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THE EDGE
TAX & LEGAL UPDATE
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Vol 1, Part 4
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Wednesday, Sep 20, 2017
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
Multiple litigation on GST has started. Writ petitions are being filed in different High Courts challenging the provisions / procedure and the Hon'ble Courts in almost all cases has issued Notices and even granted interim protection. RTCA has also filed Writ Petition in the High Court wherein Notices has been issued. The GOI has issued instructions to its officers for representing the matters in High Court and even filing SLP if required. Lets wait for the final verdict but even the Government has realised the glitches in the GSTN and therefore constituted GOM for resolving them. The wait continues.
The response received of this newsletter has been tremendous and beyond our imagination. It has been circulated and re- circulated, forwarded and sent on whatsapp by all the friends and readers. Response to the quiz, Articles has shown that the spreading of knowledge is appreciated by all.
Please continue to share / forward this newsletter and send your Articles, etc. to us for publication at: contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
KNOWLEDGE TIPS
VALUATION OF SECOND HAND GOODS
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Where a taxable supply is made by a person dealing in Second hand goods, i.e., used goods as such and where no input tax credit has been availed on the purchase of such goods the value of such supply will be SELLING PRICE – PURCHASE PRICE. If such value is in negative, then it shall be ignored. [Ref. rule 32(5) of CGST Rules, 2017]
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In case of purchase value of goods repossessed from an unregistered defaulter, for recovery of a loan or debt shall be deemed to be the purchase price of goods by defaulting borrower reduced by 5 percentage points for every quarter or part thereof, between the date of purchase and date of disposal by the person making repossession.
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Notification 10/2017-CT exempts intra-state inward supply to a person dealing in second hand goods from an unregistered supplier, from the whole of Central Tax, where the person dealing in second hand goods pays the tax on outward supply of such second hand goods under Rule 32(5). Similar exemption is also given under SGST law.
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Where any repairs, refurbishing, reconditioning, etc. are undertaken, the same shall also be added to the value of goods and be part of the margin.
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-1 (July) |
10th Oct |
| GSTR-2 (July) |
31st Oct |
| GSTR-3 (July) |
10th Nov |
| GSTR-3B (Aug) |
Up to 20th Sept |
| GSTR-3B (Sep) |
Up to 20th Oct |
| GSTR-4 (July-Sept) |
18th Oct (No need to file GSTR-4A) |
| GSTR-6 (July) |
13th Oct |
| GST TRAN-1 (Revised) |
31st Oct |
| Opting for Composition Scheme |
30th Sept |
| Registration for persons liable to TDS and TCS |
From 18th Sept |
| IT Return for business and Audit Report (FY 2016-17) |
31st Oct |
| VAT-11 |
30th Sept |
| VAT ITC Verification Filing |
30th Sept |
| VAT June, 2017 Quarterly Return |
30th Sept |
CONTACT US
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RECENT AMENDMENTS
GST
Order No. 02/2017 - CGST dt.18.09.2017
Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 till 31st October
Read More
Notification No. 32/2017 - CGST dt.15.09.2017
Seeks to granting exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration
Read More
Notification No. 33/2017 - CGST dt.15.09.2017
Notifying section 51 of the CGST Act, 2017 for TDS
Read More
Notification No. 34/2017 - CGST dt.15.09.2017
Seventh amendment to the CGST Rules, 2017
Read More
Notification No. 35/2017 - CGST dt.15.09.2017
Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017
Read More
Notification No. 8/2017 - IGST - dt.14.09.2017
Granting exemption to a person making inter-State taxable supplies of handicraft goods from the requirement to obtain registration
Read More
Notification No. 7/2017 - IGST - dt.14.09.2017
Granting exemption from registration to job-workers making inter-State supply of services to a registered person from the requirement of obtaining registration
Read More
CUSTOMS
Notification No.75/2017 - Customs - dt.13.09.2017
Seeks to exempt goods imported for organising FIFA under 17, World Cup, 2017
Read More
Notification No.76/2017 - Customs - dt.15.09.2017
Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18
Read More
CUSTOMS (NON-TARIFF)
Notification No.86/2017 - Customs (NT) dt.14.09.2017
Amendment to notification no 82/2017 - Cus (N.T.) dt 24.08.2017 and notification no 85/2017 - Cus (N.T.) dt 07.09.2017
Read More
Notification No.87/2017 - Customs (NT) dt.15.09.2017
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver
Read More
ANTI DUMPING DUTY
Notification No. 44/2017 - Cus (ADD) dt.12-09-2017
Seeks to impose anti-dumping duty concerning imports of "Ammonium Nitrate" originating in exported from Russia, Indonesia, Georgia and Iran
Read More
FROM THE BENCH
GST
Narendra Plastic Pvt. Ltd. vs. Union Of India:
Interim relief granted to an exporter to continue to make imports under The Advance Authorization licenses issued to it prior to 1-7-2017 without payment of IGST for export orders received by him before 1-7-2017, which were still pending, subject to conditions.
Read More
Salasar Synthetics Vs Union Of India:
Challenge to vires of Rule 44A of CGST Rules, 2017 - Prima facie case for interim relief - balance of convenience in favour of petitioner - no coercive action to be taken for reversal of credit, Listed on 25th September, 2017: Delhi High Court
Read More
A & M Design & Print Production Vs UoI :
Petitioner submitting that the system cannot be programmed so as to deny the utilization of CGST and SGST credit in a manner not envisaged either under Section 49 (5) of the Act or the Rules made under Section 49 (4) of the Act. Listed on 26th September, 2017: Delhi High Court
Read More
SERVICE TAX
The Commissioner of Central Excise Customs and Service Tax, Mumbai vs. M/s. Kotak Mahindra Capital Co. Ltd., Mumbai
'Merger and Acquisition' is highly technical and a restrictive term and cannot be covered within definition of 'Management Consultant': Bombay HC
Read More
SALES TAX
M/s. Kumar Impex vs. Commercial Tax Officer:
The information received from the Directorate of revenue Intelligence (DRI) cannot be a basis for demanding tax under the provisions of TNVAT Act.
Read More
Air India vs. Commissioner of Sales Tax:
Whether when the assessee is engaged in civil aviation sector, the 'Dominant Activity' test is the right criteria to decide the taxability of incidental activity of sale of scraps - Matter referred to larger bench: Delhi High Court
Read More
RERA
Kamlesh Ailani vs. Ekta Parksville Homes Pvt. Ltd. - Complaint No. CC 006000000000049 (Maharashtra)
Builder asked to pay back advance of more than Rs. 26 lacs on his failure to hand over the possession of the flat to the home buyer within the stipulated time.
Read More
MISCELLANEOUS
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CBEC Flyers
- MCA and CBDT signs MoU for automatic and regular exchange of information. Read More
- Government asks CBDT to include Service Charge collected by Restaurants for Assessment of Tax. Read More
- CBEC has release FAQs on Government Services. Read More
- CBEC to Verify Genuineness of Transitional CGST Credit Claims Read More
- Tweet by @askGST_GoI clarifying the situation regarding reduction of tax burden with respect to buying flats, complex, etc. Read More
- Senior Advocates not to pay Service Tax under Forward Charge basis for April - June, 2016: Delhi High Court
- Supreme Court issues Notice on the Writ Petition filed by the All India Lawyers Union challenging the provisions of the Finance Act, 2017 conferring “unanalyzed and uncontrolled power to the executive” to provide for qualifications and conditions of Service of members of various tribunals especially NGT.
- Cabinet approves introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament Read More
- FSSAI to introduce web-based system for food inspection Read More
Weekly Quiz
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RECENT PUBLICATIONS
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"Shell Companies" - Turbulence Continues - By Mr. Anil Mathur, FCA, Jaipur
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The Central Government in its bid to curb black money from the system has recently acted to plug the suspected source of generation and circulation of unaccounted money. The crackdown stated recently with action against "Shell Companies" in which MCA shared a list with the SEBI & issued letters to stock exchanges in relation to 331 listed companies by placing them in stage VI of Graded Surveillance System.
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The Government subsequently based on inputs from various investigative agencies compiled another list of 16794 which comprised primarily in real estate, stock and commodity and entertainment sectors. The Government’s move is a cleanup exercise mainly targeting "shell companies" suspected of money laundering in the aftermath of demonetarization of high currency notes.
As per reports, the Ministry of Corporate Affairs which is regulator of unlisted companies has started process of tracking down beneficial owners of shell companies and initiated process of striking off the names of around 2 lacs such companies. Directors of these companies who have defaulted on statutory compliances will also be barred for serving in the board of other companies. The Government has also ordered to freeze the bank accounts of such companies and debarred any withdrawal from such accounts. These moves are likely to have far reaching repercussions.
The whole approach is that weeding out shell companies will check growth and circulation of black money and ensure compliances. The ministry also wants to ensure that funds are not laundered or divested. Recourse to Prohibition of Benami Property Act and PMLA cannot be ruled out in suspected cases. The professionals who according to Government have colluded with "shell companies" are also on radar.
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Editorial Team :
Meenal Ghiya, Priyamvada Joshi, Ankit Agrawal, 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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