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TMI Tax Updates e-Newsletter
Nov 11,2015

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28 Highlights / Catch Notes Toggle
3 Articles Toggle
1. Impact of imposition of Swachh Bharat Cess on various services: FAQs
By: ashish chaudhary
Summary : The Swachh Bharat Cess (SBC) was introduced under the Finance Act 2015 to support the Swachh Bharat initiative, effective from November 15, 2015. It imposes an additional 0.5% tax on all taxable services, raising the service tax rate to 14.5%. SBC is collected separately and does not apply to services exempted from service tax. It affects various services, including those under reverse charge and abatement. SBC is not eligible for Cenvat credit, potentially increasing the cost of goods and services. The article addresses FAQs about the implications of SBC on different service tax scenarios.
2. Returns under GST Regime
By: CA Madhav Kalani
Summary : The proposed GST return system introduces a unified e-return for CGST, SGST, IGST, and Additional Tax, requiring all registered persons to file returns for prescribed tax periods, including Nil Returns. UN agencies and certain government entities are exempt from regular filing. Different taxpayer categories have specific return periodicities, such as monthly for most and quarterly for compounding taxpayers. Returns include detailed invoice-level information for B2B and B2C transactions, with auto-population features for inward supplies. Annual returns reconcile with audited financial statements. Non-filers face enforcement actions, and the system relies on robust IT infrastructure for real-time processing and communication.
3. ADVANCES – NOT ASSESSABLE AS INCOME
By: DR.MARIAPPAN GOVINDARAJAN
Summary : Sections 4 and 5 of the Income Tax Act, 1961, address when income becomes taxable, focusing on accrual or receipt. The article examines whether advances received should be considered taxable income, referencing case law. In 'K.K. Khullar v. Deputy Commissioner of Income Tax,' it was ruled that only amounts for services rendered in the year are income, while unearned advances are liabilities. Similarly, in 'R.S. Suriya v. Deputy Commissioner of Income Tax,' advances for uncommenced film projects were deemed non-taxable until the project materialized. The Tribunal consistently ruled that advances without fulfilled conditions or written agreements should not be treated as income.
4 News Toggle
1. Reforms in FDI
Summary : India's government has introduced significant reforms to boost foreign direct investment (FDI) across 15 key sectors, aiming to streamline processes and enhance the ease of doing business. These reforms include increasing the Foreign Investment Promotion Board's limit from 3,000 to 5,000 crore rupees, simplifying investment procedures, and encouraging investments by non-resident Indians. Key sectors affected include agriculture, defense, broadcasting, and civil aviation. The initiatives are part of broader campaigns like 'Make in India' and 'Skill India' to drive economic growth, create jobs, and integrate India more deeply into the global economy. The reforms also aim to consolidate FDI-related instructions for investor convenience.
2. Dr. Raghuram Rajan appointed as Vice-Chairman on BIS Board
Summary : The Governor of the Reserve Bank of India was elected as the Vice-Chairman of the Board of Directors of the Bank for International Settlements (BIS) for a three-year term starting November 10, 2015. Having joined the BIS Board in December 2013, he was welcomed into his new role by the Chairman of the BIS Board, who expressed gratitude for his ongoing contributions to the institution.
3. RBI Reference Rate for US $
Summary : The Reserve Bank of India set the reference rate for the US Dollar at Rs. 66.3495 on November 10, 2015, slightly up from Rs. 66.3378 on November 9, 2015. Based on this rate, the exchange rates for other major currencies were determined: 1 Euro was Rs. 71.2992, 1 British Pound was Rs. 100.2806, and 100 Japanese Yen was Rs. 53.80. The SDR-Rupee rate will also be based on this reference rate.
4. Indirect Tax Revenue (Provisional) collections during October 2015 increased by 36.8% as compared with collections made in October 2014; Cumulatively, during April-October 2015, Indirect Tax Collections increased by 35.9% over the collections made during the same period last year suggesting a healthy growth in the underlying tax base
Summary : Indirect tax revenue collections in October 2015 rose by 36.8% compared to October 2014, with cumulative collections from April to October 2015 increasing by 35.9% over the previous year. The total revenue for April-October 2015 reached Rs. 3,82,860 crore, up from Rs. 2,81,798 crore in the same period in 2014. Central Excise collections grew by 68.6%, Service Tax by 26.1%, and Customs by 16.8%. These increases were partly due to government measures like excise hikes on diesel and petrol, increased Service Tax rates, and withdrawal of certain exemptions. Excluding these measures, the growth was 11.6%.
2 Notifications Toggle

