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Finance Act, 2023 - Section Wise - Chapter Wise Union Budget 2023 + FINANCE Bill, 2023
Highlights I.Tax: Disallowance of expenditure incurred under Voluntary Retirement Scheme (VRS) - AO has not examined the details as per the directions of the DRP and has made disallowance considering the provisions of Section 144C(8) and sustained the disallowance. Since the AO has not verified the details of spends towards VRS payments based on the details furnished by the assessee we remit the issue back to the AO with a direction to examine the details of and decide the allowability accordingly. - AT I.Tax: Not giving credit of the TDS as available in the form 26 AS - Portuguese Civil Code of 1867 which is in force in the State of Goa - the legislative expression “assessee” herein must be read as “the spouses assessees” in light of section 5A of the Act and therefore, such TDS amount has to be consequentially apportioned going by scheme of the Act. The assessee’s instant arguments seeking entire TDS credit in his hands stand rejected therefore. - AT Cus.: Seeking de-sealing of his premises - Smuggling of Gold - Attachment of immovable property - It is thus clear that the seizure of the goods contemplated under Section 110 or Section 121 is only of movable property which is not immovable property. Even otherwise no immovable property can be seized and confiscated, though it can be attached and sold for making recovery of loss to or dues of the government as for example, when done in exercise of the power under Section 142 (1) (c) (ii) of the Customs Act, 1962, but that stage, however, is yet to reach in this case. Therefore, even the second prayer made in the petition deserves to be allowed. - HC Cus.: Scope of discloser of information under RTI - The specific note sheet that has been sought by the RTI Applicant is the note sheet relating to initiation of anti-dumping investigation. From a bare perusal of the original file produced before the Court, it is evident that the note sheet contains various portions of information which may be confidential to the Complainants - For ‘good cause’ the said information can be refused to be disclosed. - this Court is of the opinion that the imposition of anti-dumping duty and confidential information disclosed in such proceedings would have a significant impact on the economic interest and trade relations of India - HC Cus.: Provisional assessment on the bills of entry - The non-generation of a DIN is fatal to the communication itself. Section 151A of the Act enables the Board to issue Instructions to officers of Customs and such Instructions bind the officers, barring in two situations - The thrust of the exercise is to ensure that every communication issued by the State, including e-mails, must contain an authorisation. The move is a progressive one backed by the avowed objects of transparency and accountaibility, the crying need of the day. - HC Cus.: Validity of demand against the clearing and forwarding agent in the absence of Service of SCN - In the present case, admittedly no notice has been issued to the clearing agent under Section 28. The argument of the respondents that mere imposition of liability does not require prior notice on the clearing agent is rejected straightaway for the reason that such mulcting of duty is itself bound by the requirement of proper procedure for assessment, as set out under Section 28 of the Act. It simply cannot be countenanced that a demand could be thrust on an entity without following due process prior thereto. - HC Cus.: Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The price at which goods are sold in wholesale or to an industrial or institutional consumer cannot be retail sale price as per the SWM Rules. Retail sale price is available only in those few cases where set top boxes have been damaged and subsequently sold to the subscriber. Undisputedly, the set top boxes were sold were much lower prices than Rs. 2,100/- in respect of such retail sales. The price at which the goods were sold to Dish TV cannot be considered as retail sale price. - AT IBC: Seeking withdrawal of CIRP under section 12A of Insolvency and Bankruptcy Code, 2016 - Regulation 30A of IBBI Regulations provide a complete mechanism for dealing with the applications filed under such provision. The issue raised by the IRP regarding its claim for expenses is well taken care of under the said provision. Various safeguards have been provided in Regulation 30A of IBBI Regulations to be fulfilled by the OC which apparently have been