of the company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date which has been audited by the auditor of the company, if any, appointed under the laws in force of the country in which the company is registered or incorporated;”;

(b) after rule 11UAA, the following rule shall be inserted, namely:

“11UAB. Determination of fair market value for inventory.(1) For the purposes of clause (via) of section 28 of the Act, the fair market value of the inventory,—

(i) being an immovable property, being land or building or both, shall be the value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of such immovable property on the date on which the inventory is converted into, or treated, as a capital asset;

(ii) being jewellery, archaeological collections, drawings, paintings, sculptures, any work of art, shares or securities referred to in rule 11UA, shall be the value determined in the manner provided in sub-rule (1) of rule 11UA and for this purpose the reference to the valuation date in the rule 11U and rule 11UA shall be the date on which the inventory is converted into, or treated, as a capital asset;

(iii) being the property, other than those specified in clause (i) and clause (ii), the price that such property would ordinarily fetch on sale in the open market on the date on which the inventory is converted into, or treated, as a capital asset.”.

[Notification No. 42/2018/F. No. 370142/05/2018-TPL]
PRAVIN RAWAL, Director (TPL-II)

Note : The principal rules were published in the Gazette of India vide notification No. S.O. 969(E), dated the
26th March, 1962, and was last amended by vide notification number G.S.R. 666(E), dated 20.07.2018.

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GSTIN Number given Late to Supplier ? B2C can’t be converted into B2B

GST FAQs on Financial Services Sector published by CBIC

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GST on Cancellation of Agreement to Sell a property

GST on Cancellation of Agreement to Sell

Mr A had sold a property for say Rs. 1 Crore and received an advance of Rs. 50 lakhs from Mr B at the time of making the sale agreement.

Now after 3 months the buyer is not able to make the complete payment. Both parties agreed that the buyer can get some other buyer say Mr C. If Mr C payes Rs. 1 crore to the seller the seller will return the complete advance to previous seller. If not say Mr C payes only 79 lakhs Mr A will hold 21 lakhs and pay 29 lakhs back to Mr B. Now is 21 lakhs received Will be liable to pay GST ?

Answer It is tolerating an act or situation which is deemed service and GST will be payable on Rs 21 lakhs.

As per Section 9 of CGST Act 2017

Levy and Collection.

9. (1) Subject to the provisions of sub-section (2), there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both………….

As per Section 5 of IGST Act 2017

Levy and collection.

5. (1) Subject to the provisions of sub-section (2), there shall be levied a tax called the integrated goods and services tax on all inter-State supplies of goods or services or both,

Comment : GST is levied on Supply of Goods or Services or Both.

As per Section 7 of CGST Act 2017

Scope of supply.

7.(1) For the purposes of this Act, the expression “supply” includes—

………..

(d)

the activities to be treated as supply of goods or supply of services as referred to in Schedule II.

Comment : As per Section 7 , Activities mentioned in Schedule II are also Supply.

Refer Schedule II of CGST Act 2017 : ACTIVITIES TO BE TREATED AS SUPPLY OF GOODS OR SUPPLY OF SERVICES

5. Supply of services

The following shall be treated as supply of services, namely:—

…….

(e)

agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; and

Comment : As per Schedule II of CGST Act, if the person refrain from an act or tolerate an act or situation or to do an act than it will be treated as Supply of Services

GST Scope of Supply : Free Study Material

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Pure Agent Concept in GST : Analysis

Pure Agent Concept in GST

INTRODUCTION

The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another.

So, who is a pure agent and why is a pure agent relevant under GST? Broadly speaking, a pure agent is one who while making a supply to the recipient, also receives and incurs expenditure on some other supply on behalf of the recipient and claims reimbursement (as actual, without adding it to the value of his own supply) for such supplies from the recipient of the main supply.

While the relationship between them (provider of service and recipient of service) in respect of the main service is on a principal to principal basis, the relationship between them in respect of other ancillary services is that of a pure agent.

