In the month of September, 2017, the Ministry of Corporate Affairs, had released (03) Three separate lists containing the details of 3,09,614 Directors, associated with the Companies, which had not filed Annual Returns/Financial Statements with the respective ROCs/MCA Portal, for a continuous period of 03 (Three) years i.e., 2013 – 2014, 2014- 2015 & 2015 – 2016, thereby disqualifying them from acting as Directors pursuant to the provisions of Section 164 (2) r/w Section 167 (1) (a) of the Companies Act, 2013. 

As a result of the disqualification, the DINs of the respective Directors were de-activated, thereby the Directors cannot use their DIN/DSC for filing of any returns with the MCA Portal. 

With the above happening, the Companies in which such disqualified Directors, were associated, had also come to a stand still, as they cannot file any pending returns with the ROC/MCA Portal. 

Read more: Analysis of Section 164 and 167 of Companies Act, 13

NEW PROVISIONS 

Other than Corporate/Business 

Sec 16: - 

This section provides for deduction from income chargeable to tax under the head Salaries. A new clause (ia) is inserted which provides for Standard Deduction of Rs. 40K subject to the amount of salary as deduction. 

Read more: Changes in Income Tax Act - Budget 18

Every taxing statute provides for an event upon the occurrence of which, the respective tax will get attracted. This is popularly called taxable event. For example, excise duty is a levy on manufacture of excisable goods. The liability to pay excise duty under Excise law arises immediately upon manufacture of excisable goods. Similarly, Service tax is a levy on provision of services and VAT is a levy on sale of goods. In case of Goods and Services Tax(GST), it is a tax on supply of goods or services or both. Therefore, GST is a levy on ‘Supply’. Thus, it is important to understand the meaning and scope of the word ‘Supply’ used in GST law. 

The word ‘Supply’ is defined under section 7 of Central Goods and Services Tax Act, 2017. Accordingly, the meaning and scope of ‘Supply’ includes the following :- 

• Inclusive part of the definition under section 7(1)(a) of CGST Act, 2017 

• Import of Services for Consideration whether or not in the course or furtherance of business as provided under section 7(1)(b) of CGST Act, 2017 

• Activities listed in Schedule I as provided under section 7(1)(c) of CGST Act, 2017
• Activities listed in Schedule II as provided under section 7(1)(d) of CGST Act, 2017

  Read more: Meaning and Scope of Supply-2018

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The judgment of apex court in the case of Formula One World Championship Limited vs Commissioner of Income-Tax (International Taxation)-3, Delhi reported in [2017] 80 taxmann.com 347 (SC) (FOWC)has far reaching implications not only the income tax, but also under the service tax laws or Good & Services Tax (GST) laws. In this article, we try to explore the judgment of the apex court in the said case from the perspective of GST laws. 

The concept of ‘Permanent Establishment’ (PE) under the Income Tax laws is maturing day by day as the matters requiring interpretation of tax treaties are reaching the doors of apex court. The said concept of ‘Permanent Establishment’ even appears in the service tax laws or GST laws, the same was not used or tested by the indirect tax authorities, since the said concepts were brought into the statute book only from 01.07.2012, through place of provision of service rules or under GST laws through Section 2 read with Section 12 and Section 13 of Integrated Goods & Services Tax Act, 17 (IGST Act). Since, the concept of PE is attaining maturity under one law, it is only matter of time, when such concept would be used under the indirect tax laws to garner the revenue.

Read more: GST Perspective on Apex Court Judgment in Formula One World Championship Limited