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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 42
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Tuesday, Nov 20, 2018
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Fortnightly on GST, FSSAI, RERA & More...
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Ghiya Legal invites articles for publishing in THE EDGE.
Send your contributions to contact@ghiya.in.
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APPLYING FOR ADVANCE RULING – A GOOD IDEA OR NOT?
We have seen in the recent times that after the implementation of Goods & Services tax Act, 2017 due to various confusions arising in minds of the Taxpayers, they are opting for making an Application for an Advance Ruling concerning the goods or services they deal in. The Taxpayers are under a ‘not-so-correct’ impression that the Ruling would bring clarity on Tax Rates and get rid of the confusions. We are already witnessing the difference of opinions of different Advance Ruling Authorities in several States. Secondly, we have also observed a pattern of the Authority for Advance Ruling to support a view which imposes a higher rate of tax on the goods or services or which is not in favour of the taxpayer. This can be highly detrimental to the Taxpayer as once they have obtained the Ruling it would be binding on them and their jurisdictional officer and they will not have the option to deviate from it. Application is being made without putting in any thought and purely on the whims and fancies of the Taxpayers. Taxpayers should also think that a view taken in relation to a particular product or service or both can greatly affect the entire industry. It can have a huge effect and could also lead to surevyes or audits by DGGI or by the GST Department which can have serious consequences on the business. One should always take professional guidance and opinion before Applying for Advance Ruling as it would have a huge impact on the market as a whole. Because a great Author once said “do not just take a risk; take the risk. When you are taking the risk, ponder!” .
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Upcoming due dates under GST & Income Tax Laws:
| GSTR-3B (OCTOBER) |
20th Nov |
| Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA and 194-IB in the month of October, 2018 |
30th Nov |
| Annual return of income for the assessment year 2018-19 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s) |
30th Nov |
| GSTR-1 (MONTHLY – NOVEMBER) |
11th Dec |
| GSTR-3B (Taxpayers obtaining GSTIN in the light of Notification No. 31/2018 dt. 06.08.2018) MONTHLY |
31st Dec |
| GST ITC-4 (July, 2017 – September, 2018) |
31st Dec |
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NOTIFICATIONS / AMENDMENTS
CGST
Notification No. 58/2018-Central Tax ,dt. 26-10-2018:
Seeks to provide taxpayers whose registration has been cancelled on or before the 30th September, 2018 time to furnish final return in FORM GSTR-10 till 31st December, 2018
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Notification No. 59/2018-Central Tax ,dt. 26-10-2018:
Seeks to extends the time limit for furnishing the declaration in FORM GST ITC-04 for the period from July, 2017 to September, 2018 till 31st December, 2018
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Notification No. 60/2018-Central Tax ,dt. 30-10-2018 :
Seeks to make amendments (Thirteenth Amendment, 2018) to the CGST Rules, 2017.
Read More-1
Read More-2
Notification No. 61/2018-Central Tax ,dt. 05-11-2018:
Seeks to exempt supply from PSU to PSU from applicability of provisions relating to TDS.
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CGST - CIRCULAR
Circular No. 73/47/2018-GST dt 05-11-2018:
Scope of principal and agent relationship under Schedule I of CGST Act, 2017 in the context of del-credre agent.
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Circular No. 74/48/2018-GST dt 05-11-2018:
Circular clarifying collection of tax at source by Tea Board of India.
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CUSTOMS – TARIFFY
Notification No. 77/2018-Cus d.t 01.11.2018:
Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 2nd November, 2018 to 17th December, 2018
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CUSTOMS – NON-TARIFF
Notification No. 88/2018-Cus (NT) d.t 30.10.2018:
Amendment to sea cargo manifest and transhipment regulations, 2018.
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Notification No. 89/2018-Cus (NT) d.t 31.10.2018:
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. 90/2018-Cus (NT) d.t 01.11.2018:
Exchange Rates Notification.
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Notification No. 91/2018-Cus (NT) d.t 05.11.2018:
Notification giving Chief Commissioners powers to assign the cases for adjudication of show cause notices within their respective jurisdiction.
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Notification No. 92/2018-Cus (NT) d.t 15.11.2018:
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg
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Notification No. 93/2018-Cus (NT) d.t 15.11.2018:
Exchange Rates Notification No.93/2018-
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ANTI DUMPING DUTY
Notification No. 55/2018-Cus (ADD), dt. 15-11-2018
Seeks extension of existing anti-dumping on "O-Acid" originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to the imports originating and exported from China PR of "O-Ester".
