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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 3, Part 64

Wednesday, Feb 12, 2020

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

We deal in NCLT/GST/Income Tax/RERA and Civil Matters

 

Ghiya Legal invites articles for publishing in THE EDGE.

 

Send your contributions to contact@ghiya.in.

 

 

ITAT JUDGEMENTS

 

 

MUMBAI BENCH

 

DCIT v. M/s. Asian Infra Projects Private Limited dt. 03.01.2020
The ITAT Mumbai held that interest received by the property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business incomes and not income from other sources. Read More

 

NEW DELHI BENCH

 

Wilsonia West End School Society vs. The CIT dt. 30.01.2020
The Income Tax Appellate Tribunal (ITAT), Delhi has allowed income tax exemption to society engaged in imparting education through schools on an appeal filed by Wilsonia West End School Society. Read More

 

JAIPUR BENCH

 

Gallant Jewellery v. Deputy commissioner of Income Tax, Circle 2, Jaipur dt. 23.09.2019
Where assessee, engaged in manufacturing and trading of jewellery, entered into a forward contract to hedge against fluctuation in price of gold and silver and claimed profits earned on these contracts to be business profits for purpose of deduction under section 10AA, since fact remained unverified as to whether forward contracts entered into by assessee were covering only actual transaction of purchase and sale so as to refer hedging transaction to safeguard future loss due to fluctuation of prices, issue was to be remanded back to Assessing Officer for re-adjudication. Read More

 

BANGALORE BENCH

 

Joint Commissioner of Income-tax v. Karnataka Vikas Grameena Bank dt. 23.01.2020
Where depositors give Form No. 15G/15H to assessee-bank, law empowers assessee to make payment of interest without deduction of tax at source even though assessee has not furnished those Forms to Commissioner because requirement of filing of Form 15G and 15H with prescribed authority viz., Commissioner, is only procedural and that cannot result in a disallowance under section 40a(ia). Read More

 

FROM THE BENCH

 

 

GST

 

SUPREME COURT OF INDIA

 

Sanjay Dhingra v. Director General of Goods & Services Tax Intelligence:

 

Punjab HC refuses to grant Bail as creation of Fake Invoice to avail ITC are serious Allegations Read More

 

HIGH COURT OF DELHI
Pitambra Books (P.) Ltd. v. Union of India - [2020] 114 taxmann.com 122 (Delhi) JANUARY 21, 2020
Where petitioner who was registered under GST had been deprived of benefit of availing refund claim of unutilised input tax credit owing to restrictions imposed in paragraph 8 of Circular No. 125/44/2013/GST, dated 18-11-2019, which inhibited refund claims for a period of two separate (not successive) financial years, it was held that rigour of paragraph 8 of Circular No. 125/44/2019-GST, dated 18-11-2019 was to be stayed and respondent authorities were to be directed to either open online portal so as to enable petitioner to file tax refund electronically, or to accept same manually Read More

 

HIGH COURT OF RAJASTHAN

 

Tax Bar Association v. Union of India [2020] 114 taxmann.com 121 (Rajasthan) FEBRUARY 5, 2020
Where various assessees were unable to upload their returns both GSTR9 and GSTR9C as GST portal of Government of India had not been effectively functioning and clearly there appeared to be a physical limit, to which extent returns/forms could be uploaded on any one day (apart from admitted intermittent technical shutdowns), assessees were to keep uploading their returns at earliest possible and no late fee shall be charged till 12-2-2020 for uploading Read More

 

HIGH COURT OF MADRAS

 

Vedanta Ltd. v. Commissioner of Customs (Drawback) [2020] 113 taxmann.com 509 (Madras) OCTOBER 31, 2019
Where assessee claimed for refund of additional IGST paid and Competent Authority was not in a position to refund same, as there was no provision for processing refund manually, said Authority was to be directed to refund additional IGST in terms of Circular No. 40/2018-Customs F. No. 450/119/2017-Cus-IV, dated 24-10-2018 Read More

 

INCOME TAX

 

SUPREME COURT OF INDIA

 

Commissioner of Income-tax (Central-1) v. Aquatic Remedies (P.) Ltd. [2020] 113 taxmann.com 451 (SC) NOVEMBER 29, 2019
SLP dismissed against High Court ruling that when in terms of section 151(2), sanction to issue notice under section 148 has to be issued by Additional Commissioner, reopening of assessment with approval of Commissioner was unsustainable Read More

 

 