fulfilled as there is no complaint in that regard either by the IRP nor it is apparent from the impugned order of the NCLT. Thus, the objection raised by the IRP does not merit any consideration in this appeal. - SC IBC: Approval of Resolution Plan - actions of the Resolution Professional and the CoC are consistent with the NCLAT order or not - When none of the Resolution Plans was approved, the CoC under the CIRP Regulations was empowered to issue fresh RFRP. There are no error in the order of the Adjudicating Authority refusing the prayers of the Appellant to reissue RFRP and reinitiate the voting process. - AT PMLA: Money Laundering - siphoning off of funds - This Court, in the interest of justice, is of the opinion that the Investigating Agencies deserve a command to conclude the investigation and bring it to a logical conclusion at an early date keeping in view the totality of the circumstances of the case and especially the fact that the investigation is already underway by different agencies, this Court is not inclined to pass any further order in the matter. - HC VAT: Condonation of delay of 2569 days in filing the appeal - the Lawyer handling the case had suffered from serious illness and ultimately died - ufficient cause for delay - The long and short of the narration is that as far as the Petitioner/Assessee is concerned, the explanation offered for an extraordinary delay of 2569 days was not convincing at all. - HC I.Tax: Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA - No refund (including interest) shall be granted and TDS / TCS will be deducted at higher rates - CBDT Circular GST: Valuation - wages provided to the employees and statutory payments of EPF and ESI, etc., will fall within the ambit of the GST or not - without going into the merits of petitioner’s case, it is opined that a direction shall be issued to the 3rd respondent to afford a personal hearing to the petitioner and pass Assessment Order afresh in accordance with law on suitable terms. - Matter restored back subject to deposit of 50% of tax (GST) component - HC GST: Cancellation of GST registration of petitioner - in order that the petitioner is required to comply with his statutory obligations of payment of taxes under the GST regime, it would be necessary for the departmental authorities to re-consider the prayer of the petitioner for revocation of his cancellation of GST registration keeping in view the orders passed by the Apex Court regarding extension of limitation. - HC GST: Supply of leasing of the pre-owned motor vehicle - Rate of GST - The authority is of opinion that the supply of leasing of pre-owned vehicles cannot be treated as leasing or renting of goods like computers, furnitures, refrigerators or air conditioners etc. And the tax rates of new vehicles are to be applicable in the present mailer as per the specification of the vehicles i.e. engine capacity and size of the vehicles and mode of fuel etc. under chapter 87. - AAR GST: Levy of GST - Supply or not - export of pre-packaged and labelled rice upto 25 Kgs, to foreign buyer - supply of pre-packaged and labelled rice upto 25 Kgs, to exporter on “bill to ship to” basis i.e., bill to exporter and ship to customs port - the transactions undertaken by the applicant falls within the purview of the scope of supply and attracts levy of tax as applicable - AAR GST: Classification of goods - Sugarcane Juice - sugarcane juice is produced by way of crushing of sugarcane and hence not produced by farmer. Also process changes it's form and constitution alongwith changes are of such nature that if it is to be attain the secondary market for use and become raw material for production of sugar, molasses etc. - Since all the three Conditions of agricultural produce is not fulfilled by sugarcane juice and hence it is not considered to be agricultural produce. - taxable at a rate of 6% CGST & 6% SGST or 12% IGST - AAR GST: Classification of supply - supply of spraying services undertaken by the Applicant - services of spraying of agrochemicals provided by the applicant to the farmers - the supply of spraying services undertaken by the Applicant is covered under Notification No. 12/2017-CT and hence, exempted from payment of tax - AAR GST: Taxability under GST - pure service - activities of water distribution system/water supply services being undertaken by the applicant - the activity undertaken by the applicant cannot be considered as Pure Services - And there is no such exemption given under the provision of the Act for the said activity to the residential societies - AAR GST: Scope of