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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 31

Wednesday, Aug 15, 2018

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

 

NOTICE FOR TRANSIT PENALTIES – WHAT TO DO?

 

In the recent past we have seen that the goods are being intercepted by the CGST & SGST Officers while they are in transit. Checking is done by the Department officials in respect of the mandatory documents required to be carried during such transit. If any deficiency is found in the documents or any document is missing then there are strict provisions under GST law of penalty. The department has the power to invoke provisions of Sec. 129 to detain / seize the goods and the vehicle transporting the said goods. If the goods are detained then the person is, in normal course, required to pay the amount specified in Sec. 129(1) (a) or (b) and on such payment the goods are to be released. But if the person fails to do so within 7 days of such detention / seizure provisions of Section 130 pertaining to confiscation are invoked. Hefty penalty can be imposed under this provision separately for the goods and the vehicle confiscated. If we see closely, the total amount to be paid sometimes may be much higher than the actual value of goods. Therefore, the taxpayers should be cautious in complying with the provisions of law pertaining to transit of goods. In case technicalities are involved one should take assistance of a professional. One may also invoke Writ Jurisdiction of their concerned High Court in case any injustice is done by the department. One should be aware of the stringent provisions of law and should remain cautious and take legal remedy at the earliest.

 

 

◔ TIMELINES

 

Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2018 15th Aug
Furnishing of Form 24G by an office of the Government where TDS for the month of July, 2018 has been paid without the production of a challan 15th Aug
GSTR-3B JUL-18 20th Aug
Filing ITR for non-corporate assessee where books of accounts are not required to be audited 31st Aug
GSTR-1 Aug-18 (Monthly - More than 1 Cr.) 11th Sep
GSTR-3B AUG-18 20th Sep
GSTR-6 (July, 2017 – June, 2018) 30th Sept
GSTR-1 (July, 2018 – Sep, 2018) 31st Oct

 

 

WEEKLY QUIZ

 

 

Is the refund of unutilized ITC allowed where the goods exported out of India are subject to Export duty?

A: Yes

B. No

Click here

Last date to participate:
AUG 19, 2018

 

PREVIOUS WEEK'S WINNERS

 

Praveen Kumar, Chennai
Rajendra Singh Zala, Jaipur
CA A.K. Somani, Bhilwara

 

RECENT AMENDMENTS

 

CGST

 

Notification No. 32/2018-Central Tax dt.10.08.2018
Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months from July, 2018 to March, 2019. Read More

 

Notification No. 33/2018-Central Tax dt. 10.08.2018
Seeks to prescribe the due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crores for the period from July, 2018 to March, 2019. Read More

 

Notification No. 34/2018-Central Tax dt. 10.08.2018
Seeks to prescribe the due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019. Read More

 

CGST – CIRCULAR

 

Circular No. 52/2018-Customs dt. 09.08.2018
Clarification regarding applicability of GST rates on various goods and services. Read More

 

Circular No. 53/2018-Customs dt. 09.08.2018:
Clarification regarding applicability of GST on petroleum gases retained for the manufacture of petrochemical and chemical products. Read More

 

Circular No. 54/2018-Customs dt. 09.08.2018
Classification of fertilizers supplied for use in the manufacture of other fertilizers at 5 % GST rate. Read More

 

Circular No. 55/2018-Customs dt. 10.08.2018
Taxability of services provided by Industrial Training Institutes (ITI). Read More CUSTOMS - TARIFF

 

Notification No. 57/2018-Cus, dt.07.08.2018
Seeks to prescribe effective rate of customs duty on Screw or SIM socket / other mechanical items (metal) for cellular mobile phone. Read More

 

Notification No. 58/2018-Cus, dt.07.08.2018
Seeks to further amend notification No. 82/2017-customs dated 27th October 2017, to increase Ad-valorem component of BCD from 10% to 20% on 328 tariff lines of carpets, apparels and other textile products. Read More

 

CUSTOMS – NON-TARIFF

 

Notification No.13/2018-Cus (NT/CAA/DRI) d.t 07.08.2018
Appointment of Common Adjudicating Authority by DGRI. Read More

 

