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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 47

Wednesday, Jan 15, 2019

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

 

Ghiya Legal invites articles for publishing in THE EDGE.

 

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GST COUNCIL MEETING UPDATES

 

  • Changes made by various GST Amendment Acts, 2018 along with the amendments made in CGST Rules, Notifications and Circulars made earlier and the corresponding changes in SGST Act to be notified w.e.f. 01.02.2019.
  • Last date for passing GST Practitioner exam for those who were sales tax practitioners or tax return preparer under the existing law for not less than 5 years to be extended to 31.12.2019.
  • Annual turnover limit for Composition Scheme taxpayers to be increased to Rs. 1.5 crore
  • Only one Annual Return required to be filed by Composition Scheme taxpayers. However, the payment of taxes would remain on quarterly basis (along with a simple declaration)
  • Composition scheme shall be available to service providers (or mixed suppliers) having annual turnover up to Rs. 50 lakhs. The application rate of tax shall be 6% (i.e. 3% CGST + 3% SGST) Further, Composition Scheme shall be available to both service providers as well as suppliers of goods and services.
  • There would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. The States would have an option to adopt one of the limits. Registration for service providers would continue to be Rs 20 lakhs and in case of special category States at Rs 10 lakhs.
  • Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.
  • Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a maximum period of 2 years.

     

 

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WEEKLY QUIZ

 

 

Where services are provided by a Business Facilitator to a Banking Company who is liable to pay GST liability?

A: Business Facilitator; or

B. Banking Company located in the taxable territory.

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Last date to participate:
Jan 18, 2019

 

PREVIOUS WEEK'S WINNERS

 

Nilesh Rajai, Bhavnagar
Chhotendra Shah, Sirohi
Anil Jain, Agra

 

ITAT JUDGEMENTS

 

MUMBAI BENCH

 

Asst. CIT CEN CIR 8(2), Mumbai vs. Shri Subhodh Menon, Mumbai
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that a shareholder cannot be taxed under Section 56(2)(vii) of the Income-tax Act, 1961 when the shares are allotted to him on a proportionate basis, even if such shares are allotted at lower than the fair market value under Section 56(2)(vii) (Ruling). Read More

 

KOLKATA BENCH

 

Smt. Sabita Devi Agarwal, Siliguri vs. Income Tax Officer, Ward-2(3), Siliguri
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54F of the Income Tax Act, 1961 is allowable in case of possession handed over as part performance of the Contract. Read More

 

BENGALURU BENCH

 

Shri. Parswanath Padmarajaiah Jain, Bengaluru vs Assistant Commissioner of Income-tax, Circle – 1(1)(1), Bengaluru
The Income Tax Appellate Tribunal (ITAT), Bengaluru bench has held that the benefit of Section 54F of the Income Tax Act is not available in respect of the purchase of land after the period of one year of the sale of the old capital asset. Read More

 

JAIPUR BENCH

 

Shri Rahul Singhal, Sanghpura, Purani Tonk vs. Income Tax Officer Ward- Tonk
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that no Tax Deductible on Dealership for Sale of SIM Cards and Mobile Recharge Coupons under Section 194H of the Income Tax Act, 1961. Read More

 

 

FROM THE BENCH

 

 

Income Tax

 

Ravi Agrawal vs. Union of India and Another
A division bench of the Supreme Court has held that the Court does not have the power to direct the Parliament to amend a law or create some legal provision, to a specified effect. The Bench also held that the mandate of amending certain beneficial provisions under the Income Tax Act vests with the Legislature only and the Court can only persuade the legislature to extend the benefit embedded in such provisions, to a certain class of persons. Read More

 

GST

 

Adlabs Entertainment Limited vs. Union of India & Ors.
A two-judge bench of the Bombay High Court has directed the State Government to constitute a high-level committee to study the issues and to grant relief to the entertainment sector after the entertainment tax benefits have been abolished after the launch of the new Goods and Services Tax ( GST ) regime. Read More

 

GST ADVANCE RULING

 

Shrimad Rajchandra Adhyatmik Satsang Sadhna Kendra, AAAR, Maharshtra
The Appellate Authority for Advance Ruling (AAAR), Maharashtra has upheld an order of the Advance Ruling Authority that the activity of imparting yoga is not exempted under the Goods and Services Tax (GST) regime as the same constitute “business”. The Authority also confirmed that GST is payable on the supply of spiritual products by the Trust as the services provided by the Charitable and religious trusts are not specifically exempted under the new tax regime. Read More

 

Swapna Printing Works (P.) Ltd., AAR, West Bengal
Where applicant, being in the business of printing books and binding them, has received a specific order from a popular foreign customer, namely, Gideons International, for printing and binding Bibles and printed copies of the Bible are required to be delivered to the recipient's branch in India, the Applicant's activity is a supply of service classifiable under SAC 9989, but said supply is not the export of service, as the recipient of the service is located in India. Since the above service is supplied to the recipient located in India and the consideration is apparently received in INR, the Applicant is liable to pay GST under the appropriate Act on such supplies. Read More