◔ TIMELINES

 

Upcoming due dates under GST & Income Tax Laws:

 

Due date for filing GSTR-1 for the month of January 2020 for taxpayers with Annual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return (Rs. One Crore Fifty Lacs) only 11th February
Due date for filing GSTR-6 (to be filed by Input Service Distributor for month of January 2020 13th February
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2019 15th February
Due date for filing GSTR-3B for the month of January 2020 for taxpayers having an aggregate turnover of more than Rs. 5 Crores in the previous financial year. Pay due Tax till this date 20th February
Due date for filing GSTR-3B for the month of January 2020 for taxpayers having an aggregate turnover uptoRs. 5 Crores in the previous financial year registered from the following states- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep 22th February
Due date for filing GSTR-3B for the month of January 2020 for taxpayers having an aggregate turnover uptoRs. 5 Crores in the previous financial year registered from following states – Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi 24th February
Due date for filing GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the month of January 2020. 20th February
Due date for attaching of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 31st March

 

 

 

WEEKLY QUIZ

 

 

Who can make an application for advance ruling to Authority for Advance Ruling?:

1. Any person registered or desirous of obtaining registration under the Revised Model GST Law.

2. Department

3. Appellate Authority

4. None of the above

Click here

Last date to participate:
February 15, 2020

 

PREVIOUS WEEK'S WINNERS

 

 

 

NOTIFICATIONS / AMENDMENTS

 

CGST

 

Notification No. 01/2020-Central Tax, dt. 01-01-2020:
Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the CGST Act, 2017. Read More

 

Notification No. 02/2020-Central Tax, dt. 01-01-2020:
Seeks to make amendment (2020) to CGST Rules. Read More

 

Notification No. 03/2020-Central Tax, dt. 01-01-2020:
Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019 to amend the transition plan for the UTs of J&K and Ladakh Read More

 

Notification No. 04/2020-Central Tax, dt. 10-01-2020:
Seeks to extend the one-time amnesty scheme to file all FORM GSTR-1 from July 2017 to November, 2019 till 17th January, 2020. Read More

 

Notification No. 05/2020-Central Tax ,dt. 13-01-2020:
Seeks to appoint Revisional Authority under CGST Act, 2017. Read More
Read More

 

Notification No. 06/2020-Central Tax ,dt. 03-02-2020:
Seeks to extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the period from 01.07.2017 to 31.03.2018. Read More

 

Notification No. 07/2020-Central Tax, dt. 03-02-2020:
Notification issued to prescribe due dates for filing of return in FORM GSTR-3B in a staggered manner. Read More

 

 

CIRCULARS

 

Circular No.131/1/2020-GST dt. 23.01.2020:
Standard Operating Procedure (SOP) to be followed by exporters Read More

 

 

CUSTOMS – TARIFF

 

Notification No. 01/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD) Read More

 

Notification No. 02/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 57/2017-Customs, dated the 30th June, 2017 so as to change the applicable BCD rate on specified parts of Cellular Mobile Phones. Read More

 

Notification No. 03/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 19/2019-Customs dated the 6th July, 2019 so as to extend the exemption from BCD and IGST on specified military equipment, if imported by DPSUs and PSUs for the defence forces. Read More

 

Notification No. 04/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 148/1994-Customs dated the 13th July, 1994 to exempt wool, woollen fabrics and apparels received as gifts by the Indian Red Cross Society. Read More

 

Notification No. 05/2020-Cus,dt. 02-02-2020:
Seeks to amend notification No. 25/99-Customs dated 28th February. 1999 so as to withdraw BCD exemption on Gold used in manufacture of semi-conductor devices or light emitting diode and to provide exemption to specified parts for use in manufacture of fuses and connectors. Read More
Read More

 

Notification No. 06/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 24/2005-Customs, dated the 1st March, 2005 so as to exclude copper and articles thereof from the exemption provided to raw materials use for manufacturing of ITA goods specified therein the notification Read More

 

Notification No. 07/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 25/2005-Customs, dated the 1st March, 2005 so as to exclude copper and articles thereof from the exemption provided to raw materials use for manufacturing of ITA goods specified therein the notification. Read More

 

Notification No. 08/2020-Cus,dt. 02-02-2020:
Seeks to exempt specified goods from Health Cess imposed on the medical devices falling under heading 9018 to 9022 in terms of clause 139 of the Finance Bill, 2020. Read More

 

