Foreign Exchange Management - FEMA Statutory provisons Acts, Rules and Regulations

Highlight: Petition u/s 119(2)(a) seeking waiver of interest u/s 234C - assessee-Company could not have contended that it could not anticipate the accrual of income u/s 115JB - interest liability confirmed - HC

Highlight: Can rejection of books of accounts u/s 145(3) be at the instance of the assessee? - There is nothing in the said provisions when empower the assessee to request the AO to reject his books of accounts.

Highlight: TPA - recovery of expenses - it is pure reimbursement of expenses incurred and no service element is involved - AO/TPO is directed to treat the transaction to be at ALP and adjustment to be made at Rs. Nil.

Highlight: Levy of penalty u/s 271BA - failure to furnish report in form No. 3CEB as required u/s 92E r/w rule 10E - Mere ignorance and bonafide belief that will not be considered as reasonable cause to delete the penalty.

Highlight: Refund claim - amount paid under the first bill of entry - the filing of advance bill of entry with deposit of duty amount, did not materialize inasmuch as, on account of some mistake in respect of bill of lading, the goods were not cleared against the said bill of entry - refund allowed.

Highlight: Challenge to the communication from the department regarding service tax liability - such Organizations cannot claim exemption or immunity from such payment of tax on their own, nor they can refuse to appear before the concerned competent authority and make out their case - HC

Highlight: Intellectual property service - If an intangible property right was to refer to a right which is recognised by any country, then the legislature would not have used the expression under any law for the time being in force.

Highlight: Duty on Waste and scrap - N/N. 89/95-CE - Since in this case, the factory is producing both type of goods, the benefit of exemption is not available to the appellant.

TMI Note: Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manufacturing process is not relevant, what is relevant is sale of goods.

Highlight: Reversal of Input tax credit on exempted by-product - de-oiled cake fits into the definition of “goods” and this commodity is exempt from payment - it is the sale of goods which triggers the provisions of Section 17 of KVAT Act. Whether it is by-product or manufactured product is immaterial and irrelevant. - SC

Highlight: Input tax credit (ITC) - Legislature has intended to give tax credit to some extent - However, how much tax credit is to be given and under what circumstances, is the domain of the Legislature and the courts are not to tinker with the same - SC

Highlight: Classification of goods - aloe vera juice - whether aloe vera juice is covered by the expression "processed or preserved vegetable"? - Held Yes - HC

Article: Can the filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

Article: AGGREGATE TURNOVER

Article: GST on Hotel industry

Highlight: CGST exempt goods notified under section 11 (1) - Notification as amended

Highlight: Absolute Exemption from IGST on inter-State supplies of goods - Notification as amended

Highlight: CGST Rate Schedule u/s 9(1) - notifying rates of CGST @ 2.5%, 6%, 9%, 14%, 1.5% and 0.125% on Supply of Goods - Notification as amended by notification dated 22/9/2017

Highlight: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification no. 1/2017 as amended vide notification dated 22-9-2017

News: Note ban was a shake-up, achieved its main objectives

Forum: GST on RCM on rent in a unregistered state

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

News: Notification Issued For GST Actionable Claim On Branded Food Products

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

News: GST implementation smoother than expected: Jaitley

Forum: GST Invoice

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review

Circular: Issuance of Rupee Denominated Bonds (RDBs) Overseas

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 2/2017- Union territory Tax (Rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 5/2017- Union Territory Tax (Rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no.1/2017-Union territory Tax (Rate), dated the 28th June, 2017 to give effect to gst council decisions regarding gst rates

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Forum: PROCEDURE FOR SHIFTED OF FINISHED GOODS FROM AP KARNATAKA TO UP

Forum: Applicability of GST on payment prior to dispatch of goods

TMI Note: Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

TMI Note: ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

TMI Note: Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

TMI Note: When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

TMI Note: What is the scope of Going Concern as per ICDS I.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).