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THE EDGE
TAX & LEGAL UPDATE
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Vol 1, Part 15
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Wednesday, Dec 06, 2017
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
The sentiments of businesses are improving and people are getting more and more accustomed to the new GST regime. We also saw a growth in the GDP which went over 6%. Simplification of the procedure is a must.
Confusion in other laws like RERA and FSSAI has not grabbed the attention of the Government as of now. The issues in these laws are also to be taken care of. Intellectual Property Rights and Arbitration Laws are other fields where new professionals have to work hard as these are the most emerging sectors in the field of law. We will be organizing shortly, small seminars for young professionals on Intellectual Property Rights and other laws to spread awareness and knowledge.
Please contact us at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-4 (July-Sep, Composition Dealers) |
24th Dec (No need to file GSTR-4A) |
| GSTR-6 (July, Input Service Distributor) |
31st Dec |
| GSTR-5 (July, August, September, October) |
11th Dec |
| GSTR-5A (OIDAR) (July, August, September, October) |
15th Dec |
| GSTR-3B (Nov) |
20th Dec |
| GST ITC-04 |
31st Dec |
| GSTR-1 (Jul-Sep) Turnover upto 1.5 Cr, Quarterly Return |
31st Dec |
| GSTR-1 (Jul-Oct) Turnover above 1.5 Cr, Monthly Return |
31st Dec |
| GSTR REG-26 |
31st Dec |
| GST TRAN-1 (With Revision Facility) |
27th Dec |
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Heartiest Congratulations to Mr. Pankaj Ghiya (Advocate) Jaipur for being elected as the Secretary General of All India Federation of Tax Practitioners.
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RECENT AMENDMENTS
CUSTOMS (NON-TARIFF)
Notification No. 112/2017-Cus (NT), dt. 30.11.2017
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.
Read More
CUSTOMS CIRCULARS
Circular No. 47/2017-Cus dt. 27.11.2017
Drawing of samples for the purpose of grant of drawback
Read More
FSSAI
Gazette Notification on FSS (Food Products Standards and Food Additives) Sixteenth Amendment Regulations, 2017 dt. 17.11.2017
Related to harmonization of standards for Fruits and Vegetable Products
Read More
Gazette Notification on FSS (Food Products Standards and Food Additives) Seventeenth Amendment Regulations, 2017 dt. 17.11.2017
Related to adoption of vertical standards for food additives
Read More
ITAT JUDGEMENTS
JAIPUR BENCH
Ram Lal Sharma vs. Income Tax Officer, Jaipur
Counsel : Shri P. C. Parwal (CA)
Where property was allotted to assessee's forefathers free of cost in 19520s and same was acquired by assessee by was of succession, cost of acquisition in hands of assessee for purpose of computing capital gains on transfer of same in 2009-10 would be fair market value of asset as on 1-4-1981
Read More
CHENNAI BENCH
Income tax officer, Chennai vs. Shri Vijay Shah
When a property is found to be non-agricultural, it is to be treated as 'capital asset' even if it is situated outside municipal area and profits on its transfer are liable to capital gains tax
Read More
MUMBAI BENCH
Pfizer Products India (P.) Ltd. v. Assistant Commissioner of Income-tax, Mumbai
Counsel : Shri Rajive Sahai & Shri Ashish Sharma (Advocates)
Where assessee made reimbursement of expenses to foreign company since there was no element of income involved, payments in question did not require deduction of tax at source.
Read More
FROM THE BENCH
INCOME TAX
Director of Income Tax v. S.R.M.B. Dairy Farming (P.) Ltd.
IT : Circular (Instruction) No. 3 of 2011 dated 9.2.2011(issued as a measure for reducing litigation by revising monetary limits for filing of appeals by department before appellate authorities) would apply even to pending matters but subject to two caveats provided in CIT Central-III v. Surya Herbal Ltd. [2011]
Read More
GST
Eten Craft Holding Pvt Ltd Vs State of Kerala
GST - Authority for Advance Ruling - Petitioner seeking a direction to the respondents to notify an authority for Advance Ruling as contemplated under Section 96 of the Kerala State Goods and Service Tax Ordinance, 2017
Held: Government pleader informed that the Authority for Advance Ruling has since been constituted by S.R.O. No.638 of 2017 dated 21.10.2017; that till such time as the electronic filing system is put in place on the portal, the assessees would be permitted to file their application manually before the said authority - As the apprehensions of the petitioner in the writ petition now stand allayed, writ petition is therefore closed.
Read More
Sameer Mat Industries vs. State of Kerala
Goods of petitioner consignors detained by detaining authority on ground of mis-classification as also under valuation were to be permitted to be released on execution of simple bond without sureties as issue of mis-classification and under valuation of goods had to be gone into by respective Assessing Officers and not by detaining officer.
Read More
CENTRAL EXCISE
M/S Parle Products Pvt. Ltd. vs. The Union of India & Ors.
Contention that permission was granted is in nature of a misrepresentation and an attempt to mislead authorities and this Court - Petition dismissed and costs imposed.
Read More
QUERIES ANSWERED
We have exported goods WITH payment of GST for July, August & September. How can we claim refund on the portal? The only option we see is to claim refund for exports WITHOUT payment of GST. - Mr. Sudhanshu
Answer: In our opinion, as per the Circular 17/17/2017-GST dt. 15.11.2017 the refund of IGST paid on Export is processed automatically and is transferred to the Bank Account of the taxpayer. Please refer to Entry 2.2 of the abovementioned circular.
The Press release by CBEC dt. 29.11.2017 may also be referred which prescribes prerequisites to claim refund. For sanction of refund, the exporter needs to file GSTR-3B and table 6A of GSTR-1 of the common portal and is required to file the shipping bill on Customs EDI system. Please ensure that there is no discrepancy in the information so furnished. The information regarding discrepancy is available on the ICEGATE portal and one can also contact the jurisdictional officer to check the errors committed in furnishing the returns and shipping bill.
Weekly Quiz
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RECENT PUBLICATIONS
GST Law & Practice, 5th Edition, updated till 21st Nov 2017, released at AIFTP National Tax Convention at Jabalpur by Hon'ble Chief Justice of India, Mr. Justice Deepak Misra on 02.12.2017
Buy Now
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Editorial Team :
Meenal Ghiya, Priyamvada Joshi, Ankit Agrawal, Deepak Garg
Disclaimer: "The Edge" is meant for informational purpose only and does not claim to be advice or opinion, legal or otherwise, whatsoever. The information provided is not intended to create any advocate-client relationship and is not for advertising. The views expressed by the Author(s) are their personal views.
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