Late fee for late filing of GSTR3B waived for the month of July

The Central Government vide Notification no:28/2017 has waived the late fee for late filing of GSTR3B for the month of July.

The notification reads as follows:

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs

Notification No.28 /2017 – Central Tax

New Delhi, the 01st September, 2017

G.S.R. ( )E.:- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date.

[F. No. 349/74/2017-GST(Pt.)]

 

(Dr.Sreeparvathy S.L.)
Under Secretary to the Government of India

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Extent of due date of filing of Income Tax Returns for A.Y. 2017-18 for those Tax payers whose last date of filing was 30th September, 2017

The CBDT vide F. No. 225/270/2017/ITA.II has extended the date of filing of Income Tax return from 30/09/2017 to 31/10/2017 for those return whose due date of filing of return was 30/09/2017 by passing an order u/s 119 of the Income Tax Act.

Following is the notification:

The Companies (Amendment) Bill, 2017

The Companies (Amendment) Bill, 2017 has been passed by the Lok Sabha on 27.07.2017 which aims at amending the provisions of Companies Act, 2013.

The Bill incorporates amendments in relation to structuring, disclosure and compliance requirements for companies

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GSTR3: Filing of GSTR3 for the months of July and August.

GSTR3 is the actual return which will be containing data of inward supplies from GSTR2 of the registered person and details of outward supply from GSTR1 of the registered person.

The person has to self assess his tax liability and pay tax accordingly using Input tax credit or through bank.

The government has issued a notification notifying the last dates for filing of GSTR2 for the months of July and August. The last dates are:

For July, 2017: 11th to 15th September, 2017.
For  August, 2017: 26th to 30th September, 2017.

Find the notification below:

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GSTR2: Filing of GSTR2 for the months of July and August.

GSTR2 will be a auto generated detail generated by the GSTR1 of your suppliers.Further, the registered person has to add, correct, modify in such returns any discrepancy he npotices from his suppliers and the person will have to add details of purchase from unregistered dealers in such return.

The government has issued a notification notifying the last dates for filing of GSTR2 for the months of July and August. The last dates are:

For July, 2017: 6th to 10th September, 2017
For  August, 2017: 21st to 25th September, 2017.

Find the notification below:

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Settled view on Deemed Dividend u/s 2(22)(e)

The CBDT vide Circular No.19/2017 dated 12/06/2017 provided a settled view on deemed dividends u/s section 2(22)(e).

The section reads as follows:

Section 2(22) clause (e) of the Income Tax Act, 1961 (the Act) provides that “dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits holding not less than ten per cent of the voting power, or to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profit.

Based on the various decisions in courts namely CIT vs. Creative Dyeing & Printing Pvt. Ltd., CIT vs Amrik Singh,  CIT, Agra vs Atul Engineering Udyog  the board has settled that  trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word ‘advance’ in section 2(22)( e) of the Act.

It also provided that henceforth appeals may not be filed on this ground.

Find the entire circular below:

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