GSTR-6 Return filing due date extension for july and august 2017 month for Input Service Distributor.

GSTR-6 Return filing due date extension for July and August 2017 month for  Input Service Distributor.

GSTR-6 Return filing due date extension

MINISTRY OF FINANCE (Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)

Notification No. 26/2017–Central Tax 

New Delhi, the 28th August, 2017

G.S.R. 1071(E).—In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as “the said Act”), the Commissioner, hereby extends the time limit for furnishing the return by an Input Service Distributor under subsection (4) of section 39 of the said Act read with rule 65 of the Central Goods and Services Tax Rules, 2017, for the month as specified in column (2) of the Table below, till the date as specified in the corresponding entry in column (3) of the said Table, namely:—

TABLE

Serial Number Month Last Date for filing of return in FORM GSTR-6
(1) (2) (3)
1. July, 2017 8th September
2. August, 2017 23rd September

2. This notification shall come into force on the date of its publication in the Official Gazette.

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

Dr. SREEPARVATHY S. L., Under Secy.

GST July return date extended for online information & database access/retrieval services from outside India

GST July return date extended for person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient

GST July return date extended

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)

Notification No. 25/2017–Central Tax

New Delhi, the 28th August, 2017

 

G.S.R. 1070(E).—In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Commissioner, hereby extends the time limit for furnishing the return for the month of July, 2017, by a person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient referred to in section 14 of the Integrated Goods and Services Tax Act, 2017 and rule 64 of the Central Goods and Services Tax Rules, 2017, till 15th day of September, 2017.

2. This notification shall come into force on the date of its publication in the Official Gazette.

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

Dr. SREEPARVATHY S.L., Under Secy.

Interest on fixed deposits during construction period held not taxable as FDRs were not made out of borrowed fund

Interest on fixed deposits during construction period held not taxable as FDRs were made out of share application money and not borrowed fund

 Interest on fixed deposits during construction period

ABCAUS Case Law Citation:
ABCAUS 2046 (2017) (08) ITAT

Assessment Year :  2009-10

Important Case Laws Cited/relied upon by the parties:
Tuticorin Alkali Chemicals and Fertilizers Ltd V/s CIT
DCIT V/s VGR Foundations (298 ITR 132);(MAD)
Indian Oil Panipat Power Corporation V/s ITO (315 ITR 255)(Del)
M/s Island Star Mall Developers P.Ltd V/s ACIT
M/s Kaygee Lopares India Pvt Ltd V/s ACIT

Brief Facts of the Case:
The respondent assessee was a private limited company engaged in hotel construction and hospitality services. It was under the process of setting up and the total Work-in-Progress as as at the year end was Rs.38,08,01,798/-.

During the relevant year, the assessee had earned interest on fixed deposit to the tune of Rs. 94,07,568/- on fixed deposits at banks. The said FDR were purchased out of the share application money received by the assessee for the construction of hotel. Since the funds were not required in the present and near future , the same were put in the fixed deposits. The said interest income from FDRs was reduced and adjusted against the capital work in progress.

The assessee had had filed its return of income declaring an income of Rs.4,39,504/- and claimed refund on TDS on interest income on FDRs.

The Assessing Officer (AO) issued a show cause notice to the assessee as to why interest of Rs.94,07,568/- received should not be brought to tax under the head “income from other sources”,

The AO after considering the reply of the assessee, rejected the submissions of the assessee and assessed the unterest income on FDRs as income from other sources by relying on the decision of the Hon’ble Supreme Court.

Aggrieved by the order of AO, the assessee preferred an appeal before the ld.CIT(A), who allowed the appeal of the assessee.

Contention of the Responding Assessee:
It was submitted that assessee rightly reduced the interest on fixed deposits which were sourced out of share application money received for the purpose of its project. The said money was put in fixed deposits in Banks on commercial expediency and prudent business considerations when the said funds were not required immediately in the construction activity.