 

 

NOTIFICATIONS / AMENDMENTS

 

CUSTOMS – TARIFF

 

Notification No. 82/2018-Cus d.t 31.12.2018:
Seeks to amend notification No. 46/2011-Customs dated 01.06.2011 so as to provide deeper tariff concessions in respect of specified goods when imported from ASEAN under the India-ASEAN Free Trade Agreement w.e.f. 01.01.2019. Read More

 

Notification No. 83/2018-Cus d.t 31.12.2018:
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019. Read More

 

Notification No. 84/2018-Cus d.t 31.12.2018:
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019. Read More

 

Notification No. 85/2018-Cus d.t 31.12.2018:
Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a deepen the concessional rate of basic customs duty in respect of tariff item 8708 40 00 [gear box and parts thereof, of specified motor vehicles], w.e.f. 1st of January, 2019, when imported under the India-Japan Comprehensive Economic Partnership Agreement (IJCEPA). Read More

 

Notification No. 86/2018-Cus d.t 31.12.2018:
Seeks to amend notification no. 296/76 dated 02.08.1976 to exempt temporary importation of private road vehicles from IGST and compensation cess. Read More

 

CUSTOMS – NON-TARIFF

 

Notification No. 100/2018-Cus (NT) d.t 27.12.2018:
Notification of Nhava Sheva-IV Commisisonerate as Audit Commissionerate. Read More

 

Notification No. 101/2018-Cus (NT) d.t 28.12.2018:
Amendment to Notification no. 62/94-Customs (N.T.) dated 21.11.1994 in respect of Dahanu Port, Maharashtra. Read More

 

Notification No. 102/2018-Cus (NT) d.t 31.12.2018:
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Read More

 

Notification No. 103/2018-Cus (NT) d.t 31.12.2018:
Notification of Foreign Post Offices-amendment to Notification No. 31/2017-Customs (NT) dated 31st March, 2017. Read More

 

Notification No. 01/2019-Cus (NT) d.t 03.01.2019:
Inclusion of Land Customs Station (LCS), Barhni in the list of LCSs from which export under claim of Duty Drawback can be made to Nepal. Read More

 

Notification No. 02/2019-Cus (NT) d.t 03.01.2019:
Exchange Rates Notification. Read More

 

CUSTOMS – ANTI-DUMPING DUTY

 

Notification No. 01/2019-Cus (ADD), dt. 04.01.2019:
Seeks to impose anti-dumping duty on imports of ''Methylene Chloride" originating in or exported from European Union and United States of America. Read More

 

CUSTOMS – CIRCULARS

 

Circular No. 53/2018, dt. 28.12.2018:
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. 54/2018, dt. 31.12.2018:
Electronic Sealing-Deposit in and removal of goods of goods from Customs Bonded Warehouses-deferment of Circular 19/2018-Customs dated 18th June, 2018. Read More

 

Circular No. 01/2019, dt. 02.01.2019:
IGST Export Refunds–resolution of errors. Read More

 

CGST

 

Notification No. 67/2018-Central Tax dt. 31.12.2018
Seeks to extend the time period specified in notification No. 31/2018-CT dated 06.08.2018 for availing the special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process. Read More

 

Notification No. 68/2018-Central Tax dt. 31.12.2018
Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers. Read More

 

Notification No. 69/2018-Central Tax dt. 31.12.2018
Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers. Read More

 

Notification No. 70/2018-Central Tax dt. 31.12.2018
Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers. Read More

 

Notification No. 71/2018-Central Tax dt. 31.12.2018
Seeks to extend the time limit for furnishing the details of outward supplies in FORM GSTR-1 for the newly migrated taxpayers. Read More

 

Notification No. 72/2018-Central Tax dt. 31.12.2018
Seeks to extend the time limit for furnishing the details of outward supplies in FORM GSTR-1 for the newly migrated taxpayers. Read More

 

Notification No. 73/2018-Central Tax dt. 31.12.2018
Seeks to exempt supplies made by Government Departments and PSUs to other Government Departments and vice-versa from TDS. Read More

 

Notification No. 74/2018-Central Tax dt. 31.12.2018
Fourteenth amendment to the CGST Rules, 2017 . Read More

 

Notification No. 75/2018-Central Tax dt. 31.12.2018
Seeks to fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-1 for the period July, 2017 to September, 2018 in specified cases. Read More

 

Notification No. 76/2018-Central Tax dt. 31.12.2018
Seeks to specify the late fee payable for delayed filing of FORM GSTR-3B and fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-3B for the period July, 2017 to September, 2018 in specified cases. Read More

 

Notification No. 77/2018-Central Tax dt. 31.12.2018
Seeks to fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-4 for the period July, 2017 to September, 2018. Read More

 

Notification No. 78/2018-Central Tax dt. 31.12.2018
Seeks to extend the due date for furnishing FORM ITC-04 for the period from July, 2017 to December, 2018 till 31.03.2019. Read More

 

Notification No. 79/2018-Central Tax dt. 31.12.2018
Seeks to amend notification No. 2/2017 - Central Taxes dated 19.06.2017. Read More

