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F: interest payable

F: GST on export ocean freight

F: Valuation of goods

F: Reverse charge on Residential Dwelling

C: Guidelines providing standard operating procedure for Work from Home (...

C: Instruction regarding Requirement of Health Certificate accompanied wi...

C: Amendment in Export Policy of Items under HS Code 1101

H: Rejection of appeal - additional evidence at the appellate stage cane ...

H: Principles of natural justice - adjustment of IGST with CGST and SGST ...

H: Reopening of assessment u/s 147 - the notice in question was issued on...

H: Interest u/s 234C - interest for deferment of advance tax - If on a pa...

H: Deduction u/s 80IA(4)(iv)(a) - deduction was inadvertently not claimed...

H: Late fee levied u/s.234E - As far as other returns filed by the assess...

H: Revision u/s 263 - loss incurred by the Directors - trading activity i...

H: TP Adjustment - It is not the case that the assessee which is carrying...

H: Classification of imported goods - Axe Brand Universal Oil - to be cla...

N: Securities Contracts (Regulation) (Stock Exchanges and Clearing Corpor...

H: Absolute Confiscation - Superior Kerosene Oil or Low Aromatic White Sp...

A: Misdeclaration of goods - legal issues under the Customs Act

A: GST IS PAYABLE BY SERVICE RECIPIENT ON INTEREST GRANTED UNDER ARBITRAL...

A: Bail granted to an Applicant involved in fraudulent ITC

A: Service tax cannot be levied under RCM for letting out of residential ...

Tariff Notification No. 68/2022-Customs (N.T.) in respect of Fixation ...

N: Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold ...

To promote honey export, Government to organize series of events, in c...

Government commences Basmati crop survey to estimate acreage, assess c...

Auction for Sale (issue/re-issue) of (i) ‘6.69% GS 2024’, (ii) ‘7.10% ...

INDIA’S FOREIGN TRADE: July 2022

H: Seeking stay of orders of freezing of the accounts of the petitioner -...

H: SVLDRS - amount paid as pre-deposit and/or deposit during enquiry, inv...