Let’s understand the concept by taking an example.A is an importer and B is a Custom Broker. A approaches B for customs clearance work in respect of an import consignment.The clearance of import consignment and delivery of the consignment to A would also require taking service of a transporter.So A, also authorises B, to incur expenditure on his behalf for procuring the services of a transporter and agrees to reimburse B for the transportation cost at actuals.In the given illustration, B is providing Customs Brokers service to A, which would be on a principal to principal basis. The ancillary service of transportation is procured by B on behalf of A as a pure
agent and expenses incurred by B on transportation should not form part of value of Customs Broker service provided by B to A.This, in sum and substance is the relevance of the pure agent concept in GST.

RELEVANCE OF PURE AGENT UNDER GST

The concept is borrowed from the erstwhile Service Tax Determination of Value Rules, 2006 and carried forward under GST. Under the GST Valuation Rules 2017 ( Rule 33 of CGST Rules 2017 ), a pure agent is given the following meanings.

A “pure agent” means a person who:

(a) enters into a contractual agreement with the recipient of supply to act as his pure agent to incur expenditure or costs in the course of supply of goods or services or both

(b) neither intends to hold nor holds any title to the goods or services or both so procured or provided as pure agent of the recipient of supply

(d) receives only the actual amount incurred to procure such goods or services in addition to the amount received for the supply he provides on his own account

The important thing to note is that a pure agent does not use the goods or services so procured for his own interest and this fact has to be determined from the terms of the contract.In the illustration of Importer and Customs Broker given above, assuming that the contract was for clearance of goods and delivery to the Importer at the price agreed upon in the contract.In such case, the Customs Broker would be using the transport service for his own interest (as the agreement requires him to deliver the goods at the importers place) and thus would not be considered as a pure agent for the services of transport procured.

Another important fact is that, the person who provides any service as a pure agent receives only the actual amount for the services provided. Coming back to our example of Importer and Customs Broker, the agreement provides reimbursement of transport services utilised at actuals.

In this case, let’s say the value of transport service was Rs.10,000/-.If the Customs Broker charges any amount more than Rs.10,000/-, then he will not be considered as a pure agent for the services of transport and the value of transport service will be included in the value of his Customs Broker service.

EXCLUSION FROM VALUE

Expenditure incurred as pure agent becomes relevant, when it comes to determining the value of a supply for levy of GST. The preceding para explains who will be considered as a pure agent.The valuation rules provide that expenditure incurred as pure agent, will be excluded from the value of supply, and thus also from aggregate turnover. However, such exclusion of expenditure incurred as pure agent is possible only and only if all the conditions required to be considered as a pure agent and further conditions stipulated in the rules are satisfied by the supplier in each case.

The supplier would have to satisfy the following conditions (in addition to the condition required to be satisfied to be considered as a pure agent)for exclusion from value:

(i) The supplier acts as a pure agent of the recipient of the supply, when he makes payment to the third party on authorization by such recipient

(ii) The payment made by the pure agent on behalf of the recipient of supply has been separately indicated in the invoice issued by the pure agent to the recipient of service

(iii) The supplies procured by the pure agent from the third party as a pure agent of the recipient of supply are in addition to the services he supplies on his own account

In case the conditions are not satisfied, such expenditure incurred shall be included in the value of supply under GST.

The following illustration will make the concept clearer:

• Corporate services firm A is engaged to handle the legal work pertaining to the incorporation of Company B

• Other than its service fees, A also recovers from B, registration fee and approval fee for the name of the company paid to Registrar of the Companies

• The fees charged by the Registrar of the Companies registration and approval of the name are compulsorily levied on B

• A is merely acting as a pure agent in the payment of those fees.

• Therefore, A’s recovery of such expenses is a disbursement and not part of the value of supply made by A to B.

Some examples of pure agent are:

1. Port fees, Port charges, Custom duty, dock dues, transport charges etc. paid by Customs Broker on behalf of owner of goods.

2. Expenses incurred by C&F agent and reimbursed by principal such as freight, godown charges.

Illustration:

Suppose a Customs Broker issues an invoice for reimbursement of a few expenses and for consideration towards agency service rendered to an importer. The amounts charged by the Customs Broker are as below:

In the above situation, agency income and travelling/ hotel expenses shall be added for determining the value of supply by the Customs Broker whereas Docks dues and the Customs Duty shall not be added to the value, provided the conditions of pure agent are satisfied.

