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THE EDGE
TAX & LEGAL UPDATE

 

 

Vol 2, Part 13

Wednesday, Mar 28, 2018

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

 

TIMELINES

 

 

Upcoming due dates under GST & Income Tax Laws:

 

VAT 10 A (FY 2016-17) 31st Mar
VAT 10 (Quarter 1 For F.Y. 2017-18) 31st Mar
VAT 11 (FY 2016-17) 31st Mar
VAT 11 (FY 2017-18) 31st Mar
GSTR-6 (July, 17 – Feb, 18) 31st Mar
Link Aadhar with PAN, Mobile, Insurance Policies, Mutual Funds, DMAT, Bank Account etc. 31st Mar
GSTR-1 (Feb) (Turnover above 1.5 Cr.) 10th Apr
GSTR-4 (Composition Dealers) (Jan, 2018 - Mar, 2018) 18th Apr
GSTR-3B (Mar 2018) 20th Apr
GSTR-1 (Jan-Mar) (Turnover upto 1.5 Cr.) (Quarterly return) 30th Apr

 

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   Weekly Quiz

 

THIS WEEK'S QUESTION

RCM provisions under Section 9(4) is suspended till:
A: 31st December, 2018
B. 30th June, 2018

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Last date: MAR 31, 2018

 

LAST WEEK'S WINNERS

 

  • AYUSH GOENKA, KOLKATA

MISCELLANEOUS

 

 

  • The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961. Read More
  • Tweet by @CBEC_India - The interest of consumers under GST is protected by Anti Profiteering Authority. Affected consumers can file their grievance using Anti Profiteering Application Form (APAF-1) available at https://goo.gl/VPhCsW which has been simplified and made more convenient to use.
  • CBDT extends the date for linking of Adhaar with PAN to 30th June, 2018 Read More

 

Press releases by PIB

 

  • After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase. Read More
  • Goods & Services Tax (GST) collections Read More
  • User-Friendly Goods and Services Tax Network (GSTN) Read More

 
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CONTACT US
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

 

 

NOTIFICATIONS - CENTRAL TAX

 

Notification No. 14/2018-CT dt. 23.03.2018
Amending the CGST Rules, 2017(Third Amendment Rules, 2018) Read More

 

Notification No. 15/2018-CT dt. 23.03.2018
Notifies the date from which E-Way Bill Rules shall come into force (1st April) Read More

 

Notification No. 16/2018-CT dt. 23.03.2018
Seeks to prescribe the due dates for filing FORM GSTR-3B for the months of April to June, 2018 Read More

 

CENTRAL TAX (RATE)

 

Notification No. 10/2018-CT(Rate) dt. 23.03.2018
Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017 till 30.06.2018. Read More

 

INTEGRATED TAX (RATE)

 

Notification No. 11/2018-IT(Rate) dt. 23.03.2018
Seeks to exempt payment of tax under section 5(4) of the IGST Act, 2017 till 30.06.2018. Read More

 

CIRCULARS

 

Circular No. 38/12/2018
Clarifications on issues related to Job Work Read More

 

CUSTOMS (TARIFF)

 

Notification No. 30/2018-Customs dt. 20.03.2018
Seeks to amend notification No. 27/2011-Customs, dated the 1st March, 2011, so as to reduce export duty on raw sugar, white or refined sugar from 20% to Nil Read More

 

Notification No. 31/2018-Customs dt. 20.03.2018
Seeks to amend notification No. 50/2017-Customs, dated 30.06.2017, so as to make consequential amendment in wake of change made vide notification on No. 22/2018-Customs (N.T.) dated 20.03.2018. Read More

 

Notification No. 32/2018-Customs dt. 23.03.2018
Seeks to further amend notification No. 50/2017-Customs so as to reduce BCD from 10% to 5% on Opencell(15.6” and above) of LCD/LED TV panels. Read More

 

Notification No. 33/2018-Customs dt. 23.03.2018
Seeks to Amend notification No 52/2003- Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 01.10.2018. Read More

 

Notification No. 34/2018-Customs dt. 27.03.2018
Seeks to Amend notification No 69/2011- -Customs, dated the 29th July, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i), vide number G.S.R. 593 (E), dated the 29th July, 2011. Read More

 

CUSTOMS (NON-TARIFF)

 

Notification No. 22/2018-Cus (NT) d.t 20.03.2018
Amendments in the First Schedule to the Customs Tariff Act, 1975 Read More

 

ANTI DUMPING DUTY

 

Notification No. 10/2018-Cus (ADD), dt. 20-03-2018
Seeks to amend notification No. 11/2014-Customs (ADD) dated the 11th March, 2014. Read More

 

Notification No. 11/2018-Cus (ADD), dt. 20-03-2018
Seeks to order for provisional assessment in the matter of initiation of New Shipper Review under Rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping duty on dumped articles and for determination of injury) Rules, 1995, for determination of individual dumping margin for exports by M/s. Kuitun Jinjiang Chemical Industries Co. Ltd (Producer) through Foshan Kaisino Building Material Co. Ltd. (Exporter) in the case of anti-dumping duty imposed on imports of Melamine originating in or exported from China PR. Read More

 

Notification No. 12/2018-Cus (ADD), dt. 20-03-2018
Seeks to impose anti-dumping duty on imports of 'Dimethylacetamide' originating in or exported from China PR and Turkey. Read More

 

Notification No. 13/2018-Cus (ADD), dt. 21-03-2018
Seeks to impose anti-dumping duty on imports of 'Resorcinol' originating in or exported from China PR and Japan. Read More

 