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Highlights GST: Rejection of appeal - additional evidence at the appellate stage cane be entertained, at the discretion of the appellate authority, in cases where it can be proved that the party did not get the opportunity to file the documents at the lower stage or the original authority refused to admit the evidence or the appellant establishes that it had exercised due diligence, but was still unable to produce such evidence during the original proceedings. Therefore, the circumstances on which the discretion can be exercised for entertaining additional evidence at the belated stage squarely fits in the instant case, more so in view of the findings of the Appellate Authority. - The request of the Petitioner to accept the endorsement certificate, dated 11.01.2021, of the specified officer of Ramky Pharmacity India Limited, is allowed - HC GST: Principles of natural justice - adjustment of IGST with CGST and SGST - adjustment of the amounts paid by the Petitioner under the Integrated Goods & Services Tax Act, 2017 towards the alleged dues determined under Central Goods & Services Tax Act, 2017 & Andhra Pradesh State Goods & Services Tax Act, 2017 - Department directed to adjust the amount and Refund to be allowed for excess payment - HC I.Tax: Reopening of assessment u/s 147 - the notice in question was issued on 31.3.2021 - Manner of issuance of notice by electronic mode and when it would be taken to have been issued, but then the judgment was rendered in reference to the date of receipt of the notice, without showing that after the notice was digitally signed on 31.3.2021, it was not sent being entered by the income tax authority in computer resource outside his control. Thus, with due respect to the Division Bench of the Allahabad High Court, the conclusions finally drawn on the facts of that case cannot be applied, rather we cannot change the language of the provision by changing the word "issuance" to that of "receipt" - WP dismissed - HC I.Tax: Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay advance tax, non-payment of advance tax on the due date may not be considered sufficient to attract interest u/s 234C. If the returned income is higher due to unexpected income received subsequent to earlier due dates, the shortfall in payment of advance tax instalment in earlier date may not attract interest. - AT I.Tax: Deduction u/s 80IA(4)(iv)(a) - deduction was inadvertently not claimed in the return of income filed - In our considered view, if the language of the Statute is plain and unambiguous and is not open to interpretation so that two views may be possible, then the same represents the legislative intent. Here, section 80A(5) of the Act states that for an assessee to be able to make a claim under Chapter -VI of the Act, such a claim has to be made in the return of income. - Fresh claim was rightly denied - AT I.Tax: Late fee levied u/s.234E - As far as other returns filed by the assessee for the FY 2013-14 relevant to the AY 2014- 15, all returns were filed and processed before 01.06.2015 and thus, the Assessing Officer cannot levy late fees u/s.234E of the Act and thus, late fees filed for the AY 2014-15 except Form 26Q for 3rd quarter, is deleted. - AT I.Tax: Revision u/s 263 - loss incurred by the Directors - trading activity in F & O undertaken on behalf of the company - The trading of sale and purchase of shares done by the directors of the company in their individual capacity cannot be said to be in pursuance to the Board's resolution passed by the assessee company. In the board resolution, there is no whisper of making any "investment" on behalf of the company by these directors as provided u/s. 179(3)(e) of the Companies Act, 2013. In view of the above, we do not find any justification for the Assessing Officer to allow the deduction of the losses suffered by these directors in the hands of the assessee company. - AT I.Tax: TP Adjustment - It is not the case that the assessee which is carrying on forwarding chain business has paid the management services for some other unrelated business activity. The nature of business of the assessee company is directly linked to the nature of services and business carried on by its AE-CPA. In simple way, we find that the AE-CPA is an associated enterprise and the headquarter of the group company is based in Austria and they have to maintain their brand and uniformity in services to be provided to its clients which are attached to its various subsidiaries and other enterprises located in various part of the world. - the alleged management charges paid towards management support services to the AE-CPA are allowable as business expenditure incurred for the purpose of business of carrying out freight and other cargo forwarding services - AT Cus.: Classification of imported goods - Axe Brand Universal Oil - to be classified under CTH 30049011 or under CTH 33079090? - Similar goods in the nature of Amrutanjan, Vicks, Tiger Balm have been held to be classifiable under Chapter 30 as seen from the decisions relied by the learned counsel for the respondent - AT Cus.: Absolute Confiscation - Superior Kerosene Oil or Low Aromatic White Spirit - restricted item or not - to arrive at the conclusion that the product is Superior Kerosene Oil there are 8 Parameters which needs to be tested but as per the test report only 3 Parameters were tested. For this reason the test report of chemical examiner reporting the product as Kerosene cannot be taken as conclusive. Moreover, the appellant have rightly pointed out that the Adjudicating Authority has based this finding only on 1 parameter i.e. “Distillation” out of 8 Parameters for holding that goods are SKO. - AT PMLA: Seeking stay of orders of freezing of the accounts of the petitioner - Money laundering - The singular absence of statements of reasons or the basis of an apprehension, factual or otherwise, for freezing the properties of the petitioners is apparent from the impugned orders. The requirement of satisfaction of the conditions stated in Section 17(1) before proceeding to Section 17(1-A) do not contemplate parroting the words used in the sections but a precise statement, in writing, reflecting the factors which form the basis of the conclusion arrived at - the impugned orders fall short at all levels of the statutory requirements. - HC S.Tax: SVLDRS - amount paid as pre-deposit and/or deposit during enquiry, investigation or audit is required to be deducted after extending the relief available - the