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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 4
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Wednesday, Jan 24, 2018
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
The 25th GST Council Meeting held on 18.01.2018 has made some major changes in Rate of tax. Various exemptions have been granted in Service Sector. Certain clarifications have also been issued in relation to Services. However, the decisions regarding Forms of Returns and their consolidation are still pending. It is expected that a call on it will be taken shortly. The Union budget is to be rolled out on 1st February, 2018 and major changes in the Tax sector are expected.
Please continue to send your suggestions and queries at contact@ghiya.in
PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-5 |
31st Jan |
| GSTR-5A |
31st Jan |
| GST ITC-01 |
31st Jan |
| GSTR-1 (Dec) Turnover above 1.5 Cr, Monthly Return |
10th Feb |
| GSTR-1 (Oct-Dec) Turnover upto 1.5 Cr, Quarterly Return |
15th Feb |
| GSTR-3B (Jan) |
20th Feb |
| VAT 10 A (FY 2016-17) |
28th Feb |
| VAT 10 (Qtr 1 of FY 2017-18) |
28th Feb |
| VAT 11 (FY 2016-17) |
28th Feb |
| VAT 11 (FY 2017-18) |
28th Feb |
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MISCELLANEOUS
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Recommendations made in the 25th GST Council Meeting held on 18th January, 2018
Recommendations
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Accepting of Unique Identity Number (UIN) of Foreign Diplomatic Missions/UN Organizations while making supplies
Read More
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Defaulter of Income Tax TDS arrested and sent to jail by the Tis Hazari Court
Read More
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RECENT PUBLICATIONS
GST Law & Practice, 5th Edition, updated till 21st Nov 2017, released at AIFTP National Tax Convention at Jabalpur by Hon'ble Chief Justice of India, Mr. Justice Deepak Misra on 02.12.2017
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HIGHLIGHTS OF THE 25th GST COUNCIL MEETING
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53 Services exempt from GST, along with many other major changes.
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GST Rates on 26 goods reduced. New rates to come into force from 25.01.2018
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Sarna Committee’s report on Handicraft items accepted. Tariff to be decided by Fitment committee.
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Council to hold a video conference in 10 days to discuss simplification of Return process.
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E-Way bill System to be rolled out by 15 States on 1st February, 2018.
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Where Works Contract Services attract 5%, their sub-contractor will also be liable under 5% GST rate.
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GST Rate on used cars also reduced to 12%
Policies
Rate Changes
RECENT AMENDMENTS
GST
Notification No. 02/2018-Central Tax , dt. 20-01-2018 -
Seeks to extend the last date for filing FORM GSTR-3B for December, 2017 till 22.01.2018.
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Notification No. 03/2018-Central Tax , dt. 23-01-2018 -
First Amendment 2018, to CGST Rules
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Notification No. 04/2018-Central Tax , dt. 23-01-2018 -
Reduction of late fee in case of delayed filing of FORM GSTR-1
Read More
Notification No. 05/2018-Central Tax , dt. 23-01-2018 –
Reduction of late fee in case of delayed filing of FORM GSTR-5
Read More
Notification No. 06/2018-Central Tax , dt. 23-01-2018 –
Reduction of late fee in case of delayed filing of FORM GSTR-5A
Read More
Notification No. 07/2018-Central Tax , dt. 23-01-2018 –
Reduction of late fee in case of delayed filing of FORM GSTR-6
Read More
Notification No. 08/2018-Central Tax , dt. 23-01-2018 –
Extension of date for filing the return in FORM GSTR-6
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Notification No. 09/2018-Central Tax , dt. 23-01-2018 –
Amendment of notification No. 4/2017-Central Tax dated 19.06.2017 for notifying e-way bill website
Read More
Notification No. 10/2018-Central Tax , dt. 23-01-2018 -
Amending notification No. 39/2017-Central Tax dated 13.10.2017 for cross-empowerment of State tax officers for processing and grant of refund
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INTEGRATED TAX
Notification No. 01/2018-Integrated Tax,dt. 23-01-2018 -
Amendment of notification No. 11/2017-Integrated Tax dated 13.10.2017 for cross-empowerment of State tax officers for processing and grant of refund
Read More
CUSTOMS (TARIFF)
Notification No. 04/2018-Cus,dt. 18-01-2018 -
Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet.
Read More
CUSTOMS (NON TARIFF)
Notification No. 6/2018-Cus (NT),dt. 18.01.2018 -
- Exchange Rates Notification No.06/2018-Custom(NT) dated 18.1.2018
Read More
Notification No. 7/2018-Cus (NT),dt. 19.01.2018 –
Regarding Presidential Award amendment notification.
