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The Institute of Chartered Accountants of India (Set up by an Act of Parliament) ~ ~ AHMEDABAD BRANCH OF WIRC OF ICAI Editorial What’s inside GST Updates International Taxation Vol. No. 5 Issue No. 4 July 2017 Chairman’s Message MANAGING COMMITTEE EDITORIAL BOARD COMMITTEE MEMBERS EX-OFFICIO MEMBERS Dear Members, I wish you a very happy CA Day, as on 1st July 2017, our Institute completed 68 years of its glorious journey of excellence! Last month remained hectic and historic, due to lots of learning, deliberations and hard work by the members and Ahmedabad Branch to support the government for transition st from 1 July to Goods and Service Tax regime, the biggest tax reform after Independence. Also it's pride privilege to have Hon'ble Chief Minister of Gujarat Shri Vijay Rupani as Chief Guest of Mega GST rd Conference organized by Ahmedabad Branch on 3 June. Furthermore, within less than a month, he graces the CA Day Celebration alongwith Union Cabinet Minister Shri Vijay st Pratap Rudy on 1 July where Hon'ble Prime Minister of India Shri Narendra Modi addressed the CA Profession! The Team – Ahmedabad Branch is committed and has done whatever is required to ensure that the members and students are equipped with the latest developments of economic reforms like GST, RERA, Demonetisation, Insolvency & Bankruptcy Code, Benami Property Law and many more. For the month of June alone, the seminars conducted resulting into 27,481 CPE hours of learning for our members. The vital excerpts from speech of Hon'ble Prime Minister Shri Narendra Modi are reproduced below for all of us to think and act: - ICAI foundation day and India's new economic phase of GST both fall on the same day - Your signature carries immense faith, please do not break that trust that is placed on you - Chartered accountants played the most important role in helping us realise the dream of one nation, one tax, one market - If I call you the 'rishi munis' of the economy, I would not be wrong - You are a pillar of India's economy - Indian Chartered Accountants are recognised worldwide - Let's contribute towards India in making it what we want it to be, by the 75th year of independence in 2022 Accounting & Company Law Updates 4 Technology Updates 5 Income Tax Updates Photo Gallery 9 e- 6 7 Quick Connect Forth Coming 8 8 2 3

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Page 1: AHMEDABAD BRANCH OF WIRC OF ICAI e-icaiahmedabad.com/newsletter/july-2017-newsletter.pdfAHMEDABAD BRANCH OF WIRC OF ICAI What’insides Editorial GST Updates International Taxation

The Institute of Chartered Accountants of India(Set up by an Act of Parliament)

~ ~

AHMEDABAD BRANCH OF WIRC OF ICAI

EditorialWhat’s

insideGST Updates International Taxation

Vol. No. 5Issue No. 4

July 2017

Chairman’s MessageMANAGING COMMITTEE

EDITORIAL BOARD

COMMITTEE MEMBERS

EX-OFFICIO MEMBERS

Dear Members,

I wish you a very happy CA Day, as on 1st July 2017, our Institute completed 68 years of its glorious journey of excellence!

Last month remained hectic and historic, due to lots of learning, deliberations and hard work by the members and Ahmedabad Branch to support the government for transition

stfrom 1 July to Goods and Service Tax regime, the biggest tax reform after Independence. Also it's pride privilege to have Hon'ble Chief Minister of Gujarat Shri Vijay Rupani as Chief Guest of Mega GST

rdConference organized by Ahmedabad Branch on 3 June. Furthermore, within less than a month, he graces the CA Day Celebration alongwith Union Cabinet Minister Shri Vijay

stPratap Rudy on 1 July where Hon'ble Prime Minister of India Shri Narendra Modi addressed the CA Profession!

The Team – Ahmedabad Branch is committed and has done whatever is required to ensure that the members and students are equipped with the latest developments of economic reforms like GST, RERA, Demonetisation, Insolvency & Bankruptcy Code, Benami Property Law and many more. For the month of June alone, the seminars conducted resulting into 27,481 CPE hours of learning for our members.

