TMI Tax Updates - e-Newsletter
January 22, 2018
Case Laws in this Newsletter:
Articles
By: Pragya Rajpurohit
Summary: The 25th GST Council meeting clarified the tax status of healthcare services, addressing confusion since GST's implementation. Previously, healthcare services were exempt, but ancillary services like food and rental were taxable. The council confirmed that all services provided by hospitals, including those by doctors and technicians, are exempt as healthcare services. Food for in-patients is part of healthcare and exempt, while food for non-admitted patients or visitors remains taxable. The clarification resolved debates on whether surgical services should be considered mixed or composite supplies, affirming their exemption as part of healthcare services.
By: DR.MARIAPPAN GOVINDARAJAN
Summary: The 25th GST Council meeting in New Delhi, chaired by the Finance Minister, focused on tax exemptions, rate changes, and eligibility criteria. Key decisions included reducing GST rates for various goods, such as old motor vehicles, buses on bio-fuels, sugar confectionery, and LPG for domestic use. Certain goods saw increased rates, like cigarette filter rods. The Council also recommended exemptions for specific services, including legal services to government entities, transportation of goods abroad, and educational services. Changes in compensation cess and service tax rates were also discussed, affecting sectors like construction, transportation, and entertainment. These decisions await formalization through official notifications.
By: Bimal jain
Summary: The 25th GST Council meeting, led by the Finance Minister, focused on revising GST rates for 82 items and simplifying return filing processes. Key outcomes included reducing late fees for specific GST forms, allowing voluntary registration cancellations, and extending the deadline for registration cancellation for migrated taxpayers. The Council also addressed GST rate changes for various services, including healthcare, education, and transportation, as well as goods such as motor vehicles and sugar confectionery. Additionally, the meeting highlighted the need for a simplified return filing system and discussed potential inclusion of petroleum and real estate under GST, though no final decisions were made.
News
Summary: The Goods and Services Tax (Compensation to States) Amendment Act, 2017, received presidential assent and was published for general information. The Act amends the Goods and Services Tax (Compensation to States) Act, 2017, and is retroactively effective from September 2, 2017. Key amendments include the insertion of a new category for motor vehicles transporting up to thirteen persons, with a tax rate of twenty-five percent ad valorem. Additionally, the amendment ordinance of 2017 is repealed, but actions taken under it are validated under the amended Act.
Summary: The Tis Hazari Court has ordered the judicial custody of the Director of a Delhi-based real estate and IT company for failing to deposit deducted Income Tax TDS into the government account for fiscal years 2013-14 to 2015-16. Despite show cause notices, the company did not provide explanations for the defaults, leading to a criminal complaint and a non-bailable warrant. The Director was arrested and sent to Tihar Jail. The Principal Chief Commissioner of Income Tax emphasized the importance of timely TDS deposits and warned of strict actions, including imprisonment, against defaulters, underscoring the department's commitment to enforcement.
Summary: The Insolvency and Bankruptcy Code (Amendment) Act, 2018, amends the 2016 Code, effective from November 23, 2017. Key changes include expanding the applicability to personal guarantors, partnership, and proprietorship firms. It redefines "resolution applicant" and sets eligibility criteria for submitting resolution plans, excluding undischarged insolvents, willful defaulters, and others with specific disqualifications. The Act mandates creditor approval for resolution plans with a 75% voting share and prohibits liquidators from selling assets to ineligible applicants. It introduces penalties for unspecified violations and repeals the 2017 Ordinance, maintaining actions taken under it.
Summary: The International Monetary Fund (IMF) and the World Bank released two Detailed Assessment Reports (DARs) as part of the 2017 India Financial Sector Assessment Program. The reports evaluate India's adherence to Basel Core Principles for banking supervision and the Clearing Corporation of India Limited's central counterparty and trade repository. The IMF and World Bank commend India's Reserve Bank for its strengthened banking supervision and regulatory improvements. The reports highlight the implementation of risk-based supervision, liquidity coverage, and large exposure limits. Banking reforms, including the Indradhanush Plan, have enhanced transparency and discipline, addressing bad loan issues and under-capitalization in public sector banks.
Notifications
Companies Law
1.
F. No. A-35013/01/2017-Ad.III-MCA - S.O. 336(E) - dated
16-1-2018
-
Co. Law
Central Government appoints Shri Amardeep Singh Bhatia, IAS (NL : 93) as Director in the Serious Fraud Investigation Office, on lateral shift basis, with effect from the 08th January, 2018 (A/N) to 25th March, 2020
Summary: The Central Government has appointed an individual as Director in the Serious Fraud Investigation Office on a lateral shift basis. This appointment is effective from January 8, 2018, in the afternoon, until March 25, 2020, or until further orders, whichever comes first. This decision is made under the authority granted by the Companies Act, 2013. The notification was issued by the Ministry of Corporate Affairs on January 16, 2018, and is documented under reference number F. No. A-35013/01/2017-Ad.III-MCA.
DGFT
2.
45/2015-2020 - dated
19-1-2018
-
FTP
Export Policy of Onions- Imposition of Minimum Export Price (MEP)
Summary: The Government of India has amended its export policy on onions, effective immediately, by imposing a Minimum Export Price (MEP) of US$ 700 F.O.B. per Metric Ton. This policy applies to specific onion varieties listed under Serial Numbers 51 and 52 of Chapter 7 in the ITC (HS) Classification of Export & Import Items. Exports will be permitted only through a Letter of Credit (LC) until February 20, 2018. This amendment revises the previous MEP from US$ 850 to US$ 700, as per the notifications dated November 23, 2017, and December 29, 2017.
GST - States
3.
FA-3-86/2017-1-V-(161) - dated
29-12-2017
-
Madhya Pradesh SGST
Extend the Time period for furnishing the details in FORM GSTR-1.
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, has extended the deadlines for registered persons with an aggregate turnover of up to 1.5 crore rupees to submit details in FORM GSTR-1. For the quarter of July to September 2017, the new deadline is January 10, 2018; for October to December 2017, it is February 15, 2018; and for January to March 2018, it is April 30, 2018. This extension is in line with the recommendations of the GST Council and will be officially notified in the Gazette.
4.
FA-3-76/2017-1-V-(163) - dated
29-12-2017
-
Madhya Pradesh SGST
The Madhya Pradesh Goods and Services Tax (Amendment) Rules, 2017.
