Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
STT rates for physical delivery in derivatives
SEBI recently listed certain derivatives which are to be settled by physical delivery. Consequently, stock exchanges began levying an STT of 0.1 per cent on such derivatives, where 0.1 per cent is the STT prescribed for a delivery- based equity transaction. The levy is higher than the STT on a regular derivative transaction settled in cash. Now, CBDT has clarified that a derivative settled through physical delivery is similar to a transaction in equity shares, and a similar STT is applicable in both cases.
Due date for GST return filing extended
Taxpayers registered in flood-affected regions of Kerala, Kodagu and Puducherry have been granted extensions in due dates for filing GST returns. GSTR-3B for July 2018 can now be filed by October 5 and GSTR-3B for August 2018 can be filed by October 10. Likewise, the monthly due dates for GSTR-1 for July 2018 has been extended to October 5, 2018, and for August 2018 has been extended to October 10. The quarterly filers of GSTR-1 have time till November 15.
Reconciliation of GST return data
Any input tax credit not claimed or missed, based on invoices raised in between July 2017 and March 2018 must be recorded before the due date for filing the GST returns of September 2018 or the annual returns for 2017-18. Credit and debit notes issued against any invoices raised in FY17-18, if missed earlier, must be recorded. Errors, or any amendments to the details in the GST returns filed in FY17-18 will be allowed to be made in GST returns being filed in the current FY before the deadline.
New clarification on e-way bill
It has now been clarified that an e-way bill shall also be valid when goods are delivered and stored in a transporter’s godown instead of being directly delivered to the recipient’s place. For the same, certain conditions must be satisfied. The transporter must be registered under GST for warehousing facility, and maintain relevant records. On the other hand, the recipient/consignee of the goods must declare the transporter’s godown as an additional place of business.
Sept 30 due date for filing tax returns
September 30 is the due date for filing tax returns, for a certain set of taxpayers: all companies and all other taxpayers who are subject to tax audit. They include: taxpayers having business with a turnover of more than ₹1 crore; taxpayers who have opted for the presumptive scheme of tax but propose to offer income lower than the income computed under the presumptive scheme; taxpayers carrying out a profession, gross receipts from which exceed ₹50 lakh.
Indian researchers are working on cells that can store more energy, last longer
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