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GST: The applicant is liable to pay GST on the sale of commercial built-up area which is under construction, as the same is a ‘supply of service’ under clause 5(b) of Schedule Il of the CGST Act, 2017. - GST is leviable even if part of the consideration had been received prior to 01.07.2017.

GST: Rate of tax - Electrical Wiring Harness - The Electrical Wiring Harness manufactured by the Applicant falls under the HSN tariff item No. 85443000 - from 15.11.2()17, the rate of GST reduced from 28% to 18%

GST: Input tax credit - CGST & SGST charged in respect of brokerage services for renting of immovable property - credit is allowed on brokerage services and allowed to be adjust the same against output tax payable against Renting of immovable property

GST: Classification of goods - rate of tax - Agricultural Seedling Trays - cannot be classified as parts or accessories of agricultural machinery - Agricultural Seedling Trays made of Plastic manufactured by the Applicant are classifiable under CTH 39269099 and the applicable tax rate is 9% CGST and 9% SGST

GST: The Event Management support services provided in Goa to a registered person in Maharashtra is governed u/s 12(7)(i) of the IGST Act - Same should be treated as interstate supply of services and IGST @ 18% is applicable.

GST: The contract for Erection, Procurement and Commissioning of Solar Power Plant falls under the ambit “Works Contract Services” (SAC 9954) and attracts 18% rate of tax under IGST Act, or 9% each under the CGST and SGST Acts.

GST: Classification of goods - rate of GST - Quartz powder obtained by crushing Quartz stones falls under HSN code 2806 and would attract 5% rate of tax under GST (2.5% CGST + 2.5% SGST)

GST: Classification of supply - supply of goods or not? - job-work or not? - The Activity of building and mounting of the body on the chassis provided by the principal under FOC challan will result in supply of services under HSN 9988 and hence, should be taxed @ 18% GST.

Income Tax: Reopening of assessment - Applicability of section 145A - valuation of closing stock - Not open for AO to reexamine the entire issue which would be merely on the change of opinion.

Income Tax: Charitable activity - approval u/s 10(23C)(vi) - Absence of the dissolution clause of the trust, there is a lacuna which may be misutilized in the event of dissolution of the managing committee - ITAT has rightly held that the reason for rejection by the CCIT cannot be sustained

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Articles
Notifications

Cus (NT) - Exchange Rates Notification No.87/2018-Custom(NT) dated 18.10.2018

ADD - Seeks to impose definitive anti-dumping duty on the imports of "Straight Length Bars and Rods of Alloy Steel" originating in or exported from China PR

ADD - Seeks to levy definitive anti dumping duty on Flax yarn below 70 lea count imported from China PR

Indian Law - Issue of (i) 7.74 per cent (Non-transferable) Special Gol Security, 2028; (ii) 7.81 per cent (Non- transferable) Special Gol Security 2029; (iii) 7.88 per cent (Non-transferable) Special Gol Security 2030; (iv) 7.95 per cent (Nontransferable) Special Gol Security 2031; (v) 8.03 per cent (Non-transferable) Special Gol Security 2032; and (vi) 8.11 per cent (Non- transferable) Special GoI Security 2033.

IT - Central Government hereby designates the Court of Session designated as Special Court under the Prohibition of Benami Property Transactions Act, 1988.

Cus (NT) - Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.

ADD - Seeks to rescind Notification No. 58/2012-Customs (ADD) dated 24th December, 2012.

IBC - Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018

IBC - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (MODEL BYE-LAWS AND GOVERNING BOARD OF INSOLVENCY PROFESSIONAL AGENCIES) (AMENDMENT) REGULATIONS, 2018

IBC - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) (SECOND AMENDMENT) REGULATIONS, 2018

IBC - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY PROFESSIONAL AGENCIES) (AMENDMENT) REGULATIONS, 2018

Co. Law - Regarding amendments in Schedule III to the Companies Act, 2013

Co. Law - Re-Constitution of High Level Committee on Corporate Social Responsibility - 2018 (HLC-2018)

Cus - Amends Notification No. 24/2005 dated 1st March, 2005

Cus - Amends Notification No. 57/2017 dated 30th June, 2017

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Circulars/ Public Notices

Customs - Procedure to be followed in cases of manufacturing or other operations undertaken in bonded warehouses under section 65 of the Customs Act-reg.

DGFT - Amendment in SION A-1486

Customs - Guidelines for handling and storage of valuable goods that are seized/confiscated by the Department.

VAT - Delhi - Regarding Assessment of cases of mismatch of Annexure 2A-2B under DVAT Act/Rules in respect of Financial Year 2014-15 & onwards

Customs - Cases where IGST refunds have not been granted due to claiming higher rate of drawback OR where higher rate and lower rate were identical – reg.

Customs - Classification of e-seals - reg.

Income Tax - Extension of due date for filing of IT Return and Audit Report from 15.10.2018 to 31.10.2018 - However, interest u/s 234A shall be payable - order u/s 119 of the Act

DGFT - Eligibility of firms providing educational services to NRI Students under SEIS

Goods and Services Tax - Jurisdiction of Central and State tax administrations under GST - Both the Central and State tax administrations shall have the power to take intelligence-based enforcement action in respect of the entire value chain

Goods and Services Tax - Notifications issued under CGST Act, 2017 applicable to Goods and Services Tax (Compensation to States) Act, 2017

Customs - Grant of reward to informers and Government servants - amendments in existing reward guidelines issued vide Circular No. 20/2015 dated 31.07.2015 and as amended vide Circular No. 29/2016 dated 23.06.2016 - reg.

Central Excise - Online registration and online filing of the claims, by the eligible units for disbursal of budgetary support under Goods and Service Tax Regime, located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North East including Sikkim-reg.

Companies Law - Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- State of Kerala - reg.

DGFT - Activation of E-com module for applying for SEIS, based on ANF 3B as notified vide Public Notice 15/2015-20 dated 28.06.2018

Customs - Clarification in relation to applicability of provisions of Customs Act to Cruise Tourism-reg.

More Circulars

News

Conclave on Capital Goods in Steel Sector in Bhubaneswar

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018.

Uttarakhand has comparative advantage in Tourism, needs to fine-tune it's resources, says Shri N. K. Singh Challenges faced by Uttarakhand are real and its needs legitimate, Finance Commission to look into it positively

PNB fraud: ED attaches over ₹ 218-cr assets of Choksi, others

Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4

45 Indian companies participating in Expo Cihac in Mexico City

Health on GeM workshop organised

Auction for Sale (Re-issue) of Government Stocks

INDIA’S FOREIGN TRADE: September 2018

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified

Top priority language localisation to bring government services closer to the people: Secretary Meity

India’s Merchandise Trade: April - September 2018 and September 2018

Index Numbers of Wholesale Price in India (Base: 2011-12=100) Review for the month of September, 2018

Shri Subhash Chandra Garg, Secretary, DEA: Stresses on the strengthening of the Multilateral Institutions like IMF; Calls for enhancement in the quantum of Quota Resources and realignment of voting shares so that Quota Shares of EMDCs increase in line with its growing relative economic position in the world; Welcomes the Bali FinTech Agenda; India has extensively used digital technologies to build FinTech, most prominently in the payment space.

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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