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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 5
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Wednesday, Jan 31, 2018
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Weekly on GST, FSSAI, RERA & More...
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FROM EDITOR'S DESK
The economic survey issued by the government clearly shows that the effect of the changes by way of taxation or the government policy is showing sign of recovery in the market. The direct tax collections are up and in the case of GST the government data shows that there is about 50% increase in the New Registrations under GST. This is a phenomenal figure and it can be said that people are adopting GST and coming in the cycle of the organized trade. The Central Budget has been announced today and top highlights are enclosed with this newsletter for your ready reference. E-way bill is also scheduled to be implemented w.e.f. 1st February, 2018. New Portal has been created for it. This issue incorporates special features on the E-way bill.
Please continue to send your suggestions and queries at contact@ghiya.in
TIMELINES
Upcoming due dates under GST & Income Tax Laws:
| GSTR-5 |
31st Jan |
| GSTR-5A |
31st Jan |
| GST ITC-01 |
31st Jan |
| CMP-03 |
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 |
| GSTR-6 (July, 2017 – Feb, 2018) |
31st March |
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MISCELLANEOUS
Press Release on Changes in the duty drawback rates of certain export items effective from 25.01.2018
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Highlights of Economic Survey 2017-18
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Finance Minister Present Economic Survey 2017-18 in Parliament
Read More
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GST data reveals 50% increase in number of Indirect Taxpayers.
Read More
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Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy.
Read More
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Gross Tax Collections on Track for First Eight Months of GST Era.
Read More
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Inflation During 2017-18 Averaged to the Lowest in the Last Six Years.
Read More
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Measures to Control Inflation.
Read More
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Growth in Services Exports and Services Imports.
Read More
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E-WAY BILL APPLICABLE FROM 01.02.2018
RECENT AMENDMENTS
GST CENTRAL TAX (RATE) & INTEGRATED TAX (RATE)
Notification No. 01/2018-Central Tax (Rate) & Notification No. 01/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to amend notification No. 11/2017- Central Tax (Rate) & Notification No. 8/2017- Integrated Tax (Rate) respectively so as to notify CGST & IGST rates respectively, of various services as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
Central Tax
Integrated Tax
Notification No. 02/2018-Central Tax (Rate) & Notification No. 02/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to amend notification No. 12/2017- Central Tax (Rate) & Notification No. 9/2017- Integrated Tax (Rate) respectively so as to exempt certain services as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
Central Tax
Integrated Tax
Notification No. 03/2018-Central Tax (Rate) & Notification No. 03/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to amend Notification No. 13/2017- Central Tax (Rate) & notification No. 10/2017- Integrated Tax (Rate) respectively so as to specify services supplied by the Central Government, State Government, Union territory or local authority by way of renting of immovable property to a registered person under CGST Act, 2017 to be taxed under Reverse Charge Mechanism (RCM).
Central Tax
Integrated Tax
Notification No. 04/2018-Central Tax (Rate) & Notification No. 04/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to provide special procedure with respect to payment of tax by registered person supplying service by way of construction against transfer of development right and vice versa.
Central Tax
Integrated Tax
Notification No. 05/2018-Central Tax (Rate) & Notification No. 05/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to exempt Central Government’s share of Profit Petroleum from Central tax
Central Tax
Integrated Tax
Notification No. 06/2018-Central Tax (Rate) & Notification No. 07/2018-Integrated Tax (Rate) dt. 25-01-2018
seeks to amend Notification No.1/2017-CGST (Rate) & Notification No.1/2017-IGST (Rate) respectively.
Central Tax
Integrated Tax
Notification No. 07/2018-Central Tax (Rate) & Notification No. 08/2018-Integrated Tax (Rate) dt. 25-01-2018
seeks to amend Notification No.2/2017-CGST (Rate) & Notification No.2/2017-IGST (Rate) respectively.
Central Tax
Integrated Tax
Notification No. 08/2018-Central Tax (Rate) & Notification No. 09/2018-Integrated Tax (Rate) dt. 25-01-2018
seeks to amend Notification No.1/2017-CGST (Rate) & Notification No.1/2017-IGST (Rate) respectively.