It was contended that since the said fixed deposits were made out of the share application money which was owned money of the company and not the borrowed funds and therefore, the decision of the Hon‟ble Supreme Court was not applicable at all as it was distinguishable on facts.

It was submitted that the case of the assessee was directly covered by various other decisions and therefore the order passed by the CIT(A) was a reasoned decision.

Observations made by the Tribunal:

The ITAT noted that the following facts were undisputed: f

(1) the funds were raised by way of share application money by the assessee

(2) and when the same were not required immediately in the construction activity, the money was put into the Banks in short term deposits which yielded interest.

(3) The said interest was reduced from the capital work in progress as at the year end and thus capitalized on the ground that the interest was received out of own money and not out of the borrowed funds.

It was noted that the CIT(A) after following the ratio laid down by the Madras High Court and also after following the decisions of the Hon’ble Supreme Court decided the issue in favour of the assessee.

It was noted that the decision of the Hon’ble Supreme Court which was relied by the Revenue, was distinguishable on facts and therefore not applicable to the present case.

Held:
The ITAT upheld the order of CIT(A).

Interest on fixed deposits during construction period
Download Full Judgment

Secure Email id to be assigned to all Government officials at Centre and State through NIC

Secure Email id to be assigned to all Government officials at the Centre and State through National Informatics Centre with Primary domain as @gov.in 

Secure Email id to be assigned to all Government officials

Press Information Bureau 
Government of India
Ministry of Electronics & IT 

28-August-2017 16:36 IST

Secure Email Service to Government of India 

As part of the mandate under the Digital India program, Government will provide a secure eMail service to all its officials for secure communication. As of now the service will be offered to 5 million users. Currently the user base is 1.6 million

In accordance with the eMail policy of the Government an email id will be assigned to all Government officials at the Centre and State through National Informatics Centre. 

The primary trigger behind the policy was Government data which resides on servers outside India and on servers beyond the control of the Government of India.  

Service offering:

Largest service of its kind for the Government  with a user base of 5 million

1. Rich user experience with a streamlined browser interface that  provides natural conversation; enables rich compose, drag and drop; sophisticated and easy-to customize filters, management and search of large inboxes of email and voicemail messages, multiple calendars, contacts and task lists.

2. Enhanced security authentication mechanisms for users with geo-fencing and device mapping.

3 Centralized email architecture across the Government would make the process of ensuring a robust security mechanism for Government data.

4. Primary domain as “@gov.in” and a Roadmap to include local languages and सरकार.भारत domain

This service will increase the productivity and become a step towards the “Green Government” as all official communication will be done using eMail. A pilot of the service has already been deployed and running for a select user base which includes senior officials.

This Service will be a National resource that will help Government of India employees to be better informed, productive, and more responsive in their interactions with others.

NNK/MD

Indian Consolidated FDI Policy effective from 25 August 2017 by DIPP, Government of India

Indian Consolidated FDI Policy effective from 25 August 2017 by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India

Indian Consolidated FDI Policy

Indian Consolidated FDI Policy effective from 25 August 2017 

The present consolidation subsumes and supersedes all Press Notes/Press Releases/Clarifications/Circulars issued by DIPP, which were in force as on August 27, 2017 and reflects the FDI Policy as on August 28, 2017.This Circular accordingly will take effect from August 28, 2017 and will remain in force until superseded in totality or in part thereof. Reference to any statute or legislation made in this Circular shall include modifications, amendments or re-enactments thereof.

Notwithstanding the rescission of earlier Press Notes/Press Releases/Clarifications/Circulars, anything done or any action taken or purported to have been done or taken under the rescinded Press Notes/Press Releases/Clarifications/Circulars prior to August 28, 2017, shall, in so far as it is not inconsistent with those Press Notes/Press Releases/Clarifications/Circulars, be deemed to have been done or taken under the corresponding provisions of this circular and shall be valid and effective.

Download Indian Consolidated FDI Policy effective from 28th August, 2017 Click Here >>