Report of the Standing Council on international competitiveness of the Indian financial sector Volume 1

Notification: Exchange Rates Notification No.96/2017-Custom(NT) dated 18.10.2017

Notification: Notified supplies, when the supply of goods shall be treated as deemed export under GST e.g. supplies against Advance Authorisation, to EOU, under EPCG scheme etc

Notification: Central Goods and Services Tax (Tenth Amendment) Rules, 2017

Notification: seeks to impose definitive anti-dumping duty on the imports of " Color Coated/ Pre-Painted flat products of alloy or non-alloy steel " originating in or exported from China PR and European Union.

Notification: Assigning Jurisdictional Power to Commissioner Rank Officers in a zone for the purpose of deciding appeals pending as on 30th June 2017

Notification: Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2017

Notification: Seeks to amend notification No. 11/2017-CT(R) - Rates for supply of services

Notification: Seeks to amend notification No. 10/2017-IT(R) regarding services provided by Overseeing Committee members to RBI - reverse charge mechanism (RCM)

Notification: Amendments in the Notification No.9/2017- Integrated Tax (Rate), dated the 28th June, 2017 - Exemptions on supply of services

Notification: Seeks to amend notification No. 8/2017-Central Tax - turnover limit for Composition Levy

Notification: Seeks to amend the CGST Rules, 2017

Notification: Seeks to amend notification no. 8/2017-IT dated 14.09.2017 so as to add certain items to the list of “handicrafts goods”

Notification: Seeks to extend the time limit for submission of FORM GST ITC-01

Notification: Seeks to extend the time limit for filing of FORM GSTR-6

Notification: Seeks to extend the time limit for filing of FORM GSTR-5A

Notification: UTGST on Reverse Charge Mechanism (RCM) - payment of tax u/s 7(4) of the UTGST Act, 2017 exempted till 31.03.2018

Notification: Seeks to extend the time limit for filing of FORM GSTR-4

Notification: GST on receipt of advance - payment of tax to be made on issuance of invoice by registered persons having aggregate turnover less than ₹ 1.5 crores

Notification: IGST on Reverse Charge Mechanism (RCM) - payment of tax u/s 5(4) of the IGST Act, 2017 exempted till 31.03.2018

Notification: Seeks to cross-empower State Tax officers for processing and grant of refund

Notification: GST on Reverse Charge Mechanism (RCM) - payment of tax u/s 9(4) of the CGST Act, 2017 exempted till 31.03.2018

Notification: Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods”

Notification: Seeks to cross-empower State Tax officers for processing and grant of refund under IGST

Notification: Persons making inter-State supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding ₹ 20 Lacs

Notification: Amendments in Foreign Trade Policy 2015-20 -reg.

Circular: Amendments in Chapter-4 of Hand Book of Procedures 2015-2020, related to clubbing of Advance Authorisations, extension of Export Obligation period and regularisation of bonafide default in the cases where Authorisations were issued for import of drugs from unregistered sources with pre import condition- reg

Circular: Reassignment of cases pending as on 30-6-2017 with the Commissioner of Central Excise and Service Tax (Appeals)

Circular: Transfer of Shares to IEPF Authority

Circular: THE BIHAR GOODS AND SERVICES TAX (REMOVAL OF DIFFICULTIES) ORDER, 2017

Circular: Pilot Implementation of Paperless Processing under SWIFT-Uploading of Supporting Documents-reg.

Circular: Composition Scheme - the Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2017

Circular: Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

News: Comments and Suggestions Invited for Amendment of Income-tax Rules wrt Registration of Charitable or Religious Trusts

News: RBI Reference Rate for US $

News: CIPAM-DIPP Launches Logo and Tagline Contest for Geographical Indications of India

News: DIPP eases mechanism for processing FDI proposals

News: CBEC to Redistribute Cases in Jurisdictions to Reduce Pendency of Cases With Commissioners (Appeal)

News: Reformative measures like introduction of GST will improve economy: Vice President

News: RBI Reference Rate for US $

News: First Investment Agreement signed between NIIF and a wholly owned subsidiary of Abu Dhabi Investment Authority

News: Over 69 lacs subscribers join Atal Pension Yojana with contribution of ₹ 2690 crores

Article: INSOLVENCY AND BANKRUPTCY CODE, 2016 -A CRITICAL ANALYSIS

Article: CBEC ISSUED 41 NOTIFICATIONS IN A DAY TO GIVE EFFECT TO GST COUNCIL DECISIONS IN 22ND MEET

Article: GST- meaning of ‘services’ seems very restricted due to primary meaning being ‘anything’

Article: RECENT CHANGES IN ‘GST’

Article: Notice to non-filers of GSTR returns – GSTR-3A

Highlight: Central Goods and Services Tax (Tenth Amendment) Rules, 2017 - Notification

Highlight: Reassignment of cases pending as on 30-6-2017 with the Commissioner of Central Excise and Service Tax (Appeals) - Circular

Highlight: Since the password has not been issued to the petitioner the petitioner is unable to complete the process of migration to GST - concerned authority directed to allow the petitioner to complete migration to GST - HC

Highlight: Levy of VAT or GST - case of petitioner is that the works contract for which the agreements were executed prior to 01.07.2017, GST cannot be imposed and 2% VAT alone is applicable - Commissioner directed to consider the representation - HC

Highlight: Notified supplies, when the supply of goods shall be treated as deemed export under GST e.g. supplies against Advance Authorisation, to EOU, under EPCG scheme etc.

Highlight: Form and manner of submission of quarterly return by the composition supplier - Rule 62 of GST Rules, 2017 as amended.

Highlight: A banking company or a financial institution or NBFC are allowed to issue single consolidated tax invoice for the supply of services made during a month at the end of the month under GST

Highlight: Single Invoice-cum-bill of supply for supply of taxable as well as exempted goods or services to an unregistered person under GST.

Highlight: Extension of date for filing of option availed for composition levy - Rule 3 as amended

Highlight: Turnover limit for Composition Levy for CGST - Manufacturers of Certain Goods not eligible for benefit of Composition Scheme u/s 10(1) - Notification as amended

Highlight: SAD refund - Once it is clear that by making a mismatch between the description contained in the original packing list and the description of the goods locally sold, an importer may not be able to claim refund of more than what was paid, then it would follow as a natural corollary that the second objection of the department is merely weaved out of imagination - HC

Highlight: The income from the contributions made by the beneficiaries of the trust is taxable only in their hands and not in the hands of the assessee

Highlight: Amount which was credited in books of accounts of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.

Highlight: Levy of CVD on imports - As the additional duty is to counterbalance and to safeguard the interests of the manufactures in India, if the manufactures in India are not liable to pay duty on the goods of the like category, then on import of such goods the additional duty cannot be levied - HC

Highlight: Taxability and ITC availability on Gifts under GST

Forum: Penalty for Late Filing of GST return

Forum: GST Registration

Forum: Adding invoices in GSTR-1

Forum: oInput credit taking against supply of materials to Power project

Forum: GST ON RCM SUSPENSION DATE

Forum: GST ON LABOUR CHARGES (SORTAX MACHINE)

Forum: ITC on tax paid under RCM

Forum: supplymentory invoice cancel

TMI Note: Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

TMI Note: Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail

TMI Note: ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income

TMI Note: Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account

TMI Note: Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)

Report of the Standing Council on international competitiveness of the Indian financial sector, Volume 1