Summary: The Madhya Pradesh Goods and Services Tax (Amendment) Rules, 2017, were enacted by the state government under section 164 of the Madhya Pradesh GST Act, 2017. These amendments include changes to several rules, such as the introduction of sub-rules in rules 17 and 19, adjustments to the refund formula for zero-rated supplies in rule 89, and modifications to the application process for refunds in rule 95. Additionally, new forms like GST REG-10 and GSTR-11 have been introduced or revised to accommodate these changes. These amendments aim to streamline GST processes and clarify refund procedures.
5.
FA-3-33/2017-1-V-(162) - dated
29-12-2017
-
Madhya Pradesh SGST
Waiver the late fee payable in FORM GSTR-4.
Summary: The Madhya Pradesh State Government, under section 128 of the Madhya Pradesh Goods and Services Tax Act, 2017, has waived the late fee payable under section 47 for failing to submit FORM GSTR-4 by the due date. The waiver applies to any registered person, reducing the late fee to twenty-five rupees per day. If the total payable amount in the return is nil, the late fee is further reduced to ten rupees per day. This decision follows recommendations from the Council and is issued by the Deputy Secretary in the name of the Governor of Madhya Pradesh.
6.
FA-3-91/2017-1-V-(159) - dated
21-12-2017
-
Madhya Pradesh SGST
The Madhya Pradesh Goods and Services Tax (Amendment) Rules, 2017
Summary: The Madhya Pradesh Goods and Services Tax (Amendment) Rules, 2017, effective upon publication in the Official Gazette, introduce modifications to the state's GST framework. Notable changes include revisions to FORM GSTR-1, specifically Table 6, which now details zero-rated supplies and deemed exports. Amendments to FORM GST RFD-01 and FORM GST RFD-01A address refund claims for deemed export supplies. These forms now include new statements and declarations, clarifying refund conditions for both recipients and suppliers. The amendments aim to streamline the refund process and ensure compliance with the Madhya Pradesh GST Act provisions.
7.
FA-3-78/2017-1-V-(158) - dated
5-12-2017
-
Madhya Pradesh SGST
Constitutes the Madhya Pradesh Authority, for Advance Ruling
Summary: The State Government of Madhya Pradesh has established the Madhya Pradesh Authority for Advance Ruling under the Madhya Pradesh Goods and Services Tax Act, 2017. This authority is constituted at the Office of the Commissioner of Commercial Tax in Indore, with the postal code 452007. The notification was issued by the Deputy Secretary in the name of the Governor of Madhya Pradesh on December 5, 2017, under the powers granted by Section 96 of the Act.
8.
FA-3-86/2017-1-V-(153) - dated
15-11-2017
-
Madhya Pradesh SGST
Recommendations of the Council, notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year.
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, mandates registered persons with an aggregate turnover of up to 1.5 crore rupees in the preceding or current financial year to follow a special procedure for reporting outward supply details. These details must be submitted in FORM GSTR-1 for specified quarters by the deadlines: July-September 2017 by December 31, 2017; October-December 2017 by February 15, 2018; and January-March 2018 by April 30, 2018. Further notifications regarding extensions or special procedures for July 2017 to March 2018 will be published in the Official Gazette.
9.
FA-3-85/2017-1-V-(150) - dated
15-11-2017
-
Madhya Pradesh SGST
Waiver the amount of late fee payable furnish the return in FORM GSTR-3B.
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, has waived the late fee for registered persons failing to submit FORM GSTR-3B returns from October 2017 onwards by the due date. The waiver applies to fees exceeding twenty-five rupees per day. For returns with no state tax payable, the waiver applies to fees exceeding ten rupees per day. This decision follows recommendations from the Council and is executed by the authority of the Governor of Madhya Pradesh.
10.
FA-3-84/2017-1-V-(152) - dated
15-11-2017
-
Madhya Pradesh SGST
Electronic Commerce Operator Who is required to collect tax at source under section 52.
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, specifies that individuals providing services through an electronic commerce operator, who are required to collect tax at source under Section 52, and whose aggregate turnover does not exceed twenty lakh rupees annually, are exempt from obtaining registration under the Act. This exemption is based on the recommendations of the Council and applies to services not specified under sub-section (5) of Section 9. The notification is issued by the Commercial Tax Department in Bhopal, under the authority of the Governor of Madhya Pradesh.
11.
FA-3-83/2017-1-V-(154) - dated
15-11-2017
-
Madhya Pradesh SGST
The Madhya Pradesh Goods and Services Tax Rules, 2017.
Summary: The Madhya Pradesh State Government has issued amendments to the Madhya Pradesh Goods and Services Tax Rules, 2017, under the authority of Section 164 of the Madhya Pradesh Goods and Services Tax Act, 2017. Key changes include clarifications on exempt supplies, modifications to rules regarding the issuance of supplier documents, and provisions for manual filing and processing of applications and notices. Additionally, new rules for the appointment of appellate authorities and the introduction of forms for refund applications have been established. These amendments are effective from their publication date in the Official Gazette.
12.
FA-3-82/2017-1-V-(155) - dated
15-11-2017
-
Madhya Pradesh SGST
Last date for filling of return in FORM GSTR-3B.
Summary: The Commissioner of State Tax in Madhya Pradesh has specified the deadlines for filing the GSTR-3B return under the Madhya Pradesh Goods and Services Tax Act, 2017. The returns for January, February, and March 2018 must be submitted electronically by February 20, March 20, and April 20, 2018, respectively. Taxpayers are required to settle their tax liabilities, including any interest, penalties, or fees, by debiting their electronic cash or credit ledger by these deadlines. This directive is issued under the authority of Section 168 of the Act and relevant rules.
13.
FA-3-68/2017-1-V-(151) - dated
15-11-2017
-
Madhya Pradesh SGST
Notifies the registered person who did not opt for the composition levy under section 10.
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, notifies registered persons who did not opt for the composition levy under Section 10. These individuals are required to pay state tax on the outward supply of goods at the time of supply, as specified in Section 12(2)(a) of the Act, including situations covered by Section 14. They must furnish details and returns as per Chapter IX of the Act and adhere to the prescribed tax payment period. This notification supersedes the previous one dated 13th October 2017.
14.
