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THE EDGE
TAX & LEGAL UPDATE
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Vol 1, Part 8
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Wednesday, Oct 18, 2017
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Weekly on GST, FSSAI, RERA & More...
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~ WISH YOU ALL A VERY HAPPY DIWALI ~
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FROM EDITOR'S DESK
The various notification issued by the government pursuance to the GST council meeting has brought some relief to the taxpayers. However the issue of late fee, extension of dates of filing of September Form 3-B and for tax audit returns under Income Tax Act are still awaited. The GSTR - 2 is a nightmare and how it can be verified is anybody's guess? The total negative feeling for GST is because of complicacy in the system and insertion of provision which have no practical usage.
With this newsletter we are getting excellent responses and we invite participation from you all by way of articles or any other material for publication. Henceforth we will be covering topics of Companies Act , etc. also in this newsletter. Any important event being organised may also be informed so that we may cover it. We look forward to your suggestion etc.
Please contact us at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-3B (Sep) |
20th Oct |
| GSTR-2 (July) |
31st Oct |
| GST TRAN-1 (Can be revised once) |
31st Oct |
| GST CMP-03 |
31st Oct |
| Income Tax - TDS Return |
31st Oct |
| IT Return for business and Audit Report (FY 2016-17) |
31st Oct |
| GSTR-3 (July) |
10th Nov |
| GSTR-4 (July-Sep, Composition Dealers) |
15th Nov (No need to file GSTR-4A) |
| GSTR-5A (OIDAR) |
20th Nov |
| GSTR-6 (July-Sep, Input Service Distributor) |
15th Nov |
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FORTHCOMING EVENTS
10th Nov 2017
The Society of Construction Law - 7th International Conference
Know More
2nd-3rd Dec 2017
AIFTP National Tax Convention at Jabalpur - To be inaugrated by Hon'ble Chief Justice of India
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MISCELLANEOUS
Press Release
In its 22nd Meeting, GST council has made recommendations for GST rate structure for specified Petroleum & Oil Products.
Read More
Press Release 22.10.17
on issue related to purchase and lease of Motor vehicles
Read More
@AskGST_GoI tweets on FAQs:
@AskGST_GoI tweets on clarifying rate of GST and HSN code:
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Weekly Quiz
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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
Buy Now
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ITAT JUDGEMENTS
M/s Goodwill Advance Construction Company Pvt. Ltd. Vs. The Asst. Commissioner of Income Tax, Circle-1, Kota ITA No.588/JP/17 dt. 03.20.2017
Counsel : Shri Mahendra Gargieya (Advocate)
Making trading additions after enhancing in the NP Rate to 8% by application of Section 145(3) by the AO – Appeal decided in favour of the Assessee and against the Department.
Read More
M/s Drawmet Wires Pvt. Ltd. Vs. ACIT, Alwar ITA No.442-443/JP/2016 dt. 11.10.2017
Counsel : Shri Rajeev Sogani (CA)
DDT is chargeable only in the year when it is declared, distributed or paid and not prior to that. Appeal allowed in favour of the Assessee.
Read More
Vodafone Mobile Services Ltd. Vs. Deputy Commissioner of Income Tax (TDS) Circle 15(2), Hyderabad [2017]-TIOL-1404-ITAT-HYD
Distributor of cellular company can only be termed as 'agent', and hence, merely by providing services of connection or talk-time to subscribers would not characterize relationship as 'principal to principal'.
Read More
Assistant Commissioner of Income Tax Vs. Chanasma Nagrik Sahakari Bank Ltd. [2017] (Ahmedabad - Trib.)
Where assessee-bank incurred expenditure towards a statue to be installed on circle of town, said expenditure was business expenditure being incurred to enhance brand image of assessee's business.
Read More
RECENT AMENDMENTS
GST - CENTRAL TAX
Notification no. 38/2017-Central Tax, dt. 13.10.2017
Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods”
Read More
Notification no. 39/2017-Central Tax, dt. 13-10-2017
Seeks to cross-empower State Tax officers for processing and grant of refund
Read More
Notification no. 40/2017-Central Tax,dt. 13-10-2017
Seeks to make payment of tax on issuance of invoice by registered persons having aggregate turnover less than Rs 1.5 crores
Read More
Notification no. 41/2017-Central Tax,dt. 13-10-2017
Seeks to extend the time limit for filing of FORM GSTR-4
Read More
Notification no. 42/2017-Central Tax,dt. 13-10-2017
Seeks to extend the time limit for filing of FORM GSTR-5A
Read More
Notification no. 43/2017-Central Tax,dt. 13-10-2017
Seeks to extend the time limit for filing of FORM GSTR-6
Read More
Notification no. 44/2017-Central Tax,dt. 13-10-2017
Seeks to extend the time limit for submission of FORM GST ITC-01
Read More
Notification no. 45/2017-Central Tax,dt. 13-10-2017
Seeks to amend the CGST Rules, 2017
Read More
Notification no. 46/2017-Central Tax,dt. 13-10-2017
Seeks to increase the limit of Composition Levy to "one Crore (75 Lakhs for special Areas)"" amend notification No. 8/2017-Central Tax.
