Deemed Exports declared u/s 147 of CGST by Notification 48/2017 dated 18-10-2017
Deemed Exports declared u/s 147 of CGST by Notification 48/2017 dated 18-10-2017
- Supply of goods by a registered person against Advance Authorisation
- Supply of capital goods by a registered person against Export Promotion Capital Goods Authorization.
- Supply of goods by a registered person to Export Oriented Unit
- Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorisation.
Further as per Notification 47/2017-CT dated 18-10-2017, substituting the 3rd proviso to Rule 89, application for refund in deemed exports can be filed by :
(a) the recipient of deemed export supplies; or
(b) the supplier of deemed export supplies in cases where the recipient does not avail of input tax credit on such supplies and furnishes an undertaking to the effect that the supplier may claim the refund”;
As per old rule application for refund could be filed by recipient only in case of deemed exports.
Unscrupulous elements conducting unauthorized/illegal searches: PRESS RELEASE, DATED 22-9-2017
The tax payers is well within his rights to seek & inspect the warrant of authorisation, confirm the identities of authorized Income Tax Authorities mentioned on the warrant. The assessee can seek the telephone numbers of immediate supervisory officers of the search/survey party for the purpose of verification of genuineness.
In case, any doubts still persists then the Income Tax Department can be contacted on the following number 9013850099 for the specified purpose of confirmation of identities of officers/officials working in the Delhi region.
1.25 CRORES “new return filers” targeted to be added during 2017-18 as per CBDT letter dated 27-09-2017
A ‘new return filer’ for this purpose is defined as a person who has not filed return in the previous three Financial Years (2014-15 to 2016-17) but has filed return in the current financial year.
Region wise targets are as under:
:
| Region | Target for new return filers for FY 2017-18 | Region | Target for new return filers for FY 2017-18 |
| JAIPUR | 580261 | ||
| AHMEDABAD | 941123 | KANPUR | 616725 |
| BANGALORE | 876846 | KOCHI | 362156 |
| BHOPAL | 620925 | KOLKATA | 697685 |
| BHUBHNESWAR | 234850 | LUCKNOW | 620651 |
| CHANDIGARH | 1041948 | MUMBAI | 740741 |
| CHENNAI | 1047702 | NAGPUR | 211922 |
| DELHI | 727367 | PATNA | 502132 |
| GUWAHATI | 254948 | PUNE | 1182532 |
| HYDERABAD | 1239486 | Total | 12500000 |
in cases where on receiving the intimation u/s 143(1l)(a)(vi) of the Act, the concerned assessee has already filed a revised return, such returns shall be treated as valid and handled accordingly
As per section 143(1)(a) while processing return the total income or loss shall be computed after making the adjustments for
- any arithmetical error in the return or [S.143(1)(a)(i)]
- an incorrect claim, if such incorrect claim is apparent from any information in the return. [S.143(1)(a)(ii)] As per Explanation to 143(1) an incorrect claim apparent from any information in the return” shall mean a claim, on the basis of an entry, in the return
- of an item, which is inconsistent with another entry of the same or some other item in such return
- in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished;
- in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction
WEf AY 2017-18 Now adjustment u/s 143(1)(a) in return of income can also be made for
- disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139 [S.143(1)(a)(iii)]
- disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return[S.143(1)(a)(iv)]
- disallowance of deduction claimed under sections 10AA, 80-IA, 80-IAB, 80-IB, 80-IC,80-ID or section 80-IE, if the return is furnished beyond the due date specified under sub-section (1) of section 139 [S.143(1)(a)(v)]
- addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return [S.143(1)(a)(vi)]
Intimation of Adjustment to Assessee:
Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode:
Response of the assessee to be awaited for 30 days
Provided further that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within thirty days of the issue of such intimation, such adjustments shall be made
As per Above Instructions No. 9/2017, In returns filed in ITR-1 Form, information about a particular head/item of income is only on net basis and thus, complete data/information may not be available therein which may enable comparison with the data/information as contained in the three Forms [F.16,16A and 26AS] in a meaningful manner. Therefore, in exercise of its powers under section 119 of the Act, the Board hereby directs that provision of section 143(1)(a)(vi) of the Act would not be invoked to issue intimation proposing adjustment to the income/loss so filed in ITR-1 Form in such situations.
- However, where any head/item of income has been altogether omitted to be included in the return of income filed in ITR-1 while the three Forms contain specific detail in this regard pertaining to that item/head of income, section 143(1)(a)(vi) of the Act shall continue to apply.
- Further, for purpose of section 143(1)(a)(vi) of the Act, only the three Forms specified therein would be taken into consideration
- The pending intimations proposing adjustments under section 143(1)(a)(vi) wherein the taxpayer has tendered an explanation without revising the return or has not tendered any response till now shall be dealt with in accordance with the above direction.
In cases where on receiving the intimation u/s 143(1l)(a)(vi) of the Act, the concerned assessee has already filed a revised return, such returns shall be treated as valid and handled accordingly
Limit of Composition Scheme enhanced from 75 lacs to One crore [NN 46/2017 dated 13-10-2017]
- For non special category states and the state of J&K limit enhanced to 1 crore.
- For special category states excluding J&K limit enhanced from 50 lacsto 75 lacs
Older limits were notified in NN8/2017 dated 27-07-2017
In GSTR-4 for Compositon dealers no information required to be provided for Inward supplies from registered persons , than supplies attracting RCM [NN 45/2017 dated 13-10-2017 Para 2(viii)]
The above exemption is available only for quarter ending 30-09-2017 and quarter ending 31-10-2017
In GSTR-1 and IA for zero rate supplies, there was no column for Compensation cess in Table 6 and Table 4 respectively which has anamoly has been set right by Para 2(vi) and (vii) of Notification 45/2017 dated 13-10-2017
Consolidated Monthly tax Invoice can be issued by Banking Companies including NBFC and Insurance Companies [Rule 54(2) amended as per Para 2(iii) of NN 45/2017 dated 13-10-2017]
Invoice cum bill of supply for sale to unregistered person for taxable as well as exempted supplies can be issued by per New Rule 46A inserted by NN 45/2017 dated 13-10-2017 Para 2(ii)
However if supply of taxable as well as exempted goods and/or services is made to registered person then Rule 46A is not applicable. Hence whether Invoice sum bill of supply can be issued in such cases is still in enigma.