FA-3-81/2017-1-V-(144) - dated
14-11-2017
-
Madhya Pradesh SGST
Recommendations of the Council, hereby exempts the goods amount calculated at the rate of 2.5 per cent.,
Summary: The Madhya Pradesh State Government, under the Madhya Pradesh Goods and Services Tax Act, 2017, exempts certain goods from state tax exceeding 2.5% when supplied to specified institutions. Eligible institutions include public-funded research institutions, research institutions, government departments and laboratories, and regional cancer centers. The exemption applies to scientific instruments, equipment, software, and live animals for research purposes. Institutions must provide certificates from authorized officials to confirm the goods' research use. The notification, effective from November 1, 2017, ensures that these goods are not transferred or sold within five years of installation.
15.
FA-3-37/2017-1-V-(149) - dated
14-11-2017
-
Madhya Pradesh SGST
Amendments in this department's notification No. FA3-37/2017/1/FIVE(65) dated the 30th June, 2017,
Summary: The Madhya Pradesh State Government has amended its notification dated June 30, 2017, under the Madhya Pradesh Goods and Services Tax Act, 2017. Effective November 15, 2017, the amendment involves the insertion of a new entry in the notification's table. This addition, labeled as serial number 4A, pertains to raw cotton, specifying that it involves transactions between agriculturists and any registered person. The amendment follows the recommendations of the Council and is issued under the authority of the Deputy Secretary in the name of the Governor of Madhya Pradesh.
16.
FA-3-36/2017-1-V-(146) - dated
14-11-2017
-
Madhya Pradesh SGST
Amendments in this department's Notification No. FA-3-36/2017/1/FIVE (66) dated the 30th June, 2017.
Summary: The Commercial Tax Department of Madhya Pradesh has issued amendments to its previous notification dated June 30, 2017, under the Madhya Pradesh Goods and Services Tax Act, 2017. Effective November 19, 2017, the amendments revise the entries in the notification's table, specifically replacing the entries for serial number 6A with new classifications. The updated entries include knotted netting of twine, cordage, or rope; made-up fishing nets; corduroy fabrics; and narrow woven fabrics, excluding certain specified goods. These changes are made on the recommendations of the Council and are authorized by the State Government.
17.
FA-3-35/2017-1-V-(148) - dated
14-11-2017
-
Madhya Pradesh SGST
Amendments in the Notification No. FA-3-35/2017-1-V-(63), dated 30.06.2017
Summary: Amendments have been made to Notification No. FA-3-35/2017-1-V-(63) dated June 30, 2017, under the Madhya Pradesh State Goods and Services Tax (SGST). The updated notification, referenced as FA-3-35/2017-1-V-(148), was issued on November 14, 2017. These changes pertain specifically to the SGST regulations within the state of Madhya Pradesh.
18.
FA-3-32/2017-1-V-(145) - dated
14-11-2017
-
Madhya Pradesh SGST
Amendments in the Notification No. FA-3-32-2017-1-V(41) dated 29.06.2017.
Summary: The notification amends the Madhya Pradesh Goods and Services Tax Act, 2017, effective from November 15, 2017. It revises provisions related to works contracts and services provided by restaurants and similar establishments. Specifically, it redefines "composite supply of works contract" and adjusts tax rates for food and beverage services based on location and accommodation tariffs. The notification also includes a provision for the manufacture of handicraft goods, aligning its definition with a prior notification. These amendments are aimed at clarifying tax liabilities and conditions under the Madhya Pradesh SGST framework.
19.
A-3-42/2017-1-V-(147) - dated
14-11-2017
-
Madhya Pradesh SGST
Amendments in this department's Notification No. FA-3-42/2017/1/V/(53) dated 30.06.2017.
Summary: The Madhya Pradesh State Government has amended its notification dated 30th June 2017 under the Madhya Pradesh Goods and Services Tax Act, 2017. Changes include the substitution of services provided by Fair Price Shops to government entities under the Public Distribution System for commission or margin, the omission of serial number 11B, and the addition of a new entry, 79A, which exempts services related to admission to protected monuments under relevant Acts from tax. These amendments take effect from 15th November 2017, as ordered by the Deputy Secretary.
20.
01/2018-State Tax - dated
1-1-2018
-
Maharashtra SGST
Amendment in the Notification No.8/2017-(ST) to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers.
Summary: The Government of Maharashtra has amended Notification No. 8/2017-State Tax to revise the effective tax rate under the composition scheme for manufacturers and other suppliers. The amendment, effective from January 1, 2018, changes the tax rate in clause (i) from "one per cent" to "half per cent" and specifies in clause (iii) that the "half per cent" applies to the turnover of taxable supplies of goods. This amendment is issued under the Maharashtra Goods and Services Tax Act, 2017, following recommendations from the Council.
21.
44/2017-State Tax (Rate) - dated
14-11-2017
-
Maharashtra SGST
Amendments in the Government Notification of the Finance Department, No. MGST-1017/C.R. 103(4)/Taxation.-1 [No.5/2017-State Tax (Rate)], dated the 29th June 2017.
Summary: The Government of Maharashtra has amended its notification under the Maharashtra Goods and Services Tax Act, 2017, as per the recommendations of the Council. The amendments involve changes to the entries in the notification's table, specifically replacing the entries for Sr. No. 6A with "Knotted netting of twine, cordage or rope; made up fishing nets and other made up nets, of textile materials," Sr. No. 6B with "Corduroy fabrics," and Sr. No. 6C with "Narrow woven fabrics, other than goods of heading 5807; narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs)." These changes take effect from November 15, 2017.
22.
43/2017-State Tax (Rate) - dated
14-11-2017
-
Maharashtra SGST
Amendment in the Notification of the Government Notification of the Finance Department No. MGST-1017/C.R.103(3)/Taxation-1 [No.4/2017-State Tax (Rate)], dated the 29th June 2017.
Summary: The Government of Maharashtra has amended the notification No. MGST-1017/C.R.103(3)/Taxation-1, dated 29th June 2017, under the Maharashtra Goods and Services Tax Act, 2017. This amendment, effective from 15th November 2017, adds a new entry in the notification's table, specifically serial number 4A, concerning raw cotton. The amendment specifies that the supply of raw cotton by an agriculturist to any registered person will be subject to the provisions outlined. This change is made in the public interest based on the recommendations of the GST Council.
23.
42/2017-State Tax (Rate) - dated
14-11-2017
-
Maharashtra SGST
Amendments in the Notification of the Government of Maharashtra in the Finance Department No. MGST. 1017/C.R. 103(1)/Taxation-1 [No. 2/2017- State Tax (Rate)], dated the 29th June 2017.
