Receive Daily Updates by Email (Free Subscription)

Proposed Notification u/s 115JG (1) Of Income-tax Act: Conversion Of Indian Branch Of Foreign Bank Into Indian Subsidiary Company (Comments/Suggestions Invited)

[India] [Taxation Updates]

CBDT, 17-Nov-2017: Finance Act, 2012 inserted a new Chapter XII-BB consisting of section 115JG in the Income-tax Act, 1961 (the Act) which contains “Special provisions relating to conversion of Indian Branch of a foreign bank into a subsidiary company”.

Section 115JG of the Act, inter alia, provides that in case the conversion of Indian Branch of foreign bank fulfils the conditions notified by the Central Government, the capital gains arising from such conversion shall not be chargeable to tax and the provision relating to unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in case of foreign company and Indian subsidiary shall apply with such modification, exception etc. as may be specified in the notification.

[GST] Extension Of Due Dates / Time Limits - Imp. Notifications Regarding Forms Filing

Circulars/Orders




  • Circular No. 16/2017, dt. 15-11-2017: "Clarifications regarding applicability of GST and availability of ITC in respect of certain services" - Link
  • Circular No. 17/2017, dt. 15-11-2017: "Manual filing and processing of refund claims in respect of zero-rated supplies" - Link
  • Circular No. 18/2017, dt. 16-11-2017: "Refund of unutilized input tax credit of GST paid on inputs in respect of exporters of fabrics" - Link
Integrated Tax Notifications




  • Notification No. 12/2017-Integrated Tax, dt. 15-11-2017: "Apportionment of IGST with respect to advertisement services under section 12 (14) of the IGST Act, 2017" - Link
Central Tax Notifications

SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments

SEBI has issued circular SEBI/HO/MRD/DRMNP/CIR/P/2017/120 dated November 14, 2017, notifying certain amendments to the SEBI (IFSC) Guidelines, 2015, which is as under:-

1. Kindly refer to SEBI (IFSC) Guidelines, 2015 notified by SEBI on March 27, 2015 and various amendments made thereto from time to time.

2. Based on the consultations held with the stakeholders, it has been decided to amend the definition of ‘issuer’ as given in Clause 2 (1) (i) which shall now read as follows:

"issuer" shall mean

[SEBI Circular] Investments By FPIs In Hybrid Securities

The contents of the SEBI Circular no. IMD/FPIC/CIR/P/2017/121 dated November 15, 2017, is reproduced below:

1. This has reference to the daily FPI net investment data and the FPI Assets Under Custody (AUC) data being disseminated by the depositories (NSDL and CDSL). Presently, FPI investments are classified as either debt or equity depending on the type of the security in which the FPIs transact.

[SEBI Circular] Review Of Securities Lending And Borrowing Mechanism

17-Nov-2017: The framework for Securities Lending and Borrowing (SLB) was specified, vide SEBI circular no. MRD/DoP/SE/Dep/Cir-14/2007 dated December 20, 2007, and operationalized with effect from April 21, 2008.

The SLB framework has been revised based on the feedback received from the market participants.

Pursuant to the feedback received from the stock exchanges and other market participants and in consultation with the Secondary Market Advisory Committee (SMAC), the framework for SLB has been modified.

SEBI has notified the revisions vide circular no. CIR/MRD/DP/122 /2017 dated November 17, 2017 - Link.

Central Goods And Services Tax (Twelfth Amendment) Rules, 2017 - Notified

Central Board of Excise and Customs, Notification No. 55/2017 – Central Tax dated the 15th November, 2017:- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government has made the the Central Goods and Services Tax (Twelfth Amendment) Rules, 2017 further to amend the Central Goods and Services Tax Rules, 2017. They shall come into force on the date of their publication in the Official Gazette.