VAT - Delhi

1.
No. F.6(8)/Fin(Rev-I)/2010-11/DS-VI/902 - dated - 6-11-2015 - DVAT
Appointment of Sh.Abhishek Dev, Additional Commissioner as Registrar of Chits.
Summary : The Lieutenant Governor of the National Capital Territory of Delhi has appointed an Additional Commissioner from the Department of Trade & Taxes as the Registrar of Chits. This appointment is made under the authority of the Chit Funds Act, 1982, specifically under sub-section (1) of section 61 and clause (q) of section 2. The appointed individual is tasked with carrying out the responsibilities assigned to the Registrar under the Act. This decision is formalized by the Deputy Secretary of Finance on behalf of the Lieutenant Governor.
2.
No. F.3(19)/Fin(Rev-I)/2015-16/DS-VI/901 - dated - 6-11-2015 - DVAT
Appointment of Sub Divisional Magistrate of Revenue Department
Summary : The Government of the National Capital Territory of Delhi has appointed Sub Divisional Magistrates from the Revenue Department as Value Added Tax Authorities. This appointment is made under the authority of the Delhi Value Added Tax Act, 2004, and its accompanying rules. These magistrates will assist the Commissioner of Value Added Tax in administering the Act. This decision is issued by the Deputy Secretary of Finance in the name of the Lieutenant Governor of Delhi.
4 Circulars / Instructions / Orders Toggle

Service Tax

1.
187/6/2015 - dated 10-11-2015
Speedy disbursal of pending refund claims of exporters of services under rule 5 of the CENVAT Credit Rules, 2004
Summary : The circular from the Ministry of Finance, dated November 10, 2015, outlines a scheme for the expedited processing of pending refund claims for exporters of services under Rule 5 of the CENVAT Credit Rules, 2004. Applicable to claims filed by March 31, 2015, the scheme requires claimants to submit additional documents, including a certificate from an auditor and an undertaking. Upon receipt, a provisional payment of 80% of the claimed refund is made within five working days. The scheme emphasizes prompt processing, verification, and monitoring to ensure timely disbursal and minimal delays, aligning with the Year of Taxpayer Services initiative.

Income Tax

2.
17/2015 - dated 9-11-2015
Constitution of Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment
Summary : The Central Board of Direct Taxes (CBDT) has mandated the formation of Local Committees across all Principal Chief Commissioners of Income Tax (Pr. CCIT) regions to address taxpayer grievances related to high-pitched scrutiny assessments. Each committee will consist of three senior tax officers, with the Additional Commissioner of Income Tax acting as Member Secretary. These committees are tasked with resolving grievances within two months, examining cases for high-pitched assessments, and ensuring that principles of natural justice are followed. If unjust assessments are identified, reports will be submitted for administrative action. These committees are not alternative appellate channels but aim to ensure fair assessment practices.

DGFT

3.
46/2015-20 - dated 9-11-2015
Amendment in Para 9.06 of Handbook of Procedure (2015-20)
Summary : The Directorate General of Foreign Trade, under the Ministry of Commerce and Industry, has amended Para 9.06 of the Handbook of Procedure (2015-2020). The amendment involves changing the reference from Appendix-4G to Appendix-4H in the requirement for importers to maintain a consumption register. This register is to be kept for three years for items imported under an Authorisation and separately for items imported with actual user conditions. The amendment specifies that the register must be maintained for a specified period concerning particular schemes.
4.
45/2015-20 - dated 9-11-2015
Amendment in Para 2.90 (d) of HBP 2015-20
Summary : The Director General of Foreign Trade has amended Para 2.90 (d) of the Handbook of Procedures 2015-2020. Previously, agencies seeking enlistment in Appendix 2I were required to submit their applications to the concerned Regional Authority (RA). The amendment now directs these agencies to submit their applications directly to the Directorate General of Foreign Trade (DGFT). This change aims to streamline the application process for agencies seeking enlistment in Appendix 2I of the Appendices & Aayat Niryat Forms.

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