 

CGST- RATE, IGST-RATE & UTGST-RATE

 

Notification No. 24/2018-Central Tax (Rate) &25/2018-Integrated Tax (Rate)&24/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to further amend notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 to change GST rates on goods as per recommendations of the GST Council in its 31st meeting. CGST UTGST

 

Notification No. 25/2018-Central Tax (Rate) &26/2018-Integrated Tax (Rate)& 25/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to further amend notification No. 2/2017-Central Tax (Rate) dated 28.06.2017 to exempt GST on goods as per recommendations of the GST Council in its 31st meeting. CGST UTGST IGST

 

Notification No. 26/2018-Central Tax (Rate) & 27/2018-Integrated Tax (Rate)& 26/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to exempt central tax on supply of gold by nominated agencies to registered persons. CGST

 

Notification No. 27/2018-Central Tax (Rate) & 28/2018-Integrated Tax (Rate)& 27/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018. CGST IGST UTGST

 

Notification No. 28/2018-Central Tax (Rate) & 29/2018-Integrated Tax (Rate)& 28/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018. CGST IGST UTGST

 

Notification No. 29/2018-Central Tax (Rate) & 30/2018-Integrated Tax (Rate)& 29/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018. CGST IGST UTGST

 

Notification No. 30/2018-Central Tax (Rate) & 31/2018-Integrated Tax (Rate)& 30/2018-Union Territory tax(rate)dt. 31.12.2018
Seeks to insert explanation in an item in notification No. 11/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017. CGST IGST UTGST

 

IGST

 

Notification No. 04/2018-Integrated Tax dt. 31.12.2018
Seeks to amend the IGST Rules, 2017 so as to notify the rules for determination of place of supply in case of inter-State supply under sections 10(2), 12(3), 12(7), 12(11) and 13(7) of the IGST Act, 2017 Read More

 

CGST- CIRCULARS

 

Circular No. 75/2018-Central Tax dt. 27.12.2018
Guidelines for processing of applications for financial assistance under the Central Sector Scheme named ‘Seva Bhoj Yojna’ of the Ministry of Culture. Read More

 

Circular No. 76/2018-Central Tax dt. 31.12.2018
Clarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes / credit notes issued under section 142(2) of the CGST Act; applicability of notification No. 50/2018-Central Tax; valuation methodology in case of TCS under Income Tax Act and definition of owner of goods) related to GST. Read More

 

Circular No. 77/2018-Central Tax dt. 31.12.2018
Denial of composition option by tax authorities and effective date thereof. Read More

 

Circular No. 78/2018-Central Tax dt. 31.12.2018
Clarification on export of services under GST. Read More

 

Circular No. 79/2018-Central Tax dt. 31.12.2018
Clarification on refund related issues. Read More

 

Circular No. 80/2018-Central Tax dt. 31.12.2018
Clarification regarding GST rates & classification (goods) Read More

 

Circular No. 81/2018-Central Tax dt. 31.12.2018
Seeks to clarify GST rate for Sprinkler and Drip irrigation System including laterals. Read More

 

Circular No. 82/2019-Central Tax dt. 01.01.2019
Applicability of GST on various programmes conducted by the Indian Institutes of Managements (IIMs). Read More

 

Circular No. 83/2019-Central Tax dt. 01.01.2019
Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC) Read More

 

Circular No. 84/2019-Central Tax dt. 01.01.2019
Clarification on issue of classification of service of printing of pictures covered under 998386. Read More

 

Circular No. 85/2019-Central Tax dt. 01.01.2019
Clarification on GST rate applicable on supply of food and beverage services by educational institution. Read More

 

Circular No. 86/2018-Central Tax dt. 31.12.2018
GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company. Read More

 

Circular No. 87/2018-Central Tax dt. 31.12.2018
Central Goods and Services Tax (Amendment) Act, 2018- Clarification regarding section 140(1) of the CGST Act, 2017 Read More

 

INCOME TAX

 

Notification No. 07/2018 dt. 27.12.2018:
Procedure, Formats and Standards of issue of Permanent Account Number (PAN). Read More

 

Notification No. 08/2018 dt. 31.12.2018:
Procedure, format and standards for filing an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of Section 197 / collection of the tax at any lower rate under subsection (9) of Section 206C of the Income-tax Act, 1961 through TRACES. Read More

 

 

◔ TIMELINES

 

Upcoming due dates under GST & Income Tax Laws:

 

Due date for furnishing of Form 24G by an office of the Government where TCS for the month of December, 2018 has been paid without the production of a challan 15.01.2019
Quarterly statement of TCS deposited for the quarter ending December 31, 2018 15.01.2019
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2018 15.01.2019
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2018 15.01.2019
GSTR-4 (Oct-Dec, 2018) 18.01.2019
GSTR-3B (December, 2018) 20.01.2019
QUARTERLY GSTR-I (October, 2018- December, 2018) 31.01.2019
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 30.01.2019

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi & Deepak Garg

 

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