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THE EDGE
TAX & LEGAL UPDATE
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Vol 1, Part 11
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Wednesday, Nov 08, 2017
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
There are a great deal of expectations from the next GST Council Meeting being held on 9th and 10th of this month at Guwahati. The last meeting in New Delhi brought many procedural changes to ease out the implementation of GST but there is still scope for improvement. All eyes are on the next meeting where people are expecting that there would be simplification of the compliance procedures. Return filing on a Quarterly basis may be introduced. FORM GSTR-2 which has created terror in the minds of Taxpayers might be simplified. The offline utility for the same has been introduced. The procedure for matching of HSN Codes is expected to be changed or simplified. In the Services Sector also, reforms and simplification is expected. Rate of tax on Restaurants is likely to be reduced. MSME Sector is the key focus area of this meeting and many simplifications / concessions are likely to be introduced. Even the Rate of tax for Composition Dealers is likely to be reduced substantially. Taxpayers are hoping that the major items taxed at the rate of 28% will be shifted to lower tax slabs thereby reducing the tax burden on consumers. We extend our gratitude to all our readers for their constant support. Please continue to provide your valuable inputs in improving this newsletter.
Please contact us at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-4 (July-Sep, Composition Dealers) |
15th Nov (No need to file GSTR-4A) |
| GSTR-6 (July-Sep, Input Service Distributor) |
15th Nov |
| ESI & PF |
15th Nov |
| Q2 TDS certificate (Payments other than salary) |
15th Nov |
| GSTR-5A (OIDAR) |
20th Nov |
| GSTR-3B (Oct) |
20th Nov |
| AOC 4 and MGT 7 with ROC |
28th Nov |
| GST TRAN-1 (with revision facility) |
30th Nov |
| GST ITC-01 |
30th Nov |
| GST ITC-04 |
30th Nov |
| GST CMP-03 |
30th Nov |
| GSTR-2 (July) |
30th Nov |
| IT Audit International TP and Domestic TP cases & Returns |
30th Nov |
| GSTR-3 (July) |
11th Dec |
| GSTR REG-26 |
31st Dec |
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THE EDGE
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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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CONTACT US
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MISCELLANEOUS
@AskGST_GoI Tweets:
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Clarification regarding news item published in leading newspapers quoting Chairman CBEC regarding Revenue Collection Target.
Read More
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Items of common use to attract lower GST
Read More
FAQs on Commodities
Other Updates:
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MoFPI and FSSAI to launch new tool named "Food Regulatory Portal".
Read More
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GSTN launches new facility for exporters to claim refund under Table 6A in FORM GSTR-1.
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GSTN launches Offline Utility for filing GSTR-4 on the Portal.
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RBI mandates obtaining unique code for all large corporate borrowers.
Read More
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No separate application for TAN/PAN after filing SPICe E-forms: MCA
Read More
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ITAT JUDGEMENTS
JAIPUR BENCH
DCIT vs. M/s. Anamika Conductors Ltd., Jaipur & M/s. Anamika Conductors Ltd. vs. DCIT
Counsel: Shri G. M. Mehta (CA)
Issue: Whether claim of depreciation on wind mill allowable, applicability of Section 40(a)(ia), disallowance made u/s. 14A, disallowance of contribution to PF & ESI – Appeal of the Revenue dismissed and Cross Objections of the Assessee is allowed.
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Gangadeen Niranjan Lal Data Charitable Trust, Alwar vs. The CIT (Exemption)
Counsel : Mr. P. C. Parwal
Issue: Rejection of application of the Assessee trust for granting of registration certificate u/s 80G of the Income Tax Act, 1961 it was held that Ld. CIT has not recorded any reason that the assessee has failed to fulfill the conditions laid down in clauses (i) to (v) of sub-section (5) of section 80G are not fulfilled. Therefore, it was directed to grant approval u/s 80G(5) of the Act. Appeal of the Assessee allowed.
Read More
MUMBAI BENCH
Amol Capital Markets (P.) Ltd. vs. Deputy Commissioner of Income-tax, 4(1)(1), Mumbai
Business of purchase and sale of shares by companies which are not investment or banking companies or companies granting loans and advances, will be treated on same footing as speculation business; loss suffered by stock broking Co. on sale of shares held as investment would be speculation loss.
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READER'S TESTIMONIALS
"In the desert of GST, your paper in an oasis. Being nearer to the THAR, you better know the problems in a desert."
- Mr. P.V. SUBBA RAO
"Congratulations on this endeavour. 'The Edge' seems like the kind of project which was long awaited in the legal field."
- Ms. Monika Prakash
RECENT AMENDMENTS
GST CIRCULARS
Earlier GST Notifications
Circular No. 14/2017-GST dt. 06.11.2017
Procedure regarding procurement of supplies of goods from DTA by (EOU)/(EHTP Unit /STP Unit/BTP Unit.
Read More
Circular No. 15/2017-GST dt. 06.11.2017
Due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and FORM GSTR-2 respectively.
Read More
INCOME TAX
Circular No. 27/2017 dt. 03.11.2017
Clarification on Cash sale of agricultural produce by Cultivators / Agriculturists
Read More
CUSTOMS
Notification No. 80/2017-Customs dt. 27.10.2017
Seeks to increase the tariff rate on textile products in chapters 50 to 63 in the First Schedule to the Customs tariff Act, 1975
Read More
Notification No. 81/2017-Customs dt. 27.10.2017
Seeks to amend notification No. 14/2006-customs dated 1st march 2006, to prescribe effective rate of duty on specified fabrics.