The vital excerpts from speech of Hon'ble Prime Minister Shri Narendra Modi are reproduced below for all of us to think and act:

- ICAI foundation day and India's new economic phase of GST both fall on the same day

- Your signature carries immense faith, please do not break that trust that is placed on you

- Chartered accountants played the most important role in helping us realise the dream of one nation, one tax, one market

- If I call you the 'rishi munis' of the economy, I would not be wrong

- You are a pillar of India's economy

- Indian Chartered Accountants are recognised worldwide

- Let's contribute towards India in making it what we want it to be, by the 75th year of independence in 2022

Accounting & Company Law Updates

4

Technology Updates5

Income Tax Updates Photo Gallery 9

e-

6

7

Quick Connect

Forth Coming

8

8

2

3

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Dear Members,

By the time you would get this e-newsletter, India's biggest tax reform - GST would have been implemented. GST aims to stitch together a common market by dismantling fiscal barriers between states. While addressing the gathering in the Central Hall of the

thParliament on 30 June 2017, Prime Minister Narendra Modi highlighted the new tax system's advantages and among other things, quoted Indian philosopher, economist and royal advisor Chanakya - “Whatever is very distant or difficult to get, hard work and perseverance can make it achievable.”

The way that Chanakya applied his teachings of niti-shastra has made him stand out as a significant historical figure. The great Pandit teaches us that lofty ideals can become a

certain reality if we intelligently work towards achieving our goals in a determined, progressive and practical manner.

It gives me immense pleasure to share the July edition of the e - newsletter on the theme “Chanakya Niti”. Chanakya Niti is a treatise on the ideal way of life, and shows Chanakya's deep study of the Indian way of life. Let us learn the most valuable management lessons from the “Management guru” of ancient India.

I would like to take this opportunity to sincerely thank all the contributors for sending the updates and sparing their precious time for the cause of the profession. In order to make the newsletter more resourceful, we need your support by way of contribution of updates, useful suggestions, etc. I would request you to send your contributions on the topics of Direct & Indirect taxes, Corporate Law, Information technology, Indian & World economy and other interesting topics. Kindly email your contributions, achievements etc. on [email protected]. The editorial team will publish the best contribution at its own discretion. I extend my sincere gratitude to the Editorial team for their hard work to publish this newsletter in time.

Happy Reading!

CA Harit DhariwalChairman, Newsletter Committee

We have organized series of seminars, conference and workshop on GST to make it Good and Simple. During the month of June, virtual GST certificate course, GST morning batch Clause by Clause reading workshop, Sector specific GST Impact seminars, Two Days GST Conference and other seminars were organized.

In addition, seminar of US tax and FBAR filing, Direct tax refresher course, practical training on Information System Audit, Seminar on Insolvency & Bankruptcy Code 2016, seminar on RERA etc have been conducted for the benefit of members.

Special GST Training seminars for CA Students, future chartered accountants organized, where more than 1,000 students get benefited.

Alongwith all these knowledge related seminars, we have also organized Cricket League with 32 teams participation and arranged for Live screening of India V Pakistan cricket match.

Respecting the thought “Yoga is not just a workout – it's about working on yourself”, the yoga daywas celebrated by Ahmedabad Chapter of all three Professional Institutions ICAI, ICSI and ICAI-CMA at Shivanand Ashram.

Proud to be CA!

Sincerely Yours,

CA. Chintan N. PatelCHAIRMAN

Even if the destination or the desired object be far away or difficult to achieve one can reach it or get it if one is determined. Nothing is impossible for a determined person.

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Before you start some work always ask yourself three questions- Why am I doing it,What results might be, and will I be successful? Only when you think deeply and find

satisfactory answer to these questions, go ahead.

GST Updates (Contributed by CA. Monish S. Shah)

specified in rule 55 of the Gujarat Goods and Services

Tax Rule, 2017.

