☛ Customs: 100% EOU - eligibility for depreciation on capital goods - failure to comply with prescribed export obligation - As on the date of the impugned order, the appellant has been in existence for over a decade and, by application of the straight-line depreciation approved by the Central Board of Excise & Customs, the value of capital goods would be nil. Consequently, no duty liability would arise.

☛ Service Tax: CENVAT Credit - Rule 6(3) of CCR - If the appellant has not availed Cenvat credit in respect of ‘Common Cenvatable Input Services’ the provisions of Rule 6(3) would not get invoked.

☛ Service Tax: Business Auxiliary Services - place of supply of service - the entire expenditure incurred by the appellant was for hiring of stall in a foreign country and participating in the exhibitions - there is no evidence on record to establish that any part of the services thereof were performed in India.

☛ Service Tax: Reverse Charge Mechanism - appellants had made remittances in foreign currency - Revenue could not make out the case that the remittances were for the purpose of receiving any services from foreign country - on the said remittances service tax was not leviable.

☛ Service Tax: Adjustment of sanctioned rebate against alleged interest - un-adjudicated and un-confirmed Interest - there was no interest proceeding initiated against the assessee. - adjustment of sanctioned rebate claims against the non adjudged interest amount is not permissible.

☛ Central Excise: Exemption from duty of Central Excise - captive consumption - ‘naphtha’ - ‘Bombay High gas oil’ - BHGO and naphtha used in the generation of electricity, which in turn has been used for purposes other than manufacture of excisable goods, the appellant would be liable to Excise duty thereon.

☛ Central Excise: Reversal of CENVAT Credit - in respect of clearance of Rectified Spirit, Un-denatured Ethyl Alcohol and Ethyl Natural Alcohol, there was not even need to pay 8% or 10% of the value of the said goods in terms of the Rule 6 (3) (b).

☛ Central Excise: Reversal of Cenvat Credit - Admittedly, in this case exemption is not absolute. In that circumstances, the provisions of Rule 11 (3) (2) are not applicable to the facts of this case, therefore, the Cenvat credit lying unutilized on 01.04.2006 shall not lapse and same can be utilized by the appellant latter on.

☛ Central Excise: Classification of machine - capability to perform function of sewing machine and/or to perform function of embroidery machine - In case the machine worked for both the functions, they have to be held as sewing machine classifiable under the head 84.52 and entitled to the exemption.

☛ GST: Classification of goods - ‘Leno Bags’, made by the Applicant and declared by them to be made from woven Polypropylene fabric using strips or the like of width not exceeding 5 mm and without any impregnation, coating, covering, or lamination with plastics, are to be classified under Tariff Sub Heading 63053300.

More Highlights

☛ Presumptive taxation – An analysis under different scenario

☛ FIRST FORMAL NOTICE U.S. 143.2 – LONG TIME SHOULD BE ALLOWED- time allowed of few days is un-necessarily putting pressure on all- is it just to harass assesses and tax professionals?

☛ BLOCK JOINING MORTAR: GST @ 18%, NOT 28%

☛ NOTARY PUBLIC

☛ TCS PROVISIONS ON ELECTRONIC COMMERCE OPERATOR w.e.f. 01.10.2018

☛ ARBITRATION COUNCIL OF INDIA

☛ INDUS MOBILE DISTRIBUTION PRIVATE VS DATAWIND INNOVATIONS PVT. LTD: A CASE COMMENT

☛ Restructuring Corporate Offenses: Government Appointed Panel Suggests in-house adjudication system

☛ COLLECTION OF TAX AT SOURCE UNDER ‘GST’

☛ PART I: GST AUDIT REPORT COMMENTARY

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☛ Co. Law - Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018

☛ Co. Law - Companies (Registration Offices and Fees) Fifth Amendment Rules, 2018

☛ Co. Law - Companies (Indian Accounting Standards) Second Amendment Rules, 2018

☛ Cus (NT) - Exchange Rates Notification No.81/2018-Custom(NT) dated 20.9.2018

☛ CGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies

☛ IGST Rate - Seeks to insert explanation in an entry in notification No. 9/2017 – Integrated Tax (Rate) by exercising powers conferred under section 6(3) of IGST Act, 2017.