Summary: The Government of Maharashtra has issued amendments to its notification regarding the Maharashtra Goods and Services Tax Act, 2017. These amendments modify specific entries in the tax rate schedule, including changes to goods categories such as fresh or chilled products, brand name conditions, and the inclusion of new items like guar meal and uranium ore concentrate. The notification specifies conditions for items bearing registered brand names and actionable claims. Additional entries have been inserted, while some have been omitted. The changes take effect from November 15, 2017, as authorized by the Deputy Secretary to the Government.
24.
41/2017-State Tax (Rate) - dated
14-11-2017
-
Maharashtra SGST
Amendments in the Notification of the Government in the Finance Department, No. MGST.1017/C.R.104 (a)/Taxation.-1 [No.1/2017- State Tax (Rate)], dated the 29th June 2017
Summary: The Government of Maharashtra has issued amendments to the notification No. MGST.1017/C.R.104(a)/Taxation-1 [No.1/2017- State Tax (Rate)], initially published on June 29, 2017, under the Maharashtra Goods and Services Tax Act, 2017. These amendments, made under the authority of section 9(5) of the Act and based on the Council's recommendations, were formalized on November 14, 2017. The original notification and its subsequent amendments were documented in the Maharashtra Government Gazette. The changes are authorized by the Deputy Secretary to the Government, in the name of the Governor of Maharashtra.
25.
G.O. (Ms) No. 190 - dated
30-12-2017
-
Tamil Nadu SGST
Amendment in Notification No. II(2)/CTR/532(d-1)/2017 dated 29/06/2017
Summary: The Governor of Tamil Nadu, under the powers granted by the Tamil Nadu Goods and Services Tax Act, 2017, has amended Notification No. II(2)/CTR/532(d-1)/2017. The amendments involve changes to the tax rates specified in the notification. Specifically, the rate in clause (i) is changed from "one per cent." to "half per cent.," and in clause (iii), the wording is altered from "half per cent. of the turnover" to "half per cent. of the turnover of taxable supplies of goods." These changes are effective as per the recommendations of the Council.
26.
G.O. (Ms) No. 187 - dated
29-12-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Rules, 2017- Provisions relating to E-Way Bill - coming into force - Notification - issued
Summary: The Government of Tamil Nadu has issued a notification under the Tamil Nadu Goods and Services Tax Act, 2017, appointing February 1, 2018, as the effective date for implementing specific provisions related to the E-Way Bill. These provisions are detailed in serial numbers 2(vii) and 2(viii) of a prior notification published in the Tamil Nadu Government Gazette on August 30, 2017. This notification was issued by the Commercial Taxes and Registration Department, with the authority vested by section 164 of the Act.
27.
G.O. (Ms) No. 186 - dated
29-12-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Act,2017 - Failure to furnish the return in FORM GSTR-4 - Waiver of late fee payable under section 47 - Notification - issued
Summary: The Government of Tamil Nadu, under the Tamil Nadu Goods and Services Tax Act, 2017, has issued a notification waiving the late fee for registered persons who fail to submit FORM GSTR-4 by the due date. The waiver reduces the late fee to twenty-five rupees per day of delay. If there is no state tax payable in the return, the late fee is reduced to ten rupees per day. This decision, recommended by the Council, aims to alleviate the financial burden on taxpayers who miss the filing deadline.
28.
G.O. (Ms) No. 185 - dated
29-12-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Rules, 2017 - Return filing procedure for registered persons having aggregate turnover of upto 1.5 crore rupees - Notification - issued
Summary: The Tamil Nadu government issued a notification under the Tamil Nadu Goods and Services Tax Act, 2017, allowing registered persons with an aggregate turnover of up to 1.5 crore rupees to follow a special procedure for filing their GST returns. This notification supersedes a previous one from November 19, 2017. It specifies that these registered persons can furnish details of outward supplies in FORM GSTR-1 for the quarters July-September 2017, October-December 2017, and January-March 2018, with deadlines on January 10, 2018, February 15, 2018, and April 30, 2018, respectively. Future extensions or procedures will be announced in the Official Gazette.
29.
G.O. (Ms) No. 171 - dated
17-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Constitution of the Tamil Nadu Appellate Authority for Advance Ruling - Notification - Issued
Summary: The Governor of Tamil Nadu, exercising powers under section 99 of the Tamil Nadu Goods and Services Tax Act, 2017, has constituted the Tamil Nadu Appellate Authority for Advance Ruling. This authority will hear appeals against decisions made by the Advance Ruling Authority. The Appellate Authority comprises the Commissioner of State Tax and the Principal Chief Commissioner of the Chennai GST and CX Zone. The notification was issued by the Additional Chief Secretary to the Government.
30.
G.O. (Ms) No. 169 - dated
15-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Extension of time limit for filing of FORM GSTR-4 - Amendment to Notification issued by the Commissioner of State Tax - Notification - Issued.
Summary: The Government of Tamil Nadu has amended a previous notification regarding the filing deadline for FORM GSTR-4 under the Tamil Nadu Goods and Services Tax Act, 2017. The amendment extends the deadline from November 15, 2017, to December 24, 2017. This change is made under the authority granted by subsection (6) of section 39, in conjunction with section 168 of the Tamil Nadu GST Act. The notification was issued by the Commissioner of State Tax and signed by the Additional Chief Secretary to the Government.
31.
G.O. (Ms) No. 168 - dated
15-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Payment of tax at the time of issuance of invoice - Notification - Issued.
Summary: The Government of Tamil Nadu, under the Tamil Nadu Goods and Services Tax Act, 2017, issued a notification mandating that registered persons who have not opted for the composition levy must pay state tax on outward supplies of goods at the time of supply. This requirement aligns with section 12(2)(a) and section 14 of the Act. These registered persons are also required to submit details and returns as outlined in Chapter IX of the Act and its rules. This notification supersedes a previous notification from October 13, 2017, except for actions already completed under that notification.
32.
G.O. (Ms) No. 167 - dated
15-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Exemption from obtaining registration for supplies made through electronic commerce operator - Notification - Issued
Summary: The Tamil Nadu Goods and Services Tax Act, 2017, exempts certain service providers from obtaining GST registration when supplying through electronic commerce operators. This exemption applies to those with an aggregate turnover not exceeding twenty lakh rupees annually across India. For "special category States" (excluding Jammu and Kashmir), the turnover threshold is ten lakh rupees. This notification, issued by the Governor of Tamil Nadu on the Council's recommendation, specifies that these providers are not required to register under the Act if they meet the stated criteria.
