The Institute of Chartered Accountants of India(Set up by an Act of Parliament)

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AHMEDABAD BRANCH OF WIRC OF ICAI

Vol. No. 5 l Issue No. 5 | August 2017

Editorial

GST Updates

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Income Tax Updates

International Taxation

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Accounting & Company Law Updates

Forth Coming Events

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What’s

insideQuick Connect

Photo Gallery

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MANAGING COMMITTEE

EDITORIAL BOARD

COMMITTEE MEMBERS

EX-OFFICIO MEMBERS

Chairman’s MessageDear Professional Colleagues,

Welcome to the new era of Indirect Taxation – GST! All eyes were ston 1 July, 2017, the date from which Goods and Service Tax (GST)

has been effective in the country. The month was started with CA Day Celebration where Hon'ble Chief Minister of Gujarat Shri Vijay Rupani and Union Cabinet Minister Shri Vijay Pratap Rudy graced the occasion of CA Day Celebration with live address by Hon'ble Prime Minister of India Shri Narendra Modi.

The Chartered Accountants Day was celebrated right from morning 6.30 a.m. to midnight 12.00. The day was started with Greenothon-Walkathon kicked off by RJ Dhwanit at Sabarmati Riverfront where more than 200 CAs participated in the event with a message of clean and green environment. The ICAI Flag hosting was done by the most senior member of our fraternity CA Dahyabhai B. Patel. It was followed by Blood Donation Camp and Health Check up camp. The Annual General meeting of Ahmedabad Branch was also held on the same day. Besides Quiz and Elocution competition for CA Students was also organized. To end the CA Day celebration with bang, the Cultural Grandeur was organized for members that received stupendous response by more than 2,300 participants.

We have also organized GST - TOOL TO INCLUSIVE GROWTH jointly with Gujarat Chamber of Commerce and Industry (GCCI) on 22.07.2017 where Hon'ble Minister of Textile and Information Broadcasting, Smt. Smriti Irani, Member of Parliament, Dr. Kirit Solanki and Shri Paresh Raval have addressed to the participants.

To make GST practice, Good and Simple for Chartered Accountants, a unique seminar to IDENTIFY YOUR BEST GST SOFTWARE was organised by Ahmedabad Branch, participated by 12 different software vendors that explains the key features of the software. The concept and the seminar was well appreciated by the participants.

th thAfter hectic schedule, the Residential Refresher Course (RRC) from 15 to 18 July at Goa was mesmerizing and refreshing for the participants at white sand Beach Resort Zuri. The rainy season and white sand beach of the resort made it truly memorable!

The lecture meeting on Income Tax Return filing was organised to address any issues and concerns faced by members in filing Income Tax Returns.

The election for managing committee of Ahmedabad Branch of WICASA was held on 9th July, 2017 where students have participated in large number in democratic election of their representatives. Heartiest congratulations and best wishes to the Team WICASA Ahmedabad led by Regional Council Member CA Purushottam Khandelwal for organizing all round student activities. The newly elected team kicked off by organizing Mock Induction Program on 23.07.2017.

It's a little relaxation for auditors of certain class of private limited company, as MCA has clarified vide Circular No. 05/2017 dated 25th July, 2017 that the exemption of internal financial control (IFC) reporting requirement as specified in Notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements pertaining to financial years commencing on or after 1st April, 2016, which are made on or after the date.

Kindly note that Online Multipurpose Empanelment Form (MEF) for the year 2017-18 is live at www.meficai.org. The last date for submission of online MEF Form for the year 2017-18 is 25th August, 2017 and for submission of hard copy of "DECLARATION FOR MEF 2017-18" is 30th August, 2017.

Happy To Serve,

CA. Chintan N. Patel

CHAIRMAN

Dear Members,

After receiving a wonderful response to the July edition of our Newsletter, it gives me immense stpleasure to share the August edition on the theme of “Independence”. As India enters the 71 year of

independence, we see a great zeal running across the nation, evoking the thoughts of freedom and the pride of being an Indian. Independence Day is a chance to honor all of the dedicated people who have given everything to protect and serve our country. It is because of the sacrifices that our predecessors made for us, we are able to enjoy the freedom today. But along with freedom comes responsibility. Even as professionals we should strive to empower people around us and become more responsible. This year we also got freedom from multiple taxes in the form of GST. As professionals, the time is ripe to collectively seize this historic opportunity.

