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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 31
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Wednesday, Aug 08, 2018
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Weekly on GST, FSSAI, RERA & More...
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NOTICES BY GST DEPARTMENT
In the recent times, we are witnessing that the CGST & SGST Department are issuing various Notices requiring the Assesees to verify Input Tax Credit claimed in their Returns or regarding verification of transitional credit, etc. Notices were also issued by the department to the Assessees who did not display their GSTN on invoices / at place of business or who were not issuing valid invoices to their customers. It is advisable to file reply to such notices promptly without any delay as non-filing of reply could attract strict action from the department. The reply must be drafted well. It should be crisp and to the point. If there are technical issues involved, one should file the reply in detail and it is always better to engage a professional in such cases. One should be prompt in submitting the details asked by the department and replying to the notices so issued.
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| GSTR-1 Jul-18 (Monthly - More than 1 Cr.) |
10th Aug |
| Issue of TDS Certificate for tax deducted under section 194-IA in the month of June, 2018 |
14th Aug |
| Issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2018 |
14th Aug |
| Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2018 |
15th Aug |
| Furnishing of Form 24G by an office of the Government where TDS for the month of July, 2018 has been paid without the production of a challan |
15th Aug |
| GSTR-3B Aug-18 |
20th Aug |
| Filing ITR for non-corporate assessee where books of accounts are not required to be audited |
31st Aug |
| GSTR-6 (July, 2017 – June, 2018) |
30th Sept |
No E-Way bill is required in the State of Rajasthan for goods transported for a distance of ____ kms. for the purpose of job works:
A: 50 kms
B. 20 lms
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Last date to participate: AUG 11, 2018
PREVIOUS WEEK'S WINNERS
DILIP LOHIYA, NAGPUR
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CUSTOMS - TARIFF
Notification No. 56/2018-Cus, dt.03.08.2018
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017, to give effect to serial number 14A and the second proviso to the notification from the 18th day of september, 2018 to delay the implementation of retaliatory duties against US till 18th September, 2018.
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CUSTOMS – NON-TARIFF
Notification No. 66/2018-Cus(NT), dt. 31.07.2018
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver
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Notification No. 67/2018 - Cus (NT), dt.02.08.2018
Exchange Rates Notification No.67/2018
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Notification No. 68/2018 - Cus (NT), dt.03.08.2018
Courier Imports and Exports (Clearance) Amendment Regulations, 2018.
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Notification No. 69/2018 - Cus (NT), dt.03.08.2018
Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2018.
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Notification No. 70/2018 - Cus (NT), dt.03.08.2018
Distribution of Customs (Appeal) cases to three Commissioners of Central Excise and Central Tax
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CUSTOMS – ANTI DUMPING DUTY
Notification No. 38/2018 - Cus (ADD), dt.02.08.2018
Seeks to extend Notification No. 24/2014-Customs (ADD) dated 21st May, 2014
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CUSTOMS – CIRCULAR
Circular No. 24/2018-Customs dt. 31.07.2018
Electronic sealing-deposit in and removal of goods from Customs Bonded warehouse- Amendment to Circular-19/2018-Customs dated 18th June, 2018.
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CGST
Notification No. 31/2018-Central Tax dt.06.08.2018
Seeks to lay down the special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process
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CGST (RATE), IGST (RATE) & UTGST (RATE)
Notification No. 22/2018-Central Tax(Rate) dt. 06.08.2018
Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017 till 30.09.2019
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Notification No. 23/2018-Integrated Tax(Rate) dt. 06.08.2018
Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 30.09.2019.
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Notification No. 22/2018- Union Territory Tax(Rate) dt. 06.08.2018
Seeks to exempt payment of tax under section 7(4) of the UT GST Act, 2017 till 30.09.2019
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VBC Ferro Alloys Ltd., Hyderabad vs. Income-Tax Officer, Hyderabad dt. 31.07.2018 [HYDERABAD BENCH]
The amount of interest paid to a Private bank is out of the purview of Section 43B of the Income Tax Act, 1961 and therefore, the same cannot be disallowed.
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M/s. Geojith Investment Services Ltd. vs. Joint Commissioner of Income-Tax dt. 03.08.2018 [COCHIN BENCH]
Compensation Received for Discontinuing Commodity Trading Business is Taxable
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ALP Overseas Pvt. Ltd., New Delhi vs. DCIT, New Delhi dt. 30.07.2018 [DELHI BENCH]
No penalty can be initiated against the assessee under section 271(1)(c) of the Income Tax Act, 1961 for a bonafide mistake committed on the part of the Chartered Accountant.
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Assistant Commissioner of Income-tax, Circle-2, Alwar v. Safe Decore (P.) Ltd. dt. 12.01.2018 - [2018] [JAIPUR BENCH]
Where AO did not find any defect in valuation of shares arrived at by assessee on basis of discounted cash flow method, impugned addition made by him on basis of net asset value method was to be set aside.
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GST - ADVANCE RULING
Swati Dubey, In re dt. 22.06.2018 [2018] [AAR-MADHYA PRADESH]
Levelling of agricultural land was classifiable as site formation & clearance service; not exempted
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Ashok Kumar Patel, In re dt. 25.07.2018 [2018] [AAR-MADHYA PRADESH]
E-way bill not required for movement of unmanufactured tobacco within State of Madhya Pradesh
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INCOME TAX
Commissioner of Income-Tax vs. Chambal Fertilizers & Chemicals Ltd. dt. 01.05.2018 [2018] [SUPREME COURT OF INDIA]
Interest on term deposits & exp. provision written back were eligible for sec. 80-IA deduction; SC dismissed SLP
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VAT
Hamdard (Wakf) Laboratories vs. Commissioner of Commercial Taxes dt. 02.07.2018 [2018] [ALLAHABAD HIGH COURT]
Product 'Sharbat Rooh Afza' is neither a 'fruit drink' nor a 'fruit juice' nor a 'processed fruit' but it is an unclassified item falling under Residuary Entry No. 1 of Schedule V of Uttar Pradesh VAT Act
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Press Note on Tax Evasion in Post-GST Regime.
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Press Release dt 01.08.2018 to inform Refunds Processed Under GST during the refund fortnight.
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Press Release dt 01.08.2018 to inform Fraudulent Issuance of Input Tax Credit Invoices.
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Press Note on GST Revenue collections for July 2018.
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Press Note on Notices for assessment/reassessment of income of old cases.
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Press Note by PIB dt. 03.08.2018 on E-WAY Bill system
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Press Note by PIB dt. 03.08.2018 on Revenue from the Goods &Services Tax (GST) touched Rs. 7.19 lakh crore between August, 2017 and March, 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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