supply - Limited Liability Partnership providing security services - applicability of RCM or not - whether an LLP can be considered as Body corporate under the provisions of the GST Act, 2017 or not? - an LLP is a body corporate and so excluded from the entry no. 14 of the notification no. 13/2017 - The applicant is required to charge applicable tax on the security services supplied by him - AAR GST: Classification of goods - thermal based fogging machines used for mosquito/health/ pest/ vector control - from the process of fogging it can be said that fogging machine are appliances with convert the state of matter from one to another i.e. liquid to gas and not just spray the liquid. From above, it can be concluded that fogging machine are to be classified as mechanical appliances. - Taxable @18% of GST - AAR GST: Classification of goods and rates of GST - solar inverter - the combination of solar panel, inverter, solar battery and charge controller may qualify as “Solar Power Generating System, taxable @12% of GST - As the combination of solar inverter & battery do not make “Solar Power Generating System”, thus the said supply will be treated as mixed supply and rate of GST will be 18%. The rate of GST does not alter whether the supply has been made by the manufacturer or trader. - AAR I.Tax: Validity of reopening of assessment u/s 147 - reasons to believe - increase in share capital - There was no allegation that there is any failure on the part of the assessee, i.e., the petitioner to truly and fully disclose the material facts, and further the reopening is sought on the basis of verification of record, and as such, there was no fresh tangible material distinct from what was available at the time of assessment proceedings - The notice of reopening quashed and set aside. - HC I.Tax: Rejection of request for NIL TDS in terms of Section 197 - natural justice - the claim of the petitioner has been summarily and unilaterally rejected by the AO without assigning any reasons, the impugned communication and order are clearly non-speaking, cryptic, unreasoned and laconic and passed without application of mind - matter restored back - HC I.Tax: Income deemed to accrue or arise in India - Once the taxability fails in terms of the treaty provisions, there is no occasion to refer to the provisions of the Act, as in terms of section 90(2) the provisions of the Act or the DTAA, whichever is more beneficial to the assessee shall be applicable. Since the payment was only alleged to be Royalty by the Revenue, therefore, there is no need to examine its taxability under any other provision of the India-Malaysia DTAA, in the present case. - AT More Highlights Articles ⇒ REJECTION OF APPLICATION FOR ADVANCE RULING ⇒ Mere ‘reason to believe’ do not satisfy the condition for re-opening of the assessment ⇒ MEANING AND SCOPE OF CIRCULARS IN TAXATION ⇒ Assessee permitted to rectify its GSTR-1 for FY 17-18 & 18-19 to avail ITC benefits ⇒ Where unexplained income cannot be entangled in the clutches of The Section 69 family ⇒ Assessment Order Must be passed after Personal Hearing ⇒ GST: Rectification of errors ⇒ MOOWR Scheme is Injured! ⇒ SHARES AND SECURITIES -PAN AND NOMINATION SHOULD NOT BE COMPULSORY- RELAXATION IS DESIRED at least for small investors and joint holders. ⇒ Assessee should not be left without remedy due to non-constitution of GST Tribunal More Articles Notifications Cus - Seeks to amend notification 8/20120-Customs, dated 02.02.2020 to continue/provide health cess exemption on import of goods for use in the manufacture of X-ray machines Cus - Seeks to amend notification 50/2017-Customs dated 30.06.2017 to continue/provide BCD exemption on import of specific textile machineries parts & raw materials for manufacture of goods to be supplied in connection with the purposes of off-shore oil exploration or exploitation medicines of rare diseases and goods for use in the manufacture of X-ray machines IT - Income-tax (Fourth Amendment) Rules, 2023 Cus (NT) - Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994 FTP - Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP FTP - Amendments in Export Policy of Bio-fuels under Chapter 27 of Schedule 2 (Export Policy) ITC (HS) classification of Export and Import. FTP - Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule - I (Import Policy) IT - Modification of Notification No. 141/2021 dated 29th December, 2021 CE - Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel. CE - Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude. Cus (NT) - Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994 