CONCLUSION

A pure agent concept is an important one for businesses as it has direct implications on the value of taxable service. It has direct bearing on the amount of GST charged on a particular supply. It also has bearing on the aggregate turnover of the supplier and therefore on calculating the threshold limit for registration. Whenever the intention is to act as a pure agent, care should be taken to ensure that the conditions specified for such pure agents and further conditions given in the valuation rules are also met so that only the real value of the service provided is subjected to GST.

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If Charitable religious entity ( registered under Section 12AA of Income Tax act ) Receive rental income from building not situated within premises. Will it be liable for GST ?

There is NIL GST on the following

Services by a person by way of—

(b) renting of precincts of a religious place meant for general public, owned or managed by an entity registered as a charitable or religious trust under section 12AA of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) or a trust or an institution registered under sub-clause (v) of clause (23C) of section 10 of the Income-tax Act or a body or an authority covered under clause (23BBA) of section 10 of the said Income-tax Act:

Provided that nothing contained in entry (b) of this exemption shall apply to,—

(i) renting of rooms where charges are one thousand rupees or more per day;

(ii) renting of premises, community halls, kalyanmandapam or open area, and the like where charges are ten thousand rupees or more per day;

(iii) renting of shops or other spaces for business or commerce where charges are ten thousand rupees or more per month.

[ Note Precincts not defined in GST Act. Dictionary meaning : Precincts: the area within the walls or perceived boundaries of a particular building or place.

[ Entry No 13 of NOTIFICATION NO. 12/2017 – CENTRAL TAX (RATE) DATED 28-6-2017 ]

My Opinion

If Building is situated in precincts of a religious place meant for general public , and rental income is within Limits of NOTIFICATION NO. 12/2017 – CENTRAL TAX (RATE) DATED 28-6-2017 then no GST is applicable
If Building is situated outside the precincts : then GST is payable on rental income received by Charitable trust

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New Draft Rules for issue of PAN Card released by CBDT

Summary : As per New Draft Rules In case no option is provided then PAN card will be issued with father’s name except in case where father’s name is not furnished and mother is the single parent. In such cases mother’s name
will be printed on PAN card

F.No. 370142/40/2016-TPL (Part-I)
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)

New Delhi, Dated August 31, 2018

Subject: Draft notification proposing amendments in rule 114 of the Income-tax Rules, 1962
and permanent account number application Forms (Form 49A and Form 49AA)-reg.

Rule 114 of the Income-tax Rules, 1962(the Rules) inter alia provides that an application for
the allotment of permanent account number (PAN) shall be made in Form No.49A (in case of
Indian citizens/Indian companies/Entities incorporated in India/Unincorporated entities formed in
India) or 49AA (In case of individuals not being a citizen of India/entities incorporated outside
India/Unincorporated entities formed outside India). At present, providing Father’s name in the
PAN application Forms (Form No.49A and Form No.49AA) is mandatory, however, the applicant
has been given an option to select name of either father or mother, which the applicant may like to
be printed on PAN card. In order to provide that father’s name shall not be mandatory in PAN
application Forms, where mother is the single parent, an amendment in PAN application Forms is
proposed to provide that mentioning father’s name in the aforementioned Forms shall not be
mandatory except in cases where mother is the single parent and mentioning mother’s name shall be
mandatory in cases where father’s name is not furnished and mother is the single parent.

2. Vide Finance Act, 2018 section 139A of the Income-tax Act, 1961 (the Act) has been
amended to provide for allotment of PAN to every person being a resident, other than an individual,
which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees
or more in a financial year; and to the managing director, director, partner, trustee, author, founder,
karta, chief executive officer, principal officer or office bearer or any person competent to act on
behalf of such person. However, corresponding rule 114 of the Rules does not provide the time line
by which such person may apply for PAN allotment. Therefore, rule 114 of the Rules is proposed to
be amended to provide time line by which a person referred to clause (v) and clause (vi) of subsection
(1) of section 139A of the Act may apply for PAN allotment.