Download copy of Central Goods and Services Tax (Twelfth Amendment) Rules, 2017 - Link

[GST] Exemption To Suppliers Of Services Through An E-commerce Platform From Obtaining Compulsory Registration

Central Board of Excise and Customs, Notification No. 65/2017 – Central Tax, dated the 15th November, 2017:— In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby specifies the persons making supplies of services, other than supplies specified under subsection (5) of section 9 of the said Act through an electronic commerce operator who is required to collect tax at source under section 52 of the said Act, and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year, as the category of persons exempted from obtaining registration under the said Act:

[GST] Exemption To All Taxpayers From Payment Of Tax On Advances Received In Case Of Supply Of Goods

Central Board of Excise and Customs, Notification No. 66/2017 – Central Tax, dated the 15th November, 2017:— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) and in supercession of notification No. 40/2017-Central Tax, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.1254(E), dated the 13th October, 2017, except as respects things done or omitted to be done before such supercession, the Central Government, on the recommendations of the Council, hereby notifies the registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.

Move Fast So Your Business Isn’t Left Behind: 5 Best Marketing Software To Boost Your Business

marketing softwareThe use of downloadable application programs and cloud services for business - both simple, like Google Disk, and high-level, highly specialized - does not just increase the usability but also allows you to save money, monitor the market, study and retain customers. We have collected the most popular of marketing software, which will greatly simplify your life. There are many other valuable tools that help the private entrepreneur and business better organize the process, and even make it more productive.

1. ANALITIKA 2015
A software product for automation of analytical and management accounting of financial and economic activities in a trading company. Automate inputting of sales, purchases, goods movements with a barcode scanner. Accounting for goods in several units simultaneously.

[DGFT] Order Of High Court, Hyderabad In W.P. No.34771/2014 In Respect Of Item At EXIM Code 1005 Maize (Corn)

Directorate General of Foreign Trade, Policy Circular No. 02, Dated 14th November, 2017:-

1. The Notification No. 93 (RE-2013) dated 29.09.2014 has, inter alia revised the Import Policy for EXIM Code 1005- Maize (Corn) (1005 90 00- Other), removing the item from the "State Trading Enterprises" list to "free". The notification, however, has been challenged before the Hon'ble High Court of Andhra Pradesh and Telangana at Hyderabad in WP No.34771 of 2014 and in pursuance of the prayer in WPMP no.43494 of 2014, the Hon'ble High Court passed interim order dated 21.11.2014, maintaining status quo by both parties till 3.12.2014. On 3.12.2014 the Hon'ble High Court further extended the status quo for two more weeks i.e. till 17/12/2014.

Data On India’s International Trade In Services: September, 2017

13-Nov-2017: The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.


The value of exports and imports of services during the month of September 2017 are given in the following Table.


Table: International Trade in Services

(US$ Million)

CBEC Issued Notifications Regarding Changes In GST Rates & Other Decisions Taken At 23rd GST Council Meeting

CBEC has issued various notifications as per discussions taken/approved in the 23rd GST Council Meeting held on 10th November, 2017 at Guwahati. The said notifications are to be effective from 00hrs on 15th of November, 2017 unless otherwise mentioned in the notifications. The changes in rates notified is expected to bring some relief to the taxpayers/businessmen esp. the small taxpayers.

Central Tax (Rate) Notifications - Link

[GST] Decisions Relating To Services In 23rd GST Council Meeting At Guwahati

14-Nov-2017: Decisions relating to Services in 23rd GST Council meeting at Guwahati In the 23rd meeting of GST Council held at Guwahati, Assam on 10.11.2017, the following decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services were taken. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through Gazette notifications / circulars which shall have force of law.

EXEMPTIONS / CHANGES IN GST RATES / ITC ELIGIBILITY CRITERIA

Refund Of IGST Paid On Export Of Goods Under Rule 96 Of CGST Rules, 2017

Central Board of Excise and Customs' Circular No. 42/2017-Customs dated 7th November, 2017 regarding refunds of IGST paid on export of goods under Rule 96 of CGST Rules, 2017, is as under:

1. The GST Council in its 22nd Meeting had approved a major relief package for exporters. The Council was unanimous that it is in the national interest to take all possible measures to support the exporting community, which earns valuable foreign exchange and provides significant employment especially in the small and medium sector, The Council approved that by 10.10.2017 the refund of IGST paid on goods exported in July would begin to be paid and refunds for subsequent months would be handled expeditiously. In line with the government's commitment, CBEC has already issued suitable instructions to expeditiously disburse the refund of IGST paid on goods exported out of India. Also, with effect from 10th October, 2017, the refund is getting disbursed for the export of goods made in July 2017. In cases where the exporter has filed GSTR 3B and the information furnished by the exporters in the GSTR 1 and GSTR 3B is matching with the details filed by them in Shipping bills, the refunds have already been disbursed. But there are many cases where the refund of IGST could not be done due to errors in the EGM /GSTR 1 return/Shipping Bill. The analysis of the common errors that are hindering the disbursal of IGST refund, and decisions taken to address such errors are as follows:

MCA Notifies Revised E-form AOC-4 XBRL / Applicability On Class Of Companies

Ministry of Corporate Affairs Notification G.S.R.1372(E) dated the 6th November, 2017.— In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, namely:—

1. Short title and commencement. - (1) These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Amendment, Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 (hereinafter referred to as the principal rules), for rule 3, the following rule shall be substituted, namely:—

“3. Filing of financial statements with Registrar.- The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL as per Annexure-I:-

[Tax] CBDT Clarification On Indirect Transfer Provisions In Case Of Redemption Of Share Or Interest Outside India Under Income-tax Act, 1961

Central Board of Direct Taxes vide Circular No.28/2017 dated, the 7th of November, 2017, has issued certain clarifications on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961. The contents of the said circular is as under:-

1. Under the provisions contained in section 9(1)(i) of the Income-tax Act, 1961 ('Act'), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through the transfer of a capital asset situate in India, shall be deemed to accrue or arise in India. Explanations 5, 6 and 7 of section 9(1)(i) further define the scope of said provision.

IBBI (Fast Track Insolvency Resolution Process For Corporate Persons) (3rd Amendment) Regulations, 2017 - Notified

Insolvency and Bankruptcy Board of India (IBBI), vide notification no. IBBI/2017-18/GN/REG020 dated 7th November, 2017, has notified the "Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017" to amend the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.

The said Regulations have been made by the Board in exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 0f 2016). The said regulations shall come into force on the date of their publication in the Official Gazette.

To download a copy of the "Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017" - click here

IBBI (Insolvency Resolution Process For Corporate Persons) (3rd Amendment) Regulations, 2017 - Notified

Insolvency and Bankruptcy Board of India (IBBI), vide notification No. IBBI/2017-18/GN/REG019 dated 7th November, 2017, has notified the "Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017" to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The said Regulations have been made by the Board in exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). The said regulations shall come into force on the date of their publication in the Official Gazette.

To download a copy of the "Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017" - click here

Direct Tax Collections For F.Y. 2017-2018 Show Growth Of 15.2% Upto October, 2017

[Tax Updates] [India]

07-Nov-2017: The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 44.8% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 10.7% to Rs.5.28 lakh crore during April-October, 2017. Refunds amounting to Rs. 89,507 crore have been issued during April, 2017 to October, 2017.

[GST] Procedure - Procurement Of Supplies Of Goods From DTA By EOU / EHTP / STP / BTP Units

Central Board of Excise and Customs has issued Circular No. 14/14 /2017 - GST dated the 6th November, 2017, with respect to procedure regarding procurement of supplies of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits under section 147 of CGST Act, 2017. The contents of the said circular is reproduced as under:-

1. In accordance with the decisions taken by the GST Council in its 22nd meeting held on 06.10.2017 at New Delhi to resolve certain difficulties being faced by exporters post-GST, it has been decided that supplies of goods by a registered person to EOUs etc. would be treated as deemed exports under Section 147 of the CGST Act, 2017 (hereinafter referred to as ‘the Act’) and refund of tax paid on such supplies can be claimed either by the recipient or supplier of such supplies. Accordingly, Notification No. 48/2017-Central Tax dated 18.10.2017 has been issued to treat such supplies to EOU / EHTP / STP / BTP units as deemed exports. Further, rule 89 of the CGST Rules, 2017 (hereinafter referred to as ‘the Rules’) has been amended vide Notification No. 47/2017- Central Tax dated 18.10.2017 to allow either the recipient or supplier of such supplies to claim refund of tax paid thereon.

Additional Info

privacy policy