I would like to take this opportunity to sincerely thank all the contributors for sending the updates and sparing their precious time for the cause of the profession. In order to make the newsletter more resourceful, we need your support by way of contribution of updates, useful suggestions, etc. I would request you to send your contributions on the topics of Direct & Indirect taxes, Corporate Law, Information technology, Indian & World economy and other interesting topics. Kindly email your contributions, achievements etc. on ahmedabad@icai.org. The editorial team will publish the best contribution at its own discretion. I extend my sincere gratitude to the Editorial team for their hard work to publish this newsletter in time.

“The greatest gifts you can give your children are the roots of responsibility and the wings of independence.”

- Denis Waitley

Wishing you all a very happy Independence day!

Happy Reading!

CA Harit DhariwalChairman, Newsletter Committee

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GST Updates (Contributed by CA. Monish S. Shah)

2017.”

- Amendment of Section 9(5):the following proviso shall be added, namely: - "provided that when a dealer migrating to the Gujarat Goods and Services Tax Act, 2017 uses the capital goods till completion of remaining period of limit of 5 years continuously under the Gujarat Goods and Services Tax Act, 2017, the tax credit shall not be reduced for such period.”

- Amendment of Section 9(6):after sub-section (8), the following sub-section shall be inserted, namely:-

"(8A) (1) When a dealer has availed the tax credit for tax paid on purchases of goods in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the date of coming into force of the Gujarat Value Added Tax (Amendment) Act, 2017 and he opts for composition under section 10 of the Gujarat Goods and Services Tax Act, 2017, such tax credit shall stand reversed. Such amount of reversed tax credit shall be adjusted from the present balance of tax credit available. If such dealer does not have in balance the tax credit available for adjustment of reversed tax credit, he shall pay into Government treasury, a sum equal to the amount of unadjusted reversed tax credit. (2) When a dealer has availed the tax credit for tax paid on purchases of capital goods on the date of coming into force of the Gujarat Value Added Tax (Amendment) Act, 2017 and he opts for composition under section 10 of the Gujarat Goods and Services Tax Act, 2017, but period of five year has not completed, such tax credit shall stand reversed. Such amount of reversed tax credit shall be adjusted from the present balance of tax credit available. If such dealer does not have in balance the tax credit available for adjustment of reversed tax credit, he shall pay into Government treasury, a sum equal to the amount of unadjusted reversed tax credit.”

- Amendment of Section 17: In the principal Act, in section 63, to sub-section (1), following provisos shall be inserted, namely:-"Provided that registered dealer whose taxable turnover is more than twenty five lakh shall file a final return for the period ending on the last day before the appointed day of the coming into force of the Gujarat Goods and Services Tax Act, 2017 in such manner as may be prescribed, reflecting such details as may be prescribed from the books of Account:

Provided further that where the amount of tax credit is carried forward for more than rupees five lakhs, the books of accounts related to such final return shall have to be duly audited by a chartered Accountant or cost accountant.”

Important Amendments

The new Act of GST has been passed as Gujarat Act No. 26 of 2017 and has included the amendments to Gujarat VAT Act, 2003 and now will be known as Gujarat VAT (Amendment) Act, 2017

thand shall be in force from 9 June, 2017.

The major amendments are as under:

- Sec. 2(2) Clause 4 :in sub-clause (ii), for the words "plant, machinery, raw materials, processing materials, packing materials, empties, consumable stores, waste products, or such other goods, or waste or scrap of any of them", the words "raw materials, processing materials, consumable stores, waste products or such other goods" shall be substituted.