33.
G.O. (Ms) No. 166 - dated
15-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Waiver of late fee payable under section 47 - Notification - Issued
Summary: The Government of Tamil Nadu, under the Tamil Nadu Goods and Services Tax Act, 2017, has issued a notification waiving late fees for registered persons who fail to submit their GSTR-3B returns on time for October 2017 onwards. The waiver reduces the late fee to twenty-five rupees per day, and if no state tax is payable, the fee is reduced to ten rupees per day. This decision was made based on recommendations from the Council and is authorized by the Governor of Tamil Nadu.
34.
G.O. (Ms) No. 165 - dated
15-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Rules, 2017 - Return filing procedure for registered persons having aggregate turnover of upto 1.5 crores rupees - Notification - Issued
Summary: The Tamil Nadu government, under the Tamil Nadu Goods and Services Tax Act, 2017, has issued a notification for registered persons with an aggregate turnover of up to 1.5 crore rupees. These individuals are required to follow a special procedure for filing details of outward supplies in FORM GSTR-1. The filing deadlines for the quarters of July-September 2017, October-December 2017, and January-March 2018 are set as December 31, 2017, February 15, 2018, and April 30, 2018, respectively. Further notifications regarding special procedures or time extensions will be published in the Official Gazette.
35.
G.O. (Ms) No. 163 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Act, 2017 - Services exempt from State Tax - Amendments - Notification - Issued
Summary: The Government of Tamil Nadu has issued amendments to the Tamil Nadu Goods and Services Tax Act, 2017, under the Commercial Taxes and Registration Department. Effective from November 15, 2017, these amendments include changes to the services exempt from state tax. Specifically, services provided by Fair Price Shops to government entities under the Public Distribution System will be exempt when compensated through commission or margin. Additionally, services related to admission to protected monuments under relevant acts will also be exempt from state tax. Certain previous entries, such as serial number 11B, have been removed from the notification.
36.
G.O. (Ms) No. 162 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Act, 2017 - Rate of State Tax on services - Amendments - Notification - Issued
Summary: The Tamil Nadu government issued amendments to the Tamil Nadu Goods and Services Tax Act, 2017, affecting the rate of state tax on services. Key changes include revising definitions and tax rates for services such as composite supply of works contracts and food services provided by restaurants and similar establishments. Notably, food services in certain premises with a declared tariff of Rs. 7,500 or above per day will attract a 9% tax rate, while others will be taxed at 2.5% without input tax credit. Additionally, the manufacture of handicraft goods is included under taxable services. These amendments take effect from November 15, 2017.
37.
G.O. (Ms) No. 161 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Act, 2017 - State Tax on specified goods supplied to specified institutions - Amendments - Notification - Issued
Summary: The notification issued under the Tamil Nadu Goods and Services Tax Act, 2017, exempts specified goods from state tax beyond 2.5% when supplied to certain institutions. These include public-funded research institutions, research institutions, government departments, and regional cancer centers. The exemptions apply to scientific instruments, equipment, software, and live animals for research. Institutions must provide certificates from authorized officials confirming the goods are for research purposes. Restrictions include non-transfer of goods for five years post-installation. The notification is effective from November 15, 2017.
38.
G.O. (Ms) No. 160 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Service Tax - TN GST Act, 2017 - Supplies of goods in respect of which no refund of unutilised Input Tax Credit shall be allowed - Amendments - Notification - Issued
Summary: The Government of Tamil Nadu has issued amendments to the Commercial Taxes and Registration Department Notification under the Tamil Nadu Goods and Services Tax Act, 2017. Effective from November 15, 2017, the amendments specify that no refund of unutilized Input Tax Credit will be allowed for certain goods. The changes involve updates to the notification's table, specifically substituting entries for items such as knotted netting of twine, cordage or rope, made-up fishing nets, corduroy fabrics, and narrow woven fabrics. These amendments were made following the recommendations of the Council.
39.
G.O. (Ms) No. 159 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Service Tax - TN GST Act, 2017 - Reverse charge on certain specified supply of goods - Amendments - Notification - Issued
Summary: The Tamil Nadu government issued an amendment to the Tamil Nadu Goods and Services Tax Act, 2017, specifically concerning the reverse charge mechanism on certain specified goods. This amendment, effective from November 15, 2017, adds a new entry to the existing notification, specifying raw cotton supplied by agriculturists to any registered person. The amendment was made under the authority of the Governor of Tamil Nadu following the Council's recommendations.
40.
G.O. (Ms) No. 158 - dated
14-11-2017
-
Tamil Nadu SGST
Goods and Services Tax - TN GST Act, 2017 - Goods Exempt from State Tax - Amendments - Notification - Issued
Summary: The Tamil Nadu government issued amendments to the Tamil Nadu Goods and Services Tax (GST) Act, 2017, modifying the list of goods exempt from state tax. The amendments include changes to specific serial numbers in the notification, affecting categories such as fresh or chilled goods, registered brand name goods, and other specified items. Certain serial numbers and their entries have been omitted, while new ones have been added, covering items like vegetables, dried makhana, guar meal, hop cones, coconut shells, jaggery, salt, uranium ore concentrate, and bangles of lac/shellac. The notification takes effect on November 15, 2017.
41.
G.O. (Ms) No. 157 - dated
14-11-2017
-
Tamil Nadu SGST
GST - Tamil Nadu Goods and Services Tax Act, 2017 - Rates of the State tax on goods - Amendments - Notification - Issued
Summary: The Government of Tamil Nadu has issued amendments to the Tamil Nadu Goods and Services Tax Act, 2017, specifically altering the rates of state tax on various goods. The amendments involve changes in the classification and tax rates of numerous goods across different schedules, including food items, textiles, machinery, and other products. These changes include additions, omissions, and substitutions of specific serial numbers and descriptions of goods within the schedules. The notification also clarifies the definition of "registered brand name" under the Trade Marks Act, 1999, and other relevant laws. The amendments are effective from November 15, 2017.
Income Tax
42.
