Quotes of the Day:

  1. Never think hard about the PAST, It brings tears. Don't think more about the FUTURE, It brings fears. Live this moment with smile, it brings cheers. 
  2. Happy people are always happy, not because everything is right in their life. They are happy because their ATTITUDE towards everything is right.

NICAI Updates:

  1. Bombay High Court & ITAT ruled out that the transfer of a subsidiary’s share cannot be ‘slump sale’ of an undertaking. The court and tribunal rulings could deter income tax officials from branding every large equity transaction as a slump sale of a business to a third party and levy capital gains tax under section 50B of the Income Tax Act. 
  2. CBIC has clarified vide its Circular, that IGST Credit will be first used to offset IGST Liability and thereafter it can be used to offset CGST and SGST/UGST liability in any order and in any proportion as per newly inserted Rule 88A of the CGST Rules vide Notification No. 16/2019-Central Tax dated 29th March, 2019.
  3. GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated. 
  4. Form DPT-3 is likely to be revised on MCA21 Company Forms Download page w.e.f 1st May, 2019. Stakeholders are advised to check the latest version before filing. 
  5. eForm MSME (Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises) will be available on MCA21 Company Forms Download page w.e.f 1st May 2019.
  6. Government's initiatives such as relaxed norms for company incorporation, and removing requirement of a bank account for GST registration will help India further improve its ease of doing business ranking of the World Bank this year. 
  7. Central Economic Intelligence Bureau (CEIB) is of the view that use of the stringent Prevention of Money Laundering Act could be considered to curb and deter fraudulent input credit tax, claimed by companies generating fake invoices of GST. till December 2018, input tax credit was fraudulently availed by creating fake GST invoices to the tune of Rs 4,000 crore. 

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