5. The form generated shall be valid for the period

mentioned below:

Type From Validity Period

From -402 Up to 72 hours from generating form,

from the website and producing the

same to the same to the proper

officer, Validiation Unit. In case of

contingency, when the goods carried

is transferred and taken by another

conveyance, than in that case, further

72 hours.

From-403 15 days from generating form, from

the website and producing the same

to the proper officer, validation Unit.

From-405 15 days from generating form, from

(Transit Pass) the website and producing the same

to the proper officer, Validation Unit.

From-405 72 hours from production of the form

(Transit Pass ) to the proper officer, first validation

unit to produce the same to the

proper officer, last Validation unit. In

case of contingency, when the goods

carried is transferred and taken by

another conveyance, then in that

case, Further 72 hours.

Notification as per excel sheet attached

Important Amendments

Notification No.VU/GST-2017 / 333: The Gujarat

Government with regards to rule 138 Under GST and rule

51 and 52 of the Gujarat VAT has notified Every movement

of supply of goods , from , to and through the state, shall be

accompanied by electronically generated From 402, From

403 or From 405 ( as may be applicable ).

The Following is the procedure that needs to be followed:

1. Every movement of supply of goods , from , to and

through the state, shall be accompanied by

electronically generated From 402, From 403 or

From 405 ( as may be applicable ) as specified in Rule

51 and 52 of the Gujarat VAT.

2. The Form generated on the website may authenticate

the movement of supply of goods when the form or

the unique code which identifies the relevant Form,

along with document are produced and same are

verified and inspected by proper officer or Validation

unit.

3. In such case, From 402 or From 403 generated on the

website may authenticate the movement of supply of

goods when the From or the unique code which

identifies the relevant From, along with document

are produced and same are verified by the proper

officer under whose jurisdiction such person is

located .

4. A person in charge of a conveyance carrying any

taxable goods shall also carry duplicate copy of

invoice as specified in sub rule (1) of rule 48 or as the

case may be, duplicate copy of delivery challan as

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If you want to overpower the entire world merely by just one action, then put restraint upon your tongue speaking ill of others.

Income Tax Updates (Contributed by CA. Nirav Choksi)

F. NEW COST INFLATION INDEX IS NOTIFIED – thNotification No. 44/2017 dated 5 June 2017

The new cost inflation index chart from the base year 2001-02 and applicable from AY 2018-2019 is notified.

http://www.incometaxindia.gov.in/communications/notification/notification44_2017.pdf

thG. 12 Amendment Rules 2017 – Notification No. th46/2017 dated 7 June 2017

The Rules referred to in Section 92CB(2) are being thchanged vide 12 Amendment Rules 2017 (Rule 10TA,

Rule 10TB, Rule 10TC, Rule 10TD and Rule 10TE)

http://www.incometaxindia.gov.in//notification/notification46_2017.pdf

H. Bonds of Power Finance Corporation Section 54EC th– Notification No. 47/2017 dated 8 June 2017

Bonds of Power Finance Corporation redeemable thafter three years and issued after 15 June 2017 are

Long Term Specified Asset as per clause (ba) of Explanation to Section 54EC.

http://www.incometaxindia.gov.in/communications/notification/notification47_2017.pdf

thI. 13 Amendment Rules 2017 – Notification No. th48/2017 dated 8 June 2017

Changes are made in Rule 30 referred to Section 194IB thvide 13 Amendment Rules 2017. Rules now also

provide the format of Form 16C which is the TDS certificate as per Rule 31(3B)

http://www.incometaxindia.gov.in/communications/notification/notification48_2017.pdf

J. AADHAR NUMBER RELATED CHANGES IN RULE 114 th- Notification No. 56/2017 dated 27 June 2017

stFrom 1 July 2017, Aadhar Number to be intimated by all those who are required to do so as per provision of Section 139AA(2).