- Sec. 2(6) Clause 13 :the clause shall be substituted, namely:- "(13) "goods" means goods as covered under entry 54 of List II of the Seventh Schedule to the Constitution of India;"

- Sec. 2(9) Clause 29 :the clause shall be substituted, namely:- "(29) "taxable goods" means goods liable to tax under section 7 excluding the goods on which no tax is payable under section 5;"

- Amendment of Section 7 :In the principal Act, in section 7, -

(1) for sub-section (1), the following sub-section shall be substituted, namely:-

"(1) Subject to the provisions of this Act, there shall be levied a tax on the turnover of sale of Motor spirit commonly known as Petrol, High Speed Diesel, Aviation Turbine Fuel, Petroleum Crude, Natural Gas and Alcoholic Liquor for human consumption specified in Schedule III at the rate set out against each of them: Provided that the Government may levy, from importer or manufacturer or oil marketing companies, a tax at full rate on the retail price in such manner as may be notified by the Government.";

(2) Sub-section (lA) shall be deleted;

(3) In sub-section (2), clause (i) shall be deleted.

- Amendment of Section 8:In the principal Act, for section 10, the following section shall be substituted, namely: -

“10. Notwithstanding anything contained in this Act, the value of goods shall be inclusive of value of packing material unless value of packing material is separately charged and tax is collected under the Gujarat Goods and Services Tax Act,

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- Amendment of Section 18: 2A(c) affect any right, privilege, obligation, or liability acquired, accrued or incurred under this Act prior to the coming into force of the Gujarat Value Added Tax (Amendment) Act, 2017 or orders made thereunder: Provided that any tax exemption granted as an incentive against investment through a notification shall not continue as privilege if the said notification is rescinded on or after the coming into force of the Gujarat Value Added Tax (Amendment) Act, 2017

Important Judgements:

GVAT Tribunal - Meghmani Organics Ltd. - 04/05/2017 - CAPITAL GOODS ARE NEITHER RAW MATERIALS NOR INPUTS. SO NO ITC REDUCTION ON ITC OF CAPITAL GOODS WHEN

MANUFACTURED GOODS SOLD IN COURSE OF INTERSTATE TRADE & COMMERCE, “Capital goods” are used for manufacturing of final products from “raw materials” and “inputs” but “capital goods” do not go into the final product. Therefore, “capital goods” cannot be covered under the term “input as “inputs” are the things or the goods which go into making of final product. Therefore, “capital goods” are neither “raw materials” nor “inputs”. Hence the authorities below committed error in interpretation of the Notification dated 29.06.2010 and in holding that the term “input” used in the said Notification includes “capital goods” and so input tax credit is required to be reduced in respect of “capital gods” used in manufacture of taxable goods that were sold in the course of inter-state trade and commerce.

Income Tax Updates (Contributed by CA. Nirav Choksi)

Clarifications are issued by expert committee on various issues by way of FAQs.

http://www.incometaxindia.gov.in/communications/circular/circular_24_%202017.pdf

D. Section 269ST not applicable in certain cases – rdNotification No. 57/2017 dated 3 July 2017

Provisions of section 269ST to not apply in certain cases as referred to in the notification.

http://www.incometaxindia.gov.in/communications/notification/notification57_2017.pdf

E. Changes in Form No. 3CD effective from 19.07.2017 – rdNotification No. 58/2017 dated 3 July 2017

Changes in the details of payment/ receipts as per section 269SS and 269T to be provided in Form 3CD have been made with effect from 19.07.2017.

http://www.incometaxindia.gov.in/communications/notification/notification58_2017.pdf

thCorrigendum for the above circular issued on 6 July 2017 is as under.

http://www.incometaxindia.gov.in/communications/notification/notification60_2017.pdf

A. Clarification in respect of 269ST – Circular No. 22/2017 rddated 3 July 2017

It is clarified that in respect of receipt in the nature of repayment of loan by NBFCs or HFCs, the receipt of one instalment of loan repayment in respect of a loan shall constitute a 'single transaction' as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions section 269ST.

http://www.incometaxindia.gov.in/communications/circular/circular22_2017.pdf

B. TDS to be deducted from on the amount without thincluding GST – Circular No. 23/2017 dated 18 July

2017.

TDS has to be deducted from the amount payable without including the amount of GST from 01.07.2017.

http://www.incometaxindia.gov.in/communications/circular/circular_23_2017.pdf

C. Computation of Book Profit under MAT Provisions for Ind AS compliant Companies – Circular No. 24/2017 dated

th25 July 2017.

