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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 37
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Wednesday, Sep 12, 2018
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Weekly on GST, FSSAI, RERA & More...
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BLOCKED INPUT TAX CREDIT – CHANGES INTRODUCED BY CGST (AMENDMENT) ACT, 2018
The amendments introduced vide the Central Goods & Services Tax (Amendment) Act, 2018 dt 29.08.2018 has brought a sigh of relief among the Taxpayers and are welcomed as it has alleviated various confusions and dilemmas in their minds regarding interpretation of the new Tax law. There were a bunch of questions in the minds of the Taxpayers as to whether Credit can be availed on a particular inward supply or not especially with regard to Motor Vehicles and foods & beverages.
The provisions of Section 16 and 17 of the CGST Act, 2017 envisages the situations under which the Credit might be disallowed under GST. Particularly Section 17(5) prescribes certain goods and services on inward supply of which no credit can be claimed and if done it would be disallowed. The scope of claim of credit is widened by the introduction of the Amendment Act, 2018 dt. 29.08.2018. In case of Motor vehicles it is proposed that ITC would be restricted only to the extent of vehicles meant for transportation of persons having approved seating capacity of not more than 13 persons, except when used for specific purpose. The words ‘other conveyances’ have also been removed. It means that the credit would now be available in respect of work trucks, fork-lift trucks, etc. Credit would now also be available on aircrafts being used for imparting flying training. Credit on Services of general insurance, servicing, repair and maintenance pertaining to such motor vehicles or vessels or aircrafts would be even to the manufacturers and those who supply those services in respect of Motor Vehicles or vessels or aircrafts.
Presently, ITC is not available on inward supply of food & beverages, outdoor catering, travel & health benefits to employees, etc. but now the same has been allowed in the case where it is obligatory to provide the same to their employee under any law for the time being in force.
The above proposed Amendments are the need of the hour and the same shall be helpful in avoiding litigation to a certain extent as to the interpretation of the provisions of ITC. ...to be contd.
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Upcoming due dates under GST & Income Tax Laws:
| Due date for issue of TDS Certificate for tax deducted under section 194-IA and Section 194-IB in the month of July, 2018 |
14th Sept |
| Second installment of advance tax for the assessment year 2019-20 |
15th Sept |
| GSTR-3B August, 2018 |
20th Sept |
| GSTR-5 August, 2018 |
20th Sept |
| GSTR-5A August, 2018 |
20th Sept |
| GSTR-6 (July, 2017 – June, 2018) |
30th Sept |
| GSTR-1 (Quarterly Return for July – September, 2018) |
31st Oct |
| GSTR-1 MONTHLY (July, 2017-September, 2018) |
31st Oct |
| GSTR-3B (Taxpayers obtaining GSTIN in the light of Notification No. 31/2018 dt. 06.08.2018) MONTHLY |
December, 2018 |
Date of filing of Monthly GSTR-1 for the month of January, 2019 is:
A: 10 Feb 2019
B. 11 Feb 2019
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Last date to participate: Sep 15, 2018
PREVIOUS WEEK'S WINNERS
Heena Mathur, Jaipur
Ganesh Purohit, Jabalpur
Dipesh, Rewari
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NOTIFICATIONS / AMENDMENTS
CUSTOMS – NON-TARIFF
Notification No. 17/2018-Cus (NT/CAA/DRI) d.t 05.09.2018:
Appointment of Common Adjudicating Authority by DGRI
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Notification No. 18/2018-Cus (NT/CAA/DRI) d.t 05.09.2018:
Appointment of Common Adjudicating Authority by DGRI
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Notification No. 19/2018-Cus (NT/CAA/DRI) d.t 05.09.2018:
Appointment of Common Adjudicating Authority by DGRI
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Notification No. 77/2018-Cus (NT) d.t 06.09.2018:
Exchange Rates Notification No.77/2018-Custom(NT) dated 6.9.2018.
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CUSTOMS – ANTI-DUMPING DUTY
Notification No. 43/2018-Cus (ADD), dt.06.09.2018:
Seeks to levy anti-dumping duty on Glass CSM originating in or imported from Thailand in view of circumvention of Anti-dumping duty imposed by vide Notification 48/2016 Customs(Add) dated 1 September 2016.
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Notification No. 44/2018-Cus (ADD), dt. 06.09.2018:
Seeks to rescind the notification No. 04/2015- Customs (ADD), dated the 13th February, 2015 so as to discontinue Anti-Dumping Duty levied on 'Graphite Electrodes of all diameters' originating in or exported from China PR.
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CUSTOMS – CIRCULARS
Circular No. 30/2018, dt. 29.08.2018:
Setting up of the Office of Commissioner (Investigation-Customs) created under CBIC.
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Circular No. 31/2018, dt. 05.09.2018:
24x7 Clearance.
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CGST
Notification No. 43/2018-Central Tax dt. 10.09.2018
Seeks to extend the due date for filing of FORM GSTR - 1 for taxpayers having aggregate turnover up to Rs 1.5 crores.
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Notification No. 44/2018-Central Tax dt. 10.09.2018
Seeks to extend the due date for filing of FORM GSTR - 1 for taxpayers having aggregate turnover above Rs 1.5 crores.