As also Aadhar Number to be mentioned in all applications of PAN Cards by person who are required to quote Aadhar Number as per Section 139AA.

http://www.incometaxindia.gov.in/communications/notification/notification_56_2017.pdf

A. SETTLED VIEWS ON SECTION 2(22)(e) – Circular thNo. 19/2017 dated 12 June 2017

http://www.incometaxindia.gov.in/communications/circular/circular-19_2017.pdf

B. APPLICABILITY OF EXPLANATION 2 TO SECTION th132B – Circular No. 20/2017 dated 12 June 2017

http://www.incometaxindia.gov.in/communications/circular/circular_20_2017.pdf

C. NON APPLICABILITY OF SECTION 194I ON PASSENGER SERVICE FEES (PSF) Circular No.

th21/2017 dated 12 June 2017

http://www.incometaxindia.gov.in/communications/circular/circular_21_2017.pdf

D. EXTENSION OF DUE DATE FOR FURNISHING FORM nd16 – Notification No. 42/2017 dated 2 June 2017

thLast date of furnishing of Form 16 extended to 15 June stinstead of earlier date of 31 May.

http://www.incometaxindia.gov.in/communications/notification/notification42_2017.pdf

E. TRANSACTIONS OF ACQUISITION OF EQUITY SHARES NOTIFIED AS PER SECTION 10(38) –

thNotification no. 43/2017 dated 5 June 2017

The transactions of acquisition of equity shares stentered into on or after 1 day of October 2004 which

werenot chargeable to securities transaction tax are being notified as referred to in Section 10(38) of the Act.

http://www.incometaxindia.gov.in/communications/notification/notification43_2017.pdf

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.

Insertion of Explanation 2 to Section 132B of the Act shall have a prospective application and so, appeals may not be filed by the Department on this issue for the cases prior to 01.06.2013 and those already filed may be withdrawn/ not pressed upon.

Board has accepted the above view of the High Court of Bombay and accordingly, it is now a settled position that section 194-1 of the Act, will not - apply on PSF.

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No penance is greater than the one done for maintaining peace, no peace is better than the one received from satisfaction, no disease as more damaging than greed and no Dharma is better

than the one having compassion for all.

JUDICIAL PRONOUNCEMENTS

I TRANSFER PRICING

1. Walt Disney Co. (India) (P.) Ltd. [2017] 81 taxmann.com 321 (Mumbai Trib.)

Where assessee-company was rendering content supply and support services to its AE, a company which was not a persistent loss making company, it could not be excluded from list of comparables on ground that it incurred loss in assessment year in question.

- Where TPO while computing total operating expenses of comparables, had taken into account depreciation and provision of FBT, he could not exclude same in case of one particular company in order to bring it in list of comparables.

- Where assessee-company was providing general management and support services to AE, a company having huge margin fluctuations over years could not be accepted as comparable unless it was established that said variation was on account of normal business conditions

- TPO cannot exclude a comparable selected by assessee by making a bald assertion about dissimilarity of functions unless such distinguishing features are brought on record

- In course of comparability analysis carried out by applying TNM method, suitable risk adjustments are permissible if facts of case so warrant.

Caterpillar India (P.) Ltd. [2017] 82 taxmann.com 94 (Chennai Trib.)

- Where assessee-company was carrying out manufacturing activities in two categories, one using modern technology with brand name and other using old technology with market risks internal TNMM could not be used for benchmarking international transactions involving first category.

- Income earned by assessee from Business Management Support Service (BMSS) could

vs. DCIT

2. vs. ACIT

International Taxation(Contributed by CA. Nirzari Shah)

not be regarded as income derived from manufacturing activity and, thus, it could not be considered as a part of operating income of manufacturing segment for computation of PLI.

- Interest on customer overdue could be considered as part of operating income of assessee only when it was relating to trade debtors.

- Where market promotion fee was derived by assessee from carrying out normal business operations, same was to be regarded as operating income while computing PLI.

- 'Liability no longer required written back' by assessee could be taken into consideration while computing PLI only in case assessee managed to prove that it related to an operational income.