Central Tax
Integrated Tax
Notification No. 09/2018-Central Tax (Rate) & Notification No. 10/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to amend Notification No.45/2017-Central (Rate) & Notification No. 47/2017-IGST (Rate) respectively.
Central Tax
Integrated Tax
INTEGRATED TAX (RATE)
Notification No. 06/2018-Integrated Tax (Rate) dt. 25-01-2018
Seeks to exempt royalty and license fee from Integrated tax to the extent it is paid on the consideration attributable to royalty and license fee included in transaction value under Rule 10(1)(c) of Customs Valuation (Determination of value of imported Goods) Rules, 2007.
Integrated Tax
GST - CIRCULAR
Circular No. 29/01/2018 – GST dt. 25.01.2018
seeks to clarify applicability of GST on Polybutylene feedstock and Liquefied Petroleum Gas retained for the manufacture of Poly Iso Butylene and Propylene or Di-butyl para Cresol.
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Circular No. 30/01/2018 – GST dt. 25.01.2018
clarification regarding supplies made to the Indian Railways classifiable under any chapter, other than Chapter 86.
Read More
CUSTOMS (TARIFF)
Notification No. 05/2018-Cus,dt. 25-01-2018 -
seeks to amend Notification No.50/2017-Customs (Rate).
Read More
CUSTOMS (NON TARIFF)
Notification No. 9/2018-Cus (NT),dt. 23.01.2018 -
Grant of Presidential Award of Appreciation Certificate to the officers of Customs & Central Excise on the eve of Republic Day, 2018.
Read More
ANTI DUMPING DUTY
Notification No. 03/2018-Cus (ADD), dt. 23-01-2018 -
Seeks to impose definitive anti-dumping duty on imports of "Toluene Di-Isocyanate (TDI)" originating in or exported from China PR, Japan and Korea RP.
Read More
ITAT JUDGEMENTS
MUMBAI TRIBUNAL
Ms. Priyanka Chopra v. Deputy Commissioner of Income-tax dt. 16.01.2018 (Mumbai - Trib.)
Where assessee-actress has done promotional activity on being brand ambassador of NDTV Toyota Greenathon campaign and has clearly promoted the brand Toyota, receipt of Toyota car in this connection has rightly been added in her hands as perquisites under section 28(iv).
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CHANDIGARH TRIBUNAL
Goenka Charitable Trust v. Commissioner of Income-tax (Exemption), Chandigarh dt. 08.11.2017 (CHANDIGARH - Trib.)
Where assessee-trust was created as an instrument to carry out CSR functions of its settler company in terms of sec. 135 of Companies Act, 2013, and during relevant year it merely received certain amount from settler company which was given as donation to another charitable institution in order to avail benefit of section 80G, assessee could not be regarded as trust for benefit of general public and, thus, its application seeking registration under sec. 12AA was to be rejected
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JAIPUR BENCH
M/s Mody University of Science and Technology, Lakshmangarh, Sikar, Rajasthan. Vs. The Pr. CCIT, Jaipur, Rajasthan. ITA No. 801/JP/2015
Counsel: Shri Mahendra Gargia (Advocate)
Issue: Rejection of Application & denial of approval claimed for F.Y. 2013-14 (relating to A.Y. 2014-15) under the provisions of S. 10(23C)(vi) of the Act for the reason that operations commenced from 01.04.2014.
Held: The applicant trust had already come into existence in the Financial Year 2013-14, even prior to this educational activity was being carried out. Application restored to be reconsidered and exemption to be granted from the date when this assessee trust becomes eligible. Appeal allowed.
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BANGALORE TRIBUNAL
Healthcare Global Enterprises Ltd. v. Joint Commissioner of Income Tax, Range-5, Bangalore dt. 15.12.2017 (BANGALORE - Trib.)
A hospital cannot be considered as an industrial undertaking under section 72A(7)(aa) and, thus, where amalgamating company was carrying on business of establishing and operating medical service centres, assessee's claim for carry forward of unabsorbed depreciation under section 72A, was rightly rejected by authorities below.
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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