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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 1, Part 18

Wednesday, Dec 27, 2017

Weekly on GST, FSSAI, RERA & More...

 

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FROM EDITOR'S DESK

 

 

This year marked the beginning of a new era of Indirect Taxation in our country. GST was introduced and with time a lot of procedural and tax rate changes were introduced to ease out the transition phase. We are still expecting modification of the law so that the compliance becomes easier for the Taxpayers in the coming year. Various representations have been made to the Government with regard to not only GST but RERA, FSSAI, Income-Tax also. With the Budget coming out on 1st February, 2018, we are hoping that the representations made are taken into consideration and incorporated into it. Keep sending us your suggestions and queries so that we may improve in our endeavor. Wishing you all Merry Christmas and a Happy New Year! Please contact us at contact@ghiya.in

 

PANKAJ GHIYA, ADVOCATE
Mobile: +91 98290 13626

 

TIMELINES

 

 

Upcoming due dates under GST & Income Tax Laws:

 

GSTR-6 (July, Input Service Distributor) 31st Dec
GST ITC-01 31st Jan
GST ITC-04 31st Dec
GSTR-1 (Jul-Sep) Turnover upto 1.5 Cr, Quarterly Return 31st Dec
GSTR-1 (Jul-Oct) Turnover above 1.5 Cr, Monthly Return 31st Dec
GSTR-3B (December) 20th Jan
GSTR-5 31st Jan
GSTR-5A 31st Jan
GSTR REG-26 31st Dec
GST TRAN-1 (With Revision Facility) 27th Dec

 

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Notifications
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MISCELLANEOUS

 

 

  • CBDT notifies additional places where communication can be served to the assessee Read More
  • Listed companies must comply on appointing women board directors; total 142 listed companies fined Read More
  • MCA Declares Condonation of Delay Scheme, 2018 for regularization of disqualified directors
  • Tweet FAQs by @askGST_GoI dt. 22.12.2017 and 26.12.2017
    FAQ 1
    FAQ 2
    FAQ 3
    FAQ 4
    FAQ 5
    FAQ 6

 
   Weekly Quiz

 

THIS WEEK'S QUESTION

 

E-Way bill is valid for a period of one day from the relevant date for the transportation distance of:
A: 100 Kms
B. 200 Kms
C. 500 Kms

 

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Last date: Dec 29, 2017

 

LAST WEEK'S WINNERS

 

  • Kukil Kumar Agarwal, Lucknow
  • Narendra Banthia, Beawar
  • Chetan B Angadi, Gadag
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
Buy Now
RECENT AMENDMENTS

 

 

CGST Notifications

 

Notification No. 67/2017-Central Tax dt. 21.12.2017
To extend the time limit for filing FORM GST ITC-01 Read More

 

Notification No. 68/2017-Central Tax dt. 21.12.2017
To extend the time limit for filing FORM GSTR-5 Read More

 

Notification No. 69/2017-Central Tax dt. 21.12.2017
To extend the time limit for filing FORM GSTR-5A Read More

 

Notification No. 70/2017-Central Tax dt. 21.12.2017
To further amend CGST Rules, 2017 (Thirteenth Amendment) Read More

 

CGST Circulars

 

Circular No. 22/2017 dt. 21.12.2017
Clarification on issues regarding treatment of supply by an artist in various States and supply of goods by artists from galleries Read More

 

Circular No. 23/2017 dt. 21.12.2017
Issues in respect of maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc. Read More

 

Circular No. 24/2017 dt. 21.12.2017
Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger Read More

 

Circular No. 25/2017 dt. 21.12.2017
Manual filing of applications for Advance Ruling and appeals before Appellate Authority for Advance Ruling Read More

 

CGST Orders

 

Order No. 11/2017 dt. 21.12.2017
Extension of time limit for intimation in FORM GST CMP-03 Read More

 

CUSTOMS (TARIFF)

 

Notification No. 93/2017 – Customs dt. 21.12.2017
Seeks to impose 30% Basic Customs Duty on Chana (Chickpeas) and Masoor (Lentils). Read More

 

Notification No. 94/2017 – Customs dt. 22.12.2017
Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a deepen the concessional rate of basic customs duty in respect of tariff item 8708 40 00 [gear box and parts thereof, of specified motor vehicles], w.e.f. 1st of January, 2018, when imported under the India-Japan Comprehensive Economic Partnership Agreement (IJCEPA). Read More

 

Notification No. 95/2017 – Customs dt. 22.12.2017
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2018. Read More

 

CUSTOMS (NON TARIFF)

 

Notification No. 117/2017-Cus(N.T.) dt. 19.12.2017 & Notification No. 118/2017-Cus(N.T.) dt. 21.12.2017
Exchange Rate Notifications Read More

 