☛ UTGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Union Territory Tax (Rate) by exercising powers conferred under section 8(3) of UTGST Act, 2017.

☛ CGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017

☛ IGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for inter-State taxable supplies

☛ Co. Law - Central Government appoints the 19th September 2018, as the date on which the provisions of section 37 of the Companies (Amendment) Act, 2017 shall come into force

☛ Co. Law - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2018

☛ Cus (NT) - Exchange Rates Notification No.80/2018-Custom(NT) dated 19.9.2018

☛ LLP - Limited Liability Partnership (Second Amendment) Rules, 2018

☛ Cus - Amendment to Customs Exemption Notifications No. 24/2015-Customs dated 08.04.2015 to align it with amendment in Foreign Trade Policy

☛ IT - U/s 35(1) (ii) of IT Act 1961 Central Government approved for organization . M/s Indian Council of Medical Research

More Notifications

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

☛ Customs - Sanction of pending IGST refund claims where the records have not been transmitted from the GSTN to DG Systems-reg.

☛ FEMA - External Commercial Borrowings (ECB) Policy - Liberalisation

☛ Goods and Services Tax - Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases

☛ Customs - Customs procedure for export of cargo in containers and closed bodied trucks from ICDs/CFSs through Land Customs Stations (LCSs) - Reg.

☛ DGFT - Charging of Fees for REX Registration — reg.

☛ Goods and Services Tax - Guidelines for Deductions and Deposits of TDS by the DDO under GST

☛ Goods and Services Tax - Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular Nos. 41/15/2018-GST dated 13.04.2018 and 49/23/2018-GST dated 21.06.2018 - regarding

☛ Goods and Services Tax - Clarification regarding processing of refund claims filed by UIN entities – regarding

☛ DGFT - 'To do list for SCOMET Policy/Procedure' for feedback/inputs from industry for simplification of licensing procedure of SCOMET items - regarding

☛ Customs - Safeguard duty on Solar cells whether or not assembled in modules or panels - regarding

☛ DGFT - One time relaxation for regularisation and issue of EODC for exports made prior to imports where Advance Authorisation issued for import of Natural Rubber/ Silk – reg.

☛ DGFT - Allocation of preferential export of sugar to USA under TRQ for the year 2018-19

☛ Goods and Services Tax - Levy of GST on Priority Sector Lending Certificates (PSLC) – regarding

☛ DGFT - Guidelines to apply for MEIS under the System Driven approval mechanism for MEIS applications for shipping bills from EDI ports

More Circulars

☛ Preventive Vigilance – The Key Tool of Good Governance at Public Sector Institutions (Urjit R. Patel, Governor, Reserve Bank of India - September 20, 2018 - at the Central Vigilance Commission, New Delhi)

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

☛ Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately ₹ 79.21 crore on the taxable value of concocted supplies of ₹ 450 crore

☛ Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19

☛ I-T Dept inspects books of Jet Airways

☛ Cabinet approves equity infusion of RCF in Talcher Fertilizers Ltd.

☛ Cabinet approves Revised Cost Estimate of Dam rehabilitation and Improvement Project

☛ Prime Minister to lay foundation stone of world class Convention centre in New Delhi

☛ Abundant Opportunities for Australian Superfunds to Invest In India : Suresh Prabhu

☛ CCI approves the combination of Linde Aktiengesellschaft and Praxair, Inc. under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the Anti-competitive effects resulting from the said combination.

☛ CCI imposes penalties upon Sugar Mills and their Associations for rigging the bids in respect of Joint Tender floated by Oil Marketing Companies for procurement of Ethanol for blending with Petrol

☛ India signs Financing Loan Agreement with the World Bank for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)

☛ Suresh Prabhu Urges G-20 Members to Focus on Services for Enhancing Global Trade

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

☛ Government initiates consolidation – amalgamated entity to be India’s third largest bank

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