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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 23
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Wednesday, Jun 06, 2018
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Weekly on GST, FSSAI, RERA & More...
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Upcoming due dates under GST & Income Tax Laws:
| VAT 10A (FY 2016-17) |
31st May |
| VAT 11 (FY 2016-17) |
31st May |
| GSTR-1 (May, 2018) |
10th June |
| TDS Certificate for April-2018 |
14th June |
| Quarterly TDS Certificate (Payments other than salary) for Jan-2018 to Mar 2018 |
15th June |
| First Installment of Advance Tax for AY 2019-20 |
15th June |
| PF & ESIC Payment for May, 2018 |
15th June |
| GSTR-3B (May, 2018) |
20th Jun |
| Challan for TDS under section 194-IA & 194IB for May-2018 |
30th June |
| TRAN-02 (URP under earlier regime) |
30th Jun |
| VAT 11 (FY 2017-18) |
30th Jun |
| VAT 10A (FY 2017-18) |
30th Jun |
| Link Aadhar with PAN |
30th Jun |
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CENTRAL TAX
Notification No. 25/2018- Central Tax dt. 31.05.2018
Seeks to extend the due date for filing of FORM GSTR-6 for the months from July, 2017 till June, 2018.
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CUSTOMS
Notification No. 47/2018-Customs (N.T.) dt. 31.05.2018
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver
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Notification No. 48/2018-Customs (N.T.) dt. 04.06.2018
Exports by Post Regulations, 2018.
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ANTI DUMPING DUTY
Notification No.30/2018-Customs (ADD) dt. 30.05.2018
Seeks to provide for provisional assessment of jute goods exported from Bangladesh or Nepal by M/s Janata Jute Mills Ltd.(Producer) till the final findings of New Shipper Review in this regard are received.
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Notification No. 31/2018-Customs (ADD) dt. 30.05.2018
Seeks to provide for provisional assessment of jute goods exported from Bangladesh or Nepal by M/s. Aman Jute Fibrous Ltd. (Producer) and M/s IB Jute Corporation (Exporter/ Trader) till the final findings of New Shipper Review in this regard are received.
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Notification No. 32/2018-Customs (ADD) 01.06.2018
Seeks to rescind Anti-Dumping Duty on imports of the ‘Digital Offset Printing Plates originating in or exported from China PR imposed vide Notification No. 51/2012- Customs (ADD), dated the 3rd December, 2012.
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Notification No. 33/2018-Customs (ADD) dt. 01.06.2018
Seeks to revise anti-dumping duty on imports of Hydrogen Peroxide originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand by amending the notification No. 28/2017-Customs (ADD) dated 14th June, 2017.
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CIRCULAR
Circular No. 13/2018 dt. 30.05.2018
Revised instruction for stuffing and sealing of reefer containers
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Circular No. 14/2018 dt. 04.06.2018
Procedure for e-commerce exports through Post and clarification on personal imports.
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INSTRUCTIONS
Instruction F.No.476/02/2016- LC dt. 04.06.2018
Clearance of goods through FPOs
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SERVICE TAX (CIRCULAR)
Circular No. 210/2/2018-ST dt. 30.05.2018
Applicability of service tax on ambulance services provided to government by private service providers under the National Health Mission(NHM)
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Ruling given by Authority for Advance Ruling will be applicable:
A: Only on the Applicant and concerned jurisdictional Officer
B. All similarly placed taxable persons in that State also
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Last date to participate: JUN 09, 2018
PREVIOUS WEEK'S WINNERS
Shelesh Singhvi, Jodhpur | Pradeep Dhoot, Surat | Abhinav Sharma, Jaipur
National Dairy Research Institute v. Assistant Commissioner of Income-tax (TDS), Circle 18 (1), Bengaluru dt 31.05.2018 [BENGALURU TRIBUNAL]
Where assessee, an autonomous research institute in dairy development was treated as an assessee in default under section 201(1) as it failed to deduct tax at source on perquisite value of rent free residential accommodation provided to its employees, in terms of rule 3 as applicable, where accommodation is provided by any employer other than Central Government or State Government, it was held that employees of society cannot be equated with employees of Central Government and, therefore, clause (ii) of sub rule (1)of rule 3 of Income Tax Rules was rightly applied and no relief could be granted for non deduction of tax.
