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The Articled THE ARTICLED FEBRUARY–2018 ISSUE–32 PARTICULARS PAGE NO. WRITTEN BY EDITORIAL 1 CA SANJAY DHARIWAL MADANLAL CURRENT AFFAIRS 2-5 FROM OUR INBOX CLASSIFICATION OF SERVICES 6-11 POORVI D URS UNDER GST VALUATION OF IMMOVABLE 12-15 VINUTHA M B PROPERTY WHICH ARE HELD AS STOCK IN TRADE SA 505 – EXTERNAL 16-19 PRATIK R JAIN CONFIRMATION DNS NEWS – BIRTHDAY FOR THE 19 MONTH OF FEBRUARY 2018 THE INSPIRATION OF KAROLY 20 FROM OUR INBOX TAKACS RIDDLES 21 FROM OUR INBOX DNS NEWS: ANSWERS FOR THE 22 FROM OUR INBOX MONTH OF JANUARY – 2018 DNS NEWS: DHARIWAL, 23 SREENIVAS & AFFILIATES: MEET DNS NEWS: DNS ADVENTURE – 24 2018 DNS NEWS: SPEAKERS SCHEDULE 25 FROM OUR INBOX EDITOR BOARD Editor-in- Chief CA Sanjay Dhariwal [email protected] Editor Smruti Shah [email protected] COORDINATORS Coordinator Skanda. P. [email protected] Coordinator Poorvi D Urs [email protected] Its Budget time! This was the fifth and final union budget of the Modi Govt and expectations were riding high from all the quarters. As expected a well packaged budget was presented by the Finance Minister without much content. However budget turned out to be largely focused on the upliftment of the agricultural sector, along with major push to healthcare, infrastructure and education sectors of the country. The industry too benefited with the reduction in tax rate by 5% for those companies having a turnover of less than 250 crores. While there is no positive or negative impact on the salaried class, the increase in health and education cess by 1% will hurt the high income tax payers. Coming to the impact of the budget on the stock market, both the major indices in India (Sensex and Nifty) scaled record heights before the budget. With the reintroduction of long term capital gains tax, there was dip in the market but it recovered slightly by the end of the budget day. Subsequently, the market crashed heavily, as people reacted negatively on the imposition of the tax again. Since the distinction between long-term and short-term has largely disappeared, the market volumes are likely to go up. The market is expected to be sluggish for the next few days as it discounts the effect of the tax. There are comments that this budget is being used as a political tool to appease the rural masses, but by and large it was perceived to be a balanced budget. For the first time ever, India has jumped 30 positions to become the top 100th country in terms of ease of doing business ranking as per "Doing Business 2018" report of the World Bank. With huge inflow of FDI’s, various incentives to start- ups and MSMEs, Make in India project the business future in India looks bright. However, time will only tell how the long term capital gains tax will impact the FDI’s and equity investments in business. Regards, CA Sanjay Dhariwal 1 FROM OUR INBOX IRAN BANS ENGLISH FROM BEING TAUGHT IN PRIMARY SCHOOLS Iran has banned teaching the English language in primary schools, calling the subject a "cultural invasion". ISRAELI PM INAUGURATES RAISINA DIALOGUE INDELHI Israel's Prime Minister Benjamin Netanyahu, who is in India for a 6-day official visit, inaugurated the 3rd annual Raisina Dialogue in New Delhi. ANNUAL MEETING 2018 OF WORLD ECONOMIC FORUM The Annual Meeting 2018 of the World Economic Forum was held from 23-26 January 2018 at Davos in Switzerland with the theme of 'Creating a Shared Future in a Fractured World'. WORLD'S LARGEST SOLAR THERMAL PLANT TO BE BUILT IN SOUTH AUSTRALIA The world's largest solar-thermal power plant has been given development approval by the South Australian government 2 INDIA CONTRIBUTES $50,000 TO UN YOUTH ENVOY'S OFFICE India has contributed $50,000 to UN Secretary General Antonio Guterres's Office of Envoy on Youth to help with its mission of involving young people in the world body's goals. PRESIDENT INAUGURATE 4TH INTERNATIONAL CONFERENCE ON DHARMA- DHAMMA The President of India, Shri Ram NathKovind, visited Bihar on January 11, 2018 to inaugurate the 4th International Conference on Dharma-Dhamma at Rajgir. 5 DAY NATIONAL YOUTH FESTIVAL - FROM 12 JANUARY, 2018 Prime Minister Shri Narendra Modi inaugurated the events of the National Youth Festival (NYF) on 12 January 2018 through Video conferencing and also addressed the gathering. PSLV SUCCESSFULLY LAUNCHES 31 SATELLITES IN A SINGLE FLIGHT ISRO’s Polar Satellite Launch Vehicle, in its forty second flight, successfully launched the710kg Cartosat-2 Series Remote Sensing Satellite along with 30 co- passenger satellites from Satish Dhawan Space Centre SHAR, Sriharikota. ELECTION COMMISSION SETS UP PANEL TO SUGGEST NEW POLL RULES The Election Commission has set up a 14-member panel to study how social media and other digital platforms are used ahead of polls and make suggestions on how to adapt the Model Code of Conduct to these changes. 