THE EDGE

TAX & LEGAL UPDATE
Vol1, Part 3	Wednesday, Sep 13, 2017
Weekly on GST, FSSAI, RERA & More…

FROM EDITOR’S DESK

The major amendments made in the GST Return filing dates by the GST Council in its meeting held on 09 Sept. 2017 shows that the system is not ready and without it the GST has been implemented. The companies and the GSTN responsible for getting the system ready are to be penalized for the criminal waste of the time and efforts of the Tax Professionals, Businessman and the public at large. The uncertainty created because of the haphazard implementation of GST has resulted in loss of business. Amendments in the rate of Tax are welcome and the Government should also reconsider the various complex provision and particularly the RCM etc. and in fact should be deleted. The frequency of return has to be reconsidered and various suggestions of the Tax and business fraternity has to be considered.

We again request all to participate in the quiz or send the Article with your photos. The Associations may inform the next meetings which can be mentioned in this newsletter. Please email at contact@ghiya.in

PANKAJ GHIYA, ADVOCATE

Mobile: +91 98290 13626

KNOWLEDGE TIPS

RENTING OF IMMOVABLE PROPERTY - GST

· Renting of immovable property is a Supply of Service. [Schedule II - Clause 5(a)]. Rental Income of more than Rs. 20 Lakh is taxable under GST, subject to other Incomes and threshold limits.

· Renting of immovable property for commercial use is taxable at 18% GST.

· Renting for residential purpose and renting of precincts of a religious place for general public is exempt from levy of GST, subject to conditions and monetary limitation [See Entry No. 13 of Notification No. 12/2017-Central Tax (Rate) dt.28.06.2017]

· If rent paid by Registered person to an Unregistered Person for commercial purposes then the Registered Person shall be liable to pay GST under Reverse Charge Mechanism [S. 9(4) CGST Act will apply]

· Place of supply shall be the location of such immovable property.

TIMELINES

Upcoming due date under GST & Income Tax Laws:

GSTR-1 (Jul)	10^th Oct
GSTR-2 (Jul)	31^st Oct
GSTR-3 (Jul)	10^th Nov
GSTR-3B (Aug)	Up-to 20^th Sep
GSTR-4 (Jul-Sep)	18^th Oct (No need to file GSTR-4A)
GSTR-6 (Jul)	13^th Oct
GST TRAN-1	31^st Oct
Opting for Composition Scheme	30^th Sep
Registration for persons liable to TDS and TCS	From 18^th Sep
IT Return for business and Audit Report (FY 2016-17)	31^st Oct
VAT-11	30^th Sep
VAT ITC verification filing	30^th Sep
VAT June, 17 Quarterly Return	30^th Sep

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RECENT AMENDMENTS

GST

Notification No. 5/2017 - Compensation Cess (Rate) dt. 11.09.2017

Regarding the change in rate of Compensation Cess on various Motor Vehicles Read More

Notification No. 30/2017-Central Tax dt.11.09.2017

Regarding extension of the time limit for filing GSTR-1, GSTR-2, GSTR-3 for the Month of July Read More

Notification No. 31/2017-Central Tax dt.11.09.2017

Regarding extension of the time limit for filing GSTR-6 Read More

Notification dt.06.09.2017 vide Order No. F.12 (72) FD / Tax / 2017 – 82

Regarding constitution of State Level Screening Committee on Anti-Profiteering Read More

CUSTOMS

Notification No. 74/2017-Customs dt.07.09.2017

Reducing the BCD on raw sugar [1701] up-to a quantity of 3 lakh MT from 50% to 25% subject to the Tariff Rate Quota Allocation Certificate or license, as the case may be, issued by DGFT Read More

CUSTOMS (NON-TARIFF)

