Vistra India Update 333

August 01 - August 15, 2017


Eligible Investment funds under section 9A of Income Tax Act notified.

Section 9A of the Income Tax Act 1961 provides that a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils certain conditions specified therein shall not be said to be resident in India merely because the eligible fund manager, undertaking fund management activities on its behalf, is situated in India. The Central Government has now notified 121 countries for Eligible Investment Funds under section 9A of the Income Tax Act 1961.

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Indian Railway Finance Corporation Limited notified as long term specified asset under section 54EC of Income Tax Act 9161

The Central Government has notified that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), as ‘long-term specified asset’ for the purposes of section 54EC of Income Tax Act 1961

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Extension of due dates for filing returns under GST

The Central Government has extended the due dates for filing of Form GSTR – 1, Form GSTR – 2 and Form GSTR – 3 for the month of July 2017 and August 2017 as detailed below.


Due date for filing of details of outward supplies in FORM GSTR-1

Due date for filing of details of inward supplies in FORM GSTR-2

Due date for filing of details in FORM GSTR-3

Date for filing of GSTR-3B

July, 2017

1st to 5th September, 2017

6th to 10th September, 2017

11th to 15th September, 2017

20th August, 2017

August, 2017

16th to 20th September, 2017.

21st to 25thSeptember, 2017.

26th to 30th September, 2017.

20th September, 2017.


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Clarification on submission of Letter of Undertaking (LUT) / Bond under GST for exports without payment of IGST

Clarification were sought by the Registered Dealers and Field Officers with regard to LUT / Bond under GST. In view of the same the Central Government has clarified issues relating to submission of LUT / Bond for Export without payment of IGST.  Clarifications has been provided for the following topics.

  1. Eligibility to export under LUT
  2. Form for LUT
  3. Time for acceptance of LUT/Bond
  4. Purchases from manufacturer and form CT-1
  5. Transactions with EOUs
  6. Forward inward remittance in Indian Rupee
  7. Bank guarantee
  8. Jurisdictional officer
  9. Documents for LUT
  10. Applicability of circulars on Bond/LUTs

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Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 75 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 4th of August 2017.  The Notification is appended below for reference:

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Aadhaar Number made compulsory for Provident Fund members

Employee’s Provident Fund Organization (EPFO) has made verified Aadhaar number mandatory for Provident Fund (PF) members with effect from 1 October 2017. The Company would not able to file the Electronic Challan Receipt(ECR) in PF portal if the PF member’s name as per Aadhaar and their Universal Account Number(UAN) does not match.

Aadhaar number is not mandatory for International workers and workers from Nepal and Bhutan.

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