3 MINISTRY OF PETROLEUM LAUNCHES SAKSHAM 2018 CAMPAIGN The Petroleum Conservation Research Association (PCRA) under the aegis of Ministry of Petroleum & Natural Gas has launched month long Saksham 2018 (Sanrakshan Kshamta Mahotsav). GOVERNMENT TO RAISE 15 NEW BATTALIONS FOR PAKISTAN, CHINA BORDERS The government is planning to raise 15 new battalions in the country's two important border guarding forces - the BSF and the ITBP - to fortify defense along the strategic frontiers with Pakistan, Bangladesh and China. 70TH ARMY DAY: 15 JANUARY2018 The Indian Army celebrated the 70th Army Day, with parades and shows at its major locations across the country. 12-MEMBER PANEL TO TAKE A CALL ON NATIONAL ANTHEM IN CINEMAHALLS The Union Home Ministry has appointed a 12-member inter-ministerial committee, which would take a final call on the playing of the national anthem in cinema halls and public places. A R RAHMAN BECOMES SIKKIM’S BRAND AMBASSADOR Music composer A R Rahman has been appointed as the brand ambassador of Sikkim. AANCHAL THAKUR GIVES INDIA ITS 1ST INTERNATIONAL MEDAL IN SKIING Manali resident Aanchal Thakur made history by winning India's first-ever international medal in skiing. SARJUBALA DEVI CLAIMS GOLD IN NATIONAL WOMEN’S BOXING CHAMPIONSHIP Former world silver-medalist Sarjubala Devi (48kg), representing Manipur, claimed the gold as well as the best boxer trophy in the National Women’s Boxing Championships. 4 HYDERABAD HUNTERS CLAIM MAIDEN TITLE IN PBL3 Hyderabad Hunters overcame a fighting Bengaluru Blasters 4-3 in a thrilling summit clash to claim their maiden title at the third Premier Badminton League (PBL) in Hyderabad. WHAT IS A SUPER BLUE BLOOD MOON? The super blue blood moon which occurred on the 31st January 2018 was a combination of the blue moon, super moon, and total eclipse, all three being rare events. The moon will appear blood red in color as it crosses into the shadow of the Earth due to this phenomenon. A "blue moon" is the term used when the full moon appears twice in less than 28 days, as it takes the moon 28 days to revolve the Earth. A blue moon happens on average just under every three years. The moon revolves our planet in an elliptical orbit, and so on some days it is closer to the Earth than it is on other days. When it is at the closest point and appears bigger in size, the phenomenon is called super moon. This proximity, or perigee, makes the super moon 2018 appear 14 percent bigger than normal and 30 percent brighter. WHEN YOU STOP CHASING THE WRONG THINGS YOU GIVE THE RIGHT THINGS A CHANCE TO CATCH YOU. - LOLLY DASKAL 5 CLASSIFICATION OF SERVICES UNDER GST - Written By: Poorvi D Urs The Goods and Services Tax came into effect from July 1, 2017 through the implementation of one hundred and first (101st) amendment of the constitution of India. Careful understanding of the Law is a must at the initial stage of GST implementation. The following concepts from the earlier laws are said to be irrelevant with implementation of GST; • The dispute between provision of service and sale of goods as in the earlier regime will have lesser relevance as the taxes will be the same and ITC will be available. • The input tax paid on services will be allowed as credit for output tax paid on goods and vice-a-versa. On reading of the above, one may have to ask whether there is a need for differentiating a supply into goods or services and whether the charging sections for goods or services or both; are same. The need for classification of goods and services under GST still continues to exist which can be seen in the different definitions of goods and services: Goods means every kind of movable property and: • Includes actionable claim • Excludes money and securities Services means anything other than goods : • Includes transactions in money – in relation to use / conversion • Excludes money and securities 6 Hence, the reason for the above is as follows: 1. Different ‘rates of tax’ and ‘classification rule’ for goods and services: The goods are to be classified as per HSN codes and Services, as per SAC. These codes are to be mentioned in the invoices. Moreover, the rate of taxing goods and/ or services is different and hence, difference in amount of liability to pay tax will arise. 2. Different ‘place of supply’ provisions as to goods / services: GST being destination based tax on consumption; the tax revenue shall accrue to the consuming state. Hence different provisions are made under law for place of supply as to goods on one hand and place of supply as to services on the other.
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