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Assistant Commissioner of Income-tax, Central Circle- 7, New Delhi v. SSA International Ltd. dt. 30.05.2018 [DELHI TRIBUNAL]
Where assessee during search proceedings in reply to specific query raised by Assessing Officer expressed his inability to explain discrepancy in stock in order to substantiate manner in which income in question had been derived rather categorically stated that he had made voluntary surrender of Rs.21 crores in order to buy peace of mind and avoid litigation, assessee having failed to specify manner and substantiate manner in which undisclosed income was derived rather embarked upon mercy plea that he was making surrender to buy peace of mind and avoid litigation, he would not be entitled for benefit of section 271AAA(2).
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Indus Finance Corporation Ltd. v. Deputy Commissioner of Income-tax dt. 02.05.2018 [CHENNAI TRIBUNAL]
Assessee is free to provide depreciation at a rate higher than what is mentioned in Schedule XIV of Companies Act, 1956. However, in opting for this method, assessee has to show that depreciation is calculated in accordance with clause (b) of section 205(2) of Companies Act, 1956 – Be that as it may, unless an assessee can show that depreciation was provided by spreading 95 per cent of original cost, on specified period, a claim in excess of what is set out in Schedule XIV of Companies Act, 1956 cannot be allowed.
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Bartronics India Ltd. v. Deputy Commissioner of Income-tax, Circle- 1 (3), Hyderabad dt. 04.05.2018 [HYDERABAD TRIBUNAL]
Where assessee having raised funds by issuing FCCB bonds with zero coupon rate of interest, gave interest free advances to its AEs located abroad out of amounts so raised, since assessee had not incurred any interest liability, there was no need for receiving any interest as well and, thus, impugned addition made to ALP on basis of national rate of interest was to be deleted.
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GST
GKB Lens (P) Ltd., In re dated 30.05.2018 [2018]
Where applicant is a Re-seller and Importer of Sun Glasses, Frames, Lenses, Contact Lenses, etc. having Head Office in West Bengal, Goods, namely, Optical Lenses and Frames for Spectacles and Accessories, are transferred from Head Office in West Bengal to its branches in other Sates, applicant has option of not supplying goods to its branches under First proviso of Rule 28 and is eligible to value these goods by applying terms of Second Proviso to Rule 28 of CGST Rules ,2017 and, therefore, such goods can be valued in terms of the Cost Price under the Second Proviso to Rule 28 of CGST Rules, 2017, instead of 90% of MRP as required under the First Proviso of same.
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INCOME TAX
Principal Commissioner of Income-tax, Panaji v. Milroc Good Earth Property & Developers LLP. Dt. 28.02.2018
Where assessee had taken bank overdraft for working capital requirement and it was not case of revenue that inventories were acquired out of borrowings, disallowance of interest on such borrowings on ground that such interest was included in closing work in progress, was not justified.
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VAT
Commissioner, commercial Tax, Uttarakhand v. Jai Durge dt. 10.04.201
Where assessee under a contract made tiles by using entire raw materials including land and electricity supplied by contractee and supplied them to contractee, transaction was in nature of job work.
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Aswathy Enterprises v. Assistant Commissioner (Assessment) dt. 04.05.2018
Where assessee filed appeal before Appellate Authority against order of assessment along with application for stay of recovery of assessed tax and during pendency of appeal and stay application steps had been taken by department for recovery of assessed tax, recovery proceedings were stayed till passing of order by Appellate Authority on stay application.
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Roll out of e-Way Bill system for intra-State movement of goods in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, Punjab, Tamil Nadu and West Bengal
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Special refund Fortnight from 30.05.2018 to 14.06.2018
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DRI seizes 32 Kg. Of Gold worth Rs 10.32 Crore in one of the biggest seizures of Smuggled Gold in Recent past in East and Northeast India
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CBDT issues clarification about loss/damage to records in the Scindia House fire at Income Tax Office, Mumbai
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Rs 94,016 Crore of total gross GST revenue collected in May, 2018
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Editorial Team :
Meenal Ghiya, Priyamvada Joshi & 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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