Read More
Notification No. 82/2017-Customs dt. 27.10.2017
Seeks to prescribe effective rate of duty under chapters 50 to 63 on textile products.
Read More
Notification No. 83/2017-Customs dt. 31.10.2017
Seeks to amend notification No. 16/2017-Customs dated the 20th April, 2017.
Read More
CUSTOMS (NON-TARIFF)
Notification No. 97/2017 dt. 24.10.2017 & Notification No. 98/2017 dt. 27.10.2017
Exchange rate Notifications
Notif. 97/2017
Notif. 98/2017
Notification No. 99/2017
Amendments in certain Notifications
Read More
Notification No. 100/2017 dt. 27.10.2017
Appointment of "kapashera" situated in “New Delhi” as Air Freight Station
Read More
Notification No. 101/2017 dt. 31.10.2017
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg
Read More
Notification No. 102/2017 dt. 01.11.2017
Exchange rates notification No.102 dated 1.11.2017
Read More
Notification No. 103/2017 dt. 02.11.2017
Exchange Rates Notification No.103/2017-Custom(NT) dated 2.11.2017
Read More
Circular No. 41/2017 dt. 30.10.2017
Implementing Electronic Sealing for Containers by exporters under self-sealing procedure prescribed by circular 26/2017-Cus dated 1st July 2017, circular 36/2017 dated 28.8.2017 and 37/2017 dated 20.9.2017
Read More
ANTI DUMPING DUTY
Notification No. 52/2017 dt. 24.10.2017
Seeks to impose anti-dumping duty on the imports of Cold-rolled Flat products of stainless steel.
Read More
Notification No. 53/2017-Cus(ADD) dt. 02.11.2017
Seeks to impose definitive anti-dumping duty on the imports of "Sodium Chlorate" originating in or exported from Canada, China PR and European Union.
Read More
FROM THE BENCH
GST
M/s Kumar Traders and Company & anr
The petitioners were inspected by the officers of BIEO officers seizing bags of dried areca nuts. It was held that the areca nuts should be released to the custody of the petitioners subject to the condition that they pay 2.5% SGST and 2.5% CGST and furnish BG of 30 lakh towards the estimated tax liability to he commissioner of State Tax.
Read More
INCOME TAX
M/s. Sachdeva Overseas vs. State of U. P.
Where assessee on enforcement of GST regime got itself migrated for purposes of GST as a partnership firm, but AA had registered it as a sole proprietorship, AA was directed to rectify this mistake.(Section 22 r/w Sec. 161 of CGST Act)
Read More
VAT
State of Gujarat vs. Pipavav Defense And Offshore Engineering Company Limited
Input tax Credit under section 11(3)(a)(vii) is available for purchase of cement, sand, steel, greet, concrete etc. that are used for manufacture of capital goods and immovable structure, i.e., Dry Dock and Fit Out Berth, would be categorised as capital goods/plant
Read More
INCOME TAX
Sedco Forex International Inc. vs. Commissioner of Income-tax
Where assessees had entered into contracts primarily with ONGC for hire of their rig for carrying out oil exploration activities in India and for this purpose, they were paid mobilisation fees as well for and on account of mobilisation/movement of rig from foreign soil/country to off-shore site at Mumbai-India, amount received by assessees was to be included for computation of deemed profits and gains of business, chargeable to tax under Section 44BB.
Read More
Dr. (Smt) Sujatha Ramesh vs. Central Board of Direct Taxes
Assessee, who has substantially satisfied condition for availing exemption u/s 54EC, should not be denied same merely on bar of limitation.
Read More
Preeti Mohan vs. Union of India
Interim relief granted to the petitioner allowing her to file Income-Tax return.
Read More
RERA (MAHARASHTRA)
Rupal Thacker and Kiran Doshi vs. Ekta Parksville Homes Pvt. Ltd.
Maharashtra RERA asks builder to bring forward possession deadlines.
Read More
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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Bitcoin – Concept & Legality - Ms. Chetna Agarwal, Advocate
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In the recent days we had heard a lot about Bitcoin. Question had been asked about its concept and legality and how it is available etc. The push by the government on the digital platform of the various services and the spread of Internet etc. has been a important factor for the curiosity about the various type of cryptocurrency. Bitcoin is also a type of cryptocurrency though more popular than other cryptocurrency like Ripple, NEM, Lite coin etc. The question is what is the cryptocurrency. In simple language we can say that it is money in the digital form and is available on the internet through certain process or the cryptocurrency exchanges.
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It is available on the internet and works on a block chain method and is normally untraceable. The process is such that if taken anonymously then who is the owner or who is the seller cannot be ascertained and therefore it is said that it is easy usable for hoarding of black money and is said to be frequently used for terror funding, blackmailing etc. The legality of the cryptocurrency in India is in doubt but in some countries it has been made legal whereas in some countries it has been held as illegal. In India the Reserve Bank of India in the Circular issued 24.12.2013 has questioned the users about the virtual currencies. Again a press release has been issued by the RBI on 1st February 2017 about the virtual currencies and further even the Hon’ble Supreme Court is considering the matter and has issued directions to the Central Government and RBI about the issues of virtual currencies in the PIL filed in July, 2017. Recently a SIT has also given a report about the use of cryptocurrency in black money transactions. The future is uncertain but many of the people are reaping the benefits and various exchanges are working. It is a path fraught with risk and caution is required.
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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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