3. Further, vide Finance Act, 2018, clause (c) of Explanation to section (8) of section 139A of
the Act has been amended to provide that “permanent account number under the new series” means
a permanent account number having ten alphanumeric characters. Since, the said section earlier
provided that the PAN shall be issued in the form of a laminated card, an amendment in rule 114 of
the Rules is proposed to empower Principal Director General/Director General of Income Tax
(Systems) to specify the manner in which PAN shall be issued.

4. In view of the above, it is proposed to amend the Income-tax Rules, 1962 so as to make
necessary amendments in rule 114 of the Rules and PAN application Forms (Form No.49A and
49AA).

5. The draft proposal is as under:
“2. In the Income-tax Rules, 1962:__
“(I) in rule 114, in sub-rule (3), after clause (iv), following clauses shall be inserted, namely: __
‘(v) in the case of a person, being a resident, other than an individual, which enters into a financial
transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year
and which has not been allotted any permanent account number, on or before the 31st day of May,
immediately following the financial year in which such transaction is entered into;
(vi) in the case of a person, who is the managing director, director, partner, trustee, author, founder,
karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v)
or any person competent to act on behalf of the person referred to in clause (v) and who has not
been allotted any permanent account number, on or before the 31st day of May, immediately
following the financial year in which such transaction is entered into.’;

(II) in rule 114, in sub-rule (6):-
‘(i) for the words, brackets and figure “or intimation of Aadhaar number in sub-rule (5)”, the words,
brackets and figure “, intimation of Aadhaar number in sub-rule (5) and issue of permanent account
number” shall be substituted;
(ii) for the words “and intimation of Aadhaar number”, the words “, intimation of Aadhaar number
and issue of permanent account number” shall be substituted.’;
(III) in Appendix II, in Form number 49A and Form number 49AA, for column number 6 and
entries relating thereto, the following item shall be substituted, namely:-

(In case no option is provided then PAN card will be issued with father’s name except in case
where father’s name is not furnished and mother is the single parent. In such cases mother’s name
will be printed on PAN card)

Π Father’s name Π Mother’s name (Please tick as applicable)’.”

6. The comments and suggestions of stakeholders and general public on the above draft
notification are invited. The comments and suggestions may be sent electronically by 17th
September, 2018 at the email address, ts.mapwal@nic.in.

(Dr. T. S. Mapwal)
Under Secretary (TPL-IV)
Tel: 011-23095471
Email: ts.mapwal@nic.in

Download Notification

Click here

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Father’s Name not Mandatory in PAN for Children of Single Parents: Govt proposes Amendment in PAN Application Forms

The Central Government has proposed changes in Rule 114 of the Income-tax Rules, 1962 (I.T.Rules) inter alia provides for the manner in which an application for allotment of a permanent account number ( PAN ) shall be made in Form No.49A and Form No.49AA (PAN application Forms). At present, furnishing of father’s name is mandatory for the […]

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Important GSTN Alert: Taxpayers cannot access GST Portal Today Night

The Goods and Services Tax portal will not be available to the taxpayers today night, said the GSTN now. “We shall be enhancing services on the GST portal on 31st August, 2018 10:00 PM onwards. GST Portal services will not be GST Portal services will not be available until 04:00 AM, 1st September, 2018. Inconvenience caused […]

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Penalty for ITC Claim: GST Dept’s Insensitive Move to Affect Kerala Traders after Flood [Read Letter]

In a major setback to the flood-affected business community in Kerala, the GST department may send notice to the manufactures, stockists, retailers and shopkeepers if they have claimed input tax credit under goods and services tax, and have to cough up penalties and interest on that. A directive issued by the indirect tax department or […]

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Number of E-Way Bills crossed 20 Crores: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has informed that the number of e-way bills generated from April 1st to till Today has just crossed 20 crores. An advisory issued by the Board has said that since the introduction of E-way Bill system, more than 20 crore E-way Bills have been generated till […]

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Indian Customs goes Digital: Bids Adieu to Mate Receipts

In a bid to go digital, the Indian Customs department to avoid manually issued mate receipts has been eliminated after the automation of customs procedures. Mate receipt is a receipt issued by the Commanding Officer of the ship when the cargo is loaded on the ship. It is a prima facie evidence that goods are loaded in the […]

