KPTCL VS. Income-tax Officer (OSD) (TDS), Bengaluru [BANGALORE TRIBUNAL]
Employees of statutory corporation cannot be regarded as employees of State or Central Govt. and, hence, not entitled to exemption of entire sum of unutilized leave encashment under section 10(10AA)(i) Read More

Moser Baer India Ltd. vs. Deputy Commissioner of Income-tax, Circle 5(1) New Delhi [DELHI TRIBUNAL]
In Transfer Pricing study, foreign AE can be a tested party provided following criteria are met satisfactorily:
1. Tested party should be least complex party to controlled transactions.
2. Availability of most reliable data of tested party and requirement of minimum adjustments being one of important aspect in selection of tested party.
3. Financial details of comparables for purpose of benchmarking international transaction must be publicly and easily available. Read More

Deputy Commissioner of Income-tax, Circle-3, Pune VS. Smt. Anjali Hardikar [PUNE TRIBUNAL]
Where assessee had failed to demonstrate that payment had been made for seeking legal opinions/consultations in connection with business carried out by assessee, expenditure could not be allowed merely for reason that payments had been made through cheque and TDS had been deducted on such payments Read More

M/s Rajasthan Rajya Vidyut Prasaran Nigam Ltd., Jaipur Vs ACIT [JAIPUR BENCH]
Counsel: Shir P. C. Parwal
Issue: Penalty imposed u/s. 271B of IT Act.
Held: where there has been a delay in completion of statutory audit, there exists a reasonable cause for the delay in completion and submission of the tax audit report under section 44AB of the Act. The penalty levied under section 271B is therefore deleted. Read More

SIMPLIFICATION OF RETURN FILING

 

• A single monthly return form to be made applicable in the enxt 6 months. Till then the current system of filing GSTR-3B & GSTR-1 will continue.
• Unidirectional flow of invoice uploaded by the seller would be valid document for availing ITC. No need to upload purchase invoice.
• B2B dealers will have to fill invoice wise details of outward supply and system will automatically calculate tax liability. ITC will be calculated automatically based on the invoice uploaded by the seller.
• No automatic reversal of credit only because seller did not pay the tax.
• Due process for reversal of credit and recovery of tax of issuing notice and order. (ONLINE PROCESS)
• Unloading of invoices by seller to pass ITC who has defaulted in payment of tax above a threshold limit shall be blocked to control misuse of ITC facility.
• Return to be simplified by reducing the content required to be filled in the return.

 

CHANGES IN GST RATE

 

• The council has set up a Group of Ministers from State Governments to look into the issue of imposition of sugar cess and reduction of GST Rate of ethanol.
• The council has set up a Group of Ministers from State Governments to look into the proposal of concession of 2% GST Rate (where GST Rate is more than 3%, 1% each from applicable CGST and SGST) in B2C transactions where supply is through cheque or digital mode subject to a ceiling of Rs. 100 per transaction.

 

CHANGES IN SHAREHOLDING PATTERN

 

• The GSTN-SPV would cease to be a private company and become a 100% Government owned entity.

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GST – ADVANCE RULING

Hafele India Pvt. Ltd. In re. dated 20.03.2018 [AAR, MAHARASHTRA]
Caesarstone which is original engineered quartz surface is an article made from artificial stone. It is a product made using artificial or engineered stone. It cannot be covered under Chapter 25 and being an agglomerated stone Caesarstone imported by applicant is to be classified under HSN code 6810 in chapter 68 Read More

Sreepati Ranjan Gope & Sons In re. dated 03.05.2018 [AAR, WEST BENGAL]
The Applicant supplies works contract service, as defined under Section 2 (119) of the GST Act, of maintaining existing railway tracks, which is taxable @ 18% under serial no. 3(ii) of Notification No. 11/2017-CT (Rate) dated 28/06/2017 under the CGST Act, 2017 (1135-FT dated 28/06/2017 under the WBGST Act, 2017). The appropriate SAC (Service Code Tariff) is as follows: Heading 9954, Group 99542, Sub-group 995429. Read More

UTTAR PRADESH ETLA, 2007

Indian Oil Corporation Ltd & Ors. vs. State of UP & Ors. dt. 04.05.2018
Uttar Pradesh Tax on Entry of Goods into Local Area Act, 2007 is Constitutionally Valid. Read More

INCOME TAX

Income Tax Officer vs. TechSpan India (P.) Ltd.
Where question as to how and to what extent deduction should be allowed under section 10A was well considered in original assessment proceedings itself, initiation of re-assessment proceedings under section 147 merely because now Assessing Officer is of view that deduction under section 10A was allowed in excess, was based on nothing but a change of opinion on same facts and circumstances which were already in his knowledge even during original assessment proceedings. Read More

Press Release by CBIC

 

• Change in the shareholding pattern of GSTN (Acquisition of 51% equity owned by non-governmental institutions in GSTN equally by the Centre and the State) Read More
• Simplification proposed in the Return filing procedure Read More
• Changes in GST Rates Read More
• Incentives to promote Digital transactions
• Imposition of Sugar Cess over and above 5% GST and reduction in GST rate on ethanol

FAQs ON E-WAY BILL