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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 6
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Wednesday, Feb 7, 2018
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
The Union Budget, 2018 was announced last week by the Finance Minister, Mr. Arun Jaitely introducing certain social security and National Health Policies along with policies for the Agricultural Structure. The Highlights of the same was given in the last week's Special edition covering all the important amendments. The Budget Speech, Finance Bill, 2018, etc. was also made available for ready reference. We hope for contribution from our readers in introducing new features to the Newsletter. Please provide inputs in order to improve the same. Please join our Whatsapp Group to keep yourself updated on a daily basis. The link is provided here itself.
Please continue to send your suggestions and queries at contact@ghiya.in
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| Deposit of TDS/ TCS for January, 2018 (IT) |
7th Feb |
| 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 |
| GSTR-6 (July, 2017 – Feb, 2018) |
31st March |
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MISCELLANEOUS
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CBDT releases FAQs on taxation of LTCGs as proposed in Finance Bill, 2018
Recommendations
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Indirect Taxation proposals made in Union Budget 2018.
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FAQ’s for better understanding and more information on E-Way Bill.
Read More
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GST Department started issuing Notices to Composition Dealers for failure to display Declaratory Sign Boards.
Read More
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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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RECENT AMENDMENTS
GST
Notification No. 11/2018 – Central Tax dt. 02.02.2018
Seeks to postpone the coming into force of the e-way bill rules.
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CUSTOMS (TARIFF)
Notification No. 06/2018-Cus,dt. 02-02-2018
Seeks to further amend notification No. 50/2017- Customs dated the 30th June so as to prescribe effective rate of basic customs duty (BCD) consequent to the changes proposed in the Union Budget 2018-19.
Read More
Notification No. 07/2018-Cus,dt. 02-02-2018
Seeks to exempt levy of the whole of the Education Cess on all goods in the First schedule to the Customs Tariff Act, 1975
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Notification No. 08/2018-Cus,dt. 02-02-2018
Seeks to exempt levy of the whole of the Secondary and Higher Education Cess on all goods in the First schedule to the Customs Tariff Act, 1975.
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Notification No. 09/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 69/2004-Customs dated 09.07.2004 exempting specified goods from the levy of Education Cess.
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Notification No. 10/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 28/2007-Customs dated 01.03.2007 exempting specified goods from the levy of Secondary and Higher Education Cess.
Read More
Notification No. 11/2018-Cus,dt. 02-02-2018
Seeks to exempt specified goods from the whole of levy of Social Welfare Surcharge
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Notification No. 12/2018-Cus,dt. 02-02-2018
Seeks to exempt specified goods from the of levy of Social Welfare Surcharge in excess of 3%.
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Notification No. 13/2018-Cus,dt. 02-02-2018
Seeks to exempt Integrated tax and Goods and Services Tax compensation cess on imported goods from the whole of levy of Social Welfare Surcharge.
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Notification No. 14/2018-Cus,dt. 02-02-2018
Seeks to amend notification No. 82/2017-Customs dated the 27th October 2017 to increase the effective rate of BCD on silk fabrics from 10% to 20%.
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Notification No. 15/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 6/2015-Customs dated 01.03.2015.
Read More
Notification No. 16/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 7/2015-Customs dated 01.03.2015.
Read More
Notification No. 17/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 57/98-Customs dated 01.08.1998.
Read More
Notification No. 18/2018-Cus,dt. 02-02-2018
Seeks to rescind notification No. 59/99-Customs dated 11.05.1999.
Read More
Notification No. 19/2018-Cus,dt. 02-02-2018
Seeks to exempt Additional Duty of Customs (Road Cess) levied under section 103 of the Finance ( No.2) Act, 1998.
Read More
Notification No. 20/2018-Cus,dt. 02-02-2018
Seeks to exempt Additional Duty of Customs (Road Cess) levied under section 116 of the Finance Act, 1999.
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Notification No. 21/2018-Cus,dt. 02-02-2018
Seeks to exempt Additional Duty of Customs (CVD), in lieu of Additional Duty of Excise (Road and Infrastructure Cess) levied under clause 110 of the Finance Bill, 2018.
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Notification No. 22/2018-Cus,dt. 02-02-2018
Seeks to further amend notification No. 57/2017- Customs dated the 30th June, 2017 so as to prescribe effective rates of BCD on specified parts of cellular mobile phones and other electronic goods.
Read More
Notification No. 23/2018-Cus,dt. 02-02-2018
Seeks to further amend notification No. 27/2011- Customs dated the 1st March, 2011 so as to prescribe ‘Nil’ rate of export duty on Electrodes of a kind used for furnaces.
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CUSTOMS (NON TARIFF)
Notification No. 10/2018-Cus (NT) dt. 31.01.2018
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. 11/2018-Cus (NT) dt. 01.02.2018
Exchange Rates Notification No.11/2018-Custom(NT) dated 1.2.2018.
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CENTRAL EXCISE
Notification No. 1/2018-CE, 2/2018-CE, 3/2018-CE, 4/2018-CE, 5/2018-CE & 6/2018-CE dt. 02.02.2018
Seeks to rescind Notification No. 10/2015-Central Excise dated 01.03.2015, notification No. 11/2015-Central Excise dated 01.03.2015, notification No. 38/2004-Central Excise dated 04.08.2004, notification No. 62/2008-Central Excise dated 24.12.2008, notification No. 21/2009-Central Excise dated 07.07.2009 & notification No. 29/2002-Central Excise dated 13.05.2002 respectively.
