☛ GST: Profiteering - benefit of reduction in the GST rate not passed - base price of goods also increased - Respondent has violated the provisions of section 171 in as much as the prices have remained the same inspite of reduction in the tax rate. His plea that the base prices were drastically lowered when GST came in effect cannot absolve him from not passing on the benefit.

☛ Income Tax: TDS u/s 194C OR 194J - short deduction of TDS - placement fees / carriage fees paid to cable operators - the activities covered by Section 194C are more specific and the activities covered by Section 194J are more general in terms - TDS liability confirmed u/s 194C

☛ Income Tax: Action against the employer u/s 276B - not depositing the tax deducted at source from the employee in the Government revenues, would amount to misappropriation of public funds - department is expected to take appropriate view on the basis of facts on record.

☛ Income Tax: Deduction u/s. 80IA - nexus with business activity - The assessee having paid excess income tax, received refund with interest - Benefit of deduction allowed.

☛ Income Tax: Exemption u/s 10(23EA) - charitable activities - claim not made by the assessee during the filing of return of income but as an alternative at the appellate stage before the CIT(A) - Benefit of exemption allowed.

☛ Income Tax: Disallowance of excessive licence fee paid to M/s Uflex Ltd. - increase of the license fee from ₹ 50 Lac per month to ₹ 2 Crore per month - the issue of increasing the license fee is considered by all the authorities in the preceding years therefore, in the immediately preceding year, we hold that the CIT(A) was fully justified in allowing the license fee.

☛ Income Tax: Levy of penalty u/s 272A(2)(e) - delay of 509 days in filing the return of income - Once the assessee is liable to file the return of income under the provisions of the Act and it fails to do so, then the provisions of section 272A(2)(e) of the Act automatically arises.

☛ Customs: Effective date of notification - import - setting Minimum Import Price (MIP) on Iron and Steel - Notification No.38/2015-2020 dated 5th February, 2016 published in the Official Gazette on 11th February, 2016 was in force on the date of ‘import’ of goods by the petitioners as the ‘import’ was post publication in the Official Gazette on 11th February, 2016.

☛ Customs: Misdeclaration of goods - clearance of “CR Engine with spares and accessories” - bonafide error or not - EPCG Scheme - error is not bonafide, demand confirmed with penalty.

☛ Service Tax: Refund of service tax paid on cancellation of booking of flats - it is not the case of department that appellant has availed credit in excess of the requisite proportion. Admittedly tax stands paid. Resultantly, the procedural lapse is mere technical for no substantial loss to the department.

More Highlights

☛ Valuation – Concept of Pure Agent Defined

☛ Challenges of IBC 2016

☛ INDIA POST PAYMENTS BANK

☛ Regular visit and review of relevant websites, web pages, and facilities like ‘my account’ of tax department is essential and desirable to check latest position, developments and limitation related issues.

☛ RECENT AMENDMENTS IN GOODS AND SERVICES TAX RULES, 2017

☛ Recommendations & decision taken by GST Council in meeting held on 10.01.2019.

☛ Foreign Direct Investment in India vis-à-vis E-commerce – Recent developments (Press Note 2 of 2018 Series)

☛ Non-reduction of MRP invokes Anti-profiteering law

☛ GST ON HEALTHCARE SERVICES

☛ Sweet Shop-Cum-Restaurant With Takeaway Facilities

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☛ Cus (NT) - Exchange Rates Notification No.05/2019-Custom(NT) dated 17.1.2019

☛ Co. Law - National Company Law Tribunal (Amendment) Rules, 2019

☛ FTP - Amendment in policy condition of Nicotinic Acid & Nicotinamide (Niacinamide/ niacin) under HS Code 29362920 of ITC (HS) 2017, Schedule - I (Import Policy)

☛ FTP - Incorporation of Appendix - V under ITC (HS) 2017, Schedule-I (Import Policy).