03/2018 - dated
18-1-2018
-
IT
U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Central Registry for Securitization Asset Reconstruction and Security Interest of India , a body set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, in respect of the specified income arising to the body
Summary: The Central Government, under section 10(46) of the Income-tax Act, 1961, has notified the Central Registry for Securitization Asset Reconstruction and Security Interest of India, established under the SARFAESI Act, 2002, regarding specified income. This includes fee income from Security Interest transactions, CKYC Records Registry, interest income on fixed deposits and savings accounts, and RTI application fees. The notification is effective with conditions that the body does not engage in commercial activities, maintains the nature of income, and files returns as per section 139. It applies retrospectively from 2013-2014 to 2017-2018.
43.
02/2018 - dated
18-1-2018
-
IT
Seeks to amend Notification No. S.O. 3129(E), dated the 26th September, 2017
Summary: The Central Government has amended Notification No. S.O. 3129(E) dated 26th September 2017, under section 10(39) of the Income-tax Act, 1961. The amendment involves substituting clause (i) in clause (c) to specify that income arising from receipts from national supporters, including several named corporations, amounts to Rs. 39,39,52,250. Additionally, sub-clause (ii) has been omitted with effect from 26th September 2017. This amendment is issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, under Notification No. 2/2018, dated 18th January 2018.
44.
01/2018 - dated
18-1-2018
-
IT
U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘West Bengal Electricity Regulatory Commission’, Kolkata, a commission constituted by the Government of West Bengal, in respect of the specified income arising to that commission
Summary: The Central Government, under section 10(46) of the Income-tax Act, 1961, notifies the 'West Bengal Electricity Regulatory Commission', Kolkata, regarding specified income. This includes income from funds maintained per the West Bengal Electricity Regulatory Commission Rules, 2006, and fees collected under the West Bengal Electricity Rules, 2005. The notification stipulates that the commission must not engage in commercial activities, maintain the nature of its specified income, and file income returns as required. This notification applies retrospectively from the financial year 2016-2017 and prospectively until 2020-2021, with no adverse effects on any person.
Circulars / Instructions / Orders
GST - States
1.
09/2017-MGST - dated
15-11-2017
Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Maharashtra Goods and Services Tax Rules, 2017.
Summary: The Commissioner of State Tax, Maharashtra, has issued an order extending the deadline for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Maharashtra Goods and Services Tax Rules, 2017. This extension follows the recommendations of the Council and supersedes the previous Order No. 07/2017-MGST dated 28th October 2017. The new deadline for submission is now set for 27th December 2017.
2.
10/2017-MGST - dated
15-11-2017
Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Maharashtra Goods and Services Tax Rules, 2017
Summary: The Commissioner of State Tax, Maharashtra, has extended the deadline for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Maharashtra Goods and Services Tax Rules, 2017. This extension, recommended by the Council, moves the deadline to 27th December 2017, superseding the previous Order No. 08/2017-MGST dated 28th October 2017, except for actions completed prior to the supersession. This order aims to provide additional time for compliance with the GST transition requirements in Maharashtra.
3.
08/2017-MGST - dated
28-10-2017
Extension of time limit for submitting declaration in FORM GST TRAN-1 under rule 120A of Maharashtra Goods and Services Tax Rules, 2017.
Summary: The Commissioner of State Tax, Maharashtra State, has issued an order extending the deadline for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Maharashtra Goods and Services Tax Rules, 2017. This extension, recommended by the Council and superseding the previous order dated 21st September 2017, allows submissions until 30th November 2017. This decision is made under the powers conferred by the relevant rules and section of the Maharashtra Goods and Services Tax Act, 2017.
Customs
4.
11/2018 - dated
19-1-2018
Subject: Removal of goods from a Customs Station-instructions regarding affixation of one-time-lock, movement of ISO Tank Container from Customs Station to Warehouse under Customs Punch Seal
Summary: The circular from the Commissioner of Customs (NS-III) at Nhava Sheva outlines the procedure for the movement of ISO Tank Containers from Customs Stations to Warehouses. Due to the inability to affix standard one-time-locks (OTL) on these containers, the use of "Customs Punch Seal" is permitted. Upon receipt at the warehouse, custodians must photograph the seals, ensuring they are intact, and email these images to the Bond Section for verification. This procedure will be updated once suitable bottle seals are available. Any issues should be reported to the Deputy/Assistant Commissioner in charge of the Bond Section.
5.
10/2018 - dated
18-1-2018
Sub : Discontinuation of Printing of EP copy of the Shipping Bill –reg.
Summary: The circular announces the discontinuation of printing Export Promotion (EP) copies of Shipping Bills by Customs Authorities, aligning with the ease of doing business initiative and reducing paper use. Exporters and Custom Brokers are informed of amendments in specific Ayat Niryat Forms due to GST implementation. For certain forms, applicants can submit the Exporter Copy of the shipping bill, signed by Customs authorities, instead of the EP copy. This change aims to streamline processes, and exporters are encouraged to utilize these provisions. The notice serves as a standing order for relevant officers and staff.
6.
02/2018 - dated
16-1-2018
Sub: Formation of Export Promotion Cells in Mangalore Customs Commissionerate
Summary: The Mangalore Customs Commissionerate has established Export Promotion Cells to manage Customs work previously handled by Central Excise/GST Officers, as per CBEC notifications. These cells, each led by an appointed officer, cover specific districts including Bellary, Bijapur, Kalburgi, Belgaum, Hassan, and Mangaluru. The cells will assume control of all relevant Customs files from the GST Commissionerate immediately. Stakeholders are encouraged to utilize these new cells for Customs-related services and report any issues to the Commissioner of Customs, Mangalore. This initiative is approved by the Commissioner of Customs.
7.
05/2018 - dated
9-1-2018
SUB : Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 - reg.
Summary: The circular from the Office of the Commissioner of Customs at Jawaharlal Nehru Custom House addresses the clarification on the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. It discusses the requirement for importers to provide surety or security to avail duty exemptions. Concerns were raised about the financial burden this imposes on domestic industries, particularly electronic hardware manufacturers. In response, the Board has eased the norms for furnishing surety or security. Different categories of importers are specified with varying requirements for bank guarantees or cash securities, aiming to simplify business procedures and reduce compliance costs. Importers with a clean record over the past three years may receive exemptions from these requirements.
8.
