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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 11
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Wednesday, Mar 14, 2018
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Weekly on GST, FSSAI, RERA & More...
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26TH GST COUNCIL MEETING – HIGHLIGHTS
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GSTR-1 and GSTR-3B to be extended till June, 2018.
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Changes introduced in provisions of E-Way Bills (Discussed at length below).
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Liability to pay tax under Reverse Charge u/s. 9(4) deferred till 30th June, 2018.
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Provisions of TDS (S. 51) and TCS (S. 52) suspended till 30th June, 2018.
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GST Implementation Committee (GIC) given the responsibility to redress the grievances caused to the taxpayers due to IT glitches.
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Implementation of e-Wallet scheme deferred to 01.10.2018. The present dispensation in terms of exemptions offered to exporters to continue for further 6 months i.e. till 01.10.2018.
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No rate changes introduced.
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FROM EDITOR'S DESK
The 26th GST Council Meeting was concluded on 10th March, 2018 at New Delhi. The Council could not resolve the issues pertaining to Return Filing which was one major issue on which the taxpayers were expecting that simplification would be undertaken. This only shows that there might be disagreement between various wings of the Government and the bureaucrats, who may not be willing to simplify the Return Procedure under the fear of tax evasion. The provisions pertaining to Reverse charge Mechanism, TDS and TCS are deferred for the next 3 months. Timeline for filing of Income-Tax Returns is 31.03.2018 for the last two Financial Years because of which all Tax Professionals are busy with it.
Please continue to send your suggestions and queries at contact@ghiyalegal.com
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| Issue of TDS Certificate u/s 194-IA & 194-IB (Jan-18) |
15th Mar |
| 4th Installment of Advance Tax for AY 2018-19 |
15th Mar |
| Payment of 100% Advance Tax for AY 2018-19 u/s 44AD/44ADA |
15th Mar |
| PF & ESIC Payment (Feb-18) |
15th Mar |
| GSTR-3B (Feb-18) |
20th Mar |
| GSTR-5 (Feb-18) |
20th Mar |
| GSTR-5A (Feb-18) |
20th Mar |
| PF Return (Feb-18) |
25th Mar |
| VAT 10 A (FY 2016-17) |
31st Mar |
| VAT 10 (Quarter 1 For F.Y. 2017-18) |
31st Mar |
| VAT 11 (FY 2016-17) |
31st Mar |
| VAT 11 (FY 2017-18) |
31st Mar |
| GSTR-6 (July, 17 – Feb, 18) |
31st Mar |
| Link Aadhar with PAN, Mobile, Insurance Policies, Mutual Funds, DMAT, Bank Account etc. |
31st Mar |
| GSTR-1 (Feb) (Turnover above 1.5 Cr.) |
10th Apr |
| GSTR-1 (Jan-Mar) (Turnover upto 1.5 Cr.) (Quarterly return) |
30th Apr |
Weekly Quiz
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CONTACT US
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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 CENTRAL TAX
Notification No. 12/2018-Central Tax dt. 07.03.2018
Second Amendment (2018) to CGST Rules (Last Date to file TRAN-2, changes in e-way bill rules, etc. )
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Notification No. 13/2018-Central Tax dt. 07.03.2018
Rescinding notification No. 06/2018 - CT dated 23.01.2018 by which the late fee for filing GST-5A was reduced.
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INCOME TAX
Notification No. 13 /2018 [F.No.178/15/2011-ITA-I] / SO 910(E) dt. 01.03.2018
Notifying the undertaking being developed, maintained and operated by M/s. Abhilash Software Development Centre, Bengaluru as an Industrial Park.
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GST CIRCULAR
Circular No. 36/10/2018 dt. 13.03.2018
Processing of refund applications for UIN entities
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ITAT JUDGEMENTS
Assistant Commissioner of Income Tax vs. Posco India Pvt. Ltd. dt. 15.02.2018 [CUTTACK BENCH]
Interest on Fixed Deposits on Money Received in respect of Share Capital is not Assessable as ‘Other Income’
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M/s. Emami Infrastructure Limited vs. Income Tax Officer (ITO) dt. 28.02.2018 [KOLKATA BENCH]
Transfer of Capital Assets by a Company to Step down 100% Subsidiary Company would not attract Capital Gain Tax.