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International Taxation(Contributed by CA. Nirzari Shah)

JUDICIAL PRONOUNCEMENTS

I TRANSFER PRICING

1. PCIT v. Veer Gems[2017] 83 taxmann.com 271

(Gujarat High Court)

· Where assessee firm purchased rough diamonds from

firm 'B', controlled by close relative in view of facts that

clauses (i), (j) and (l) of sub-section (2) of section 92A did

not apply to assessee's case, both firms could not be

regarded as associated enterprises.

2. Dy.CIT v. ECI Technology (P.) Ltd[2017] 83 taxmann.com 158 (AhmedabadTrib.)

Where TPO was of opinion that assessee had received

varying amount of discounts from its suppliers and

there was no basis for quantification of this discount

granted by suppliers and TPO considered Arm's Length

Price of sale to be cost of raw material and made an

upward adjustment, since assessee could not explain

quantification of varying difference in discount given by

two unrelated parties, upward adjustments made by

TPO was uncalled for

3. Inductotherm (India) (P.) Ltd v. Dy.CIT[2017] 83

taxmann.com 181 (Ahmedabad - Trib.)

Where assessee sold similar products to AEs as well as

non-AEs, in view of difference in nature of use,

geographical and market conditions, TPO was not

justified in making addition to ALP on basis of internal

CPM by comparing margins on sale to AEs with non-

AE's

Where assessee paid royalty to AE at different rates in

respect of domestic sales and exports, TPO could not

disallow a part of said payment on domestic sales on

basis of intra AE transactions

Where assessee paid commission to non-resident

entities for rendering services outside India, said

payment was not liable to tax in India requiring

deduction of tax at source

II ROYALTY AND FEES FOR TECHNICAL SERVICES

1. DIC India Ltd. V. Dy.CIT[2017] 82 taxmann.com 478 (Kolkata - Trib.)

Where assessee had not acquired business/

commercial rights so as to fall within ambit of an asset

having enduring nature in capital field and on contrary

AE had granted license to use technology, know-how

and other license information for a specified period to

assessee, royalty paid by assessee was only a 'license

fee' for use of technical know-how and not price for

acquisition of a 'capital asset' and royalty paid, was

therefore, revenue in character

2. Dabur India Ltd. V. ACIT[2017] 83 taxmann.com 305

(Delhi - Trib.)

No royalty could be said to have accrued to assessee

(Dabur India) when there was no agreement between

AEs and assessee to charge royalty during year and

further AEs had not utilized technical knowledge of

assessee

PERMANENT ESTABLISHMENT

Director of Income Tax v. Mitsui & Co.[2017] 84

taxmann.com 3 (Delhi High court)

Where revenue had been unable to show that liaison

office of the assesse was used for the purpose of

business or trading activity , Tribunal was correct in

holding that assesse did not have a PE in India and was

therefore exempt under provision of DTAA between

India and Japan.

Dy.CIT v. Deep Drilling (1) Pte.Ltd. [2017] 83

taxmann.com 174 (Mumbai - Trib.)

Where taking into account days when fabrication,

upgradation and enabling operations were carried out

on rig to make it ready for drilling activities, number of

days of deployment of rig in India was more than 183

days, it could be said that assessee had PE in India

III

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Vol. No. 5 Issue No. 5August 2017

Accounting & Company Law Updates (Contributed by CA. Chintan Patel)

http://resource.cdn.icai.org/45991clcgc36214.pdf

http://www.incometaxindia.gov.in/communications/circ

ular/circular_24_%202017.pdf

http://www.mca.gov.in/Ministry/pdf/GeneralCircular8_

25072017.pdf

4. Clarifications on MAT for Ind AS Companies

CBDT has issued Circular No. 24/2017 dated 25th July,

2017 to provide clarifications on computation of book

profit for the purposes of levy of Minimum Alternate Tax

(MAT) under section 115JB of the Income-tax Act, 1961 for

Indian Accounting Standards (Ind AS) compliant

companies. The clarifications are issued in form of 14

FAQs.

5. Clarification on Notification relating to Exemption of

IFC to Private Ltd. Co.

MCA has issued Circular No. 05/2017 dated 25th July,

2017 to clarify that the exemption to certain private

limited companies of internal financial control (IFC)

reporting requirement as specified in Notification dated

13th June, 2017 shall be applicable for those audit reports

in respect of financial statements pertaining to financial

years commencing on or after 1st April, 2016, which are

made on or after the date of said notification.