action of Designated Committee by first deducting the amount of deposit made by petitioners during enquiry, investigation or audit and, thereafter, extending relief to the petitioners by computing the amount of tax due on the outstanding amount, is not as per the mandate of the Scheme. - HC S.Tax: Refund of service tax paid - tax paid under the head Management Consultant’s Service on reverse charge mechanism - M/s Cotunace have not rendered any advice for running the organisation of the appellants in an effective manner. Their role was mediation /arbitration in resolving the dispute. They have only performed the work of mediator/arbitrator in resolving the dispute between the appellant and M/s GCT. Actual work performed cannot be equated with advice. Therefore, M/s Cotunace did not render any management consultancy service to the appellant. - RCM is not applicable - Refund allowed - AT C.Ex.: Clandestine Removal - clandestine removal is a serious charge and requires to be substantiated by evidence encompassing various activities in the chain of events. - The department has not adduced any additional evidence, even on a sample basis to substantiate the allegation of clandestine removal as per above. In the absence of evidence, the allegations raised by the department are not substantiated - AT Indian Laws: Dishonor of Cheque - Though detailed investigation was conducted and the final report was filed, the order of the High Court will indicate that while exercising the power under Section 482 Cr.P.C., it is not only brief, but cryptic. The High Court, neither has adverted to the facts arising in the case in detail nor to the nature of the allegation which led to the investigation and the filing of the final report. The only observation which appears to have influenced the decision of the High Court is that the cheque leaf belongs to the appellant and it contains her signature and there is no allegation of threat. - Matter restored back to HC - SC I.Tax: Payment of interest u/s 244A on the amount of refund payable to the assessee - CIT(A) concluded that the claim of ‘interest’ by the respondent for the refund amounts to 'interest on interest' and held that it is beyond the scope of Section 244A - ITAT allowed the claim - the assessee has been found entitled to refund of money deposited by it upon re-computation by the Revenue and interest thereon is liable to be paid under Section 244A(1)(b) - HC GST: Profiteering - Sanitary Napkin - allegation is that the Respondent did not pass on the benefit of exemption of GST on Sanitary Napkin by way of commensurate reduction in price - , since the recipients of the benefit, as determined, other than the Applicant, are not identifiable, the Respondent is directed to deposit an amount of Rs. 2,094/- in two equal parts of Rs. 1047/-each in the Central Consumer Welfare Fund and the Uttar Pradesh Consumer Welfare Fund as per the provisions of Rule 133 (3) (e) of the CGST Rules 2017, along with interest payable @ 18% to be calculated from the dates on which the above amount was realized by the Respondent from, his recipients till the date of its deposit in the said fund. - NAPA GST: Profiteering - construction service - This benefit was required to be passed on to the recipients. Thus. Section 171 of the CGST, 2017 has been contravened by the Respondent, inasmuch as the additional benefit of ITC @5.86% of the base price received by the Respondent during the period 01.07.2017 to 31.03.2019, was required to be passed on by the Respondent to 17 recipients - NAPA I.Tax: Rental income from letting out of the factory building - Profits and gains of business or profession OR Income from Other Sources - the intention of the assessee was to lease out both the assets to the same lessee and the usage of the two assets was inseparable. - The income earned by the assessee, under both the streams, have rightly been held to be assessable u/s 56(2)(iii) which provide for assessment of income as Income from other sources - AT I.Tax: Jurisdiction of AO to issue notice u/s 143(2) - notice u/s 143(2) was issued by one AO and the assessment has been completed by another AO - The provisions of sub-section (4) of section 127 will be applicable only when there is an order under section 127 of the Act. Since the Department was not able to show any order passed under section 127 of the Act, this argument of the ld. Counsel for the assessee is also accepted. - AT I.Tax: Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit of 3% during the year. Having disclosed such huge turnover, and disclosed appropriate net profit and having duly explained the difference in the turnover, as reflected in its books and in Form No.26AS there is no reason to believe that the assessee had wrongly not disclosed sales on these very small amount of Rs.3.00 lakhs and Rs.21 lakhs (approximately) from the aforesaid two parties. - AT I.Tax: Revision u/s 263 - the AO also mentioned in the order that “The Documents as submitted by the assessee were examined and placed on record”, however no remark on the issue has been made by the AO in assessment order, therefore this shall be considered that the AO was satisfied with the enquiries made. Our considered view on this issue is that, if Pr. CIT/CIT is of the view that any enquiry is necessary in the matter, then he should either himself make such enquiry or may get such enquiry conducted. - Revision order quashed - AT I.Tax: Rectification u/s 154 - Deduction u/s 80IB - audit report in Form-10CCB was not filed along with the return of income - The ld. CIT(A) has rejected the appeals by holding that there was no mistake apparent from record. However, while holding so, he escaped the contents of Circular No.689 dated 24.8.1994 which clearly directs the Officers to allow rectification u/s. 154 for non filing of audit report or other evidence which could not be filed with the return of income. - Rectification allowed - AT Cus.: Denial of refund - Non adhering to the instruction given by the CBEC - The CBEC circular and the instructions bind the Customs Authorities. In any case, the Customs Authorities are bound by the various decisions referred above, not to mention the solemn assurance on behalf of the Union of India that in the future, adequate care would be taken to follow the law laid down by this Court scrupulously. - HC Cus.: Eligibility for exemption - it is undisputed that they intercepted boats used by the Coast Guard Ministry of Defence Government of India is only for security of the costal border of the country