Hi Folks
Mother’s Day is far away but this seems to be a Season for Mothers ! While Manushi Chillar, current Miss World 2017 from India paid her tribute to her mother saying “Mother’s job deserves the highest respect and highest salary”, I heard a young man all of 22 give a talk about his mother as his role model. He won the Best Speaker recognition at a Speaking club recently when he recalled the various moments in his life about how his mother ‘put up’ with all his mischief and tantrums, managed her career and cared for the family with no complaints nor demand for ‘incentives’. It was touching to hear that during demonetisation, as a bank employee this mother would travel every day 180 kms up and down to her posting in a remote village and be back home late night, just to serve healthy food to the family. The boy shared with pride that his mother never felt this was an ordeal since she said she was ‘In the service of the Nation’ ! A lay, unsung patriot !! He said “I don’t need a bigger inspiration in my life”.

Another talk I heard from a slightly older gentleman and my good friend was also in praise of his mother. In about 6 minutes, he was able to pack in various anecdotes about how his mother, an uneducated, simple woman is an epitome of patience, care, love, will power, resilience & broad-mindedness. A senior management employee in an MNC, he said his mother is his role model and he has grown to respect and love her for her ‘quiet but assertive’ style of communication which has no jargons, no admonition, no pampering words – but just an assurance that she trusts him. It was moving to hear him say that he felt guilty he isn’t spending enough time with her.
I am sure each one of us has similar experiences and memories to share about a Mother. Why, as if to read our minds, I received a whatsapp message quantifying how much a home-bound mum should hypothetically be earning. Well, her role cannot be measured. Cannot be quantified. Cannot be replaced. Cannot be outsourced. It is invaluable to the individual, family and the society at large. I think rather than saying it is the Mother, let’s say it is the motherly attributes. In today’s world, there are many men staying put at home and taking on the responsibility of raising children or stepping back in their careers so that the woman can move on at some points. These ‘male home-makers’ too deserve equal applause though they may be in smaller numbers.
I recall a couple of years ago, I had written about the attributes of a Leader which goes something like this ….
  • Skin of a rhino
  • Courage of a soldier
  • Compassion of a mother
  • Understanding of a friend
  • Patience of a saint
Whether a Mother is paid or not, valued or not, recognised or not she is a Leader no doubt who shapes many a lives.
Having said this, as our newsletter enters the 9th year (yes, we have successfully completed 8 years !) I am grateful to all the contributors and patrons over the years. No doubt this news-letter is a women-run initiative. Yet the support from the other-half is no less significant. Again amaatra – cannot be measured. In particular, I would like to thank Naveen Bhat and R Krishnamurthy, CAs, my good friends who have been adding value through the tax updates over the years. Making sure we do not err. This issue has a big block of GST compliance dates, as they keep moving from month to month and also a detailed analysis of the Foreign Trade Policy 2015-2020 that came up for mid-term review.
For our earlier issues do visit the Resource Centre at

Happy Reading

Highlights of the Mid term review of the Foreign Trade Policy 2015 – 2020 have been captured as a separate note considering there are several changes across chapters. Most of the changes are consequent to GST implementation. Other relevant Notifications are also carried herein.

Re-fixation of Annual Average Export Obligation for EPCG Authorisations for the year 16-17 is now permitted, in case export in any sector/product group has declined by more than 5%. The list of sector/product group has been published by Directorate of General Trade (DGFT).

  • Manual application for GST refunds: It has been notified that refund claims for zero rated supplies are to be made manually until further notification.
  • Refund of input tax in respect of fabric exporters: It has been clarified that a refund claim in respect of unutilized input tax credit at the end of any tax period can be made in respect of zero rated goods or where the input tax is higher than the output tax. It has been further clarified that a manufacturer and exporter of fabrics is eligible to claim refund of unutilized input credits ( other than GST Input tax on capital items) in respect of fabrics manufactured and exported.
  • Exempt services through E-com operator: Person supplying services through an e-commerce operator having an aggregate turnover of Rs. 20 lakhs (Rs.10 lakhs in specified states) in a financial year is exempt from registration. However this exemption does not apply to supplies made through an e-commerce operator who is required to pay GST on behalf of the supplier as envisaged in Section 9(5) of the CGST Act, 2017.
  • CGST Rules Amended: Central Goods and Service Tax (Twelfth Amendment) Rules, 2017 has been notified which provides for Manual Filing and Processing of GST documents along with electronic version, Appointment of Appellate Authority and new forms GST RFD-01A and GST RFD-01B (Refund related).
  • IGST Rules for Advertisement Services: The CBEC has amended the IGST Rules, 2017 retrospectively w.e.f 1st July, 2017. In the absence of any contract between the supplier and recipient w.r.t. advertisement services, the Amended Rules prescribe the manner of apportionment of IGST attributable to different States or Union Territories, for the services supplied to Central or State Government, a statutory body or a local authority. The rules specifically cover basis of calculating the value of advertisement services provided via newspapers, pamphlets, railway tickets, trains, utility bills of oil and gas companies, television channels and cinema halls.

