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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 1

Wednesday, Jan 03, 2018

Weekly on GST, FSSAI, RERA & More...

 

~ WISH YOU ALL A VERY HAPPY NEW YEAR 2018 ~

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FROM EDITOR'S DESK

 

 

Wish you all a very happy and prosperous New Year! We all are expecting a lot of positive changes this year. We hope that the Government takes into consideration the representations made by various Associations with respect to changes in the tax laws and other laws such as RERA, FSSAI, etc. and try to resolve different issues with respect to GST and other laws. We expect that the disruption in the market due to the changes in the indirect tax regime last year will settle down and it is going to be a great year for businesses in our country. We hope to continue receiving your support this year also. Please contact us at contact@ghiya.in

 

PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626

 

TIMELINES

 

 

Upcoming due dates under GST & Income Tax Laws:

 

GSTR-1 (Jul-Sep) Turnover upto 1.5 Cr, Quarterly Return 10th Jan
GSTR-1 (Jul-Oct) Turnover above 1.5 Cr, Monthly Return 10th Jan
GSTR-3B (December) 20th Jan
GSTR-5 31st Jan
GSTR-5A 31st Jan
GST ITC-01 31st Jan
GSTR-1 (Dec) Turnover above 1.5 Cr, Monthly Return 10th Feb
GSTR-1 (Oct-Dec) Turnover upto 1.5 Cr, Quarterly Return 15th Feb
GSTR-3B (Jan) 20th Feb
VAT 10 A (FY 2016-17) 28th Feb
VAT 10 (Qtr 1 of FY 2017-18) 28th Feb
VAT 11 (FY 2016-17) 28th Feb
VAT 11 (FY 2017-18) 28th Feb

 

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MISCELLANEOUS

 

 

  • IBBI grants recognition to two registered valuers organizations
  • Government Cautions People Against Risks in Investing in Virtual 'Currencies': Says VCs are like Ponzi Schemes Read More
  • Commerce ministry panel suggests change in SEZ rules Read More
  • Clarification about applicability of GST on under construction and ready to move in property. Read More
  • Press Release by CBEC dt. 29.12.2017 on Extension of date for filing return in FORM GSTR-1 Read More
  • Total Collection under GST for the month of December, 2017. Read More
  • Tweet FAQs by @askGST_GoI dt. 27.12.2017
    FAQ 1
    FAQ 2
    FAQ 3
    FAQ 4

 
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   Weekly Quiz

 

THIS WEEK'S QUESTION

 

Whether Input Tax Credit available on goods or services used for personal consumption?
A: Yes
B. No

Click here to participate

Last date: Jan 06, 2018

 

LAST WEEK'S WINNERS

 

  • Triloki Sinha, Allahabad
  • Urvashi Khandelwal, Jaipur
  • Anil Kumar Lau, New Delhi
RECENT AMENDMENTS

 

 

CGST Notifications

 

Notification No. 71/2017-Central Tax dt. 29.12.2017
Extends the due dates for quarterly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of upto Rs.1.5 crore. Read More

 

Notification No. 72/2017-Central Tax dt. 29.12.2017
Extends the due dates for monthly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of more than Rs.1.5 crores. Read More

 

Notification No. 73/2017-Central Tax dt. 29.12.2017
Waives the late fee payable for failure to furnish the return in FORM GSTR-4 Read More

 

Notification No. 74/2017-Central Tax dt. 29.12.2017
Notifies the date from which E-Way Bill Rules shall come into force Read More

 

Notification No. 75/2017-Central Tax dt. 29.12.2017
CGST (Fourteenth Amendment) Rules, 2017 Read More

 

Notification No. 01/2018-Central Tax dt. 01.01.2018
Central Tax seeks to further amend notification No. 8/2017 - Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers.

 

CGST Circulars

 

Circular No. 26/26/2017-GST dt. 29.12.2017
Regarding filing of returns under GST. Read More

 

RGST NOTIFICATIONS

 

Notification No. 2017-148 dt. 22.12.2017
Regarding coming into force of Notification no. F.12(60)FD/Tax/2017-68 dated July 19, 2017 related to Rajasthan Authority for Advance Ruling Read More

 

Notification No. 2017-149 dt. 22.12.2017
Notification under section 99 of RGST Act, 2017 regarding constitution of the Rajasthan Appellate Authority for Advance Ruling Read More

 

Notification No. 2017-150 dt. 22.12.2017
Order under section 96(2)(ii) of RGST Act, 2017 regarding appointment of member of Rajasthan Authority for Advance Ruling Read More

 

RVAT NOTIFICATIONS

 

Notification by CCT dt. 29.12.2017
Date extended for VAT Annual Return VAT 11 for Financial Year 2017-18 till 28th February, 2018 Read More