Co. Law - U/s 396 (1) of Companies Act, 2013 Central Government establishes a Centre for Processing Accelerated Corporate Exit at Gurgaon (Haryana) Cus (NT) - Rate of exchange of one unit of foreign currency equivalent to Indian rupees -supersession of the Notification No. 12/2023-Customs(N.T.), dated 2nd March, 2023 Co. Law - Amendment in Notification No. S.O. 2099 (E), dated the 5th May, 2022 Cus (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver More Notifications Circulars/ Public Notices SEBI - Cyber Security and Cyber Resilience framework for Portfolio Managers SEBI - Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas DGFT - Extension of Date for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st December 2023 SEBI - Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories SEBI - Nomination for Mutual Fund Unit Holders – Extension of timelines Income Tax - Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA SEBI - Amendment to Securities Lending Scheme, 1997 SEBI - Nomination for Eligible Trading and Demat Accounts – Extension of timelines for existing account holders SEBI - Streamlining the onboarding process of FPIs Customs - Demarcation of the role of Central Intelligence Unit (CIU) in a Custom House in relation to anti-smuggling work GST - Clarification regarding GST rate and classification of ‘Rab’ based on the recommendation of the GST Council in its 49th meeting held on 18th February, 2023 SEBI - E-wallet investments in Mutual Funds DGFT - Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour Central Excise - Appointment of Common Adjudicating Authority in respect of M/s Lawson Tours and Travels (India) Pvt. Ltd. Service Tax - Payment of Service Tax by the Department of Posts and Ministry of Railways by way of book adjustment More Circulars News ⇒ Customs duty full exemption for all imported drugs&Food for Special Medical Purposes for personal use for treatment of all Rare Diseases ⇒ MoS (Finance) Dr. Bhagwat Kishanrao Karad inaugurates the first G-20 Trade and Investment Working Group (TIWG) Meeting in Mumbai ⇒ Calendar for Auction of Government of India Treasury Bills (For the Quarter ending June 2023) ⇒ Issuance Calendar for Marketable Dated Securities for April 2023 - September 2023 ⇒ Government’s Borrowing plan for First Half of FY 2023-24 ⇒ 8.08% PLI GOI SPL SECURITY 2023 ⇒ STARTUPS IN EMERGING TECHNOLOGY ⇒ Market Access Initiative Scheme to assist EPCs, Trade Bodies, Commodity Boards ⇒ Govt. provides enabling eco-system for industrial development of the country, including A&N Islands ⇒ Agri exports show 6.04% rise during Apr 22 – Jan 23 over the corresponding period of the previous FY ⇒ Government is focussed on creation of robust financial network and an ecosystem- based approach for growth : MoS (Finance) Dr. Bhagwat Karad at G-20 Trade and Investment Working Group Meeting in Mumbai ⇒ Japan’s Official Development Assistance (ODA) to India ⇒ G20 Trade & Investment Working Group Visits the Bharat Diamond Bourse, the Diamond Centre of the World ⇒ India’s overall exports cross an all time high of US$ 750 Billion in the 75th year of independence: Sh. Piyush Goyal ⇒ Japan’s Official Development Assistance (ODA) to India More News Forum - Popular issues Place of supply (27) Input credit (27) Delay in recovery of export proceeds (19) Rcm on purchase of wood from unregistered dealar (18) Gst on extra classes (16) Export of services and firc (15) Can gst department impose penalty on interest on delayed payment of tax for fy 2018-19 (15) Capital goods destroyed in fire (15) Credit note = payment (15) Import of service - payment not made/written off (13) Monetary limit for issuing show cause notice (13) Interest on itc untilised balance in ecrl (13) Gst applicable on labour cess and seignorage fees (12) Composition/regular return in gst 2017 18 (11) Regarding gstr 1 (11) Go to Forum Forum - Recent Replied Issues Documents necessary for goods sent for trial/demo ... (7) Eligibility of itc (4) Gst on tds against import of service (6) Interest u/s 234 b & 234c is not applicable for 44 ad income for assessment ... ... (2) Delay in filing revised return of income (1) Penalty for wrong issuance of invoice is overall or per invoice ... (6) Gst on tds (6) Duty drawback against exports (1) Export consignment (5) Transitional provisions (trans-1) under gst act. ... (7) Drc-03 filed against the demand order (4) Gta & lorry hire (6) Reporting of purchase from unregisterd dealear in gstr 3b ... (8) Drc 03 paayment (2) Itc eligibility (3) Go to Forum

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