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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 3

Wednesday, Jan 17, 2018

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

 

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FROM EDITOR'S DESK

 

 

There are a lot of expectations from the Next GST Council meeting scheduled on 18th January, 2018. Simplification of Returns and other processes is the most awaited agenda. E-Way Bill System is scheduled to be enforced for Inter-state transfer of Goods from 1st February, 2018 throughout the country. and it is advisable to follow the procedure. In the absence of a valid E-Way Bill during transit, stringent penalty provisions are there which are monetarily very costly. Please continue to send your suggestions and queries at contact@ghiya.in

 

PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626

 

TIMELINES

 

 

Upcoming due dates under GST & Income Tax Laws:

 

GSTR-3B (December) 20th Jan
GSTR-5 31st Jan
GSTR-5A 31st Jan
GST ITC-01 31st Jan
GSTR-1 (Dec) Turnover above 1.5 Cr, Monthly Return 10th Feb
GSTR-1 (Oct-Dec) Turnover upto 1.5 Cr, Quarterly Return 15th Feb
GSTR-3B (Jan) 20th Feb
VAT 10 A (FY 2016-17) 28th Feb
VAT 10 (Qtr 1 of FY 2017-18) 28th Feb
VAT 11 (FY 2016-17) 28th Feb
VAT 11 (FY 2017-18) 28th Feb

 

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THIS WEEK'S QUESTION

 

Whether ITC is available for Goods or Services on which tax is paid under Section 10?
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Last date: Jan 20, 2018

 

LAST WEEK'S WINNERS

 

  • Neha Sethi, Jaipur
  • Govind, Indore
  • Harjeet Hasija, Bhopal
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

 
RECENT AMENDMENTS

 

 

GST Circulars

 

Circular No. 28/01/2018 – GST dt. 08.01.2018
Clarifications regarding GST on College Hostel Mess Fees Read More

 

CUSTOMS (TARIFF)

 

Notification No. 03/2018-Customs dt. 12.01.2018
Inclusion of Dhamra and Dighi Ports in the list of ports mentioned in Export Promotion (EP) Schemes Notifications. Read More

 

CUSTOMS (NON TARIFF)

 

Notification No. 03/2018-Cus (NT) dt. 10.01.2018
Amendment to notification no. 82/2017-Customs (NT) dated 24th August, 2017 Read More

 

Notification No. 04/2018-Cus (NT) dt. 10.01.2018
Amendment to notification no. 92/2017-Customs (NT) dated 28th Sept, 2017 Read More

 

Notification No. 05/2018-Cus (NT) dt. 10.01.2018
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Read More

 

ANTI DUMPING DUTY

 

Notification No. 01/2018-Customs(ADD) dt. 12.01.2018
Seeks to withdraw abeyance of notification no. 30/2017-customs (ADD) dated 16.06.2017. Read More

 

ITAT JUDGEMENTS

 

 

AMRITSAR TRIBUNAL

 

Shree Ganpati Synthetics (P.) Ltd. v. Assistant Commissioner of Income-tax
Every order passed by Settlement Commission under section 245D(4) shall be conclusive as to matter covered therein and no matter covered by such order shall be reopened in any proceeding under Income tax Act or under any other law for time being in force Read More

 

DELHI BENCH

 

Freescale Semiconductor India (P.) Ltd. v. Deputy Commissioner of Income tax
Circular No. 5/2010 providing for computation of margins of comparables as per safe harbour rules has no retro-effect Read More

 

JAIPUR BENCH

 

Ramesh Chand Soni, HUF v. Income Tax Officer, Ward Behror
For purpose of Computation of period limitation for reassessment as prescribed in sub-section (2) of section 150, limitation provided under section 149 has to be counted from end of relevant assessment year till date of order which is subject matter of appeal wherein directions were passed Read More

 

M/s S. Brothers Facility Management, Jaipur vs. Income Tax Officer
If the amount as contribution toward PF & ESI has been deposited on or before the due date of filing the return under s. 139 and admittedly it was deposited on or before the due date then the amount cannot be disallowed under s. 43B of the IT Act or under s. 36(1)(va) of the Act Read More

 

FROM THE BENCH

 

 

GST

 

Devashish Polymers Pvt Ltd Vs Union of India & Ors
IGST – GST on supply of goods lying in bonded warehouse - Petitioner submits that there would be double payment of IGST - As per the illustration, IGST @ 12% amounting to Rs.13.2 would be payable @ 12% on the import value of the goods of Rs.100 plus basic customs duty - This amount would be payable when the goods are released by “C” from the warehouse – Further, the petitioner, i.e., C would be liable to pay IGST on the entire sale consideration between the seller (B) and the purchaser (C) on Rs.300/- - As per the petitioner, this Rs.300/- would include value of the goods of Rs.100/-, basic customs duty of Rs.10/- and duty deferred, i.e., IGST of Rs.23.20. Held: Respondents to obtain instructions on the said aspect and clarify the position in the counter affidavit – To be relisted on March 8, 2018 – Stay application disposed off Read More

 

INCOME TAX

 

Cochin International Airport Ltd. v. Deputy Commissioner of Income-tax, Circle-1(1) Ernakulam
An airport is an infrastructure facility as contemplated in sub-section (2) of section 80-IA Read More

 

VAT

 

Eastern Bakeries Pvt. Ltd. vs. Commercial Tax Officer
West Bengal VAT - Expression "Agro-Processing Industry" would not include "Food Processing Industry"; assessee bakery would not be entitled to claim deferment or remission of tax payable Read More

 

SERVICE TAX

 

Commissioner of Central Excise vs. M/s. Tehri Pulp & Paper Ltd.
Where assessee was engaged in procurement of purchase orders for its principal 'R' on commission basis, which included to inform 'R', to dispatch goods to customers, pursuing customers to make payment directly to 'R' and raising debit notes to 'R' for making payment of commission, service provided by assessee not covered under 'clearing and forwarding agent service' Read More

 

MISCELLANEOUS

 

 

  • No extension of date for filing return in FORM GSTR-1 Read More
  • Income Tax Department steps up actions under Prohibition of Benami Property Transactions Act : Benami properties of more than Rs. 3500 crore attached Read More
  • Auction for Sale (Re-issue) of Government Stocks Read More
  • Nationwide E-Way Bill system rolled out from 16.01.2018
  • Sharp increase in prosecutions of tax evaders by Income Tax Department Read More
  • The Union Finance Minister, Shri Arun Jaitley launches the country’s First Agri-commodity Options Contracts in Guar Seed on the occasion of Makar Sankranti Read More

 

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi, Ankit Agrawal, Deepak Garg

 

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