Notification No. 84/2017- Customs (N.T.) dt.07.09.2017

Regarding Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017 Read More

Notification No. 85/2017- Customs (N.T.) dt.07.09.2017

Defining jurisdiction of customs officers for the purpose of audit Read More

CVD

Notification No. 1/2017-Customs (CVD) dt.07.09.2017

Seeks to impose definitive Countervailing duty on the imports of "Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products" originating in or exported from China PR Read More

FROM THE BENCH

GST

Mohit Minerals Pvt. Ltd. vs. Union of India [2017] (Delhi):
Interim relief given by Delhi HC by allowing credit of Clean Energy Cess. Direction given that meanwhile no coercive steps to be taken against the Assessee. Read More

VAT

M/s. JVR Suppliers vs. Commissioner of Commercial Chepauk, Chennai & Ors. [2017]

Whether CTO can revise turnover alleging that there is purchase suppression, without affording any opportunity to dealer to explain their case - NO: HC Read More

ADVOCATES ACT

Mam Raj Goel vs. Bar Council of Gujarat [2017]:

Practicing Chartered Accountant cannot be enrolled as Advocate with Bar Council: Gujarat HC Read More

INCOME TAX ACT

Commissioner of Income-Tax, Nagpur vs. Shankarlal Bhagwati prasad Jalan [2017] (Bombay)

Statement declaring undisclosed income by assessee being recorded after date of search, could be of no evidentiary value in terms of section 132(4) Read More

MISCELLANEOUS

REGISTERED BRAND: TAXABILITY - KEY POINTS

· The GST Governing Council in its 21st Meeting held on 09.09.2017 widened the scope of the term "Registered Brand". The Council recommended that the following amendments may be made to the existing Notifications, so as to provide that:

1. A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered

2. A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST

3. A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST

4. A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5% GST

· After the 21st Meeting The Finance Minister, said "Food industry had started getting trademarks deregistered and started selling under deregistered trademarks or the corporate brand. This created an inequality of trade. By these practices, some got a tax advantage. So we amended the requirements".

· IMPACT

1. Notification in this respect is still pending

2. Unbranded Goods sold by Branded stores may become taxable

WEEKLY QUIZ

This Week’s Question:

GSTR-2 (July) due date:

1. 10^th Oct

2. 31^st Oct

Click here to participate

Terms:

1. Last date: Sep 15

2. Winners will be announced in next edition of THE EDGE

Last Week’s Winners

1. Indu

2. Deepak Sadhwani

3. Ashish Saraswat

RECENT PUBLICATIONS

GST Law & Practice, 4th Edition, Released at National Tax Conference, Kolkata by Hon'ble Mr. Justice A.K.Goel Judge, Supreme Court of India on 02.09.2017

HIGHLIGHTS FROM THE 21ST GST COUNCIL MEETING (RECOMMENDATIONS)

· Increase in the rate of Compensation Cess on Cars

o Mid Segment Cars - increased by 2%

o Large Cars - increased by 5%

o Sports Utility Vehicle - increased by 7%

· Change in Rate of Tax of a list of 40 Goods

· Scope of registered brand for the levy of 5% GST

o A brand registered on 15.05.2017 shall be deemed to be registered even though it is subsequently deregistered

o A brand registered under the Copyright Act, 1957 on 15.05.2017 shall be treated as registered brand

o A brand registered on 15.05.2017 under any law in any other country shall be deemed to be registered brand

o A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name

· A list of handmade musical instruments attracting NIL GST rate has also been recommended

· Option to avail Composition Scheme reopened and is available till 30th September

· GSTR-3B (Filing of Summary Returns to continue till December)

· No compulsory registration for Persons making Inter-State Supply of Handicraft goods up to Aggregate turnover of 20 lacs, if:

o The supplier has a PAN, and

o Goods move under the cover of E-Way Bill irrespective of the value of consignment

· No compulsory registration for Persons making Inter-State Supply of job work service (except job work in relation to Jewelry, Goldsmiths', Silversmiths' wares) under Chapter 71 if:

o Goods move under the cover of E-Way Bill irrespective of the value of consignment

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

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