Notification No. 14/2018-Cus (NT/CAA/DRI) d.t 10.08.2018
Appointment of Common Adjudicating Authority by DGRI. Read More

 

Notification No. 15/2018-Cus (NT/CAA/DRI) d.t 10.08.2018
Appointment of Common Adjudicating Authority by DGRI Read More

 

CUSTOMS – CIRCULAR

 

Circular No. 25/2018-Customs dt. 08.08.2018
Standard operating procedures for discharge of bonds executed by nominated agencies/ banks under Notification no. 57/2000-Customs dated 08.05.2000. Read More

 

Circular No. 26/2018-Customs dt. 10.08.2018
Simplification and rationalization of processing of AEO-T1 application Read More

 

CUSTOMS – INSTRUCTIONS

 

Instruction No. 12/2018 File No.354/31/2018 - TRU(Pt) dt.13.08.2018:
Safeguard duty on solar cells whether or not assembled in modules or panels Read More

 

INCOME TAX

 

Notification No. 37/2018dt. 08.08.2018
Designation of the Court of Munsiff No. 3 cum Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region Read More

 

ITAT JUDGEMENTS

 

 

DCIT, Mumbai vs. D. B. International dt. 20.06.2018 [2018] [MUMBAI BENCH]
Capital gains falling under article 13 of India-Singapore DTAA not taxable though gains weren’t remitted to Singapore Read More

 

M/s. Sai Krishna Agencies Medak vs. ACIT, Hyderabad dt. 10.08.2018 [HYDERABAD BENCH]
Discounts not mentioned in Invoice are allowable as Expenditure Read More

 

Virvati Devi vs. CIT (Appeals), GZB/Aligarh dt. 10.08.2018 [DELHI BENCH]
No Tax Exemption if Agricultural Land was declared as Industrial Plot during Registration of Sale Deed Read More

 

Ocean Agro India Ltd. vs. DCIT, Ahmedabad [AHMEDABAD BENCH]
Compounding Fee paid to Legal Metrology Dept is an allowable Expenditure. Read More

 

FROM THE BENCH

 

 

INCOME TAX

 

Principal Commissioner of Income-tax-2 v. Geetaben Chandulal Prajapati dt. 10.07.2018 [2018] [Gujarat]
AO couldn't initiate penalty proceedings once earlier proceedings were dropped considering reply of assessee Read More

 

SERVICE TAX

 

Essar Bulk Terminal Salaya Ltd. vs. Union of India dt. 27.06.2018 [2018] (Gujarat)
Sub-section (3) of section 103 of Finance Act, 1994 titled as 'Special provision for exemption in certain cases relating to construction of airport or port' is neither arbitrary nor unconstitutional nor ultra vires to articles 14 and 19(1)(g) of Constitution of India Read More

 

M/s. Webel Technology Ltd. vs. Commissioner of Service Tax, Kolkata & Ors
Photography Services rendered for Preparing Voters ID Card not subject to Service Tax Read More

 

VAT

 

Axis Mutual Fund vs. State of Maharashtra dt. 06.08.2018 [2018] (Bombay)
The petitioner obtained registration under the MVAT Act. It invested in gold and disposed it off, may be on behalf of customers. However, it paid VAT on it and was held liable to pay interest if payment of VAT is delayed. Hence, first appellate authority rightly concluded that tax amount, together with interest is payable. The tribunal also confirmed this view. Concurrent findings, which is not perverse or vitiated by error of law apparent on face of record. In these circumstances, the dis-allowance of input tax credit under rule 53(6)(b) was also rightly confirmed Read More

 

 

MISCELLANEOUS UPDATES

 

  • Press Note on DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth Rs. 6.14 crore seized. Read More
  • Press Release dated 09th August 2018 related to FSSAI’s Engagement with Higher Education Institutes through the “Triple E” Strategy. Read More
  • Press Release dated 09th August 2018 related to Food Fortification Final Notification of Standards for Big Boost to Optimize the Goodness of Food. Read More
  • Press Release dated 10th August 2018 related to FSSAI launches RUCO. Read More
  • Press Note on New Pension Scheme (NPS). Read More
  • Press Note on Filings of GST Returns. Read More

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi & Deepak Garg

 

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