If you are unable to view this e-mail correctly,
click here to open in browser
|
|
THE EDGE
TAX & LEGAL UPDATE
|
Vol 3, Part 49
|
Friday, Feb 15, 2019
|
|
Fortnightly on GST, FSSAI, RERA & More...
|
|
|
Ghiya Legal invites articles for publishing in THE EDGE.
Send your contributions to contact@ghiya.in.
|
INPUT TAX CREDIT – LATEST CHANGES
As well know that the Central Goods & Services tax Act, 2017 was introduced on 1st July, 2017 and since then we have been witnessing number of changes in the tax rates, procedures, etc. The Central Goods & Service tax (Amendment) Act, 2018 was notified on 30th August, 2018 and with that was introduced Section 49A. The said section has now been made applicable from 1st February, 2019 by way of notification No. 02/2019-Central Tax dated 29.01.2019. The new section has brought a change in the way how Input Tax Credit of GST is to be utilised. It has drastically rationalized the Order for availing the set-off of Input Tax Credit. It prescribes that the Input Tax Credit available on account of IGST shall be utilised first towards the payment of Output IGST, CGST & SGST first and only then the credit on account of CGST, SGST or UTGST be used to pay off the Output Tax liability. It means that before utilizing Credit of CGST, SGST or UTGST the Input Tax Credit of IGST should be NIL. This has mainly been done to regulate the revenue of the State and the Centre.
|
INTEREST ON DELAYED PAYMENT
The other controversy which has arisen pertains to the interest being charged on late filing of GSTR-3B. Standing order No: 01/2019 dated 04.02.2019 passed by Hyderabad GST Commissionerate has instructed the departmental staff to conduct due verification of all the cases of late filing of returns which involve payment of the self-assessed tax after the prescribed due date and ensure that the interest liability is paid not only on the cash component, but also on the input credit component of the tax paid i.e. the entire output tax liability without giving benefit of the Input Tax Credit. The GST Council in their 31st Meeting has given approval to the amendment to Section 50 of the CGST Act, 2017 which states that the interest is to be charged only on the Net Tax Liability taking into account the Input Tax Credit which means that interest would be calculated only on the amount to be paid through Electronic Cash Ledger. However, this is just the approval by the Council and there is no Notification as of now to amend Section 50 of the CGST Act, 2017 and the department has already started taking note of the facts that whether the interest on delayed payment of tax is on the entire tax liability or after taking benefit of Input Tax Credit available. Now all we can do is just wait and watch as to how things unfold and when will the said amendment be incorporated in the CGST Act, 2017.
|
|
Upcoming due dates under GST & Income Tax Laws:
| GSTR-5 – Monthly return and payment of tax by Non-Resident Foreign Taxpayer |
20th Feb 2019 |
| GSTR5A – Monthly return and payment of tax by Non-Resident OIDAR Service Provider |
20th Feb 2019 |
| GSTR-3B (January, 2019) |
20th Feb 2019 |
| Filing Provident Fund Return for the month of Januray, 2019 |
25th Feb 2019 |
| GSTR-7 - Summary of Tax Deducted at Source (TDS) and deposited under GST laws for the period Oct, 2018 – Jan, 2019 |
28th Feb 2019 |
| Due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 |
30th June 2019 |
GET
THE EDGE
Notifications
Circulars
Orders
Articles
FAQ
SUBSCRIBE NOW
|
NOTIFICATIONS / AMENDMENTS
CUSTOMS – TARIFF
Notification No. 02/2019-Cus d.t 29.01.2019:
Seeks to further amend notification No. 57/2017-Customs dated 30th June, 2017 to prescribe effective BCD rate on parts of power bank of Lithium ion and Battery pack of cellular mobile phones.
Read More
Notification No. 03/2019-Cus d.t 29.01.2019:
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 to prescribe effective BCD rate on Electric Vehicle (EV) and their specified part and raw material for manufacture of Lithium ion cells.
