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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 26

Wednesday, Jul 04, 2018

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

 

 

◔ TIMELINES

 

TCS Declaration u/s 206C (1A) - Form 27C 7th Jul
TDS Declaration u/s 197A - Form 15G/15H 7th Jul
Quarterly TDS Payment 7th Jul
GSTR-1 June (Monthly) 10th Jul
TCS Quarterly Statement - Form 27EQ 15th Jul
GST Quarterly Return under Composition Scheme 18th Jul
GSTR-3B (Jun 2018) 20th Jul
ITR by Non-Resident Taxable Person 20th Jul
GSTR-1 April to June (Quarterly) 31st Jul
GSTR-6 (Jul-17 to Jun-18 31st Jul

 

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WEEKLY QUIZ

 

 

Provisions of Reverse Charge Mechanism applicable on transactions between URP and RP u/s. 9(4) of CGST Act, 2018 are suspended till:

A: 31st July, 2018

B. 30th September, 2018

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Last date to participate:
JUL 08, 2018

 

PREVIOUS WEEK'S WINNERS

 

Prakhar Gupta, Kanpur
VP Joshi, Ajmer
G Masilamani, Vellore

 

RECENT AMENDMENTS

 

CENTRAL TAX (RATE)

 

Notification No. 12/2018 – Central Tax (Rate) dt. 29.06.2018
Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017 till 30.09.2018. Read More

 

INTEGRATED TAX (RATE)

 

Notification No.13/2018 – Integrated Tax (Rate) dt. 29.06.2018
Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 30.09.2018. Read More

 

CIRCULAR

 

Circular No. 49/23/2018-GST dt. 21.06.2018
Seeks to modify Circular No. 41/15/2018-GST Read More

 

CUSTOMS (TARIFF)

 

Notification No.48/2018–Customs dt. 20.06.2018
Seeks to increase the tariff rate on goods in chapters 7, 8, 28, 38, 72 and 73 in the First Schedule to the Customs tariff Act, 1975. Read More

 

Notification No.49/2018-Customs dt. 20.06.2018
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017, to prescribe effective rate of duty on specified goods. Read More

 

Notification No. 50/2018–Customs dt. 30.06.2018
Seeks to provide the tariff concession to the goods of the description specified in column (3) of the Table hereto annexed and falling under the Chapter. Read More

 

CUSTOMS (NON-TARIFF)

 

Notification No.55/2018 - Customs (N.T.) dt. 21.06.2018
Exchange Rates Notification No.55/2018-Custom(NT) dated 21.06.2018 Read More

 

Notification No.56/2018 - Customs (N.T.) dt. 22.06.2018 & Notification No.57/2018 - Customs (N.T.) dt. 22.06.2018
Non Tariff notifications issued by Anti-Smuggling Unit Read More

 

Notification No. 58/2018-CUSTOMS (N.T.) dt. 29.06.2018
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver Read More

 

Notification No. 59/2018-CUSTOMS (N.T.) dt. 30.06.2018
Seeks to amend the Rules of Determination of Origin of Goods under the Asia-Pacific Trade Agreement, (formerly known as the Bangkok Agreement) Rules, 2006. Read More

 

Notification No. 8/2018-Customs (N.T./CAA/DRI) dt. 02.07.2018
Appointment of Common Adjudicating Authority by DGRI Read More

 

ANTI DUMPING DUTY

 

Notification No 34/2018-Customs (ADD) dt. 25.06.2018
Seeks to provide for provisional assessment of new/unused pneumatic tyres originating in or exported from People s Republic of China by M/s Shandong Haohua Tire Co. Ltd. (Haohua) (Producer) through Guangzhou Exceed Industrial Technology Co. Ltd. (exporter) or H K Trade Wing Trading Limited (exporter) till the final findings of New Shipper Review in this regard are received. Read More

 

CUSTOMS (CIRCULAR)

 

Circular No. 20/2018-Customs dt. 20.06.2018
Cigarettes and other Tobacco products (Packaging and Labeling),Second Amendment Rules, 2018 Read More

 

CENTRAL EXCISE (CIRCULAR)

 

Circular No. 1066/5/2018-CX dt. 26.06.2018
Non-initiation/Delay in recovery proceedings -Audit Report no. 3 of 2017 and Audit Report no. 41 of 2016 of C&AG of India (Indirect Taxes - Central Excise and ST) Read More

 

ITAT JUDGEMENTS

 

 

Deputy Commissioner of Income-tax, Circle-2, Jaipur v. Jaipur Rugs Company (P.) Ltd. dt. 24.04.2018 [JAIPUR BENCH]
Councel: Shri Rajeev Sogani (CA)
In terms of sub-section (1) of section 144C, issuance of draft assessment order is a sine qua non before Assessing Officer can pass a regular assessment order under section 143(3) Read More

 

Sanjay Kailash Gupta vs. ITO, Kalyan dt. 02.07.2018 [MUMBAI TRIBUNAL]
100% Disallowance for Bogus Purchase can’t be made when Sales are not doubted. Read More

 

Skaps Industries India (P.) Ltd. v. Income Tax Officer dt. 21.06.2018 [AHMEDABAD BENCH]
US entity has to furnishing evidences, including tax residency certificate, under section 90(4) in support of its entitlement to benefits of Indo US tax treaty benefits Read More

 

Nokia Networks OY v. Joint Commissioner of Income-tax, Non Resident Circle, New Delhi dt. 05.06.2018 [DELHI TRIBUNAL]
Income of Nokia Finland from offshore supply of telecom equipment manufactured in Finland in pursuance of supply contract with Indian telecom operators could not be brought to tax in India even where installation was done by its subsidiary Nokia India. Read More

 

FROM THE BENCH

 

INCOME TAX

 

New Okhla Industrial Development Authority v. Chief Commissioner of Income-tax - [2018] (SC) dt. 02.07.2018
New Okhla Industrial Development Authority (NOIDA) is not a Municipality' as contemplated in clause (e) of Article 243Pof Constitution; nor is it covered by definition of local authority as contained in Explanation to Section 10(20); it's income is not eligible for exemption under section 10(20) Read More

 

CENTRAL EXCISE

 

Gulab Gundhi Tobacco Co. v. Commissioner of Central Excise, Delhi-I - [2018] (SC) dt. 09.01.2018
Product 'kimam' containing tobacco and used in small quantities in making pan classifiable under Heading No. 2403 99 20 Read More

 

GST

 

BASF India Ltd., In re dt. 21.05.2018 (AAR, MAHARASHTRA)
Goods sold on high seas sale basis are non-taxable supply; no GST leviable Read More

 

Five Star Shipping, In re dt. 18.04.2018 (AAR, MAHARASHTRA)
Consultancy and Support services aren’t naturally bundled; not treated as Composite Supplies Read More

 

 

MISCELLANEOUS UPDATES

 

  • CBIC Press Release dt 20.06.2018 on -"Refunds processed during second refund extended fortnight" Read More
  • Press Release for extension of suspension of provisions of TDS and TCS till 30.09.2018 Read More
  • Press release with respect to GST Day Read More
  • CBIC Press Release dt 30.06.2018 on - Shri S. Ramesh taking over charge of CBIC Chairman. Read More

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi & Deepak Garg

 

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