- While determining ALP, margin earned by assessee on entire turnover has to be compared with average margin earned by comparables; however, in case of transfer pricing adjustment, if any, has to be made, same would be in respect of only international transactions entered into by assessee and not on entire turnover.

II ROYALTY AND FEES FOR TECHNICAL SERVICES

1. Oncology Services India (P.) Ltd vs. ADIT [2017] 82 taxmann.com 42 (Ahmedabad - Trib.)

- Where assessee paid certain amount to a German based company for sharing of its standard operating procedures (SOPs) developed over a period of time, it amounted to sharing of scientific experiences and thus payment in question was taxable in India as royalty under article 13 of India Germany DTAA.

PERMANENT ESTABLISHMENT

Valentine Maritime (Gulf) LLC. vs. ACIT[2017] 82 taxmann.com 200 (Mumbai - Trib.)

- Actual period of two projects unconnected undertaken by a foreign company could not be combined to determine its PE in India.

III

1.

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He who is aware of the future troubles and who possesses sharp intelligence remains happy. In contradiction to this stage, he who remains inactive, waiting for the good days to come

destroys his own life.

Accounting & Company Law Updates (Contributed by CA. Chintan Patel)

and Qualification of Directors) Amendment Rules, 2017. The amendment notifies certain class of unlisted public companies to which rule 4 relating to number of independent directors will not apply. The amendment will come into force from the date of its publication in the official gazette.

4. Amendment to Schedule IV (Code for Independent Directors) of Companies Act, 2013

The MCA has notified the amendment to Schedule IV to the Companies Act, 2013. Schedule IV prescribes code for independent directors. The amendment shall come into force from the date of its publication in the official gazette.

5. Deferment of Ind AS Implementation in Insurance sector

The IRDAI has decided to defer the implementation of Ind AS in the insurance sector for a period of two years. For insurance companies and insurers, Ind AS will now be implemented effective 2020-21. However, the requirement of submitting proformaInd AS financial statements on a quarterly basis will continue to be governed as already directed by the IRDAI.

In accordance with the 28 June 2017 Circular issued by the IRDAI, it has decided to defer Ind AS implementation for insurance companies because of the issuance of IFRS 17 Insurance Contracts. Based on the Circular, the IRDAI intends to require insurance companies to apply Ind AS corresponding to IFRS 17 directly. Hence, they will not be required to adopt Ind AS 104 initially and transition to IFRS 17 at a later date.

6. Ind AS Transition Facilitation Group (ITFG) issues Bulletin 10

The ITFG has considered various implementation issues received from members. The ITFG, after due deliberations, issued clarifications on six Ind AS issues through its bulletin 10.

http://www.mca.gov.in/Ministry/pdf/CompaniesApptandQualificationofDirectorsAmdtRules_06072017.pdf

http://www.mca.gov.in/Ministry/pdf/AmendmentIV_06072017.pdf

https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo3188&flag=1

http://resource.cdn.icai.org/45802indas36018.pdf

1. Exemptions to certain categories of companies

On 13 June 2017, amended notification dated

5 June 2015, granting certain exemption to certain

categories of companies. Among other matters, the

amendment provides key additional exemptions for:

Auditors' reporting on

a y

having

2. Relaxation in Rotation of auditor requirement for

private limited companies.

The MCA has notified the Companies (Audit and Auditors) Second Amendment Rules, 2017. In accordance with the amendment, paid up share capital limit for rotation of auditors in case of private companies has been increased from rupees twenty crore to rupees fifty crore or more. There are no changes in other criteria. The amendment shall come into force from the date of its publication in the official gazette (22 June 2017)

3. Relaxation of independent directors requirement for certain class of unlisted public companies

The MCA has notified the Companies (Appointment

the MCA

(a) Private Companies

Exemption from presentation of cash flow statement

for one person company, small company, dormant

company and private company (if such private

company is a start-up)

internal financial control will

not apply to (i) one person company, (ii) small company,

or (iii) private compan having turnover less than INR

50 crores as per latest audited financial statement or

aggregate borrowing from banks or financial

institution or any body corporate at any point of time

during the financial year less than INR 25 crores

http://www.mca.gov.in/Ministry/pdf/ExemptionPrivat

eCompanies.pdf

(b) Government Companies

http://www.mca.gov.in/Ministry/pdf/ExemptionGover

nmentCompanies_14062017.pdf

(c) Section 8 Companies

http://www.mca.gov.in/Ministry/pdf/ExemptionSectio

n8Companies_14062017.pdf

http://egazette.nic.in/WriteReadData/2017/176824.pdf

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Even if a snake is not poisonous, it should pretend to be venomous.

