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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 7
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Wednesday, Feb 14, 2018
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
There have been a lot of expectations from the Government with respect to the Central and state Budget regarding simplification of GST and amendments in other laws as well. It has been more than half a year since the implementation of GST and everyone hoped that by now it would a settled law. The taxpayers under GST are still trying to cope up with the deadlines of Return filing and understand the new law. The Central Budget is out and so are many State Budgets. Rajasthan Government has also announced its Budget for the year 2018-19. There have been various amendments in the law and the Notifications for the same has been issued. The links of the same is provided in this edition.
Please continue to send your suggestions and queries at contact@ghiya.in
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| Issue of TDS Certificate for Tax deducted under Section 194-IA in December, 2017 |
14th Feb |
| GSTR-1 (Oct-Dec) Turnover upto 1.5 Cr, Quarterly Return |
15th Feb |
| Furnishing Form 24G by office of Govt. where TDS for Jan, 2018 has been paid without production of Challan. |
15th Feb |
| Quarterly TDS Certificates (Other than Salary) for Dec, 2017 Quarter |
15th Feb |
| PF & ESIC Payment for Jan, 2018 |
15th Feb |
| GSTR-3B (Jan) |
20th Feb |
| GSTR-1 (January) (Turnover above 1.5 Cr.) |
10th Mar |
| VAT 10 A (F.Y. 2016-17) |
31st Mar |
| VAT 10 (Quarter 1 For F.Y. 2017-18) |
31st Mar |
| VAT 11 (F.Y. 2016-17) |
31st Mar |
| VAT 11 (F.Y. 2017-18) |
31st Mar |
| GSTR-6 (July, 2017 – Feb, 2018) |
31st Mar |
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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
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STATE BUDGET HIGHLIGHTS
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"Vyapari Kalyan Board" to be established for the businessmen. Rs. 10 cr. allocated for the same.
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Time period of continuation of RIPS – 2010 (till 31st March, 2020) and RIPS – 2014 (till 31st March, 2021) to be extended by 2 years and to continue even under the GST regime.
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Due dates to file RVAT Returns extended to 31st March, 2018.
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Stamp Duty to be reduced on various transactions.
Budget Speech
Notifications
RECENT AMENDMENTS
CUSTOMS (TARIFF)
Notification No. 24/2018-Cus,dt. 06-02-2018
Seeks to increase import duty on all types of sugar under tariff head 1701, [Raw sugar, Refined or White sugar, Raw sugar if imported by bulk consumer] from the present 50% to 100% (Tariff rate) with immediate effect and without an end date.
Read More
Notification No. 25/2018-Cus,dt. 06-02-2018
Seeks to increase BCD tariff rate on Chana (Chickpeas), [Tariff item 0713 20 0] from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975 and accordingly, the effective rate of BCD on Chana (Chickpeas), will also be 40%.
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Notification No. 26/2018-Cus,dt. 12-02-2018
seeks to further amend the notification No. 50/2017- Customs, dated the 30th June 2017 so as to reduce the Basic Customs Duty on motorcycles falling under tariff heading 8711.
Read More
FSSAI
Gazette Notification on Food Safety and Standards (Import) First Amendment Regulations, 2018. (Uploaded on: 12.02.2018)
Read More
INCOME TAX
Instruction No. 01/2018 dt. 12.02.2018:
Conduct of Assessment Proceedings in scrutiny cases electronically except in search related Assessment or where assessee objects the E Proceedings.
Read More
ITAT JUDGEMENTS
BENGALURU TRIBUNAL
Flipkart India Pvt. Ltd. v. Assistant Commissioner of Income-Tax dt. 6th February, 2018 – [2018] 90 taxmann.com 153 (Bengaluru – Trib)
Where assessee company filed petition seeking stay of demand of Rs. 110 crores, however, failed to make out any strong case in its favour on merits of additions made by Assessing Officer, made no effort to file any evidence demonstrating any financial hardship and as regards balance of convenience also failed to make out any case in its favour, stay of demand could not be granted.
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MUMBAI TRIBUNAL
Deputy Commissioner of Income-tax, CC-7(3), Mumbai v. Cowtown Land Development (P.) Ltd. –[2018] 90 taxmann.com 17 (Mumbai – Trib.)
Where assessee company purchased development rights of a property from a company and made payment to its shareholders for withdrawl of winding up petition against said company in order to clear title of property since payment was made to protect business interest of assessee and to safeguard assessee from losses, same was to be allowed as business expenditure.
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DELHI TRIBUNAL
Subodh Gupta (HUF) v. Principal Commissioner of Income-Tax-11, New Delhi dt. 5th Jaunary, 2018 – [2018] 89 taxmann.com 418 (Delhi – Trib.)
Assessment made without making enquiry about gift received from mother of Karta of HUF was erroneous.
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JAIPUR BENCH
Assistant Commissioner of Income-Tax, Circle-2, Ajmer vs. Ramesh Kshetrapal, Kutchery Road, Ajmer
The requirement of filing the audit report along with the return is not mandatory but directory and that if the audit report is filed at any time before the framing of the assessment, the requirement of section 80-IA(7) would be met.
Read More
FROM THE BENCH
GST
Hero Motocorp Ltd. vs. Commissioner of Central Excise, Dehradun dt. 11th January, 2018
Where assessee, a manufacturer of motor cycles, availed benefit of exemption provided under a Notification and further did not pay National Calamity Contingent Duty [NCCD], Education Cess [EC] and Secondary and Higher Education Cess [SHEC], it was not entitled to utilize cenvat credit of duties paid on inputs to pay NCCD, EC and SHEC.
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VAT
State of Gujarat vs. Novelty Electronics dt. 13th December, 2018
Where Income Tax authorities carried out search upon assessee and found difference in stock and thereupon assessee made disclosure and statement before said authorities and later on AA by placing reliance upon assessee’s statement levied tax upon it, levy of tax merely on basis of statement was not justified.
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U.P. Power Transmission Corpon. Ltd. v. Commissioner of Commercial Tax dt. 08.01.2018
Where assessee was issued registration certificate in Form ‘B’ and it applied for issuance of Form ‘C’, denial of Form ‘C’ to assessee in respect of commodities specified in Form ‘B’ was wholly unwarranted and illegal.
Read More
INCOME TAX
Principal Commissioner of Income Tax-3, Mumbai v. Hind Filter Ltd. dt. 13th November, 2017
Where AO made addition to assessee's income under sec. 2(22)(e) in respect of loan obtained from company 'D' in which it held 38 per cent shares, in view of fact that assessee was a public company and, moreover, amount was received as inter-corporate deposit, impugned addition was to be set aside.
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MISCELLANEOUS
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Concessional Rate of GST of 12% extended to construction of houses constructed/ acquired under the Credit Linked Subsidy Scheme for EWS, LIG, MIG sections.
Read More
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Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017 to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017.
Read More
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Cabinet approves proposal for Amendment to the Micro, Small and Medium Enterprises Development Act, 2006 to change the criteria of classification and to withdraw the MSMED (Amendment) Bill, 2015 – pending in Lok Sabha.
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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