Read More
Notification No. 04/2019-Cus d.t 07.02.2019:
Seeks to further amend Notification No. 08/2016- customs dated the 5th February 2016 to allow temporary importation of aircrafts, for the purposes of participation in Aero Show organised by the Central Government, without furnishing a bank guarantee or cash deposit.
Read More
CUSTOMS – NON-TARIFF
Notification No. 07/2019-CUSTOMS (NT) d.t 31.01.2019:
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.
Read More
Notification No. 04/2019-Cus (NT/CAA/DRI) d.t 01.02.2019:
Appointment of Common Adjudicating Authority by DGRI.
Read More
Notification No. 08/2019-Cus (NT) d.t 06.02.2019:
Amendment of CBLR 2018.
Read More
Notification No. 09/2019-Cus (NT) d.t 07.02.2019:
Exchange Rates Notification.
Read More
CUSTOMS – ANTI-DUMPING DUTY
Notification No. 06/2019-Cus (ADD), dt. 28.01.2019:
seeks to impose definitive anti-dumping duty on "Fluoroelastomers (FKM)" originating in or exported from China PR.
Read More
Notification No. 07/2019-Cus (ADD), dt. 07.02.2019:
Seeks to impose definitive anti-dumping duty on imports of "Non-Plasticized Industrial Grade Nitrocellulose Damped in Isopropyl Alcohol having Nitrogen content in the range of 10.7% to 12.2%" originating in or exported from Brazil, Indonesia and Thailand.
Read More
Notification No. 08/2019-Cus (ADD), dt. 12.02.2019:
Seeks to amend notification No. 61/2015-Customs (ADD) dated 11.12.2015
Read More
Notification No. 09/2019-Cus (ADD), dt.12.02.2019:
Seeks to amend notification No. 52/2017- Customs (ADD) dated 24.10.2017
Read More
Notification No. 10/2019-Cus (ADD), dt.12.02.2019:
Seeks to amend notification No. 35/2018-Customs(ADD) dated 9th July, 2018 to amend the name of exporters at S. Nos. 1 and 2 of the duty table.
Read More
Notification No. 11/2019-Cus (ADD), dt.12.02.2019:
Seeks to rescind notification No. 11/2013- Customs (ADD), dated the 16th May, 2013.
Read More
CUSTOMS – CIRCULARS
Circular No. 03/2019, dt. 31.01.2019:
Procedure to be followed in cases of manufacturing or other operations undertaken in bonded warehouses under section 65 of the Customs Act.
Read More
Circular No. 04/2019, dt. 01.02.2019:
Rescinding Board Circular No. 46/2017-Customs dated 24th November, 2017.
Read More
CGST
Notification No. 02/2019-Central Tax dt. 29.01.2019
Seeks to bring into force the CGST (Amendment) Act, 2018.
Read More
Notification No. 03/2019-Central Tax dt. 29.01.2019
Seeks to amend the CGST Rules, 2017.
Read More
Notification No. 04/2019-Central Tax dt. 29.01.2019
Seeks to amend notification No. 2/2017-Central Tax dated 19.06.2017 so as to define jurisdiction of Joint Commissioner (Appeals)
Read More
Notification No. 05/2019-Central Tax dt. 29.01.2019
Seeks to amend notification No. 8/2017-Central Tax dated 27.06.2017 so as to align the rates for Composition Scheme with CGST Rules, 2017.
Read More
Notification No. 06/2019-Central Tax dt. 29.01.2019
Seeks to amend notification No. 65/2017-Central Tax dated 15.11.2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts.
Read More
Notification No. 07/2019-Central Tax dt. 31.01.2019
Seeks to extend the due date for furnishing of FORM GSTR – 7 for the months of October, 2018 to December, 2018 till 28.02.2019.
Read More
Notification No. 08/2019-Central Tax dt. 08.02.2019
Seeks to extend the due date for furnishing of FORM GSTR – 7 for the month of January, 2019 till 28.02.2019.