List of GST Software for Chartered Accountant:-

Software Name Link

ZOHO BOOKS https://www.zoho.com/in/books/gst

CLEARTAX https://cleartax.in/gst

SAG INFO TECH https://saginfotech.com/gst-software.aspx

UDHYOG SOFTWARE www.udyogsoftware.com

LEGAL RAASTA https://www.legalraasta.com/gst/

HUBCO https://www.hubco.in/gst-software

SAHIGST https://sahigst.com/

SINEWAVE https://www.sinewave.co.in/

products/gst/features.aspx

EASY GST http://gstsoftwareindia.in/

TAX RAAHI https://www.taxraahi.com/gst

MANAGE GST www.managegst.com/

GST YUVA gstyuva.comSave My Tax

GST https://www.savemytax.org/Green

GST https://www.greengst.comWebTel

GST http://www.gstinindia.in/KDK

GST https://www.kdkgst.com/

Common Features of the GST Software you should

check before buy any GST filing Software

Seeing the importance of the GST accounting software,

many business organizations and traders have already

adopted the implementation of the GST software for the

smooth tax-paying experience. In addition to the ease of

paying the GST, the business organizations are also

benefited from its important features. Here are some of

them:

· Invoice Generation as per the GST standards: The

business organizations can prepare a proper invoice of

their taxation and other financial records that abide by

the GST standards. This feature by the GST software

helps the businesses in proper regulation of their

Technology Updates (Contributed by Mr. Tarun Masani)

income and expenses.

· E-Filing for the Returns and Return Reconciliation:

Now the business owners do not have the need to rush

to the concerned official building to file their tax

returns. With the help of the GST billing software, it can

all be achieved with one-step e-filing of the returns and

return reconciliation.

· E-Payment Facility: To top it all, the GST accounting

software also offers the ease of paying the tax returns

with much ease through the e-payment facility. It is a

hassle-free process to make the payment online in a

secure manner.

· Tax Computation and Validation : All the

computations are done on the computer system and

therefore, are completely validated.

· Client Management: The GST software also offers the

ease of effective client management for the business

organizations.

· Data import: The data that is relevant to organization's

purposes can be easily imported with the help of the

specialized GST billing software.

· ITC Match/Mismatch Report Generation: In case

there is any trouble or mismatch in the ITC filing, then

the GST accounting software creates the proper report

of the same.

· Credit Management: The GST software can help in the

minimization of debt and in improving the overall cash

flow in the business by the allocation of varying credit

limits to the different parties.

· Budget & Controls: The business organizations can

utilize the funds in an efficient manner and can control

the overall expenditure.

Detailed comparison of list GST Software will be

discussed in next month article.

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He who is aware of the future troubles and who possesses sharp intelligence remains happy. In contradiction to this stage, he who remains inactive, waiting for the good days to come

destroys his own life.

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A mere trickle of the tiny drops of water can fill the pitcher. The same way we must keep on collecting knowledge, Dharma, and money.

S.

No.Date NAME OF THE SEMINAR,

LECTURE MEETING, ETC.VENUE Program Details FEES CPE

Forthcoming Events

1.2017 18th July, 2017 circular

2.