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GST TRAN-1 can’t be Re-Opened in the absence of Genuine Attempt to File E-Returns or Technical Glitches: Gujarat HC [Read Order]

While rejecting a plea for re-opening the Form GST TRAN-1, a two-judge bench of the Gujarat High Court has held that the return could not be re-opened since there was no genuine honest attempt on the part of the petitioner to file the return in time or the return was failed to upload due to […]

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GST on Goods supplied in Duty-Free Shops: Madhya Pradesh HC asks CBIC to Issue Clarification [Read Order]

A two-judge bench of the Madhya Pradesh High Court has asked the Central Board of Indirect Taxes and Customs (CBIC) to issue a clarification regarding the leviability of the Goods and Services Tax (GST) on the goods supplied through the duty-free shops in the International Airports in India. Before the High Court, the petitioners contended […]

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Rajasthan HC restrains Proceedings for Non-Filing of GST Returns since Migration was not Completed [Read Order]

The Rajasthan High Court, while granting an interim relief to the assesse, asked the department to not take any coercive steps against assesse for non-filing of GST Returns since the assesses application for migration was not completed. Before the High Court, the petitioners argued that they had applied well in time for registration under the […]

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Assessment Order framed within 16 Days of Disposal of Objections is Bad in Law: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has recently held that the Assessment order passed just 16 days after the disposal of objections filed by the assessee is bad in law. Assessee engaged in the business of clothing. The return filed by the assesse for the relevant year was rejected by the Assessing Officer […]

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Loss on Investment in Joint Venture Company can be Written Off: ITAT allows Deduction [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi bench, last day allowed deduction in respect of loss incurred on investment in Joint Venture Company which was written off by the assesse. Assessee, as part of its main objects, entered into a Joint Venture by way of participating in a company in USA for distribution […]

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Thursday, August 30, 2018

Gain from Sale is Business Income If Assessee followed Stock Market Trend: Bombay HC rejects House Wife’s Plea [Read Judgment]

While rejecting a plea of a House wife who claimed that the income earned from the sale of shares is capital gain, the Bombay High Court held that such income is assessable as business income since she moved as per stock market trend and was selling shares at first available opportunity. Assessee, a house wife […]

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GST Cash Invoice Limit

No Limit for GST Cash Invoice

There is no limit prescribed for Issue of Cash Invoice under GST Act . Thus Tax Invoice / Bill of supply can be issued under GST for any Value but one has to keep in mind the Provisions of Income Tax Act of India.

Cash receipt of Rs 2 Lakh or more not allowed under Income Tax Act

As per Section 269 ST of Income Tax Act. No person can receive cash of Rs 2 Lakh or more

i) in aggregate from a person in a day,

ii) in respect of singe transaction ( i.e we can assume one invoice under GST is single transaction)

iii) in respect of transactions relating to one event or occasion from a person

If a person receive cash of Rs 2 Lakh Rs or more in contravention of Section 269ST of Income Tax Act than he may be liable of penalty under section 271DA equal to the amount of such receipt .

Section 269ST of Income Tax Act is reproduced as follow :-

[Mode of undertaking transactions.

269ST. No person shall receive an amount of two lakh rupees or more—

(a)		in aggregate from a person in a day; or
(b)		in respect of a single transaction; or
(c)		in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

Provided that the provisions of this section shall not apply to—

(i)

any receipt by—

(a)		Government;
(b)		any banking company, post office savings bank or co-operative bank;

(ii)		transactions of the nature referred to in section 269SS;
(iii)		such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.

Explanation.—For the purposes of this section,—

(a)		“banking company” shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;
(b)		“co-operative bank” shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.]

Penalty for failure to comply with provisions of section 269ST.

271DA. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:

Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner. ]

Read detailed analysis of Section 269ST :

i) Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017

ii) List of Persons who can receive Cash Payment of Rs 2 Lakh or more – 269ST : CBDT Notification No. 57 /2017/F. No. 370142/10/2017-TPL 3rd July, 2017

iii) CBDT has clarified vide Circular No. 22 of 2017 [ Income Tax ] Dated 03rd July, 2017 that receipt in the nature of repayment of loan by NBFCs or HFCs, the receipt of one instalment of loan repayment in respect of a loan shall
constitute a ‘single transaction’ as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions section 269ST.