 

Notification by CCT dt. 29.12.2017
Date Extended for VAT Quarter 1 Return VAT 10 for Financial Year 2017-18 till 28th February, 2018 Read More

 

Notification by CCT dt. 29.12.2017
Date Extended for VAT Annual Return VAT 10A for Financial Year 2016-17 till 28th February, 2018 Read More

 

Notification by CCT dt. 29.12.2017
Date Extended for VAT Annual Return VAT 11 for Financial Year 2016-17 till 28th February, 2018 Read More

 

CUSTOMS (TARIFF)

 

Notification No. 96/2017-Customs dt. 29.12.2017
Seeks to amend notification No. 46/2011-Customs dated 01.06.2011 so as to provide deeper tariff concessions in respect of specified goods when imported from ASEAN under the India-ASEAN Free Trade Agreement w.e.f. 01.01.2018. Read More

 

Notification No. 97/2017-Customs dt. 29.12.2017
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2018 Read More

 

CUSTOMS (NON TARIFF)

 

Notification No. 119/2017-Cus (NT) dt. 28.12.2017
Notification under sub-section (1) of section 4 of the Customs Act, 1962 Read More

 

Notification No. 120/2017-Cus (NT) dt. 29.12.2017
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut,Gold and Silver Read More

 

CUSTOMS (CIRCULARS)

 

Circular No. 52/2017 dt. 22.12.2017
Customs procedure for export of cargo in containers and closed bodied trucks from ICDs/CFSs through Land Customs Stations (LCSs) – Reg Read More

 

ITAT JUDGEMENTS

 

 

JAIPUR BENCH

 

Shri Girdhari Singh Shekhawat vs. ACIT, Circle-II, Jaipur
Counsel: Shri S.R. Sharma & R.K. Bhatra (CA)
Issue: Additions made by the AO to the income u/s. 68 of IT Act, 1961 on account of alleged unexplained credit amount from certain persons.
Held: In favour of the Assessee Read More

 

MUMBAI BENCH

 

Mustansir I Tehsildar vs. Income-Tax Officer – 21(2)(3), Mumbai
Acquisition of new flat in an apartment under-construction is a case of construction and not purchase. Its construction could start before date of sale of earlier property, but it should be completed within three years from that date to be eligible for deduction under section 54 Read More

 

DELHI BENCH

 

Johnson Matthey Public Ltd. Company vs. Deputy Commissioner of Income-tax (International Taxation)
Where assessee, a UK based company, provided guarantee to various bankers for extending loan facilities to its Indian subsidiaries, guarantee fee charged by it from those subsidiaries would not fall within expression of 'interest' and in view of clause 3 of Article 23 of India-UK DTAA, in absence of any specific provision dealing with corporate/bank guarantee recharge, same had to be taxed in India as 'other income' as per provisions of Act Read More

 

GUJARAT BENCH

 

Income-tax Officer (International Taxation), Gandhidham v. Martrade Gulf Logistics FZCO-UAE
A company registered in UAE but having effective control and management situated in Germany could not claim benefit of India-UAE tax treaty, though it could claim benefit under India-Germany tax treaty. Read More

 

FROM THE BENCH

 

 

GST

 

Lupin Ltd. vs. Union of India
Evergreen Seamless Pipes and Tubes Pvt Ltd Vs Union Of India Writ Petitions at Hon’ble Delhi High Court and Hon’ble Bombay High Court challenging provision of Section 140(3)(iv) of CGST Act, 2017 restricting the claim of transitional credit in respect of inputs held in stock on appointed day with the condition that the invoice were issued not earlier than 12 months immediately preceding the appointed day. Lupin, Evergreen

 

INCOME TAX

 

Commissioner of Income-Tax vs. Lal Mohar
No addition can be made under section 68 in hands of firm or any artificial person in first year of business that too on a day which is first day of its business Read More

 

CENTRAL EXCISE & CUSTOMS

 

Sun Pharma Laboratories vs. Union Of India
Having declared attractive incentives and lured assessee to invest in Sikkim, any alteration in the incentive package to the detriment of the investor would definitely attract the doctrine of promissory estoppels. Consequently impugned Notification Nos.20/2008 and 38/2008 are liable to be quashed to the extent they curtail and whittle down the 100 per cent excise duty exemption benefit as promised vide Notification No.20/2007 and is hereby quashed. Read More

 

Tamin Granites vs. Commissioner of Central Excise, Chennai
Where Tribunal dismissed appeal of assessee on ground that there was huge pendency involving crores of rupees of revenue and adjudication of lis involving minor demand would not be productive, dismissal of appeal not justified. Read More

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi, Ankit Agrawal, Deepak Garg

 

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