IGST REFUND - Exports

Dear All,

IGST Refund permitted if goods are exported claiming EPCG benefit . Please see the below notification.

Notification No.54/2018-Central Tax ,dt. 09-10-2018

Sub:-Seeks to make amendments (Twelfth Amendment, 2018) to the CGST Rules, 2017. This notification amends rule 96(10) to allow exporters who have received capital goods under the EPCG scheme

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs
Notification No. 54/2018 ' Central Tax

New Delhi, the 9th October, 2018

G.S.R''(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

1. (1) These rules may be called the Central Goods and Services Tax (Twelfth Amendment) Rules, 2018.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), in rule 89, for sub-rule (4B), the following sub-rule shall be substituted, namely:-

    '(4B) Where the person claiming refund of unutillised input tax credit on account of zero rated supplies without payment of tax has '

    (a) received supplies on which the supplier has availed the benefit of the Government of India, Ministry of Finance, notification No. 40/2017-Central Tax (Rate), dated the 23rd October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1320 (E), dated the 23rd October, 2017 or notification No. 41/2017-Integrated Tax (Rate), dated the 23rd October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1321(E), dated the 23rd October, 2017; or
   
    (b) availed the benefit of notification No. 78/2017-Customs, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1272(E), dated the 13th October, 2017 or notification No. 79/2017-Customs, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1299(E), dated the 13th October, 2017,

the refund of input tax credit, availed in respect of inputs received under the said notifications for export of goods and the input tax credit availed in respect of other inputs or input services to the extent used in making such export of goods, shall be granted.'.

3. In the said rules, in rule 96, for sub-rule (10), the following sub-rule shall be substituted, namely:-

    '(10) The persons claiming refund of integrated tax paid on exports of goods or services should not have -

    (a) received supplies on which the benefit of the Government of India, Ministry of Finance notification No. 48/2017-Central Tax, dated the 18th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1305 (E), dated the 18th October, 2017 except so far it relates to receipt of capital goods by such person against Export Promotion Capital Goods Scheme or notification No. 40/2017-Central Tax (Rate), dated the 23rd October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1320 (E), dated the 23rd October, 2017 or notification No. 41/2017-Integrated Tax (Rate), dated the 23rd October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1321 (E), dated the 23rd October, 2017 has been availed; or

    (b) availed the benefit under notification No. 78/2017-Customs, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1272(E), dated the 13th October, 2017 or notification No. 79/2017-Customs, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1299 (E), dated the 13th October, 2017 except so far it relates to receipt of capital goods by such person against Export Promotion Capital Goods Scheme.'.

[F. No. 349/58/2017-GST (Pt.)]

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

Note :- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification No. 3/2017-Central Tax, dated the 19th June,2017, published vide number G.S.R 610 (E), dated the 19th June, 2017 and last amended vide notification No. 53/2018 - Central Tax, dated the 9th October, 2018, published vide number G.S.R 1007 (E), dated the 9th October, 2018.

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Update on Notification- Amendment in Form 3CD

The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018 (refer mail below).

 

The Central Board of Direct Taxes (CBDT) vide Circular No. 6 / 2018 dated 17th August, 2018 has decided that the reporting under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Tax Audit Report shall be kept in abeyance till 31st March, 2019.

 

Therefore, for Tax Audit Reports to be furnished on or after 20th August, 2018 but before 1st April, 2019, the tax auditors will not be required to furnish details called for under the said clause 30C and clause 44 of the Tax Audit Report.

 

E-form DIR-3 KYC to update database of Directors with MCA

Dear All,

Mendatory requirement for every director. 

LATE FEES if form not uploaded before 31.8.2018 is Rs.5000

PLEASE SUBMIT THE DOCUMENT WITHIN NEXT 5 DAYS

DIR-3 KYC – A step towards updating directors database. As a part of updating its directors database, The MCA has notified the format of E-form DIR-3 KYC under new Rule 12A, vide the 'Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018  dir-3-kyc-rules-kyc-directors.html)', via notification dt. 05.07.2018. DIR-3 kyc is available for filing.

 

Who is required to file DIR-3 KYC?

For Financial year 2018-19 – Any person who has been allotted "Director Identification Number (DIN/DPIN)" on or before 31st March 2018 and the status of such DIN is 'Approved', needs to file form DIR-3 KYC to update KYC details in the system on or before 31st August 2018.

 

For Financial year 2019-20 onwards – Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is 'Approved', would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year.

 

After expiry of the respective due dates, system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as 'Deactivated

Fees for filing E-form DIR – 3 KYC DIR-3 KYC under Rule 12A of Companies (Appointment and Qualification of Directors) Rules, 2014 –

1. Fee payable till the 30 April of every financial year in respect of e‐form DIR‐3 KYC as at the 31st March of immediate previous year. Not Applicable and Fee payable in delayed cases is Rs. 5000/‐

 

2. For the current FY (2018-2019), no fee shall be charged by the govt till August 31, 2018 and delayed fee of Rs. 5000/- shall be charged on or after September 1, 2018.