Cash Payments of more than Rs 10000 Dis allowed under Income Tax Act

Section 40A(3) of Income Tax Act :-

Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, 1[exceeds twenty thousand rupees,] no deduction shall be allowed in respect of such expenditure.

Note 1 . Words “or use of electronic clearing system through a bank account, exceeds ten thousand rupees,” shall be substituted for “exceeds twenty thousand rupees,” by the Finance Act, 2017, w.e.f. 1-4-2018.

GST Invoice not Paid in 180 days

Submit Request for Rectification of ITR

To submit Request for Rectification, please follow the below steps:

Login to e-Filing website with User ID, Password, Date of Birth/ Date of Incorporation and Captcha.
Go to My Account and click on “Rectification Request”.
Enter PAN, Assessment Year, and Communication Reference Number in the Latest order (either u/s 143(1) or u/s 154). Click on ‘Validate’button.
On successful validation, an additional dropdown is displayed for selecting Rectification Request Type.
Taxpayer can select the following options:
- “Taxpayer is correcting data for Tax Credit Mismatch only”
- “Tax Payer is correcting the data in rectification”
- “No further Data Correction required. Reprocess the case”
On selecting, “Taxpayer is correcting data for Tax Credit Mismatch only” the taxpayer can fill the schedules (i.e. TDS on salary/ TDS other than salary/TCS details/ IT details / DDTP). If the rectification is due to incorrect data entry in TDS or Tax Payment schedule of ITR such as wrong TAN number of Deductor entered or omission of TDS entry (TDS by 2 employers shown against TAN of only one employer) (there is no need to re-submit the entire corrected return)
Click on “Submit” button.

On successful validation, the rectification return is uploaded and success message is displayed.
On selecting “Tax Payer is correcting the data in rectification” and “Rectification Reason” the taxpayer is directed to page where following details are displayed if the rectification is due to incorrect data entry in any other schedule in the ITR (entire corrected return data has to be re-submitted):
- Reason you selected
- Schedules Being Changed
- Select and upload the rectification XML file
- Select the type of Digital certificate (If Applicable)
Click on “Submit” button.

On successful validation, the rectification return is uploaded and success message is displayed.
On selecting “No further Data Correction required. Reprocess the case” the following check boxes are provided if the data submitted in ITR is correct, but TDS mismatch has been rectified by Deductor etc:
- Tax Credit Mismatch
- Gender Mismatch
- Tax/Interest Computation
The taxpayer has to select any of the check box to submit the rectified return.

Click on “Submit” button.

On successful validation, the rectification return is uploaded and success message is displayed.

Rectification of ITR (Income Tax Return) : FAQ

Revised Income Tax Return & Rectification : Answer to Common Questions

Rectification requests of e fled Income Tax Return

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Direct Tax Ready Reckoner with Tax Planning 2018-19 : Bharat Publication 6th Edition 2018

How to rectify Income Tax demand ?

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Income Tax Slabs for AY 2018-19 / FY 2017-18

Income Tax Rate Chart / Income Tax Slabs for AY 2018-19 / FY 2017-18 i.e for income earned from 01.04.2017 to 31.03.2018 , Income Tax will be calculated as per the following slabs of Income Tax Act of India :-

Income Tax Slabs for Individual , HUF or Association of Person or Body of Individual or any other artificial juridical person

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Income Tax Slabs for AY 2018-19 / FY 2017-18 for Individual below the age of 60 years, HUF, AOP, BOI , artificial juridical person

Assessment Year 2018-19

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Less: Rebate under Section 87A [see Note]

Add: Surcharge and Education Cess [see Note]

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

Income Tax Slabs for AY 2018-19 / FY 2017-18 are as follows for senior citizens less than 80 years

Assessment Year 2018-19

Taxable income	Tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 – Rs. 5,00,000	5%
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Less: Rebate under Section 87A [see Note]

Add: Surcharge and Education Cess [see Note]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Income Tax Slabs for AY 2018-19 / FY 2017-18 are as follow for super senior citizens ( 80 years or more)

Assessment Year 2018-19

Taxable income	Tax Rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Add: Surcharge and Education Cess [see Note]

Note:

a) Surcharge:

i) The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).

ii) The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

4.Partnership Firm : Income Tax Slabs for AY 2018-19 / FY 2017-18

Income Tax Slabs for AY 2018-19 / FY 2017-18 for a partnership firm (including LLP) is taxable at 30%.