03/2018 - dated
2-1-2018
Subject: Amendment in import policy condition of pepper classified under Chapter 09 of ITC (HS), 2017—Schedule-1 (Import Policy)
Summary: The Central Government has amended the import policy for pepper under Chapter 09 of ITC (HS), 2017 - Schedule-1, effective through Notification No. 42/2015-2020. The revised policy mandates a Minimum Import Price (MIP) of Rs. 500 per kilogram on a CIF basis for various types of pepper, including long, light black, black, green, and others, whether crushed, ground, or otherwise. This amendment applies to pepper classified under EXIM Codes 090411 and 09041200. Any issues should be reported to the Deputy/Assistant Commissioner in charge of Appraising Main (Import).
9.
161/2017 - dated
29-12-2017
Sub: Procedure for self sealing and e-sealing of containerized cargo at factory/approved warehouse premises prescribed vide the Public Notice No 147/2017 dated 16.11.2017- reg.
Summary: The circular from the Office of the Commissioner of Customs at Jawaharlal Nehru Custom House addresses the procedure for self-sealing and e-sealing of containerized cargo at factories or approved warehouses. It references Public Notice No. 147/2017 and informs stakeholders that the Central Board of Excise and Customs has extended the implementation date for electronic sealing under the self-sealing procedure to March 1, 2018. Consequently, the validity of the original notice is extended to February 28, 2018. Any difficulties in implementing this notice should be reported to the Assistant Commissioner of Customs FSP Cell.
Highlights / Catch Notes
Income Tax
-
Exemption Applications u/s 80G(5)(vi) Focus on Trust's Objectives; Income Assessment by AO Follows Later Process.
Case-Laws - AT : Applications seeking exemption u/s 80G(5)(vi) - at the time of granting approval under Section 80G, what is to be examined is the object of the trust and so far as the aspect of income is concerned, same can be very well examined by the AO at the time of framing assessment. - The 80G(5) subsists the 12AA so far as examination of charitable nature of objectives is concerns. - AT
-
Rental Income by Non-Owner Assessee Classified as Business Income Based on Company's Objectives and Activity Interpretation.
Case-Laws - AT : Treatment given to the rental income - assessee was not the owner of the premises - The objects of the company must also be kept in view to interpret the activities - Thus no hesitation to treat the rental income received by the assessee in the instant case as business income. - AT
-
Employee Advance Write-Offs Disallowed Due to Lack of Supporting Documentation; Additions Upheld by Authorities.
Case-Laws - AT : Disallowance of advance given to employees being written–off - Except furnishing the name of some persons with amounts written against their names no other details or supporting evidence have been produced by the assessee to demonstrate advancement of money to the concerned persons. No supporting bills / vouchers have been produced - additions confirmed - AT
-
Payments for Lighting and Searchlight Services to OCCG Taxable in India Under Income Tax Act 1961.
Case-Laws - AAR : The payments received by the Applicant for rendering lighting and searchlight services to OCCG, would be taxable in India, under the provisions of the Income tax Act 1961. - AAR
-
Sale of Bock GmbH shares to GEA Refrigeration not taxable in India; no TDS liability u/s 195.
Case-Laws - AAR : The gains arising from the alienation of shares of Bock GmbH, on account of its acquisition by GEA Refrigeration Technologies GmbH, the Applicant, shall not be taxable in India - No TDS liability u/s 195 - AAR
-
MFPM's Equipment Sale Income Not Taxable in India; No Income Attributed to Indian Operations per Section 9(1)(i).
Case-Laws - AAR : Income taxability in India - even if for the sake of argument, it is assumed that MFPM has a business connection in India, it cannot be said that the income is deemed to accrue or arise in India as per Section 9(1)(i) of the Act, as no part of the income earned by MFPM from sale of equipment in India is attributable to the operations carried out in India - AAR
-
Applicant Qualifies for Section 54 Deduction: Invested Capital Gains in London Property Before 2014 Amendment.
Case-Laws - AAR : Deduction u/s 54 eligibility - Applicant was entitled to the benefit provided by section 54, on account of his investment in a residential house in London, out of the capital gains arisen in India - prior to the prospective amendment made w.e.f 01.04.2015 by the Finance Act, 2014. - AAR
Customs
-
Clarification on 2017 Customs Rules: Guidelines for Importing Goods at Reduced Duty Rates to Encourage Trade Compliance.
Circulars : SUB : Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 - reg. - Trade Notice
-
Customs Department Ends Printing of Export Promotion Shipping Bills to Boost Efficiency and Digitalize Processes for Exporters.
Circulars : Sub : Discontinuation of Printing of EP copy of the Shipping Bill –reg. - Trade Notice
-
New Guidelines for Moving Goods: One-Time-Lock and ISO Tank Containers from Customs Station to Warehouse with Punch Seal.
Circulars : Subject: Removal of goods from a Customs Station-instructions regarding affixation of one-time-lock, movement of ISO Tank Container from Customs Station to Warehouse under Customs Punch Seal - Trade Notice
-
Import Duty Date Determined by Bill of Entry Submission, Not System Fault - Section 15, Customs Act 1962.
Case-Laws - HC : Applicable Rate of Duty - date of presentation of Bill of Entry - the importer had filed all the relevant particulars on 07.11.2017 itself, it was on account of the system related fault, the bill of entry got generated on 08.11.2017 - in the light of Section 15 of the Customs Act, 1962, the rate of duty applicable to the import in question will be the one that obtained on 07.11.2017 - HC
-
High Court Upholds Five-Year Revocation of CHA License for Negligence and Regulatory Breaches by Customs Authority.
Case-Laws - HC : Revocation of CHA License - Since the charge of negligence and nonadherence to the Regulations insofar as failure to fulfill and discharge the responsibilities has been proved, the penalty of revocation of license for a period of five years is justified - HC
DGFT
-
India Updates Onion Export Policy: Sets Minimum Export Price to Stabilize Domestic Supply and Prices.
Notifications : Export Policy of Onions- Imposition of Minimum Export Price (MEP) - Notification
Corporate Law
-
Section 406 of Companies Act 2013: Key Rules and Compliance for Nidhi Mutual Benefit Societies Explained.
Act-Rules : Provision relating to Nidhis and its application, etc. - a declaration of mutual benefit societies and with Nidhi companies - Section 406 of the Companies Act, 2013
-
New Amendments to Companies Act, 2013: Clarified Fees and Penalties for Late Document Filings u/ss 89, 92, 117, 121, 137, 157.