1. Ind AS Transition Facilitation Group (ITFG) issues

Bulletin 11

The ITFG has considered various implementation issues

received from members. The ITFG, after due

deliberations, issued clarifications on nineInd AS issues

through its bulletin 11.

2. The Companies (Amendment) Bill, 2017 passed by

Lok Sabha

The Lok Sabha on 27 July 2017 passed the Companies

(Amendment) Bill, 2017. Among other matters, the Bill

seeks to amend the Companies Act, 2013 to change

provisions related to forward dealing and insider trading,

managerial remuneration, number of layers of

subsidiaries in a company, independent directors etc.

3. Guidance note on Division II — Ind AS Schedule III to

the Companies Act, 2013

The ICAI has issued Guidance note on Division II — Ind AS

Schedule III to the Companies Act, 2013. The objective of

this Guidance Note is to provide guidance on the

preparation and presentation of financial statements in

accordance with various aspects of Ind AS Schedule III,

for companies adopting Ind AS.

http://resource.cdn.icai.org/46114indas36253.pdf

http://164.100.47.4/BillsTexts/LSBillTexts/PassedLoksa

bha/73C_2016_LS_Eng.pdf

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No.Date NAME OF THE SEMINAR,

LECTURE MEETING, ETC.VENUE Program Details FEES CPE

Forthcoming Events

1 19.08.2017 Information Systems Audit Practical Hotel Staottel, Rs 20,000 + 30Training (PT) Commences From Old Vadaj,

Ashram Road,Ahmedabad

2 19.08.2017 Seminar on ICDS - Tax Audit Reporting, Branch Premises Rs. 600+GST 6Disclosures & Practical Implementation till 12th August

& Rs. 700+GST thereafter

3 20.08.2017 Indoor Sports Meet 2017 YMCA Club, Rs. 200+GST NILS G Highway, Ahmedabad

4 23.08.2017 Seminar on Ind AS - Spl focus on the Branch Premises Rs. 150+GST 3Phase - II Companies

5 24.08.2017 Campus Placement Programme - As per Inside 6August-September - 2017 at CircularAhmedabad on 24th, 26th & 28th August, 2017

6 10th & 11th National Conference Metamorphosis : Golden Glory Hall, Rs. 1300/- for 12November, The New Tomorrow Digital & Forensic Karnavati Club, Members Early 2017 On 10th & 11th November, 2017 S. G. Highway, Bird. After 16th

Ahmedabad) October, 2017 Rs. 1500/-

https://icaiahmedabad.com/event.php?id=ODgx

https://icaiahmedabad.com/event.php?id=ODg2

https://icaiahmedabad.com/event.php?id=ODg3

https://icaiahmedabad.com/upcoming-events.php

https://icaiahmedabad.com/event.php?id=ODg0

https://icaiahmedabad.com/event.php?id=ODc3

GST

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Quick Connect(Contributed by CA. Anand R. Sanghvi))

IND AS Implementation Checklist - Phase I & II Entities List of Information Required for IND AS Implementation

Sr.No. Line Items Description Purpose

1 General (1) Signed Annual report for the year ended 31st March, 2015 and 31st March, 2016 (2) Excel financials for the year ended 31st March, 2015 and 31st March, 2016 (3) Excel financials for all Quarters whose results have been published for the year ended 31st March, 2016 and 31st March, 2017 (4) Excel financials of subsidiaries and associates for the year ended 31st March, 2015 and 31st March, 2016 (5) Trial Balance/ Grouping along with mapping of each item with financials of above (6) Status of Outstanding payables to lenders along with interest, outstanding receivables and outstanding payables and copy of any Settlement Orders, if any

Review and Analyzing the existing Indian GAAP Poilicies and Adjustments and taking necessary calls on Impact areas under Ind AS

2 Fixed Asset (1) Useful life of each fixed asset and methodology of computation of book depreciation (2) Tentative Fair Values of Each asset especially land and building along with valuation report, if any, obtained in past (3) Component Report as per the Companies Act, 2013 incorporating identification of components