Read More
GST - CENTRAL TAX (RATE)
Notification no. 31/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 11/2017-CT(R). (WORKS CONTRACT)
Read More
Notification no. 32/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 12/2017-CT(R). (GTA)
Read More
Notification no. 33/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 13/2017-CT(R) regarding services provided by Overseeing Committee members to RBI under RCM.
Read More
Notification no. 34/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 1/2017-Central Tax (Rate).
Read More
Notification no. 35/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 2/2017-Central Tax (Rate).
Read More
Notification no. 36/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 4/2017-Central Tax (Rate).
Read More
Notification no. 37/2017-Central Tax (Rate) ,dt. 13-10-2017
Seeks to prescribe Central Tax rate on the leasing of motor vehicles.
Read More
Notification no. 38/2017-Central Tax (Rate), dt. 13-10-2017
Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017 till 31.03.2017
Read More
GST - INTEGRATED TAX
Notification no. 09/2017-Integrated Tax, dt. 13-10-2017
Seeks to amend notification no. 8/2017-IT dated 14.09.2017 so as to add certain items to the list of "handicrafts goods"
Read More
Notification no. 10/2017-Integrated Tax, dt. 13-10-2017
Seeks to exempt persons making inter-State supplies of taxable services from registration under section 23(2)
Read More
Notification no. 11/2017-Integrated Tax, dt. 13-10-2017
Seeks to cross-empower State Tax officers for processing and grant of refund
Read More
GST - INTEGRATED TAX (RATE)
Notification no. 32/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 31.03.2017
Read More
Notification no. 33/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 9/2017-IT(R)
Read More
Notification no. 34/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 10/2017-IT(R) regarding services provided by Overseeing Committee members to RBI under RCM.
Read More
Notification no. 35/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 31.03.2017
Read More
Notification no. 36/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 2/2017-Integrated Tax (Rate).
Read More
Notification no. 37/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 4/2017-Integrated Tax (Rate).
Read More
Notification no. 38/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to prescribe Integrated Tax rate on the leasing of motor vehicles.
Read More
Notification no. 39/2017-Integrated Tax (Rate), dt. 13-10-2017
Seeks to amend notification No. 8/2017-Integrated Tax (Rate)
Read More
CUSTOMS
Notification No. 77/2017-Cus, dt. 13.10.2017
Customs seeks to amend notification No. 50/2017-Customs to prescribe BCD and IGST rates on certain goods
Read More
Notification No. 78/2017-Cus, dt. 13.10.2017
Seeks to exempt goods imported by EOUs from integrated tax and compensation cess
Read More
Notification No. 79/2017-Cus, dt. 13.10.2017
Seek to amend various Customs exemption notifications to exempt Integrated Tax/Cess on import of goods under AA/EPCG. schemes
Read More
Instruction No. 16/2017 dt. 09.10.2017 vide F.No.450/119/2017-Cus IV
Regarding Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017.
Read More
CUSTOMS (NON TARIFF)
Notification No.95/2017-Cus (NT), dt. 13.10.2017
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. 48/2017 - Customs (ADD) dt. 09.10.2017
seeks to impose definitive anti-dumping duty on the imports of "Wire Rod of Alloy or Non- Alloy Steel" originating in or exported from China PR.
Read More
FSSAI
Notification dt. 29.09.2017
Gazette Notification (S.O. 3279 (E) dated 29th Sept, 2017) regarding 6 new NABL labs Notification.