☛ 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 further amend notification No. 1/2017-Customs(ADD) dated 5th January, 2017 to prescribe ADD on exports from Janata Jute Mills Ltd., M/s. Aman Jute Fibrous Ltd. (Producer) and M/s IB Jute Corporation on the basis of final findings of the Designated Authority in this regard

☛ ADD - Seeks to rescind notification Nos.30/2018 - Customs(ADD) and 31/2018 - Customs (ADD) both dated 30.05.2018 that provided for provisional assessment of jute goods exported from Bangladesh or Nepal by M/s Janata Jute Mills Ltd., M/s. Aman Jute Fibrous Ltd. (Producer) and M/s IB Jute Corporation (Exporter/ Trader) till the final findings of New Shipper Review in this regard are recieved

☛ CGST - Seeks to amend notification No. 48/2017 to amend the meaning of Advance Authorisation

☛ PMLA - Seeks to amend Notification No. G.S.R. 381(E), dated the 27th June, 2006

☛ PMLA - Prevention of Money-laundering (Restoration of Confiscated Property) Amendment Rules, 2019

☛ Cus (NT) - Amendment in Notification No. 2/2019-CUSTOMS (N.T.), dated 3rd January, 2019

☛ FTP - Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

☛ Cus - Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

☛ SEZ - Central Government notifies an additional area of 1.4918 hectares, as a part of above Special Economic Zone, thereby making total area of the Special Economic Zone as 126.5412 hectares, at Village Panoli, Taluka Ankleshwar, District Bharuch in the State of Gujarat

☛ FTP - Errata to Notification No.49/2015-2020 dated 7th January, 2019 notifying Export Policy of Fertilisers under Chapter 31 of ITC(HS) Classification of Export and Import Items 2018

More Notifications

☛ SEBI - Norms for investment and disclosure by mutual funds in derivatives

☛ FEMA - External Commercial Borrowings (ECB) Policy – New ECB Framework

☛ SEBI - Guidelines for public issue of units of InvITs - Amendments

☛ SEBI - Guidelines for public issue of units of REITs - Amendments

☛ Service Tax - Applicability of Service Tax on Asian Development Bank (ADB) and International Finance Corporation (IFC)

☛ DGFT - Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

☛ DGFT - Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

☛ SEBI - Uniform membership structure across segments

☛ SEBI - Committees at Market Infrastructure Institutions (MIIs)

☛ SEBI - Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds

☛ SEBI - Cyber Security and Cyber Resilience framework for Mutual Funds / Asset Management Companies (AMCs)

☛ DGFT - Amendment in Standard Input-Output Norms (SION) at S.No. H-97

☛ Central Excise - Review of progress of implementation of Scheme of Budgetary Support to eligible industrial units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North East including Sikkim - clarification

☛ DGFT - Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website http://eodc.online

☛ DGFT - Directives for processing of application for MEIS claims under Foreign Trade Policy 2015-20

More Circulars

☛ Exchange Rate of Foreign Currency relating to the Imported and Export Goods Notified

☛ Competition Commission of India decides the Third Lesser Penalty case in respect of cartelisation in Indian Zinc-Carbon Dry Cell Batteries Market

☛ The 15th Finance Commission meets Government of Tripura

☛ 15th Finance Commission Begins Deliberations in Tripura

☛ Competition Commission of India(CCI) imposes Penalty on Chemists and Druggists Association of Baroda

☛ Group of Ministers (GoM) constituted on issues relating to lottery

☛ Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project

☛ Cabinet approves recapitalisation of Export-Import Bank of India

☛ 7-Member Group of Ministers (GoM) constituted for boosting the Real Estate Sector under the GST regime by providing a Composition Scheme for Residential Construction Units among others

☛ India’s Foreign Trade: December 2018

☛ Auction for Sale (Issue/Re-issue) of Government Stocks

☛ Womaniya on Government e Marketplace

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

☛ Fifteenth Finance Commission to visit Tripura

☛ Sovereign Gold Bond Scheme 2018-19 (Series V) to be opened for the period from 14th to 18th January, 2019; The Issue Price of the Bond during this subscription period shall be ₹ 3,214– per gram with the Settlement Date of January 22, 2019

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