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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 21
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Wednesday, May 23, 2018
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Weekly on GST, FSSAI, RERA & More...
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Upcoming due dates under GST & Income Tax Laws:
| VAT 10A (FY 2016-17) |
31st May |
| VAT 11 (FY 2016-17) |
31st May |
| GSTR-3B (May, 2018) |
20th Jun |
| PF, Employee Deposit linked Insurance Scheme (EDLI) return filing for April, 2018 |
25th May |
| GSTR-6 (July, 17 – Apr, 18) |
31st May |
| VAT 11 (FY 2017-18) |
30th Jun |
| VAT 10A (FY 2017-18) |
30th Jun |
| Link Aadhar with PAN |
30th Jun |
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GST
Notification No. 23/2018
Central Tax dated 18.05.2018 - Seeks to extend the due date for filing of FORM GSTR-3B for the month of April, 2018.
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CUSTOMS (TARIFF)
Notification No. 45/2018-Cus, dt. 23-05-2018
Seeks to increase tariff rate of basic customs duty (BCD) on Walnuts in shell [0802 31 00 ] from 30% to 100% and increase tariff rate of basic customs duty (BCD) on Protein concentrates and textured protein substances [2106 10 00] from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975.
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Notification No. 46/2018-Cus, dt. 23-05-2018
Seeks to further amend notification No. 50/2017- Customs dated 30.06.2017 so as to:
i. increase basic customs duty (BCD) on shelled Almonds [0802 12 00] from Rs.65/Kg to Rs.100/Kg
ii. increase basic customs duty (BCD)on wheat [1001 19 00, 1001 99 10] from present 20% to 30%.
iii increase basic customs duty (BCD) on Protein concentrates [2106 10 00] from 10% to 40%.
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CUSTOMS (NON-TARIFF)
Notification No. 38 / 2018-Customs (N.T.) dt. 11.05.2018
Sea Cargo Manifest and Transhipment Regulations, 2018
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Notification No. 41/2018-Customs (N.T.) dt. 14.05.2018
Customs Brokers Licensing Regulations, 2018
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Notification No. 42/2018-Customs (N.T.) dt. 15.05.2018
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg
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Notification No. 43/2018-Customs (N.T.) dt. 17.05.2018
Exchange Rates Notification No.43/2018-Custom(NT) dated 17.5.2018
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ANTI DUMPING DUTY
Notification No. 26/2018-Customs (ADD) dated 14.05.2018
Seeks to extend the levy of anti-dumping duty, imposed on imports of Peroxosulphates (Persulphate)originating in or exported from China PR under Notification No. 11/2013-Customs (ADD), dated the 16.05.2013 for a further period of one year (i.e. 14.05.2019).
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Notification No. 27/2018-Cus (ADD), dt. 17-05-2018
Seeks to impose definitive anti-dumping duty on imports of "Ceramic Rollers", originating in or exported from People's Republic of China
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CIRCULAR
Circular No. 11 /2018-Customs dated 17.05.2018
Forwarding of samples for testing to the Outside Laboratories
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RGST
Notification No. F.17(131) ACCT/GST/2017/3564 dt. 23.05.2018
Notification to extend the time limit to conclude the inspection proceedings under RGST Rules, 2017.
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Notification No. F.17(131) ACCT/GST/2017/3560 dt. 23.05.2018
Notification to authorize the proper officer to intercept any conveyance to verify the e-way bill.
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Notification No. F.17(131) ACCT/GST/2018/3544 dt. 16.05.2018
Rescind the notification no. F.17(131)ACCT/GST/2017/3199 dated 26 March 2018 to make E-way Bill for intra-state movement of goods applicable from 20.05.2018.
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Order No. F.12(31)FD/Tax/2018 dt. 15.05.2018
TDS under GST
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Mahesh Chandra Agarwal v Assistant Commissioner of Income-tax, Circle - 36 (1), New Delhi - [2018] dated 13.10.2017 [DELHI TRIBUNAL]
Sale proceeds taxable as business income if assessee failed to prove that shares were kept as investments
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Samsung Heavy Industries Co. Ltd. v. Deputy Commissioner of Income tax (International Taxation) Circle-2 Dehradun - [2018] dated 25.04.2018 [DELHI TRIBUNAL]
Sum not taxable if PE in India had no role to play regarding supplies made outside India by foreign co.
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Owens-Corning (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Range- 7(3)(1), Mumbai - [2018] dated 23.03.2018 [MUMBAI TRIBUNAL]
Fixed assets written off couldn't be taken as part of operating costs while determining ALP of international transactions
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Mahaveer Yadav v. Income Tax Officer, Ward-1 (5), Alwar - [2018] dated 27.02.2018 [JAIPUR BENCH]
Where assessee converted agricultural land into residential plots and sold them, it was to be held that by plotting, agriculture land had been converted into assesse's stock-in-trade and according capital gains were to be computed as per section 45(2)
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ADVANCE RULINGS UNDER GST
Rashmi Hospitality Services (P.) Ltd., In re - [2018] dated 21.03.2018
Where assessee was an outdoor caterer because services in connection with catering were being provided by it at a place other than place of assessee, supply of services by assessee would be covered under Sr. 7(v) of Notification No. 11/2017-Central Tax (Rate) dated 28-6-2017, as amended, issued under Central Goods and Services Tax Act, 2017 and Notification No. 11/2017-State Tax (Rate) dated 30-6-2017, as amended, issued under the Gujarat Goods and Services Tax Act, 2017, attracting Goods and Service Tax at the rate of 18 per cent (CGST 9 per cent + SGST 9 per cent)
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GST
Vardh Paper Products (P.) Ltd. v. Commissioner of Commercial Tax/GST - [2018] (SC) dated 21.05.2018
SLP dismissed against impugned order of High Court that where assessee sought release of goods seized during transport from Delhi to Siliguri, however, there were sufficient reasons with Assistant Commissioner to pass order of seizure and reasons had been given in seizure order, said order could not have been interfered with.
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INCOME TAX
Sundaram Finance Ltd. v. Assistant Commissioner of Income-tax, Co. Circle VI(4), Chennai - [2018] (Madras) dated 23.04.2018
Where assessee claimed depreciation on non-existent assets, penalty under section 271(1)(c) was to be levied for filing inaccurate particulars of income.
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EXCISE & CUSTOMS
Commissioner of Central Excise, Salem v. Madhan Agro Industries (I) (P.) Ltd. - [2018] (SC) dated 13.04.2018
In view of split judgment of Supreme Court on classification of 'Coconut Oil' packed in small sachets/containers, as 'Coconut Oil' under Chapter Heading 1513 or as 'Hair Oil' under Chapter Heading 3305 of Central Excise Tariff Act matter to be placed before CJI for appropriate orders.
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Two Held for Fraud Under GST Act in Delhi
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Extension of time by three months of the Task Force for drafting a New Direct Tax Legislation.
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FAQs pertaining to E-Way bills.
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Editorial Team :
Meenal Ghiya, Priyamvada Joshi & 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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