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M/s. Coimbatore Integrated Waste Management Co. Pvt. Ltd. Vs. DCIT dt. 28.02.2018 [KOLKATA BENCH]
Technical services would not include services provided by the machines for the purpose of Tax Deducted at Source (TDS).
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DCIT, Jaipur Vs. Rajasthan Rajya Vidyut Prasaran Nigam Ltd. dt. 27.02.2018 [JAIPUR BENCH]
Counsel: Shri P. C. Parwal (CA)
1. If Employee's contribution towards PF, if paid after the due date under the respective Acts but before filing of return of income U/s 139(1), cannot be disallowed U/s 43B or U/s 36(1)(va) of the Act. In favour of the Assessee.
2. Disallowance made on account of prior period expenses. Remanded to be decided de novo by the AO.
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FROM THE BENCH
SERVICE TAX
Union of India vs. Intercontinental Consultants & Technocrats Pvt. Ltd. [SUPREME COURT]
Service Tax cannot be levied on reimbursed expenses prior to 14th May, 2015.
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GST
Padmavati Enterprise & Ors. Vs. The Union of India dt. 06.03.2018 [Bombay High Court]
GST - GSTR-3B returns for period from October 2017 allowed to be filed with late fees first and once paid and proof submitted, amount will be auto-credited/refunded within one week by GSTN.
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INCOME TAX
Commissioner of Income-Tax, Dehradun vs. M/s. Windlass Steel Craft dt. 22.02.2018 [UTTARAKHAND HIGH COURT]
Section 10B benefits are available from year in which undertaking begins to manufacture, and not from year of approval as 100% EoU
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CUSTOMS
Parekh Industries Limited Vs. The Union of India & Ors. Dt. 20.02.2018 [BOMBAY HIGH COURT]
FTP - Gold Replenishment Scheme - respondents not to insist on furnishing of Fixed Deposit/Bank Guarantee by petitioner and in lieu thereof accept Indemnity Bond
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GENERAL
JUSTICE K.S.PUTTASWAMY(RETD) AND ANR. vs. UNION OF INDIA AND ORS. [SUPREME COURT]
Deadline to link Aadhaar with bank accounts, mobile extended till final judgement.
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MISCELLANEOUS
PRESS RELEASE BY CBEC ON GST COUNCIL'S 26th MEETING
CHANGES IN E-WAY BILL
Introduced vide Notification No. 12/2018-CT dated 07.03.2018
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To be introduced for Inter-State movement of goods throughout India from 1st April, 2008. For Intra-state movement, it is to be introduced in a phased manner but before 1st June, 2018.
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No E-way bill required for a consignment, the value of which is / below Rs. 50,000.00.
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Provision of Rule 138(7) deferred. Where value of consignment is less than Rs. 50,000.00, there is no requirement of generating E-way Bill even if the transporter is carrying goods of more than Rs. 50,000.00 in one conveyance.
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Public conveyance is also a mode of transport now and the consignor or the consignee would be responsible for generating E-Way Bill.
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Value of exempted goods will not be included in the value of consignment.
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Railways exempt from generating or carrying E-Way Bill.
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Time period for the recipient to convey his acceptance or rejection – 72 hours or Validity of E-Way Bill whichever is earlier.
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A registered Job Worker can also generate E-Way bill where movement is on account of Job Works.
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Where movement of goods is from a place of consignor to the place of transporter up to a distance of 50 km., no need to fill PART-B of E-Way Bill
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Validity of One day will expire immediately at midnight of the next day of the day when the E-way bill was generated.
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For Over Dimensional Cargo (ODC) extra validity period has been provided.
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In case where transportation is not complete within the validity period due to exceptional circumstances or transshipment the validity can be extended by the transporter.
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If a conveyance has once been checked by the authority, it cannot be checked again in any State or UT except in case of specific information.
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Where goods are transported by Railways, Airways, Waterways, e-Way Bills can be generated even after the commencement of movement.
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Movement of goods on account of Bill-To-Ship-To supply will be handled through the capturing of place of dispatch in PART-A of e-way bill.
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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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