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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 27

Wednesday, Jul 11, 2018

Weekly on GST, FSSAI, RERA & More...

 

 

◔ TIMELINES

 

TCS Quarterly Statement - Form 27EQ 15th Jul
GST Quarterly Return under Composition Scheme 18th Jul
GSTR-3B (Jun 2018) 20th Jul
ITR by Non-Resident Taxable Person 20th Jul
GSTR-1 April to June (Quarterly) 31st Jul
GSTR-6 (Jul-17 to Jun-18 31st Jul

 

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RECENT AMENDMENTS

 

CENTRAL TAX (RATE)

 

Notification No. 29/2018 – Central Tax dt. 06.07.2018
Seek to make amendments (Seventh Amendment, 2018) to the CGST Rules, 2017 Read More

 

CUSTOMS – TARIFF

 

Notification No. 51/2018-Cus dt. 09.07.2018
Seeks to amend the notification No. 27/2011-Customs dated01 st March, 2011 so as to reduce theexport duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japanand South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto andinclusive of 31.03.2021 Read More

 

CUSTOMS – NON-TARIFF

 

Notification No.60/2018 - Customs (N.T.) dt. 05.07.2018
Exchange Rates Notification No.60/2018-Custom(NT) dated 05.07.2018 Read More

 

ANTI DUMPING DUTY

 

Notification No. 35/2018-Cus (ADD), dt. 09-07-2018
Seeks to increase the tariff rate on goods in chapters 7, 8, 28, 38, 72 and 73 in the First Schedule to the Customs tariff Act, 1975. Read More

 

INCOME TAX

 

Order dated 30.06.2018
Regarding linking of Pan with Adhaar while filing ITR – date extended till 31.03.2019 Read More

 

Notification No. 29/2018 dt. 22.06.2018
Regarding exception, modification and adaptation under Section 115JH of the Income-tax Act, 1961 in respect of foreign company said to be resident in India. Read More

 

WEEKLY QUIZ

 

 

Which Authority is authorized to conduct examination for GST Practitioners?

A: NACIN

B. CBIC

Click here

Last date to participate:
JUL 14, 2018

 

PREVIOUS WEEK'S WINNERS

 

Ritu Tayal, New Delhi
Megha Dhanuka, Jaipur
Dilip Lohiya, Nagpur

 

ITAT JUDGEMENTS

 

 

Narain Dutt Sharma v. Income-tax Officer, Ward- 6 (1), Jaipur dt. 07.02.2018 [JAIPUR BENCH]
Where AO reopened assessment on ground that he had deposited certain amount in bank account which was not reflected in return as per IT System of department, in view of fact that assessee had filed return manually which had been duly acknowledged and in said return assessee had furnished proper details in respect of contractual receipts deposited in bank account, impugned reassessment proceedings deserved to be quashed. Read More

 

Rathan Babulal Lath v. DCIT-Bengaluru dt. 15.06.2018 [BENGALURU TRIBUNAL]
Assessment merely based on Statements recorded by CBI is invalid. Read More

 

M/s. Abad Trust vs. Asst. Director of Income Tax (Exemption), Kochi dt. 19.04.2018 [COCHIN BENCH]
Income of Beneficiaries not Taxable in the hands of Trust. Read More

 

Dr. Reddy’s Laboratories Ltd. v. DCIT dt. 08.06.2018 [HYDERABAD TRIBUNAL]
Apportioning R & D Expenditure and ESOP cost to Units which Claimed Exemption u/s 10B, 80IB and 80IC not justified. Read More

 

FROM THE BENCH

 

INCOME TAX

 

Hussain Indorewala & Ors. vs. Union of India & Ors. W.P. No. 1709 of 2018 dt. 29.06.2018
State is directed to accept the return of income for the Assessment Year 2018-19 by the petitioners herein if uploaded on or before 30th June, 2018 without Aadhaar number, Aadhar Enrollment or any linkage with the PAN details. This is without prejudice to the rights and contentions of the state that such Returns of Income are contrary to the provisions of the Act. Read More

 

GST

 

Bharat Iron Store v. Union of India [2018] (Allahabad) dt. 12.01.2018
Where Competent Authority had seized goods of assessee under transport and also imposed penalty upon him and thereupon assessee filed writ petition, assessee was advised to take recourse to remedy of filing appeal available under U.P. GST Act. Read More

 

Mega Flex Plastics Ltd., In re [2018] (AAR-WEST BENGAL) dt. 06.07.2018
Polypropylene Leno Bags, if specifically made from woven polypropylene fabric using strips or like of width not exceeding 5 mm and without any impregnation, coating, covering, or lamination with plastics, are to be classified under Tariff Sub-Heading 6305 33 00. Read More

 

M D Mohta, In re [2018] (AAR-WEST BENGAL) dt. 05.07.2018
‘Rakhi’ classifiable as per its constituent materials; GST exemption is not applicable. Read More

 

VAT

 

State of Gujarat v. Super Tiles & Marbles (P.) Ltd. [2018] (Gujarat) dt. 27.04.2018
Gujarat VAT - Interlocking paving bricks and curb stones are bricks. Read More

 

 

MISCELLANEOUS UPDATES

 

  • Government proposes 46 amendments to GST Law. Read More
  • PIB Press Release dt. 07.07.2018: Preliminary text of PM’s address at the public meeting with beneficiaries in Jaipur, Rajasthan Read More
  • PIB Press Release dt. 06.07.2018: First meeting of e-Commerce Task Force held. Read More
  • PIB Press Release dt. 04.07.2018: IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Read More

 

 

 

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. Click here to Unsubscribe 

 

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