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17 November, 2014

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Updated That Matter–UTM # 17

Dear All,

Please find below the “Updates that Matter (UTM # 17)”,

Ø GST – Constitution Amendment bill to be tabled in Parliament in Winter Session

Ø Central Excise :- CBEC’s circular on Place of Removal concept under Cenvat Credit Rules

Ø Haryana VAT: - Production of Form VAT D-1 for the First Time before assessing authority is permitted.

Ø RBI :- More Strict norms for NBFC’s

Ø VAT: - No Interest Payable on actual tax payable in case of rebuttal of composition scheme.

(Hon’ble All. HC)

Ø Misc :- Builder Agreement to sell / Collaboration agreement compulsorily registrable (Delhi Govt. Circular)

Ø IT :- No Liability of Section 194A on interest accrued on FD made under court directions

Ø Central Excise :- Artificial Split up of Rebate Claims won’t help to avoid Pre-Audit

Ø I-AS – Exemption from Preparation of Consolidated financial statements in certain companies

Ø CL :- CLSS Due date extended to 31st December, 2014

a) GST – Constitution Amendment Bill may well be tabled in the winter session of parliament w.e.f 24th November, 2014. Attaching herewith Hon’ble Finance Minister’s views on GST and way ahead on GST and other key reforms.

Click here

b) CE: CBEC has reiterated that the place where sale has taken place or when the property in goods passes from the seller to the buyer is the relevant consideration to determine the place of removal.

Circular No. 988/12/2014-CX

c) Haryana VAT: Hon’ble Punjab & Haryana High Court has affirmed to the permissibility of producing VAT-D1 to the assessing authority where the same could not be produced as first evidence.

Mahindra & Mahindra Ltd. V. State of Haryana [2014] 50 448 (Punjab & Haryana)

d) RBI: - RBI is more strict on the NBFC’s. Several changes in net owned funds, deposit acceptance, system significance & prudential norms proposed.


e) VAT:- The assessee had initially opted for composition scheme under section 7-D of UPVAT Act. Subsequently the scheme was withdrawn by state government under the already prescribed withdrawing guidelines if not opted by minimum number of dealers. Based on the same the dealer paid the differential amount of tax. Revenue demanded interest on this differential amount pursuant to tax admittedly payable under UP VAT Provisions. Held against revenue.

Kohinoor Jewellers v. State of UP [2014] 71 VST 366 (All)

f) Delhi : - In a Government of Delhi circular, sub-registrars across all 11 districts have been directed that the `agreement to sell' between a buyer and the builder or developer must be duly acknowledged and registered

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g) IT : - Hon’ble Delhi High Court has held that No TDS liability of bank under section 194A on interest accrued on FD made by litigant on directions of court

[2014] 51 253 (Delhi)

h) Central Excise : - Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit. Rebate sanctioning authorities may now order pre-audit by clubbing such claims.

F. No. 206/05/2014-CX.6

i) Ind-As:- Certain Companies exempted from consolidated financial statement.

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j) Company Law:- Company Law Settlement Scheme, 2014 has been extended to 31st December, 2014.



CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V, LLB*

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