Updates on GST recently
GST updates : Group of Ministers (GoM), along with a panel of government officials, will meet on Sunday to firm up their view on the possibility of bringing back the liability to pay tax on reverse charge, as well as on the issue of tax discount on digital payments under Goods and Services Tax (GST).
Both the groups will submit their report to the GST Council. Expected date of submission is July 21 in New Delhi.
Bihar Deputy Finance Minister Sushil Modi, Punjab FM Manpreet Singh Badal, Kerala FM Thomas Issac, Excise and Taxation Minister of Haryana, Capt. Abhimanyu, West Bengal FM Amit Mitra, among others, are expected to be present at the meeting.
Maharashtra indicates that it would surge the cap for e-way bill threshold limit for goods and services supplies within states considering GST norms from existing Rs 50,000 limit to Rs 1 lakh.
Direct tax update
Keep in mind while finalising books & ITR, some MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
3. For below Rs. 2 crores turnover cases – For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken