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THE EDGE
TAX & LEGAL UPDATE
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Vol 1, Part 5
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Wednesday, Sep 27, 2017
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
The newsletter has received a tremendous response and contents and links of them have been appreciated. various suggestions and inputs have been received. The quiz questions have also been answered by a large number of readers. We are overwhelmed by the positive response.
In the last week Government has issued various Notifications under GST, FSSAI, etc. including the draft Notification under Income-Tax regarding the half yearly filing of Returns. The Notifications particularly in GST about the taxability of a registered brand and/or other brands has affected the market and has a considerable impact on the taxability of the price sensitive commodities. Other Notifications in GST/FSSAI also contains relevant changes.
We look forward to more participation of readers in improving our newsletter with their comments, suggestions and articles which can be e-mailed to us at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
KNOWLEDGE TIPS
TRANSITIONAL FORMS
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FORM GST TRAN-1 is to be filed to transfer unutilized Input Tax Credit on the stock held on appointed date of preceding 12 months with the registered person on 30th June, 2017
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The last date to file GST TRAN-1 is 31st October, 2017 [Refer Rule 117 of CGST Rules, 2017] and option to revise the same is also given and can be done before 31st October, 2017 [Refer Rule 120A of CGST Rules, 2017]. [Also Read Order No. 02/2017-GST dt. 18.09.2017 and Order No. 3/2017-GST dt. 21.09.2017]
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The Stock on purchase of which tax is paid in the earlier regime but in respect of which no documentary evidence is available with the registered person, they can claim 40% or 60% of the GST paid as Input Tax Credit on sale of such stock by filing GST TRAN-2. 40% Credit will be given in case the Rate of GST is less than 18% and 60% of GST will be given as credit is case the rate of GST is equal to or more than 18%.
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Credit will be allowed only on fulfillment of conditions specified under the relevant provisions.
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The above option to take credit is only for traders and not for persons who were only manufacturers or service providers in the earlier regime
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Returns pertaining to 6 months immediately preceding the appointed day should have been filed.
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 (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 (Can be revised once) |
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
CGST & IGST
Notification No. 24/2017-Central Tax (Rate) & Notification No. 24/2017-Integrated Tax(Rate) dt. 21.09.2017
Regarding reduction in Rate on specified supplies of Works Contract Services. [Amendment to Notification No. 11/2017-CT(R) & Notification No. 08/2017-IT(R)]
CGST
IGST
Notification No. 25/2017-Central Tax (Rate) & Notification No. 25/2017-Integrated Tax(Rate) dt. 21.09.2017
Regarding exemption with respect to right to admission to the event organized under FIFA U-17 World Cup 2017. [Amendment to Notification No. 12/2017-CT(R) & Notification No. 09/2017-IT(R)]
CGST
IGST
Notification No. 26/2017-Central Tax (Rate) & Notification No. 26/2017-Integrated Tax(Rate) dt. 21.09.2017
Regarding exemption of certain supplies to NPCIL
CGST
IGST
Notification No. 27/2017-Central Tax (Rate) & Notification No. 27/2017-Integrated Tax(Rate) dt. 22.09.2017
Regarding giving effect to the decisions taken at GST Council’s meeting with respect to GST Rates. [Amendment to notification No. 1/2017-CT(R) & Notification No. 1/2017-IT(R)]
CGST
IGST
Notification No. 28/2017-Central Tax(Rate) & Notification No. 28/2017-Integrated Tax(Rate) dt. 22.09.2017
Regarding giving effect to the decisions taken at GST Council’s meeting with respect to GST Exemptions. [Amendment to Notification No. 2/2017-CT(R) & Notification No. 2/2017-IT(R)]
CGST
IGST
Notification No. 29/2017-Central Tax(Rate) & Notification No. 29/2017-Integrated Tax(Rate) dt. 22.09.2017
Regarding giving effect to the decisions taken at GST Council’s meeting with respect to restriction of refund on corduroy fabric. [Amendment to Notification No. 5/2017-CT(R) & Notification No. 5/2017-IT(R)]
CGST
IGST
Notification No. 30/2017-Integrated Tax(Rate) 22.09.2017
Regarding exemption to Skimmed Milk Powder or Concentrated Milk.
IGST
Order No. 3/2017-GST dt. 21.09.2017
Regarding extension of Time Limit to file GST TRAN-1 to 31st October, 2017.
Read More
Corrigendum dt 25.09.2017 - Amending Notification No. 13/2017-CT(R) dt 28.06.2017
Entry pertaining to legal services.
Read More
CUSTOMS (NON-TARIFF)
Notification No.88/2017-Customs (NT) dt. 21.09.2017
Notifying the Customs and Central Excise Duties Drawback Rules, 2017
Read More
Notification No.89/2017-Customs (NT) dt. 21.09.2017
Notifying All Industry Rates of Duty Drawback Schedule.
Read More
Notification No.90/2017-Customs (NT) dt. 21.09.2017
Regarding Exchange Rates Notification
Read More
Circular No. 37/2017-Customs dt. 20.09.2017
Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017.
Read More
Circular No. 38/2017-Customs dt. 22.09.2017
The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes.
Read More
ANTI DUMPING DUTY
Notification No. 45/2017-Customs (ADD) dt. 18.09.2017
Imposing anti-dumping duty on "New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16'' used in buses and lorries/trucks", originating in or exported from China PR.
Read More
INCOME TAX
Draft Notification vide F.No. 370142/27/2017-TPL dt. 19.09.2017
Regarding insertion of new Rule 39A in the Income-Tax Rules, 1962 - Comments, etc
Read More
FSSAI
Notification dt. 18.09.2017
Final Notification on FSS (Food product Standard and Food Additives) Amendment Regulation related to standards of Durum Wheat Maida, Quinoa, Instant Noodles & Pearl millet flour.
Read More
Notification dt. 15.09.2017
Final Notification- No. Stds/SP (Water & Beverages)/ Notif (1)/FSSAI-2016 dated 15th Sept, 2017 related to standards for non-carbonated water based beverages (non-alcoholic).
Read More
Notification dt. 14.09.2017
Final Gazette Notification (S.O. 3068 (E) dated 14th Sept, 2017) regarding 6 new NABL labs Notification.
Read More
Notification dt. 12.09.2017
Gazette notification on Inclusion of domestic Rabbits (Oryctolagus cuniculus) under species of animal in Section 2.5.1 (a) of the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011.
Read More
Notification dt. 11.09.2017
Gazette notification of Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017
Read More
Notification dt. 11.09.2017
Gazette Notification on FSS (Food product Standard and Food Additives) Amendment Regulation related to omission of labelling requirements for Beverages Non-Alcoholic Carbonated.
Read More
FROM THE BENCH
GST
RAJASTHAN TAX CONSULTANTS ASSOCIATION VS. UNION OF INDIA
GSTN system dysfunctional; needs to be updated to meet requirements - no coercive action of penal interest, late fees: Rajasthan HC.
Read More
MJS ENTERPRISES & ORS. VS. CONTROLLER OF STORES & PURCHASE & ORS.
Sale of Old & Scrap buses - whether leviable to 28% GST or 18% GST as Ferrous scrap - Petitions premature, dismissed: HC
Read More
SERVICE TAX
HIGH COURT BAR ASSOCIATION VS. UNION OF INDIA
Levy of Service Tax on Reverse Charge basis on Senior Advocates is applicable from April 2016: Delhi High Court says Department is free to proceed against Clients who have defaulted.
Read More
INCOME TAX
KASHMIR TUBES VS. ITO
Whether activity of galvanization of iron pipes, would amount to manufacture, and hence eligible for deduction u/s 80IB - YES: HC
Read More
Weekly Quiz
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RECENT PUBLICATIONS
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MISCELLANEOUS
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CBEC issued guidelines for division of taxpayer base between the Centre and States to ensure Single interface under GST.
Read More
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Date for Filing and Revision of GST TRAN-1 extended to 31st October, 2017 vide Order No. 03/2017-GST dt. 21.09.2017 & Order No. 02/2017-GST dt. 18.09.2017
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CBEC issues a clarification Chart depicting items of common usage where the tax rate has reduced in GST
Read More
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CBEC issues Press Releases dt. 20.09.2017 & 22.09.2017 regarding clarification on Branded Food Products & Actionable Claim on it. [5% Tax on branded food products but no Tax if Actionable Claim given up.]
20-Sep
22-Sep
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CBEC issues Press Releases dt. 22.09.2017 regarding Blockage of working Capital of Exporters
Read More
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CBEC issues Press Releases dt. 22.09.2017 regarding clarification about Transition Credit.
Read More
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Clarification on Construction Services provided in Real Estate Sector by Assistant Commissioner, Kochi
Read More
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Tweet by GST Tech @AskGSTech - Facility to edit, submit & file GSTR-3B for the month of July, 2017 which were submitted but not filed has been enabled on the GSTN portal
Read More
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Tweet by GST Tech @AskGSTech – Advisory to file TRAN-1.
Read More
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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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