Notification No.1
Notification No.2
Notification No.3
Notification No.4
Notification No.5
Notification No.6
Notification No. 7/2018-CE dt. 02.02.2018
Seeks to exempt Additional Duty of Excise (Road Cess), levied under section 111 of the Finance ( No.2)Act, 1998.
Read More
Notification No. 8/2018-CE dt. 02.02.2018
Seeks to exempt Additional Duty of Excise (Road Cess), levied under section 133 of the Finance Act, 1999.
Read More
Notification No. 9/2018-CE dt. 02.02.2018
Seeks to amend the notification No. 11/2017 dated 30.06.2017 so as to reduce the rate of Basic Excise Duty(BED) on petrol diesel by Rs. 2/- per litre.
Read More
Notification No. 10/2018-CE dt. 02.02.2018
Seeks to exempt duties of excise on the goods falling within the Fourth Schedule to the Central Excise Act, 1944, in excess of amount calculated at the rate of 50%.
Read More
Notification No. 11/2018-CE dt. 02.02.2018
Seeks to exempt the 5% ethanol blended petrol from the additional duty of excise (road and infrastructure cess)levied under clause 110 of the Finance Bill 2018.
Read More
Notification No. 12/2018-CE dt. 02.02.2018
Seeks to exempt the 10% ethanol blended petrol from the additional duty of excise (road and infrastructure cess) levied under clause 110 of the Finance Bill 2018.
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Notification No. 13/2018-CE dt. 02.02.2018
Seeks to exempt high speed diesel oil blended with alkylesters of long chain fatty acids obtained from vegetablesoils, commonly known as bio-diesels, up to 20% by volume, that is, a blend, consisting 80% or more of high speed diesel oil from the additional duty of excise (road and infrastructure cess) levied under clause 110 of the Finance Bill 2018.
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Notification No. 14/2018-CE, 15/2018-CE, 16/2018-CE dt. 02.02.2018
Seeks to amend notification No. 7/2018-Central Excise dated 02nd February, 2018, notification No. 8/2018-Central Excise dated 02nd February, 2018 & notification No. 11/2017-Central Excise dated 30th June, 2017 respectively.
Notification No.14 Notification No.15 Notification No.16
ITAT JUDGEMENTS
MUMBAI TRIBUNAL
Swiwar Offshore Pte. Ltd. v. Additional Director of Income-tax (International Taxation, Range-2), Mumbai
Sec. 44BB, being specific provision for mineral oil exploration business, would prevail over provisions of sec. 44B.
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DELHI TRIBUNAL
Assistant Commissioner of Income-tax, Circle10(1), New Delhi v. Delhi International Airport (P.) Ltd.
Upfront fee paid for acquiring right to operate & maintain airport for 30 years was revenue exp.
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JAIPUR BENCH
M/s. Rajasthan Fort & Palace Pvt. Ltd., Jaipur vs. DCIT, Jaipur
Counsel: Shri Manish Agrawal (CA)
When the reassessment completed u/s153A without any reference to the incriminating material the addition made by the AO u/s 40(a)(ia) as well as 36(1)(va) are not sustainable.
Read More
CHENNAI TRIBUNAL
Software Paradigms Infotech (P.) Ltd. v. Assistant Commissioner of Income Tax, Circle-1 (2), Mysore
Where Assessing Officer/TPO passed impugned final order of assessment under section 143(3) read with section 92CA without giving effect to or carrying out binding directions of DRP as required under section144C(10) within time specified under section 144C(13), said impugned final order was to be set aside.
Read More
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FROM THE BENCH
GST
COASTAL CONTAINER TRANSPORTERS ASSOCIATION V. UNION OF INDIA Dt. 18th December, 2018
Where main function of assessee was to deliver cargo from place of consignor to place of consignee, where consignor loaded goods into container and consignee unloaded same, it would in effect be transportation of goods and not cargo handling service as assessee did not provide service of packing together with transportation.
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INCOME TAX
COMMISSIONER OF INCOME-TAX, 5 MUMBAI V. ESSAR TELEHOLDINGS LTD. Dt. 31st January, 2018
Applying principles of statutory interpretation for interpreting retrospectivity of a fiscal statute and looking into nature and purpose of sub-section (2) and sub-section (3) of section 14A as well as purpose and intent of rule 8D coupled with explanatory notes in Finance Bill, 2006 and departmental understanding as reflected by Circular No. 14/2006, dated 28-12-2006, it is held that rule 8D was intended to operate prospectively and could not have been applied to any assessment year prior to assessment year 2008-09.
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VAT
COMMISSIONER OF TRADE AND TAXES, DELHI Vs ARISE INDIA LTD Dt. 10th January, 2018
Whether the provisions of Section 9(2)(g) of the DVAT come in direct conflict with the ambit of Article 14 of the Constitution as it fails to make a distinction between a selling and a purchasing dealers - YES: SC.
Read More
SONIPUR SOLVEX LTD. V. STATE OF ASSAM Dt. 19th December, 2017
Rice bran and de-oiled rice bran are one and same product and de-oiled rice bran would be covered under Entry No. 34 of Part A of Second Schedule of Assam VAT Act.
Read More
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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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