Read More
FROM THE BENCH
GST
Samaj Parivartana Samudaya & Ors. Vs. State of Kerala: SC
Lessee should collect GST on sale Value of Mineral purchased in the E-Auction & can claim IPT
Read More
ENTRY TAX
State of Kerala & Ors. Vs. FR william Fernandez
There is no clash between Entry 52 of State List and Entry 83 of Union List relating to Customs in Constitution of India
Read More
INCOME TAX
Plastiblends India Ltd. Vs. Additional Commissioner of Income Tax, Mumbai
Depreciation has to be reduced for computing the profits eligible for deduction under section 80-IA
Read More
WEALTH TAX
Bimal Kishore Paliwal Vs. Commissioner of Wealth Tax
Overriding power of AO u/s 7(2)(a) to reject normal method of valuation in case of running businesses is not a standalone provision: Supreme Court
Read More
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जीएसटी में डिस्काउंट एवं फ्री गुड्स - के के खंडेलवाल, सी ऐ, अलवर
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छूट यानि डिस्काउंट से अभिप्राय है कि व्यवहारी द्वारा की गयी आपूर्ति पर सामान्य मूल्य से कम मूल्य पर आपूर्ति करना। छूट दो प्रकार की होती है।
1. वो छूट जो बीजक जारी करने से पहले व्यवहारी द्वारा आपूर्ति प्राप्तिकर्ता को दी गयी हो एवं बीजक में उसका विवरण उपलब्ध हो। इस प्रकार की छूट व्यापार में सामान्य रूप से देखी जाती है एवं यह छूट सामान्यतया आपूर्ति की किस्म, प्रकार, ग्राहक के व्यवहार इत्यादि पर आधारित होती है।
2. वो छूट जो बीजक जारी होने के पष्चात व्यवहारी द्वारा आपूर्ति प्राप्तिकर्ता को दी गयी हो। सामान्यतया यह छूट डीलर्स द्वारा मैन्यूफैक्चरार से प्राप्त की जाती है जो कि डीलर द्वारा किसी विषेष सेल्स टारगेट को पूरा करने इत्यादि पर दी जा सकती है। इस तरह की छूट में व्यवहारी द्वारा आपूर्ति देते समय छूट की वास्तविक राषि नहीं पता होती है।
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सीजीएसटी की धारा 15 के अनुसार वस्तु का मूल्यांकन करते समय हमें छूट की राषि को अलग करना होगा, चाहे छूट बीजक जारी करने से पहले दी गयी हो या बीजक जारी करने के पष्चात दी गयी हो। बीजक जारी होने के पष्चात दी जाने वाली छूट के संबंध में कुछ प्रावधान एवं कुछ शर्ते जीएसटी अधिनियम के अंतर्गत रखी गयी है जो इस प्रकार से हैं-
1. छूट का व्यवहारी को ज्ञान हो, इसके लिए आपूर्ति प्राप्तिकर्ता एवं व्यवहारी के मध्य अनुबंध के द्वारा छूट की जानकारी दी जा सकती है।
2. व्यवहारी द्वारा डिस्काउंट दी जाने वाली राषि को गणना की जा सके।
3. छूट के रूप में जितनी राषि कम की है, उस राषि पर यदि इनपुट टैक्स का क्रेडिट बुक किया गया है तो उसे पुनः रिवर्स करना होगा।
यदि आपूर्ति करते समय कुछ ऐसी अवस्था थी जिसके कारण उपरोक्त शर्तों का पालन करना संभव न हो पाया या व्यवहारी द्वारा आपूर्ति पष्चात दी जाने वाली छूट का पूर्वानुमान नही था एवं किसी अन्य कारण से आपूर्ति के पष्चात व्यवहारी को छूट देनी पड रही है, इसके लिए व्यवहारी द्वारा दी गयी छूट के संबंध में क्रेडिट नोट जारी कर छूट दिये जाने का प्रावधान जीएसटी कानून में रखा गया है। इस क्रेडिट नोट की जानकारी व्यवहारी द्वारा अपने जीएसटीआर-1 में भी देना आवष्यक है।
डीलर प्रोत्साहन योजना भी एक तरह से आपूर्ति के पष्चात दी जाने वाली छूट का ही एक हिस्सा है जो डीलर को अधिक माल बेचने के लिए प्रोत्साहित बनाये रखने के लिए मैन्यूफैक्चरार या होल सेलर द्वारा दी जाती है। संबंधित आपूर्ति के समय छूट की वास्तविक राषि का अनुमान लगाना स्वाभाविक नहीं होता है।
इसी तरह यदि व्यवहारी द्वारा आपूर्ति बिना कोई शुल्क यानि कि मुफ्त की गयी है तो उसे सीजीएसटी की धारा 7 में आपूर्ति नहीं माना जायेगा, यदि संबंधित आपूर्ति धारा 7 के अनुच्छेद 1 में नहीं आ रही हो अर्थात सामान्यतया बिना मूल्य के दी जाने वाली आपूर्ति को धारा 7 में आपूर्ति की परिभाषा से बाहर रखा है एवं संबंधित आपूर्ति के संबंध में उपयोग में लायी गयी इनपुट सेवाओं के लिए भुगतान किये गये कर का भी इनपुट टैक्स क्रेडिट सीजीएसटी की धारा 17 की उपधारा 2 के अनुसार नहीं दिया जायेगा।
उपरोक्त परिस्थिति एवं कानून के प्रावधानों को ध्यान में रखकर व्यवहारी को फ्री गुड्स एवं डिस्काउंट की प्रक्रिया पर पुनः विचार कर उसमें परिवर्तन करना आवष्यक हो गया है।
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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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