 

 

The following attachment is mandatory to be filed in all cases:

 Proof of Permanent address - Address proofs like passport, election (voter identity) card, and ration card, driving license, electricity bill, telephone bill or Aadhaar shall be attached and should be in the name of applicant only.

 

Conditional attachments:

 Copy of Aadhaar Card – In case 'yes' is selected in the field "Whether Resident in India"

 Copy of Passport – In case 'Yes' is selected in the field "Do you have a valid passport"

 Proof of present Address – In case 'No' is selected in the field "Whether present residential address is same as permanent residential address"

 

Optional attachments, if any

 

In case of Indian National:-

1. Valid Mobile Number for OTP Verification.

2. Valid E-Mail ID for verification and correspondence.

3. Self Attested Copy of PAN Card.

4. Self Attested Copy of Voter ID Card if any.

5. Self Attested copy of Aadhaar Card.

6. Self-attested Permanent Address Proof (Utility Bills issued by respective government authorities not older than 2 months)

7. Self-attested Present Address Proof, if present address different from permanent address.

8. Passport, If have Valid Passport

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

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GST : Note on NEW Returns and Return Formats - July 2018

Govt has issued a Note on GST - New Returns and Return Formats.

GST Council approved the key features and new format of the GST returns. This brief note lists the salient features of the new return format and business process for the information of trade and industry and other stakeholders.

A copy of the same for your reference. https://drive.google.com/file/d/0B8GyRsbVIg8gRGxHRmdlQl9wMFlkWFIwcThfZ3FMSGN4ZF9n/view?usp=sharing

Regards,
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CA.C.V.PAWAR

Due date for Income tax return filling extended to 31st August, 2018

Dear All,

 

The Central Board of Direct Taxes (CBDT) via Notification dated 26th July, 2018 has extended the 'due date' of filing return of income for AY 18-19 to 31^st August, 2018 for certain categories of taxpayers for whom the original 'due date' of filing return of income was 31^st July, 2018.

 

Website for patanjali swadeshi samriddhi card

Website for patanjali swadeshi samriddhi card apply online

Website for Reset of PIN for patanjali swadeshi samriddhi card 

Website for Creation of patanjali swadeshi samriddhi card profile

http://www.swadeshisamridhi.com/

This link for the benefit for those we do not get correct website address for patanjali swadeshi samriddhi card. 

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Revision of Monetary Limits for filing Income Tax Appeals

The Central Board of Direct Taxes (CBDT) via Circular No. 3/2018 dated 11th July, 2018 has revised the monetary limits for filing of appeal by the Department before Income Tax Appellate Tribunal, High Courts and Supreme Court. The said circular shall supersede the Circular No 21 of 2015 dated 10^th December, 2015.

As per the Circular, appeals / SLPs shall not be filed in case where the "tax effect" does not exceed the monetary limits as under :

a.       Before Appellate Tribunal – Rs. 20,00,000 as against 10,00,000 as per the previous circular.

b.      Before High Court – Rs. 50,00,000 as against 20,00,000 as per the previous circular.

c.       Before Supreme Court – Rs. 1,00,00,000 as against 25,00,000 as per the previous circular.

Further, the Circular defines the term 'tax effect'.

 

Where the disputed issues arise in more than one assessment year, appeal can be filed only for those assessment year or years where the 'tax effect' exceeds the monetary limits.

However, in case of composite order of any High Court or Appellate Authority which includes more than one assessment year, appeals shall be filed in respect of all such assessment years even if the 'tax effect' in any year is less than the monetary limits.

 

In case where appeal has not been filed only on account of tax effect being less than the monetary limit, the PCIT /  CIT shall specifically record that "even though the decision is not acceptable, appeal is not being filed only on consideration that tax effect is less than the monetary limit specified in the Circular".

 

The following issues should be contested on merits even though the 'tax effect' is less than the monetary limits :

a)      Where the Constitutional Validity of the provisions of an Act or Rule is under challenge, or

b)      Where Board's order, Notification Instruction or Circular has been held to be illegal or ultra vires, or

c)       Where Revenue Audit objection in the case has been accepted by the Department, or

d)      Where the addition relates to undisclosed foreign assets / bank accounts.

 

In cases where the tax effect is not quantifiable (Eg. Registration of trusts or institution under section 12A or 12AA), filing of appeal shall not be governed by the monetary limits.

It is pertinent to note that this circular will apply to SLPs/appeals/cross objections/ references already filed and to be filed. Hence, it applies retrospectively. Pending appeals below the specified tax limits may be withdrawn/not pressed.