Latest Blogs from SBS and Company LLP

    SBS I 4th Edition

    Brief of Update: 

    This update pertains to release of a press note as a consequence of 21st GST Council Meeting at Hyderabad. The summary of the press note is hereunder: 

    1. The date for filing the GSTR – 1 for July 17 has been extended to 10th October 17;
    2. The date for filing the GSTR – 2 for July 17 has been extended to 31st October 17;
    3. The date for filing the GSTR – 3 for July 17 has been extended to 10th November 17;
    4. The due date for GSTR-1/2/3 for Aug 17 and later periods will be notified later;
    5. An opportunity for revising GST TRAN-1 has given once
    6. The due date for filing TRAN-1 has been extended till 31st October 

    We must wait for the notifications for effecting the said above decisions.

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    SBS I 3rd Edition

    Brief of Update: 

    Central Government has notified e-way bill rules on 30th August 17 which prescribe the proce- dure relating the e-way bills under GST. 

    Salient Features of the Rules: 

    1. Effective Date: These rules will come into force from the date to be notified by Central Gov- ernment 
    1. E-Way bill in cases where goods are moved without using conveyance: In all cases where goods are moved from suppliersˇ location to recipientsˇ location, then the registered person is required to generate E-way Bill in GST portal by filing the details in Part A of FORM GST EWB-01 
    1. E-Way bill in cases where goods are moved using conveyance: In all cases where goods are moved using conveyance, E-Way Bill shall be generated in GST portal by filling in Part A and Part B of FORM GST EWB-01. Part B of the said form contains details relating to the convey- ance/vehicle. The details of conveyance as required Part B need not be submitted if the trans- portation distance is less than 10 
    1. E-Way bill in cases where supplier is not registered: In cases where supplier is not registered, E-Way bill can be generated in GST portal either by him or the transporter at their 
    1. Consolidated E-Way bill for Multiple Consignments: In cases where multiple consignments are loaded into a single conveyance, the suppliers of those consignments are required to generate E-Way bills for their respective consignments in FORM GST EWB01 and the transporter is required to raise a consolidated E-Way bill in FORM GST EWB-02 in GST portal prior to move- ment of goods 
    1. Validity Period of E-Way bill: Upon generation of E-Way Bill electronically in GST portal, an E-Way bill number (EBN) will be made available to supplier, recipient and the The E-way bill generated shall be valid for the period as mentioned below: 

     

    S. No

    Distance

    Validity Period

    1.

    Upto 100 km

    One Day

    2.

    For every 100 km or part thereof

    One additional day

     

    1. Requirement to change conveyance during transit: In case where the transporter is re- quired to change the goods to another conveyance during transit, he is allowed to so by up- dating the details of the new conveyance in the E-way bill that was already generated 
    1. Relaxation from E-Way bill requirement: Generation of E-Way bill for movement of goods is not required in the following 
    1. Where the value of goods transported is less than Rs 50,000/-;
    2. Where goods are transported by non-motorised conveyance;
    3. Where goods transported are those listed in Annexure to Rule 138 of CGST Rules, 2017;
    4. Where goods are to be moved from port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by customs;

    Where the movement of goods is within such areas as notified by State Governments.

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    SBS I 2nd Edition

    Brief of Update: 

    An update pertaining to deduction under Section 54F of Income Tax Act, 1961 for under con- structed property can be claimed second or third time if the cost is within the capital gain as per the recent judgment as discussed herein. 

    Income Tax Act provides exemption from payment of tax on Long Term Capital Gain arising from transfer of property other than Residential House Property. Section 54F which provides the above exemption mention that to claim exemption the transferor must make investment of net consideration in new residential house property within the time frame provided therein. This judgement has analysed the provisions of the said section to conclude on timing of invest- ment (whether one-time investment or multiple time investment within the time frame provid- ed in the law) to claim exemption.

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    SBS I 1st Edition

    Brief of Update: 

    Non-competing fee from business accrued or received by the assesse though capital in nature is chargeable to tax as per Section 28 of the Income Tax Act, 1961. This judgement throws light on nature of receipt of non-competing fee from business based on facts and cir- cumstances rather than going by the terms of the agreement. In this Judgement the High Court took note of the events happened after the agreement has been entered while decid- ing the nature of the receipt.

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    SBS I 6th Edition

    Brief of Update:

    Section 208 of Income Tax Act, 1961 provides that advance tax shall be payable during the fi- nancial year in case where the amount of tax payable is Rs. 10,000/- or more. Section 209 re- quires that assessee shall first estimate his current income and income tax payable there on shall be calculated at the rates in force in the financial year. The amount of advance tax cal- culated subject to amount of tax deducted or collected at source. 

    Till date there is no requirement of reporting the estimated income except calculating the same for determining advance tax liability. This update deals about the new rule to be inserted which makes the assesse intimate the estimated income and other details as discussed here- under. 

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