Act-Rules : Fee for filing, etc. - Amendments to bring more clarity with respect to late filings of documents under sections 89, 92, 117, 121, 137 and 157 and defaults in filings, consequences, etc. - Section 403 of the Companies Act, 2013
-
Foreign Companies Closing in India: Key Provisions in Companies Act, 2013, Sections 34-36, Chapter XX, and Section 391.
Act-Rules : Application of sections 34 to 36 and Chapter XX - closure of the place of business of a foreign company in India - limited application - Section 391 of the Companies act, 2013
-
Companies Act 2013: Section 379 Amendments Clarify Rules for Foreign Companies Operating in India.
Act-Rules : Application of Act to foreign companies - amendments to bring clarity with respect to applicability of provisions of the Act to foreign companies - Section 379 of the Companies Act, 2013
-
LLP Automatically Dissolved Upon Company Registration u/s 374 of Companies Act 2013, No Further Action Needed.
Act-Rules : Obligations of companies registering under this Part - Upon registration as a company under this Part a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 shall be deemed to have been dissolved under that Act without any further act or deed - Section 374 of the Companies Act, 2013
-
Section 366 of Companies Act, 2013: Convert Partnerships to Companies with Minimum Two Members, Limited to Private if Under Seven Members.
Act-Rules : Allows conversions into companies from partnership firms, etc. with two or more members provided that in case of less than seven members the conversion would be into a private company - Section 366 of the Companies Act, 2013
-
Registered Valuers Can't Value Assets with Interests Held Within 3 Years Before/After Appointment per Companies Act, 2013, Section 247.
Act-Rules : Valuation by registered valuers - registered valuer shall not undertake valuation of any asset in which he has direct or indirect interest three years before appointment as valuer or three years after valuation of assets - Section 247 of the Companies Act, 2013
-
Amendment to Companies Act, 2013: Section 236 now uses "company whose shares are being transferred" for minority shareholding.
Act-Rules : Purchase of minority shareholding - Clarification amendment - for the words, "transferor company", the words "company whose shares are being transferred" substituted - Section 236 of the Companies Act, 2013
-
Section 223 of Companies Act 2013 limits access to inspectors' reports to members, creditors, and affected individuals.
Act-Rules : Copy of inspectors report shall be made available only to members, creditors or any other person whose interest is likely to be affected - Section 223 of the Companies Act, 2013
-
Central Government Can Appoint Inspectors to Identify Beneficial Owners in Company Shares u/s 216 of Companies Act 2013.
Act-Rules : Central Government may appoint inspectors for determining true persons who have or had beneficial interest in shares of a company or who are or have been beneficial owners or significant beneficial owner of the company - Section 216 of the Companies Act, 2013
-
Companies Act Amended: Section 200 Now Allows Firms to Set Executive Pay Limits Without Central Government Approval.
Act-Rules : Central Government or company to fix limit with regard to remuneration - the words "Central Government" omitted - Section 200 of the Companies Act, 2013
-
Investment Companies' Profits Exclude Gains from Shares, Debentures Sales u/s 198, Companies Act 2013.
Act-Rules : Calculation of profits - requirement of not giving credit for profits on sale of shares or debentures for calculation of profit shall not apply to investment companies - Section 198 of the Companies Act, 2013
-
Auditors Must Verify Director Pay Compliance with Section 197(16) of Companies Act, 2013 and Report Excess Remuneration.
Act-Rules : Responsibility of Auditor to make a statement as to whether the remuneration paid by the company to its directors is in accordance with the provisions of this section, whether remuneration paid to any director is in excess of the limit laid down under this section and give such other details as may be prescribed - Section 197(16) the Companies Act, 2013
-
Companies Act Update: Central Government approval no longer needed for excess managerial pay with special resolution u/s 197.
Act-Rules : Payment of managerial remuneration in excess of prescribed limits - requirement of obtaining approval of Central Government done away with, subject to special resolution and other conditions - Section 197 the Companies Act, 2013
-
Appointment of Directors Over 70 Allowed Under Companies Act, 2013 with Central Government Approval if Votes Favor.
Act-Rules : Appointment of managing director, whole-time director or manager - a person who has attained the age of seventy years - special resolution even if not passed, votes cast in favour of the motion exceed the votes, if any, cast against the motion, Central Govt. may approve the appointment - Section 196 the Companies Act, 2013
Indian Laws
-
A defaulter of Income Tax TDS was arrested and subsequently sent to jail by the Tis Hazari Court.
News : Defaulter of Income Tax TDS arrested and sent to jail by the Tis Hazari Court
-
In Indian arbitration, justified contract termination allows the innocent party to claim full damages for breach.
Case-Laws - SC : Arbitration - Once it is established that the party was justified in terminating the contract on account of fundamental breach thereof, then the said innocent party is entitled to claim damages for the entire contract, i.e. for the part which is performed and also for the part of the contract which it was prevented from performing - SC
IBC
-
Court Rejects Petitioner's Preference for Repealed SICA Over Current Insolvency Code Per Section 4(b.
Case-Laws - HC : On a query as to why the Petitioner chose not to approach the NCLT, the response was that the Petitioner wanted to be governed by the repealed Act, i.e., SICA and not in accordance with the Code as provided for under Section 4(b). Such a submission lacks any legal basis and is liable to be rejected. - HC
Central Excise
-
Valuation of Goods for Job Workers Must Follow Rule 10A: Based on Principal Manufacturer's Depot Sale Price.
Case-Laws - AT : Valuation - the appellant has acted as a job worker - the mischief of Rule 10A of the Valuation Rules becomes applicable - the goods are required to the valued on the basis of the price at which the principal manufacturer sells such goods from their depot - AT
VAT
-
Directors Not Automatically Liable for Company's Debts; Responsibility Requires Lifting Corporate Veil; No Liquidation Involved.
Case-Laws - HC : Recovery of dues of the Company from the Directors - Petitioners cannot be held automatically responsible for outstanding dues unless the responsibility of the director was fixed after lifting the veil. Further, the company is not under liquidation. - HC
-
Tax Rate on Mobile Charger Tied to Composite Package; Cannot Be Taxed Separately from MRP.
Case-Laws - HC : Rate of tax on mobile charger - The charger is admittedly neither classified nor priced separately on the package. It is also not invoiced separately. The MRP is of the composite package - Revenue therefore cannot be permitted to split the value of the commodities contained therein and tax them separately. - HC
9911796707
