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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 January Day 25 - Thursday
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TMI Updates - Newsletter dated: January 25, 2018

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise CST, VAT & Sales Tax



Highlights

  1. GST : Verification of documents and conveyances. - Rule 138B of the CGST Rules, 2017 as amended.

  2. GST : Information to be furnished prior to commencement of movement of goods and generation of e-way bill. - Complete overhaul - List of exempted goods from e-way bill curtailed from 154 to 8 only. - Rule 138 of the CGST Rules, 2017 as amended.

  3. GST : Refund of integrated tax paid on goods or services exported out of India - Restrictions on refund where goods have been received under Deemed Export procedure - See Rule 96(10) of the CGST Rules, 2017 as amended.

  4. GST : Application for refund of tax, interest, penalty, fees or any other amount - Receipt of supplies in case of Deemed Export - Sub-Rule 4A and Sub-Rule 4B of Rule 89 of the CGST Rules, 2017 as amended.

  5. GST : Documents to be carried by the transporter where e-bill is not required - he shall carry a copy of the tax invoice or the bill of supply issued in the absence of an e-way bill - See new Rule 55A of the CGST Rules, 2017

  6. GST : Tax invoice in special cases - ISD invoice - new format particulars where ISD and recipient of services both are located within the same state i.e. having same pan and state code - See Rule 54(1A) of the CGST Rules, 2017 as amended.

  7. GST : Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases - Scope of the term exempted supplies amended - See Rule 43 of the CGST Rules, 2017 as amended.

  8. GST : Cancellation of GST registration in case of Migrated Persons registered under the existing law - Application for cancellation can be submitted on or before 31.3.2018 - Rule 24(4) of the CGST Rules, 2017 as amended.

  9. GST : Application for cancellation of registration - application for cancellation may be submitted in before the expiry of one years from the date of voluntary GST registration - Rule 20 of the CGST Rules, 2017 as amended.

  10. GST : Rate of tax of the composition levy - Traders - Rate of tax shall be 0.5% (CGST) + 0.5% (SGST) = 1% on the taxable turnover only [non-taxable supplies to be excluded w.e.f. 1.1.208 from the turnover] - Rule 7 of the CGST Rules, 2017 as amended.

  11. GST : Rate of tax of the composition levy - Manufacturers - Rate of tax shall be 0.5% (CGST) + 0.5% (SGST) = 1% on the turnover including non taxable supplies w.e.f. 1.1.2018 [earlier it was 2%] - Rule 7 of the CGST Rules, 2017 as amended.

  12. GST : Intimation for composition levy - Provisional registration or new registration before 31.3.2018 - period of limitation extended from 90 days to 180 days - Rule 3 of the CGST Rules, 2017 as amended.

  13. GST : Notifying common GST portal and e-way bill website.

  14. GST : Extension of date for filing the return in FORM GSTR-6 - return by an Input Service Distributor - for the months of July, 2017 to February, 2018 - Now GSTR-6 can be furnished till the 31st day of March, 2018.

  15. GST : Failure to furnish the return in FORM GSTR-6 by the due date - late fee reduced to twenty-five rupees per day

  16. GST : Failure to furnish the return in FORM GSTR-5A by the due date - where the total amount of integrated tax payable in the said return is nil - late fee reduced to ten rupees per day

  17. GST : Failure to furnish the return in FORM GSTR-5A by the due date - where the total amount of integrated tax payable in the said return is not nil - late fee reduced to twenty-five rupees per day

  18. GST : Failure to furnish the return in FORM GSTR-5 by the due date - where the total amount of central tax payable in the said return is nil - late fee reduced to ten rupees per day

  19. GST : Failure to furnish the return in FORM GSTR-5 by the due date - where the total amount of central tax payable in the said return is not nil - late fee reduced to twenty-five rupees per day

  20. GST : Failure to furnish the details of outward supplies for any month/quarter in FORM GSTR-1 by the due date - in case where outward supplies is Nil - late fee reduced to ten rupees per day

  21. GST : Failure to furnish the details of outward supplies for any month/quarter in FORM GSTR-1 by the due date - in case where outward supplies is not Nil - late fee reduced to twenty-five rupees per day

  22. Income Tax : U/s 10(39) of IT Act 1961 - Central Government notifies the international sporting event, persons and specified income for the purpose of the said clause - Notification as amended.

  23. Income Tax : Eligibility to exemption u/s.54F - Although the failure of the assessee to deposit the sale proceeds in a Capital Gains Account Scheme, 1988 for intervening period was undoubtedly a technical default, he should not be penalized for the same because he satisfied the real intent as well as essence of the provisions by depositing the sale proceeds in FDR since beginning, not using it for any other purpose and investing the sale proceeds in acquisition of a new house within statutory period of 2 years. - Tri

  24. Income Tax : Addition on account of CSR/donation expenses - w.e.f. 1.4.2015, any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession - there was no such embargo for the preceding years - Tri

  25. Customs : Definitive anti-dumping duty on imports of "Toluene Di-Isocyanate (TDI)" originating in or exported from China PR, Japan and Korea RP imposed.

  26. Customs : Exemption from Customs Duty and IGST - Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet

  27. Customs : Inclusion of Dhamra and Dighi Ports in the list of ports mentioned in Export Promotion (EP) Schemes Notifications - 20 Notifications as amended.

  28. Customs : Revocation of CHA License - violation of various CBLR Regulations - revoking the CB license would be too grave a penalty to be imposed for the above violation - The ends of justice will be met by imposing a penalty of ₹ 50,000/- on the appellant, in addition to forfeiture of the whole amount of security deposit. - Tri

  29. Customs : Refund of Terminal Excise Duty (TED) - It is not disputed that the goods supplied by the petitioner to the EOUs constituted 'deemed exports' and thus, the petitioner had a vested right to claim refund of excise duty in respect of goods supplied during the period prior to 18.04.2013 in terms of the then applicable FTP. - HC

  30. DGFT : Import of seconds/defectives of steel items as mentioned at Sl. No. 1 to 7 of Policy Condition No.2 of Chapter 72 of ITC (HS), 2017, Schedule-I (Import Policy), shall be allowed also through Nhava Sheva (JNPT) and at ICD-Tughlakabad, New Delhi, besides the existing Customs sea port at Mumbai, Chennai and Kolkata.

  31. Service Tax : BAS - Though they are called as broker under the Association rules that will not enable the appellant to claim that they are only commission agent for the purpose of section 65(19) ibid. The services performed by the appellant is thus promotion and sale of goods produced or provided or belonging to their clients and thus fall within the ambit of section 65(19)(i) of the Act. - Tri

  32. Service Tax : Management Consultancy Service - tax consultancy service / tax compliance service - It may indirectly keep the organization within the ambit of legal promotion work for their further business. This by itself will not make the consultancy or advisor in tax matters management consultant - Tri

  33. Service Tax : BAS - they are promoting the services of clients. Such service on the part of the client is exempted by itself will not make the appellant as not providing any taxable service - appellants are liable to tax under 'Business Auxiliary Service'. - Tri


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