and the boats are not used for any other purpose. It is also undisputed that the said interceptor boat are equipped with arms and ammunition, therefore, it is absolutely without any doubt that the interceptor boat is a warship - Benefit of exemption available - AT More Highlights Articles ⇒ Misdeclaration of goods - legal issues under the Customs Act ⇒ GST IS PAYABLE BY SERVICE RECIPIENT ON INTEREST GRANTED UNDER ARBITRAL AWARD UNDER REVERSE CHARGE MECHANISM ⇒ Bail granted to an Applicant involved in fraudulent ITC ⇒ Service tax cannot be levied under RCM for letting out of residential property by Director to the Company. ⇒ LEGAL INSANITY v. MEDICAL INSANITY ⇒ Rejection of refund on flimsy grounds would defeat the purpose of rebate schemes ⇒ Rajasthan HC granted interim protection against arrest. ⇒ CONTROLLED DELIVERY (CUSTOMS) REGULATIONS, 2022 ⇒ Order for non-granting GST registration must be a speaking order ⇒ Pre-GST unutilized Credit of Education Cess, SHEC and KKC eligible to be refunded More Articles Notifications Cus (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver SEBI - Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 IT - Income-tax (24th Amendment) Rules, 2022 FTP - Amendment in minimum registration time period of Non-Ferrous Metal Import Monitoring System (NFMIMS) Cus (NT) - Passenger Name Record Information Regulations, 2022 FTP - Amendment in Export Policy of items under HS Code 1101. Co. Law - Companies (Accounts) Fourth Amendment Rules, 2022 IT - Central Government specifies the sovereign wealth fund, namely, Qatar Holding LLC IT - U/s 56 (2) of Income Tax Act 1961, Central Government specifies conditions for individual IT - U/s 56 (2) of IT Act 1961, Central Government specifies the conditions for individual. IT - U/s 17(2) of IT Act 1961, Central Government notifies conditions for employee Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Supersession Notification No. 64/2022-Customs(N.T.), dated 21st July, 2022 FTP - Amendment in Import Policy Condition of HS code 29021100 under Chapter 29 of ITC (HS) 2022, Schedule - I (Import Policy) SEBI - Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2022 IT - Seeks to amend Notification No. 16/2020, dated the 5th March, 2020 More Notifications Circulars/ Public Notices Customs - Instruction regarding Requirement of Health Certificate accompanied with the import of food consignments SEZ - Guidelines providing standard operating procedure for Work from Home (WFH) permission for implementation of Rule 43A of the Special Economic Zones (Third amendment) Rules, 2022 Customs - Amendment in Export Policy of Items under HS Code 1101 SEBI - Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level DGFT - Extension of validity of Status Certificates issued in FY 2015-16 and 2016-17 under current FTP SEBI - Enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence GST - Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 47th meeting held on 28th – 29th June, 2022 at Chandigarh GST - GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law GST - Clarifications regarding applicable GST rates & exemptions on certain services DGFT - Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (NP CoO) through the Common Digital Platform to 31st March 2023 DGFT - Enlistment of an Agency under Appendix 2E of FTP, 2015-2020 - authorized to issue Certificate of Origin (Non-preferential) FEMA - External Commercial Borrowings (ECB) Policy – Liberalisation Measures SEBI - Nomination for Mutual Fund Unit Holders – Extension of timelines SEBI - Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs SEBI - Operational Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper More Circulars News ⇒ To promote honey export, Government to organize series of events, in collaboration with state govts and farmers ⇒ Government commences Basmati crop survey to estimate acreage, assess crop health, expected yield of Basmati rice during 2022-2023 crop year ⇒ Auction for Sale (issue/re-issue) of (i) ‘6.69% GS 2024’, (ii) ‘7.10% GS 2029’, (iii) ‘New GS 2032’ (iv) ‘6.95% GS 2061’ ⇒ INDIA’S FOREIGN TRADE: July 2022 ⇒ Tariff Notification No. 68/2022-Customs (N.T.) in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver ⇒ Income Tax Department conducts searches in Uttar Pradesh ⇒ National Intellectual Property Awareness Mission (NIPAM) achieves target of training 1 million students on Intellectual Property (IP) awareness ⇒ India and UK conclude fifth round of talks for India-UK Free Trade Agreement ⇒ Income Tax Department conducts searches in Maharashtra ⇒ Income Tax Department conducts searches in Rajasthan ⇒ Income Tax Department conducts searches in Madhya Pradesh ⇒ Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore ⇒ Edited Transcript of Reserve Bank of India’s Monetary Policy Press Conference: August 05, 2022 ⇒ The world sees India as an engine of economic growth: Shri Piyush Goyal ⇒ IBBI disposes off 6,172 complaints and grievances out of 6,231 against service providers under IBC More News Forum - Popular issues Gst on service of renting of residential dwelling w.e.f. 18-07-2022 read more at: https://taxguru.in/goods-and-service-tax/gst-service-renting-residential-dwelling-w-e-f-18-0 (19) Gst applicabiltiy on value reduction ( on prev supply) (18) Scn & order-in-original issued after death of the assesse. whether recovery can be initiated by department ? (16) Gst on rent of employee paid by employer (15) Availing itc however outward is exempted (15) Section 18(6) of the cgst act read with rules 40 and 44 (14) Gst on sale of flat (13) Reverse charge on residential dwelling (11) Turnover mismatch (11) Place of supply and registration in case of residential dwelling (10) Calculation under rule 42 (10) What to know about tax management india. (10) Pre-import condition under advance authorisation (10) Penalty on wrongly availed itc (9) Interest payable (8) Go to Forum Forum - Recent Replied Issues Gst on export ocean freight (6) Valuation of goods (1) Gst on leased land (8) Supplier location and place of supply in same state but recipient in differ ... ... (1) Gst on sale of business assets (4) Hotel accomodation vs residential dwellings ... (2) Recovery of tooling cost (1) Gst on pure export of services (7) Reverse charge on services (2) Inverted duty refund on cloth (2) Itc of rcm paid on residential property w.e.f 18.7.22 ... (5) Reimbursement of expenses (4) Supply of software (4) 17(5)(g) disallowance (3) Common itc reversal under gst (2) Go to Forum

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