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Notification No. 45/2018-Central Tax dt. 10.09.2018
Seeks to extend the due date for filing of FORM GSTR - 3B for newly migrated (obtaining GSTIN vide notification No. 31/2018-Central Tax, dated 06.08.2018) taxpayers [Amends notf. No. 21/2017 and 56/2017 - CT].
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Notification No. 46/2018-Central Tax dt. 10.09.2018
Seeks to extend the due date for filing of FORM GSTR - 3B for newly migrated (obtaining GSTIN vide notification No. 31/2018-Central Tax, dated 06.08.2018) taxpayers [Amends notf. No. 35/2017 and 16/2018 - CT].
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Notification No. 47/2018-Central Tax dt. 10.09.2018
Seeks to extend the due date for filing of FORM GSTR - 3B for newly migrated (obtaining GSTIN vide notification No. 31/2018-Central Tax, dated 06.08.2018) taxpayers [Amends notf. No. 34/2018 - CT].
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Notification No. 48/2018-Central Tax dt. 10.09.2018
Seeks to make amendments (Ninth Amendment, 2018) to the CGST Rules, 2017.
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FSSAI
Gazette Notification on Food Safety and Standards (Food Safety Auditing) Regulations, 2018. (Uploaded on: 07.09.2018)
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Gazette Notification of the Food Analyst appointed under FSS Act in notified private NABL recognized laboratory. (Uploaded on: 07.09.2018)
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JAIPUR BENCH
Smt. Sonu Khandelwal, M/s Sejal Enterprises vs. Income Tax Officer, Ward(2)3, Jaipur
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Smt. Sonu Khandelwal v. Income Tax Officer held that notice under Section 148 of the Income Tax Act after 4 years from the end of AY and without obtaining a sanction violates the provision of Section 151 of the Income Tax Act.
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MUMBAI BENCH
UB Ostan (India) Private Ltd. vs Income Tax Officer 1(3)(4) Aaykar Bhawan, Mumbai
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an ex-Director of the assessee- Company is not authorized to sign and verify the Appeal Memorandum on behalf of the Company under the Income Tax Laws.
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DELHI BENCH
Pee Aar Securities Ltd. vs. Deputy Commissioner of Income tax,Circle-14(1), New Delhi
Where assessee received Rs. 80 lakhs on account of share application money from two companies, however there was nothing to establish genuineness of share subscription transactions as assessee did not know anything about these companies and had no financial documents about their financial activities or their balance sheets, thus, these companies were shell companies and Commissioner(appeals) rightly confirmed action of Assessing Officer in making addition of Rs. 80 lakhs on account of share application money received by assessee from two shell companies under section 68.
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M/s. Great Heights Infratech Pvt. Ltd., C-134, Defence Colony, New Delhi vs. The Pr. CIT, Central-2, New Delhi
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Rental Income received from letting out the property can be treated as “business income” if letting out of property is the business of the assessee-Company.
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Income Tax
Vikram Singh vs Commissioner of Income Tax, Bulandshahar
A division bench of the Allahabad High Court has held that both the Assistant Commissioner of Income Tax (ACIT) and the Joint Commissioner of Income Tax (JCIT) are competent officers for sanctioning issue of re-opening assessment notice under sections 147/ 148 of the Income Tax Act, 1961.
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Sonia Gandhi vs Assistant Commissioner of Income Tax
The Delhi High Court, dismissed petitions by the Congress President Rahul Gandhi, Congress leaders Sonia Gandhi and Oscar Fernandes challenging the income tax notices sent to them in connection with the National Herald case.
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GST
Garuda Timber Traders vs Assistant State Tax Officer, Malappuram
Kerala High Court held Goods of dealer detained by State Tax Officer could have been provisionally released only if he complied with statutory mandate i.e. he provided bank guarantee for tax and penalty and bond for value of goods, under rule 140 of KSGST Rules, even if default was technical.
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Raj Sanjaybhai Tanna Vs Union Of India
A two-judge bench of the Gujarat High Court has recently dismissed a Public Interest Litigation (PIL) challenging the imposition of the late fee for the delayed filing of returns under the Goods and Services Tax (GST) regime pointing out that there is no ‘public interest’ involved in the matter.
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GST ADVANCE RULING
National Plastic Industries Ltd., AAAR, Maharashtra
PVC Floor Mat manufactured by applicant would fall in Customs Tariff Heading 3918 and applicable rate of GST thereon would be 18 per cent. This order is restricted to types of floor mats/coverings manufactured by applicant as per manufacturing process submitted, whereby manufacturing is done in two stages. Stage 1 being PVC monofilament production and carpet pilling process and stage 2 being web-lamination and backing process. The floor mats/coverings are of running length and cut into sizes as given/specified by customer. They are non-woven and composed only of PVC monofilament yarn and impregnated with liquid PVC.
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M/s CMS Info Systems Ltd., AAAR, Maharashtra
The Appellate Authority for Advance Ruling (AAAR), Maharashtra ruled that the input tax credit cannot be allowed on the purchase of motor vehicles used for cash management business and supplied post usage as scrap.
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Press Release by PIB dt. 06.09.2018:
Press Note onExchange Rate of Foreign Currency Relating To Imported and Export Goods.
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Press Release by PIB dt. 07.09.2018
Press Note on Quarterly Report on Public Debt Management for the Q1 of FY 2018-19 (April to June 2018).
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Press Release by PIB dt. 10.09.2018:
Press Note onExtensionof Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases.
Read More
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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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