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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 2
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Wednesday, Jan 10, 2018
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
Union budget is coming on 1st February, 2018. The budget has been preponed this year and we are expecting a lot of relaxations and concessions particularly for the MSME Sector and middle income group citizens. Some changes are also expected in Long Term Capital Gains and relaxation of Income-Tax slabs is expected. Other relaxations to boost the economy and give relief to the beleaguered trade and industry are also expected.
The next GST Council meeting scheduled for 18th January, 2018 is expected to discuss on Returns Formats and to ease out the problems faced in Return filing. It is expected that major changes in Returns Formats particularly consolidation of Returns may be announced.
Please contact us at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-1 (Jul-Sep) Turnover upto 1.5 Cr, Quarterly Return |
10th Jan |
| GSTR-1 (Jul-Nov) Turnover above 1.5 Cr, Monthly Return |
10th Jan |
| GSTR-3B (December) |
20th Jan |
| GSTR-5 |
31st Jan |
| GSTR-5A |
31st Jan |
| GST ITC-01 |
31st Jan |
| 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 |
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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 Circulars
Circular No. 27/01/2018
Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc.
Read More
CUSTOMS (TARIFF)
Notification No. 01/2018-Customs dt. 05.01.2018
Seeks to amend notification No. 46/2011-Customs dated 01.06.2011 so as to provide deeper tariff concessions in respect of specified goods when imported from ASEAN under the India-ASEAN Free Trade Agreement w.e.f. 01.01.2018.
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Notification No. 02/2018-Customs dt. 05.01.2018
Seeks to amend notification 50/2017-Customs dated 30.06.2017 so as to exclude petroleum coke from the purview of concessional 5% Basic Customs Duty (BCD).
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CUSTOMS (NON TARIFF)
Notification No. 01/2018-Cus (NT) dt. 04.01.2018
Exchange Rates Notification No.1/2018-Custom(NT) dated 4.1.2018
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Notification No. 02/2018-Cus (NT) dt. 05.01.2018
Amendment to notification no. 12/97-Customs (NT) dated 2nd April, 1997
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FSSAI
Gazette Notification (S.O. 4083 (E) dated 22nd Dec, 2017) regarding NABL labs
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Gazette notification of Food Safety and Standards (Contaminants, Toxins and Residues) Second Amendment Regulation, 2017 regarding fixation of the limits of aflatoxin in areca nut.
Read More
Gazette Notification of Food Safety and Standards (Organic Food) Regulation, 2017.
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ITAT JUDGEMENTS
AHEMADABAD TRIBUNAL
INCOME-TAX OFFICER, AHMEDABAD V. SUNFLOWER PHARMACY
Counsel: Shri S.R. Sharma & R.K. Bhatra (CA)
Circular No. 5/2012 dated 1-8-2012 issued by CBDT prohibiting payment of monetary benefits to doctors was applicable from assessment year 2013-14 and, thus, in instant case, commission paid by assessee to doctors in assessment year 2011-12 could not be disallowed and as a consequence thereof, penalty order passed under section 271(1)(c) in respect of said disallowance was also not sustainable
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MUMBAI BENCH
ESTATE OF LATE VRAJLAL MEHTA VS. ACIT, MUMBAI - 2018-TIOL-25-ITAT-MUM
Stay can be granted for recovery of penalty levied u/s 271(1)(c), if same is levied as a result of enhancement of income by CIT(A)
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KNIGHT RIDERS SPORTS (P) LTD. VS. ACIT, MUMBAI
Annual franchise fee paid by KKR to BCCI for participation in IPL is allowable expense
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JAIPUR BENCH
SHRI RAM NARAYAN BUGALIYA VS. ITO
Counsel: Shri Shrawan Gupta, CA
Issue: Ex-parte order passed without giving the Assessee an opportunity of being heard. No Notice was served.
Held: Assessee resides in a remote area. Possibility of non-service cannot be ruled out. Matter to be decided afresh by giving an opportunity of being heard to the Assessee. Appeal allowed.
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FROM THE BENCH
GST
COMMISSIONER OF SERVICE TAX V. RELIANCE MONEY EXPRESS LTD.
Where assessee, under an agreement with 'W', USA, provided money transfer services to its customers and recipients in India, benefit of which had accrued outside India to 'W' and from whom it received fees and charges, services would fall under category of 'export of service'
Read More
INCOME TAX
TATA PROJECTS LTD. VS. DCIT & ORS.
Delay in Refund - If returns cannot be processed for lack of software or some technical glitches, nothing stops I-T Department from doing it manually
Read More
VAT
V.R.S. CONFECTIONERY V. COMMISSIONER OF COMMERCIAL TAXES
Confectionery items produced by assessee and packed in covers containing name of assessee could not be treated as branded items and they would fall under Entry No. 4(iii) of Part B of First Schedule of Tamil Nadu General Sales Tax Act
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COMMISSIONER COMMERCIAL TAXES V. MARICO LTD.
Product 'Parachute Coconut oil' would fall within category of 'oil of all kinds' and product 'Mediker' would fall within category of 'medicine'.
Read More
MISCELLANEOUS
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The Central Government Notifies The Companies (Amendment) Act, 2017
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An Article by the Union Finance Minister, Mr. Arun Jaitley on necessity of Electoral Bonds
Read More
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Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016
Read More
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Seeding of Adhaar with Bank Accounts
Read More
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GOI announces launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018
Read More
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Impact of Demonetisation and GST on key Industrial Sectors
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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