15th July, RRC @ Goa from 15th July to Goa As per -https://icaiahmedabad.com/event.php?id=ODE2

11th & 12th National Conference Golden Glory, Rs. 1,300 12August, 2017 Metamorphosis : The new tomorrow Karnavati Club, till 5th

Digital & Forensic Ahmedabad August, 2017 & Rs. 1,500 thereafter

https://icaiahmedabad.com/event.php?id=ODc3

Following points are required to be checked before

issuing an invoice, debit or credit notes (apart from the

points as mentioned in the Tax Invoice Rules) :-

– Multiple series can be maintained for Invoices.

– Invoice number cannot exceed 16 characters & can

contain “-” & “/”.

– Old serial numbers of invoice can be carried forward in

GST but it is advisable to create a new serial number.

For example,

– It is advisable to create a separate serial number for

reverse charge supplies.

– Tax invoice is required for taxable supplies (even for

sale to unregistered parties) including zero rated& bill

of supply is required in case of exempt supplies and

supplies by composition dealers.

– Per unit rate of product is not a compulsory field in an

invoice.

– In case of transportation of goods, Invoice Reference

Number (IRN) can be generated from common portal

(gst.gov.in) so that the transporter shall not be

required to carry the physical copy of invoice in

duplicate. Currently this facility has not been enabled.

FC/xxxx/20xx-xx for forward charge

supplies & FC/xxxx/20xx-xx' for reverse charge

supplies.

Quick Connect(Contributed by CA. Sandesh Mundra & CA. Naimesh Padhiar))

– Max four digits are required for both HSN code and

Services Accounting Code (SAC).

– Further in case where freight is charged in the invoice

& where different goods are supplied attracting

different rate of taxes then GST on freight may be paid

on the applicable GST rate of the principal supply.

– In case of sale returns, reduction in value or quality

rejections, the supplier shall have issue a credit note.

In case of excess quantity or increase in value of goods

or service, supplier shall have to issue a debit note or

supplementary invoice.

Reverse Charge Services or Receipt of Goods from

unregistered supplier of goods or services :-

In case of reverse charge services or receipt of goods or

services from unregistered supplier,

– Issue a self-tax invoice if the recipient is not registered

under GST.

– In case of a person supplying exempt goods or services

who is not registered under GST, the recipient will not

be liable to issue any invoices and shall not be covered

under GST.

– Limit for purchases from unregistered person (not

services or goods covered under reverse charge

supplies) is where the aggregate value of such

supplies of goods or/and services from any or all the

suppliers shall not exceed Rs. 5,000 in a day. So For

e.g. if expenses are Rs. 12,000 containing 15 parties,

then GST is required to be paid on each entry by raising

a separate invoice.

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One should never leak out one’s well thought out intentions, determinations and they should be jealously guarded like some secret Mantra. The implementation of them should also be achieved

without any fan fare and in total secrecy (to ensure their successful accomplishment.)

Direct Tax Refresher Course on 02.06.2017

Conference on GST on 03.06.2017

08.06.2017

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Whether it be big or small, we must do every work with our full capacity and power. This quality we must learn from the lion.

Virtual Certificate Course on GST on 09.06.2017

Direct Tax Refresher Course - 2017 on 10.06.2017 Seminar on GST - Sector Specific Impact on 15.06.2017

Seminar on Real Estate (Regulation and Development) Act (RERA) & Gujarat Real Estate Rules, 2017 on 16.06.2017

Direct Tax Refresher Course - 2017 on 17.06.2017

Information System Audit Practical Training on 18.06.2017

International Yoga Day on 21.06.2017 GST Seminar on 20.06.2017

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DISCLAIMER: The Ahmedabad branch of WIRC of ICAI is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

The views and opinions expressed or implied in this E- Newsletter are those of the authors or contributors and do not necessarily reflect those of the Ahmedabad Branch of WIRC of ICAI. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of the Ahmedabad branch.

Seminar on US Tax & FBAR Filings on 22.06.2017 Seminar on GST on 27.06.2017

Two Days GST Conference on 24.06.2017

Direct Tax Refresher Course on 24.06.2017

Two Days GST Conference on 25.06.2017

Various GST Seminar

Cricket Match