Impact Analysis of Ind AS 16 - Property Plant and Equipment and also to check the compliance with Components Accounting Approach as per Companies Act 2013 too

3 Reserves and Surplus - Capital Reserve, if any

Explanation is required on what transaction such capital reserve has been created and it pertains to which year? Also provide working of such reserves

Need to check its impact while passing Adjustment entries for First time adoption of Ind AS

4 Security Deposits given and taken - Non Curremt

Party wise listing, whether interest free or interest bearing and terms of Security Deposits (duration)

Application of Effective Rate of Interest Method and Recognizing the Unamortized Discounts or Premium

5 Trade Receivables and Trade Payables

Aging of all receivables and payables Identifying long outstanding Receivable or Payables for taking call on implementation of Effective rate of interest method

6 Provision for Income Tax

Working of Provision for Income -tax along with tax computations

Preliminary review only

7 Advance received from customers

Party wise listing and ageing along with purpose Identifying long outstanding advances

8 Non - Current Investments - Other than subsidiaries

Fair values of each bond to be obtained Application of Fair vaue concept

9 Capital Advances Terms of Capital Advances along with party wise listing and its aging

Analyzing from the perspective of applicability of Effective rate of interest method

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August 2017

Sr.No. Line Items Description Purpose

10 Operating Lease Each operating lease agreement along with annual lease rent expense, % increment and lease deposits

Idnetifying the favourable or unfavorable lease terms condition

11 Land Leased Land Lease agreement along with description of assets constructed on leasehold land

Reviewing Lease agreement terms and Idnetifying the favourable or unfavorable lease terms condition

12 Earnest Money Deposit

Party Wise listing along with tenure Applicability of Effective rate of Intrest method and working out unamortized premium or discount

13 Loans given to related parties

Party wise listing, whether interest bearing or interest free and tenure - origination date and end date

Preliminary review only

14 MAT Credit Entitle-ment

Working and Plan of Management for realization Preliminary review only to check any potential impact in Tax provision calculation or Deferred tax calculation under Ind AS

15 Employee Benefits -Leave Encashment and Gratuity

Acturial Valuation for IND AS Acturial Valuation as per Ind AS is required from Acturial Valuation Consultant

16 Current Investme-nts

Fair values of each investment required and gains of 15-16 and 16 - 17 will have to be reworked

Fair Value Analysis and recording the unrealized gain or loss and the same will have its impact in calculation of Deferred Tax also

17 Short Term Loans and Advances - Others

Party wise break up and purpose Preliminary review only to check any potential impact under Ind AS

18 Revenue from Operations

Revenue Recognition Policy to be checked Analyzing the potential impact of Revenue recognition standard under Ind AS

19 Export Benefits Nature of benefit and revenue recognition policy Preliminary review only to check any potential impact under Ind AS

20 Foreign Exchange Fluctuation

Any hedging instruments? Analyzing the potential impact of Hedge accounting and related derivative instrument

22 Rent Expense Listing of all agreements, nature of asset obtained on rent, duration of agreement and any escalation clauses in each agreement?

Checking out the escalation clause in line with ongoing Inflation rate

23 EPCG Outstanding License , Value of Customs duty saved, asset of which customs duty is saved, its original date of acquisition and useful life for depreciation

Applicability of Government grant accounting and hence potential impact in Depreciation workings and Gross and Net block of Fixed Assets

24 MIS Format Segment Reporting and its testing Application of segment reporting standard as per Ind AS

25 Forward Contracts Listing of contracts and its accounting Analyzing the potential impact of Hedge accounting and related derivative instrument

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CA day Celebration

Flag Hosting Blood Donation Camp

Greenothon - Walkathon Annual General Meeting

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GST - Tool to inclusive Growth on 22.07.2017

Lecture Meeting on Income Tax on 29-07-2017

Cultural Grandeur

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Seminar to Identify your best GST Software on 11.07.2017

RRC - Goa

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13DISCLAIMER: The Ahmedabad branch of WIRC of ICAI is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

The views and opinions expressed or implied in this E- Newsletter are those of the authors or contributors and do not necessarily reflect those of the Ahmedabad Branch of WIRC of ICAI. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of the Ahmedabad branch.