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

5. Local Authority : Income Tax Slabs for AY 2018-19 / FY 2017-18

For the Assessment Year 2018-19, a local authority is taxable at 30%.

Add:

d) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

6. Domestic Company : Income Tax Slabs for AY 2018-19 / FY 2017-18

For the Assessment Year 2018-19, a domestic company is taxable at 30%. However, for Assessment year 2018-19, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 50 crore in the previous year 2015-16.

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

7. Foreign Company : Income Tax Slabs for AY 2018-19 / FY 2017-18

Assessment Year 2018-19

Nature of Income	Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government	50%
Any other income	40%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

8. Co-operative Society :Income Tax Slabs for AY 2018-19 / FY 2017-18

Assessment Year 2017-18 and Assessment Year 2018-19

Taxable income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%

Add:

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

Topic wise Income Tax Commentary

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Income Tax Return : Free Study Material

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Income Tax Exemptions : Free Study Material

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10 Recent Income Tax Judgments

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How to e verify ITR (Income Tax Return ) : User Guide

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Video ; Transport Allowance Exemption Withdrawn by Govt : Income Tax News [Part 35] : TaxHeal.com

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GST Electronic Credit Ledger Utilization Process

Electronic Credit Ledger : Utilization Process

How can the credit available in the Electronic Credit Ledger be utilized? Can a taxpayer utilize the credit available in one major head to pay tax liability under any other major head?

The amount available in the Electronic Credit Ledger can be utilized for paying off tax liabilities as per the following rules:

ITC of IGST will first be utilised for payment of IGST output tax liability and then the balance can be utilized for payment of CGST and SGST in that order.
ITC of CGST will first be utilised for payment of CGST output tax liability and then the balance can be utilized for payment of IGST.
ITC of SGST will first be utilised for payment of SGST output tax liability and then balance can be utilized for payment of IGST.
ITC of CESS can be utilized only against CESS tax liability. CESS credit is not available for cross utilization with other tax liabilities.

Note: Credit of SGST cannot be utilised for payment of CGST and vice versa.

Friday, August 31, 2018

Other Income Tax Judgments

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Download GST (Amendment) Act 2018

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GST on Cancellation of Agreement to Sell

Pure Agent Concept in GST

INTRODUCTION

RELEVANCE OF PURE AGENT UNDER GST

EXCLUSION FROM VALUE

Illustration:

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Thursday, August 30, 2018

GST Cash Invoice Limit

No Limit for GST Cash Invoice

Cash receipt of Rs 2 Lakh or more not allowed under Income Tax Act

Cash Payments of more than Rs 10000 Dis allowed under Income Tax Act

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GST Invoice not Paid in 180 days

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Submit Request for Rectification of ITR

To submit Request for Rectification, please follow the below steps:

Related Post

Income Tax Slabs for AY 2018-19 / FY 2017-18

Income Tax Slabs for Individual , HUF or Association of Person or Body of Individual or any other artificial juridical person

4.Partnership Firm : Income Tax Slabs for AY 2018-19 / FY 2017-18

5. Local Authority : Income Tax Slabs for AY 2018-19 / FY 2017-18

6. Domestic Company : Income Tax Slabs for AY 2018-19 / FY 2017-18

7. Foreign Company : Income Tax Slabs for AY 2018-19 / FY 2017-18

8. Co-operative Society :Income Tax Slabs for AY 2018-19 / FY 2017-18

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Electronic Credit Ledger : Utilization Process

How can the credit available in the Electronic Credit Ledger be utilized? Can a taxpayer utilize the credit available in one major head to pay tax liability under any other major head?

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