  • GST is not payable on receipt of advance for supply of goods.
  • Milling of paddy is not eligible for exemption from GST. It attracts 5% GST since milling is not an intermediate production process.
  • Interstate movement of Rigs, tools, spares and all goods on wheels (like cranes) shall not be subject to IGST.
  • GSTR-1 due dates for turnover up to Rs. 1.50 Crores (Goods or services or both) The due dates for filing GSTR-1 is quarterly as follows :
    Sl. No. Period for which Return to be filed Extended Due date for Filing
    1 July-September 2017 31st December 2017
    2 Oct-Dec 2017 15th Feb 2018
    3 Jan-Mar 2018 30th April 2018
  • GSTR-1 due dates for turnover more than Rs. 1.50 Crores (Monthly basis)
    Sl. No. Period for which Return to be filed Extended Due date for Filing
    1 July – October, 2017 31st December 2017
    2 November, 2017 10th January, 2018
    3 December, 2017 10th February, 2018
    4 January, 2018 10th March, 2018
    5 February, 2018 10th April, 2018
    6 March, 2018 10th May, 2018
  • Extended due dates for other Returns
    Name of Return Purpose Period Extended Due date for Filing
    GSTR – 3B Outward & Inward Supplies January, 2018 20th February 2018
    February 2018 20th March 2018
    March, 2018 20th April, 2018
    GSTR – 4 Composition dealer July – September,2017 24th December, 2017
    GSTR – 5 Non resident July – October, 2017 11th December, 2017
    GSTR – 5A Online Information and database access or retrieval services July – October, 2017 15th December, 2017
    GSTR – 6 Input service distributors July, 2017 31st December, 2017
    August – October 2017 Will be notified later.
    GSTR-ITC-04 Job work July – September, 2017 31st December, 2017
    TRAN – 1 & Revised TRAN-1 Transition forms to carry forward the input tax credit 27th December, 2017
  • Late fee payable for GSTR-3B for the month of October 2017 is Rs. 25 per day. In case the turnover is NIL, then the late fee is Rs. 10 per day.
Insolvency and Bankruptcy Code Ordinance, 2017 has been passed to put in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the Code.  An undischarged insolvent, willful defaulter, Director disqualified under Companies Act, 2013, connected persons (related parties) etc. is explicitly prohibited from submitting a resolution plan which may impact the credibility of the resolution process.
Another highlight is that 75% votes are required to approve the resolution plan at the meeting of the Committee of Creditors.
LIX Additional City Civil and Sessions Judge, Bengaluru City has been designated as the Special Court for the State of Karnataka to try cases which are punishable with imprisonment of 2 years or more under the Companies Act, 2013.
Last date for filing of Cost Audit Report in Form CRA-4 for the financial year starting on or after 1st April, 2016, has been extended to 31st December, 2017, without additional fees. Additionally, the cost audit report & documents that is being filed using the XBRL taxonomy given in Annexure III is also amended. XBRL Rules to give effect to the same has been amended.

Forms CRA-1(Cost Record) and CRA-3 (Cost Audit Report) have been substituted under Companies (Cost Records and Audit) Rules, 2014
Cash sale of agricultural produce by its cultivator to the trader for an amount of Rs. 2 Lakhs or more is now prohibited under Section 269T of the Income Tax Act. Further, payment to a cultivator by a trader less than an amount of Rs. 2 lakhs in a day or in respect of a single transaction or in respect of transactions relating to an event or occasion will not result in any disallowance as far as the trader is concerned and will not require the cultivator to provide his PAN or furnish Form 60.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.

S. C. Sharada & Associates, Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034 Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]

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