Notification No. 14/2018-Cus (ADD), dt. 21-03-2018
Seeks to impose anti-dumping duty on imports of 'Monoisopropylamine' originating in or exported from China PR. Read More

 

Notification No. 15/2018-Cus (ADD), dt. 22-03-201
Seeks to amend notification No. 03/2013 - Customs(ADD) dated 26 March, 2013 Read More

 

Notification No. 16/2018-Cus (ADD), dt. 23-03-2018
Seeks to notify provisional assessment for imports of ‘Jute Products€™ namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags exported by M/s. Natural Jute Mill [Bangladesh] and M/s Kreation Global, LLC,USA [Bangladesh] Read More

 

CIRCULARS

 

Circular No. 08/2018-Customs dt. 23.03.2018
Refund of IGST on Export-Extension of date in SB005 alternate mechanism cases & clarifications in other cases. Read More

 

INCOME TAX

 

Order under Section 119(1) of the Income Tax Act, 1961 dt. 26.03.2018
All Income Tax Offices to remain open on 29th, 30th and 31st of March, 2018. Read More

 

VAT

 

Amendment in Notification No. 3441 dt. 29.12.2017
Read More

 

Amendment in Notification No. 3417 dt. 29.12.2017
Read More

 

Notification regarding date extension of annual return VAT - 10A for F.Y. 2017-18
Read More

 

Amendment in Notification No. 3433 dt. 29.12.2017
Read More

 

ITAT JUDGEMENTS

 

 

The Deloitte Haskins & Sells, Mumbai Vs. Asst. CIT, Mumbai dt. 23.03.2018 [MUMBAI BENCH]
Professional Fee paid by Deloitte India to Its US and Singapore Entities Not Taxable in India, No TDS Read More

 

Smt. Prem Jain Vs. ITO, Delhi dt. 22.03.2018 [DELHI BENCH]
Profit earned by Housewife from share transaction is Business Income, Not Capital Gain Read More

 

DCIT Vs. P C Chandra Jewellers Pvt. Ltd. dt. 02.02.2018 [KOLKATA BENCH]
Unintentional default does not merit levy of penalty if such default is admitted and sum is offered to tax during assessment proceedings. Read More

 

M/s. Bhatia Corporation Pvt. Ltd. vs. ACIT, Kota dt. 23.02.2018 [JAIPUR BENCH]
Counsel: Shri P.C.Parwal (CA)
ISSUE: Levy of penalty u/s. 271(1)(c) of IT Act, 1961
HELD: The increase in the authorized share capital was with a view to expand the capital base of the company for availing more credit facility from the bank for its working capital requirement. Given that all necessary facts are on record regarding claim of the share issue expenditure and the explanation of the assessee has been found to be bonafide, merely because the expenditure so claimed is disallowed and treated as capital expenditure, the same cannot be basis for levy of penalty for furnishing inaccurate particulars of income u/s 271(1)(c) of the Act. The penalty is hereby deleted. Appeal allowed. Read More

 

FROM THE BENCH

 

 

SERVICE TAX

 

VENKATESWARA RAO BOLLA AND ANOTHER Vs THE SENIOR INTELLIGENCE OFFICER DIRECTORATE GENERAL OF GST INTELLIGENCE REP BY SPL PUBLIC PROSECTUOR dt. 12.03.2018
Court, on basis of undertaking given by party, cannot convert itself into an executing Court to execute terms agreed by party, while deciding bail application Read More

 

GST

 

M/S. ARIHANT SUPERSTRUCTURE LIMITED, BARMER VS. UNION OF INDIA dt. 23.03.2018
The High Court directed the Government to re-open GST Form TRAN-1 and other returns of the petitioner-assessee. Read More

 

VAT

 

COMMERCIAL TAX OFFICER, ERNAKULAM VS. M/S. MILANO ICE CREAM PRIVATE LIMITED dt. 05.03.2018
Ice Cream can’t be treated as ‘Cooked food’, Taxable at a Higher Rate Read More

 

INCOME TAX

 

COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM VS. R. PRAKASH, DHANYA FOODS, KOLLAM dt. 19.02.2018
S.80 HH benefit allowable to Assessee who carries on processing in an Industrial Undertaking belonging to another, but situated in a Backward Area. Read More

 

 FEATURED ARTICLE - A START TO SURVEYS AND SEARCHES

 

After the hiccups in implementing GST and thereafter introducing multiple changes by way of Notifications and giving relaxations the Government is moving in the next gear by starting the enforcement activities including Search, Survey, Seizure, levy of penalty and even arrest for evasion of GST. There are special provisions in CGST Act, 2017 for enforcement and levy of penalty including search, survey, seizure and even arrest in certain cases. Reference may be made to Chapter XIV - Section 67 to 72 of the CGST Act, 2017. In the recent months, with the dip in Revenue and receipt of certain complaints from various quarters about the Input Tax Credit and other issues, the DGGI (earlier known as DGCI) and other enforcement wings of CGST department have started searches and compliance protocols. Arrests have also been made for non-payment of CGST, IGST, etc. It is imperative for dealers to be cautious while purchasing the goods and to take all precautions so that they do not fall victim to the counterfeit dealers by way of loss of ITC because later on complications would have to be faced by them only. In case of searches by DGGI or other enforcement wing or any other authority, all caution must be taken at the time of giving statements and attending the proceedings. Expert help is required in such cases. Casual approach with half of the details would lead to complications. This Article Series will continue with details of each provision pertaining to survey, search, seizure, and arrest under the current prevailing law.

 

 

 

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

 

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