Notification No. 09/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 11/2018-Customs, dated the 2nd February, 2018 in order to revise the levy of Social Welfare Surcharge on specified goods. Read More

 

Notification No. 10/2020-Cus,dt. 02-02-2020:
Seeks to further amend notifications mentioned in the Column (2) of the Table of the notification No. 10/2020-Customs, dated the 2nd February, 2020 so as to align the notification mentioned in Column (2) with the new tariff lines created as per Finance Bill, 2020. Read More

 

Notification No. 11/2020-Cus,dt. 02-02-2020:
Seeks to further amend notification No. 82/2017-Customs dated the 27th October, 2017 so as to omit a redundant entry at S. No. 31A. Read More

 

Notification No. 12/2020-Cus,dt. 02-02-2020:
Seeks to rescind certain customs notifications which have become redundant or entries in these notifications are being merged with other similar notifications granting exemptions. Read More

 

 

CUSTOMS – NON-TARIFF

 

Notification No. 01/2020-Cus (NT) d.t 02.01.2020:
Exchange Rates Notification No.01/2020-Customs (NT) dated 02.01.2020 Read More

 

Notification No. 02/2020-Cus (NT) d.t 06.01.2020:
Appointment of Common Adjudicating Authority for the purpose of adjudication of SVB SCNs issued to M/s Cisco Commerce India Private Limited, Bangalore. Read More

 

Notification No. 03/2020-Cus (NT) d.t 15.01.2020:
Notification of Ghasuapara LCS for imports also by amendment of Notification No. 63/1994-Customs dated 21st November 1994. Read More

 

Notification No. 04/2020-Cus (NT) d.t 15.01.2020:
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg. Read More

 

Notification No. 05/2020-Cus (NT) d.t 16.01.2020:
Exchange Rates Notification No.05/2020-Custom (NT) dated 16.01.2020. Read More

 

Notification No. 07/2020-Cus (NT) d.t 28.01.2020:
Revised All Industry Rates of Duty Drawback. Read More

 

Notification No. 08/2020-Cus (NT) d.t 31.01.2020:
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver - Reg. Read More

 

Notification No. 09/2020-Cus (NT) d.t 02.02.2020:
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 to change the anti-circumvention provision and make certain other miscellaneous changes. Read More

 

Notification No. 10/2020-Cus (NT) d.t 02.02.2020:
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Rules, 1995 to introduce anti-circumvention provisions in these rules and make certain other miscellaneous changes. Read More

 

Notification No. 11/2020-Cus (NT) d.t 06.02.2020:
Exchange Rates Notification No.11/2020-Custom (NT) dated 06.02.2020 Read More

 

 

ANTI DUMPING DUTY

 

Notification No. 01/2020-Cus (ADD), dt. 24-01-2020:
seeks to amend notification No. 40/2017-Customs(ADD) dated 25-08-2017, to revise anti-dumping duty on imports of "Sodium Nitrite" originating in or exported from China PR, in pursuance of final findings of sunset review investigations issued by DGTR vide notification No. 15/06/2016-DGTR dated the 8th November 2019. Read More

 

Notification No. 02/2020-Cus (ADD), dt. 30-01-2020:
Seeks to impose provisional anti-dumping duty on the imports of the "Digital offset printing plates", originating in or exported from China PR, Japan, Korea RP, Taiwan and Vietnam. Read More

 

Notification No. 03/2020-Cus (ADD), dt. 02-02-2020:
Seeks to revoke the Anti-dumping duty imposed on Purified Terephthalic Acid and for this purpose, rescinds the notifications No. 28/2016-Customs (ADD), dated the 5th July, 2016 and No. 28/2019-Customs (ADD), dated the 24th July, 2019. Read More

 

 

COUNTERVAILING DUTY

 

Notification No. 01/2020-Cus (CVD) d.t 08.01.2020:
Seeks to impose definitive countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam. Read More

 

 

MISCELLANEOUS

 

  • Press Release by PIB dt. 01.02.2020: 1,10,828 crore GST Gross Revenue collected for January, 2020. January 2020 stands second highest monthly collection since implementation of GST Read More
  • Press Release by PIB dt. 02.02.2020: Clarification regarding Proposal in the Finance Bill 2020 Read More
  • Press Release by PIB dt. 04.02.2020: CBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend Read More
  • Press Release by PIB dt. 06.02.2020: Income Tax Department conducts search on prominent persons in Film Industry in Tamil Nadu Read More

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi & Deepak Garg

 

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