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Appeal to the High Court from an order of any State Bench or Area Bench of the Appellae tribunal shall be filed within
A: 90 days from the date of receipt of order appealed against; or
B. 180 days from the date of receipt of order appealed against
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Last date to participate: Nov 23, 2018
PREVIOUS WEEK'S WINNERS
Shyam Gupta, Jaipur
Rohit, Punjab
Govind Agarwal, Indore
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Assistant Commissioner of Income Tax, Jaipur vs. M/s Om Metal Infraproject Ltd, Jaipur
The Jaipur bench of Income Tax Appellate Tribunal (ITAT) held that Income being a share in association of persons(AOP) or body of individuals (BOIs) is to be excluded while computing book profit under section 115JB of the Income Tax Act.
Read More
Haware Engineers & Builders Private Limited vs. Deputy Commissioner of Income Tax Central Circle, Mumbai
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that the income received from flats or shops held as stock-in-trade is business income for the purpose of Income Tax Act, 1961.
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M/s Idea Cellular Ltd., Noida vs. Asstt. Commissioner of Income-tax, Circle 50(1), New Delhi
In a major relief to the Idea Cellular Ltd., the Delhi bench of the Income Tax appellate Tribunal (ITAT) has held that the Company is not liable to deduct TDS on payment of roaming charges as there was no human intervention.
Read More
The ITO (TDS), Patiala vs. The Distt. Manager, M/s Punjab State Warehousing Corporation, Sirhind, Distt. Fatehgarh Sahib
The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of tax deduction at source ( TDS ) under Section 194C of the Income Tax Act would not applicable in a case where the consideration is paid in kind, not in money.
Read More
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GST
DAILY EXPRESS & ANR. vs. COMMISSIONER OF KERALA STATE GOODS AND SERVICE TAX DEPARTMENT& ANR., WP(C).No. 34250 of 2018
The Kerala High Court, while considering a bunch of petitions challenging the detention of goods for not containing the vehicle details in the E-Way Bill, ordered to direct the goods by paying sufficient bank guarantee and bond.
Read More
RSPL LTD vs. UNION OF INDIA, SPECIAL CIVIL APPLICATION NO. 22056 of 2017
A two-judge bench of the Gujarat High Court has upheld the constitutional validity of the provisions of section 140 (5) of the Central Goods and Services Tax (CGST) Act, 2017 and clarified that the provision denying the credit of excise duty paid on capital goods which were in transit as on 01.07.2017, post GST rollout, is not violative of Article 14 and 19(1)(g) of the Constitution of India.
Read More
M/S MODERN INSECTICIDES LIMITED VS STATE OF PUNJAB AND OTHERS, CWP Nos.23111 and 24162 of 2018
In an assessee-favour ruling, the Punjab and Haryana High Court has asked the GST department to release the detained goods on furnishing security other than bank guarantee or cash.
Read More
INCOME TAX
Thiru S.Shyam Kumar vs. The Assistant Commissioner of Income Tax, Central Circle -III(3), Chennai, Tax Case (Appeal) No.1371 of 2008
The Madras High Court has held that the statement made during a survey under Section 133A of the Income Tax Act has evidentiary value if the same is supported by corroborative evidence.
Read More
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Press Release by PIB dt. 27.10.2018: Press Note on Electoral Bond Scheme 2018.
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Press Release by PIB dt. 28.10.2018: Press Note on Goods and Services Tax Council – Journey so far.
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Press Release by CBDT dt. 29.10.2018: Press Note on Draft Notification proposing Amendment of Rules 2C, 2CA and 11AA and for Nos. 10G, 56 and 56G of the Income-tax Rules, 1962 placed in public domain for inputs from stakeholders and general public.
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Press Release by PIB dt. 31.10.2018: Press Note on Quantum Leap in Trading Across Border parameter of Ease of Doing Business rankings released by World Bank.
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Press Release by PIB dt. 01.11.2018: Press Note on Examination for Confirmation of Enrollment of GST Practitioners to be conducted on 7th December, 2018 at designated Examination Centres across India.
Read More
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Press Release by PIB dt. 01.11.2018: Press Note on GST Revenue collections for the month of October 2018 crosses Rupees One Lac Crore.
Read More
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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.
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