Read More
CGST (RATE)
Notification No. 01/2019-Central Tax(Rate) dt. 29.01.2019
Seeks to rescind notification No. 32/2017 - Integrated Tax (Rate) dated 13.10.2017 in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts.
Read More
IGST
Notification No. 01/2019-Integrated Tax dt. 29.01.2019
Seeks to bring into force the IGST (Amendment) Act, 2018.
Read More
Notification No. 02/2019-Integrated Tax dt. 29.01.2019
Seeks to amend notification No. 7/2017-Integrated Tax dated 14.09.2017 to align with the amended Annexure to Rule 138(14) of the CGST Rules, 2017.
Read More
Notification No. 03/2019-Integrated Tax dt. 29.01.2019
Seeks to amend notification No. 10/2017-Integrated Tax dated 13.10.2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts.
Read More
IGST (RATE)
Notification No. 01/2019-Integrated Tax (Rate) dt. 29.01.2019
Seeks to rescind notification No. 32/2017 - Integrated Tax (Rate) dated 13.10.2017 in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts.
Read More
Notification No. 02/2019-Integrated Tax (Rate) dt. 04.02.2019
Seeks to rescind Sl. No. 10D of Notification No. 09/2017-Integrated Tax (Rate) dated 28.06.2017 in relation to exemption of IGST on supply of services having place of supply in Nepal or Bhutan, against payment in Indian Rupees.
Read More
UTGST
Notification No. 01/2019-Union Territory Tax dt. 29.01.2019
Seeks to bring into force the UTGST (Amendment) Act, 2018.
Read More
UTGST (RATE)
Notification No. 01/2019-Union Territory Tax (Rate) dt. 29.01.2019
Seeks to rescind notification No. 8/2017-Union Territory Tax (Rate) dated 28.06.2017 in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts.
Read More
COMPENSATION CESS
Notification No. 01/2019-Compensatiom Cess dt. 29.01.2019
Seeks to bring into force the GST (Compensation to States) Amendment Act, 2018.
Read More
CGST-CIRCULAR
Circular No. 88/2019 dt. 01.02.2019
Seeks to make amendments in the earlier issued circulars in wake of amendments in the CGST Act, 2017 (which shall come into force w.e.f. 01.02.2019).
Read More
IGST-CIRCULAR
Circular No. 04/01/2019-GST dt. 01.02.2019
Seeks to make amendments in the earlier issued circulars in wake of amendments in the CGST Act, 2017 (which shall come into force w.e.f. 01.02.2019).
Read More
CGST-ORDER
Order No. 01/2019-GST dt. 31.01.2019
Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases.
Read More
CGST-REMOVAL OF DIFFICULTY ORDER
Order No. 01/2019-Central Tax & Order No. 01/2019-Union Territory Tax dt. 01.02.2019
Seeks to supersede Removal of Difficulties Order No. 1/2017 - Central Tax dated 13.10.2017 in view of the amendment to Section 10 of the CGST Act, 2017 (regarding allowing registered persons opting for Composition Scheme to supply services up to a limit) coming into force w.e.f. 01.02.2019.
Read More
Order No. 02/2019-Central Tax dt. 01.02.2019
Seeks to amend Removal of Difficulties Order no 4/2018-CT to extend the due date for furnishing of FORM GSTR – 8 for the months of October, 2018 to December, 2018 till 07.02.2019.
Read More1
Read More2
|
What is the GST Rate on Services provided by a banking company to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana?
A: NIL
B. 18%
Click here
Last date to participate: Feb 21, 2018
PREVIOUS WEEK'S WINNERS
Amit Khandelwal, Jamshedpur
Pranab Bhattacharya, Chennai
Krunal S. Khakhar, Rajkot
|
Sh. Gurdev Singh, Jalandhar vs. Income Tax Officer, Ward-1, Hoshiarpur
The Income Tax Appellate Tribunal (ITAT), Jalandhar bench has held that the income tax cannot be levied on the transfer of property through the Power of Attorney.
