News Highlight: CBEC - GST

29th March,2018

 

Great works are performed not by strength but by perseverance. ~ Samuel Johnson

CBEC - GST

CBEC has issued a notification on the recommendations of the Council and under the provisions of the sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, specifying that the return in FORM GSTR-3B for the month of April, 2018, May, 2018 and June, 2018 shall be furnished electronically through the common portal, on or before the 20th May, 2018, 20th June, 2018 and 20th July, 2018 respectively. Every registered person furnishing the return in FORM GSTR-3B shall, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date.

  CBDT

CBDT issues clarification regarding requirement for furnishing of Country by Country report under section 286(4) of IT Act, 1961. The CbC report is to be furnished by the ultimate parent entity of an international group in the country or territory of its residence and is to be furnished on or before the due date specified under section 139(1) of the Act for furnishing of return of income for the relevant accounting year. The date for furnishing of CbC report under sub-section (2) of section 286 for FY 2016-17 was subsequently extended to 31st March, 2018 vide CBDT Circular No. 26 of 2017 dated 25th October, 2017. It has been brought to the notice of the Government that constituent entities of international groups, resident in India, have apprehensions that the due date of furnishing of CbC report under sub-section (4) of section 286 is also 31st of March, 2018. In order to allay the aforesaid apprehensions, it is hereby clarified that the due date of 31st March, 2018 applies for furnishing of CbC report under sub-section (2) of section 286 only and not under sub-section (4) of the said section.