CUSTOMS (Anti Dumping Duty)

 

Notification No. 56/2017-Cus (ADD), dt. 21-12-2017
Seeks to extend anti-dumping duty on Phthalic Anhydride originating in or exported from Korea RP, Chinese Taipei and Israel. Read More

 

CUSTOMS (CIRCULARS)

 

Circular No. 50/2017 dt. 18.12.2017
Sale of goods and display of prices at duty free shops in Indian currency – amendment of circular 31/2016 - Customs dated 6th July 2016 Read More

 

Circular No. 51/2017 dt. 21.12.2017
Implementing Electronic Sealing for Containers by exporters under self-sealing procedure by Circular 26/2017-Cus dated 01-07-2017,36/2017 dated 28-08-2017, 37/2017 dated 20-09-2017,41 dated 30-10-2017 and 44/2017 dated 18-11-2017 Read More

 

ITAT JUDGEMENTS

 

 

JAIPUR BENCH

 

DCIT (TDS), Jaipur vs. M/s. Idea Cellular Ltd. & M/s. Idea Cellular Ltd. vs. ITO (TDS)-2
Counsel: Shri Arun Maheshwari & Ms. Ketki Mittal (CA)
Issue 1. Liability to deduct TDS u/s. 194H of the Income Tax Act, 1961 in view of the relation between the Appellant and the distributor to be treated as principal and agent or principal and principal.
Issue 2. Treatment of "discount" offered by the Appellant to the distributor as "commission" thereby treating Appellant as "Assessee in default" u/s. 201(1)
Held 1. In favour of the Assessee. No liability to deduct TDS u/s. 194H
Held 2. In favour of the Assessee. Appellant not liable u/s. 201(1) Read More

 

NEW DELHI BENCH

 

Element K India (P.) Ltd. v. Income-tax Officer, Ward 11(1), New Delhi
A company engaged into development of hardware and software for embedded products, such as multi media and some other electronic cannot be a suitable comparable to low end IT service provider Read More

 

CHENNAI BENCH

 

Western Thomson (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Corporate Circle 3(2), Chennai
Where assessee, engaged in manufacturing water thermostats for automobiles, was using old machineries, efficiency of which could not be compared with other comparable companies which were established recently, a minor variation of 0.14 per cent beyond limits prescribed as per proviso to section 92C(2) on account of difference in rate of depreciation, was to be ignored while determining ALP Read More

 

MUMBAI BENCH

 

Hunumesh Realtors (P.) Ltd. v. Principal Commissioner of Income-tax, 10 Mumbai
Where assessee Company incurred expenditure on education of its director at abroad, in absence of commitment/bond executed by said Director to serve assessee company post his education so that assessee could reap benefits of his education for com business, expenditure was not allowable as business expenditure Read More

 

FROM THE BENCH

 

 

GST

 

GMMCO LTD HAFELE INDIA PVT LTD Vs UNION OF INDIA & ANR
CGST - Input Tax Credit (ITC) on pre-GST stock - stipulation in Section 140(3)(iv) of CGST Act restricting transitional credit up to 1 year - Petitioners contend that such restriction upon persons possessing invoice is arbitrary inasmuch as proviso thereto allows deemed credit at prescribed percentage without any restriction to persons not possessing invoice. Held: Matter requires to be heard in greater detail - In the meanwhile, petitioners to proceed and claim credit or pay duty, as the case may be, subject to final outcome of the proceedings - List on 25.01.2018: High Court - Matter Listed Read More

 

UNION OF INDIA VS. NAVAL GROUP INSURANCE FUND LTD.
Where a part demand in earlier show cause notice was not maintainable while other demands were maintainable, in view of expiry of limitation period in issuing fresh notice, impugned show cause notice was not to be set aside in its entirety Read More

 

VAT

 

GOLDEN STREAK DRUG & PHARMACEUTICALS LTD. VS. COMMISSIONER TRADE TAX
Uttar Pradesh VAT - Following items: Mico Sol Premix, Calcigold, GTROSE, Goldi Stress, Golden Blend, Poultry Trace Mineral, GINCOX, M COX, DICOX, E-se, Gold Liv Herbal, Gold Liv Plus Powder, Goldi Plex, Goldisac, Goldisol, etc. were 'poultry feed supplements', as claimed by assessee, and not 'medicines or drugs', as alleged by revenue Read More

 

STATE OF GUJARAT VS. MAHENDRA & CO
Gujarat VAT - LDO used by assessee as fuel in manufacture of goods would fall under category of 'processing material or consumable stores' and, therefore, AA rightly allowed set off for tax paid on purchase of LDO Read More

 

 

 

Editorial Team : Meenal Ghiya, Priyamvada Joshi, Ankit Agrawal, Deepak Garg

 

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