Read More
E.I. DuPont India P. Ltd., Gurgaon vs Dy. Commissioner of Income-tax, CPC-TDS, Vaishali, Ghaziabad.
The Income Tax Appellate Tribunal ( ITAT ), Delhi bench has held that for the purpose of imposing the penalty under section 201(1A) of the Income Tax Act for TDS Default, a ‘month’ means 30 days and not a British Calendar Month.
Read More
DCIT, Central Circle -2, Baroda vs Shri Arvind N. Nopany, Baroda.
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has recently granted relief to one of the relatives of the Ambuja Cements Ltd, holding that the gift received from brother-in-law is exempted from income tax.
Read More
Shri B.S. Venkatesan, Arcot, Vellore – 632 503 vs. The Income Tax Officer, Ward – 2, Vellore
The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that an individual coparcener who is shown as owner in the sale deed cannot be taxed for Property belongs to the Hindu Undivided Family (HUF).
Read More
Charan Singh, Alwar, Rajasthan vs. ITO Ward- Bhiwadi
The Income Tax Appellate Tribunal, Jaipur Bench held in the case Charan Singh Vs. ITO Ward- Bhiwadi that Service of notice for re-assessment is not a mere procedural requirement. The bench clarified that the issuance of notice under section 148 and service of such notice upon the assesse are jurisdictional requirements that must be mandatorily complied with and these are not a mere procedural requirement.
Read More
|
Income Tax
Union of India & Ors. vs Shreya Sen & Anr.
The Supreme Court reversed the Delhi High Court order allowing the taxpayer to file an income tax return without linking PAN with Aadhaar and the rule must be compulsorily followed from the assessment year 2019-20.
Read More
GST
Tvl. R K Motors, Sivakasi vs State Tax Officer, Sattur Road Roving Squad, Virudhunagar, W.P. (MD) No. 1287 of 2019
The Goods and Services Tax ( GST ) department has levied a fine of Rs 18,96,000 on a lorry that deviated just seven kilometers from the right path on its way to Tamil Nadu from Pune. When the petitioner approached the Madras High Court challenging the action taken by Tamil Nadu GST department, the fine was reduced to Rs 5000.
Read More
M/s Jeyyam Global Foods Pvt. Ltd. vs. Union Of India & Ors.
The Madras High Court has held that the Squad Officer cannot detain the goods and impose the penalty for a bonafide misclassification under the Goods and Services Tax (GST) regime.
Read More
Stove Kraft Pvt Limited vs The Assistant State Tax Officer & Ors.
In a case where the department detained the vehicle since dealer generated e-way bill showing three invoices, the Kerala High Court held that the goods can be released by furnishing simple bond.
Read More
POSCO India Pune Processing Centre Pvt. Ltd.
The Authority for Advance Ruling (AAR), Maharashtra has held that the input tax credit not available for GST paid for the hotel stay in case of rent-free hotel accommodation provided to General Manager and Managing Director of the company.
Read More
VAT
M/s Sheen Golden Jewels (India) Pvt. Ltd. vs State Tax Officer & Ors.
The Kerala High Court had dismissed 3,250 petitions challenging the validity of the assessments under the earlier VAT regime after the GST rollout after September 16, 2017. Dismissing the petitions, Justice Dama Seshadri Naidu ruled against the contention of the petitioners that the state government lacked the power to add Repeal and saving provision (section 174) to Kerala State Goods and Services Act, 2017. Through the said provision, the government had specified that the change in law will not affect any tax, surcharge, penalty, or fine due.
Read More
|
|
-
Press Note dated 12.02.2019- Taxation of Digital Businesses Read More
-
Press Note dated 12.02.2019- Income tax Refunds
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
|
|
|
|