Read More
Notification No. 8/2018-Cus (NT),dt. 22.01.2018 –
Regarding amendment in notification No. 89/2017-Cus(NT) dated 21.09.2017 relating to AIRs of Duty Drawback.
Read More
ANTI DUMPING DUTY
Notification No. 02/2018-Cus (ADD), dt. 17-01-2018
Seeks to revoke/rescind notification No. 40/2012-Customs (ADD) dated 30.08.2012.
Read More
ITAT JUDGEMENTS
MUMBAI TRIBUNAL
Solvay Pharma India Ltd. v. Principal Commissioner of Income-tax - [2018] 89 taxmann.com 249 (Mumbai - Trib.)
Where main object of conferences and seminars of doctors organized by a pharmaceutical company is to update doctors of latest developments and create awareness about new research in medical field, which is beneficial to doctors in treating patients as well as pharmaceutical companies, AMP expenditure on same could not be disallowed.
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DELHI TRIBUNAL
Lumax Industries Ltd. v. Joint Commissioner of Income Tax, Range-4, New Delhi - [2018] 89 taxmann.com 138 (Delhi - Trib.)
Where TPO determined ALP of royalty payment at nil on ground that assessee did not produce any cost benefit analysis at time of entering into agreement with its AE, in view of fact that royalty paid by assessee was within limits of payment of royalty in automobile sector as per market trend, impugned order was to be set aside.
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JAIPUR BENCH
M/s. Parag Saruparia vs. ITO, Jaipur - ITA No. 904/JP/2017
Counsel: Shri S. L. Jain (Adv) & Shri Ashok Kumar Gupta (Adv)
Issue: Addition of Rs. 10,95,619/- by estimating the G.P. Rate at 8% instead of 5.26% as declared by the Assessee.
Held: G.P. rate for the year was better than immediate preceding year. This was a new business started wherein the expenditure on account of rent and the stitching was comparably higher to other established sister concern units. The assessee is able to establish that the books results are comparable to the sister concern for the peculiar facts of this case for the year under consideration. Considering this, the Bench finds no merit in sustaining this disallowance and is hereby deleted. Allowed in favour of the Assessee
Read More
CHENNAI TRIBUNAL
Ceequences Technologies (P.) Ltd. v. Deputy Commissioner of Income tax, Corporate Circle-1(2), Chennai - [2018] 89 taxmann.com 178 (Chennai - Trib.)
Matter remanded where assessee claimed that storage charges paid to U.S. company for utilization of data racks outside India was not royalty but both authorities had no occasion to examine Double Taxation Avoidance Agreement between India and USA.
Read More
FROM THE BENCH
GST
Shankar Mohan Vs Intelligence Inspector - 2018-TIOL-01-HC-KERALA-GST
GST - Section 129 of the CGST Act & Kerala State GST - Petitioner seeks release of detained goods. Held: Identical matter disposed of by Division Bench directing expeditious completion of adjudication and permitting release of the goods pending adjudication in terms of rule 140(1) of Kerala GST Rules, 2017 - Adjudication to be completed within one week and if petitioner complies with rule 140(1) supra, goods detained shall be released forthwith.
Read More
INCOME TAX
Vodafone India Ltd. v. Commissioner of Income-tax - [2018] 89 taxmann.com 54 (Bombay)
Where petitioner sought extension of stay of outstanding demands as their Appeals were still awaiting disposal by Commissioner (Appeals), in view of fact that petitioner had deposited almost 38 per cent of outstanding demand and impugned order nowhere suggested that delay in disposal of pending Appeals was on account of petitioner, mere having of funds i.e. no financial hardship would be caused to petitioner would not itself justify deposit where a prima facie case was made out. Accordingly, ad-interim stay was to be granted and revenue was to be restrained from taking any coercive steps to recover outstanding demands till next date.
Read More
VAT
Aakavi Spinning Mills (P.) Ltd. v. Authority for Clarification & Advance Ruling - [2018] 89 taxmann.com 137 (Madras)
Hank Yarn Packing Notification issued by Ministry of Textiles, Government of India, is to protect handloom weavers, and under said statutory Notification, term 'Yarn' has been defined only as cotton yarn and it does not include all type of yarns.
Read More
Pondy Die Castings (P.) Ltd. v. Appellate Assistant Commissioner (Commercial Taxes) - [2018] 89 taxmann.com 67 (Madras)
Assessment made after 11 years could be set aside if it was not in conformity with CST (Pondicherry) rules.
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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