Indian GST & TAXES

*22.08.2018 Economic News* 👉The National Company Law Tribunal (NCLT) here is likely to deliver its judgment on August 27, on the application filed by the Interim Resolution Professional (IRP) of Lanco  Infratech Limited for the liquidation of the company. 👉With the banking sector being dented by a slew of frauds in recent months, the country’s top banks are increasingly depending on artificial intelligence (AI)-based solutions to improve their internal risk management operations. 👉In a relief to FPIs(foreign portfolio investors), markets regulator Sebi on Tuesday extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. 👉The Securities and Exchange Board of India (Sebi) is considering doubling or even quadrupling the minimum ticket size for investment in portfolio management services (PMS) schemes. The regulator is worried about the current investment limit of Rs 2.5 m

FORM 3CD CHANGES DEFERRED TILL 31.03.19 FORM 3CD CHANGES    The CBDT has issued a Circular defers implementation of *Clause 30C and Clause 44 of the Revised Tax audit Report Form 3CD upto 31 March 2019*, earlier notified on 20 July 2018 to be applicable from 20 Aug. 2018 in view of representations from stakeholders, like ICAI, etc. Accordingly, this partial deferment of amendments will not affect other changes made in Form 3CD applicable from 20 Aug. 2018

GST Reverse Charge Mechanism (RCM) further Deferred/ Suspended till 30 Sept. 2019, notifies CBIC The CBIC has notified that the provisions relating to Reverse Charge Mechanism (RCM) under Section 9(4) of the CGST Act, 2017, Section 5(4) of the IGST Act, 2017 and Section 7(4) of the UTGST Act, 2017 have been further Deferred/ Suspended by Govt. for 1 year upto 30 Sept. 2019 from 30 Sept. 2018. Earlier, the CBEC/ CBIC had notified on 13 Oct. 2017/ 23 March 2018/ 29 June 2018 that implementation of these provisions has been deferred upto 31 March 2018/ 30 June 2018/ 30 Sept. 2018 respectively. It may be noted that the GST Council has recommended in it’s 28th Meeting held at New Delhi on 21st July 2018 to defer the Reverse Charge Mechanism (RCM) provisions for further one year upto 30 Sept. 2019. Also GST Council has recommended to restrict the scope of RCM provisions to supply of specified goods only. Further, it may be noted that there is no change on reverse charge provisions under S

GSTR 3B from July to March 2019 required to be filed by 20th of Next Month [Read Notification] August 10, 2018 5:21 pm| By : Tax Scan Team The Central Government has notified that the Form GSTR 3B for each month from July 2018 to March 2019 required to be filed by 20th of next month. A Notification issued by the Central Board of Indirect Taxes and Customs (CBIC) has said that “the return in FORM GSTR-3B of the said rules for each of the months from July, 2018 to March, 2019 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.” “Every registered person furnishing the return in FORM GSTR-3B of the said rules shall, subject to the provisions of section 49 of the said Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the said Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date, as specified in the f