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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 October Day 27 - Saturday

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TMI Tax Updates - e-Newsletter
October 27, 2018

Case Laws in this Newsletter:

GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



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Highlights / Catch Notes

  • GST:

    Clarification on certain issues related to refund – Status of refund claim after issuance of deficiency memo and re-credit of electronic credit ledger - Allowing exporters who have received capital goods under EPCG to claim refund of IGST paid on exports.

  • GST:

    Processing of Applications for Cancellation of Registration submitted in FORM GST REG-16 - CBIC issues details guidelines.

  • GST:

    Clarifications of issues under GST related to casual taxable person and recovery of excess Input Tax Credit distributed by an Input Service distributor – Reg.

  • GST:

    Return of goods under GST - When to issue Credit note / Debit Note and situation where GST can be adjusted as per the provisions of law - though clarified in respect of return of time expired drugs or medicines, but applicable to other situations also.

  • GST:

    Central Government notifies the persons whose registration under the CGST Act has been cancelled by the proper officer on or before the 30th September, 2018, as the class of persons who shall furnish the final return in FORM GSTR-10 of the CGST rules till the 31st December, 2018

  • GST:

    Time limit for making the declaration in FORM GST ITC-04 for the period period from July, 2017 to September, 2018 extended till the 31st day of December, 2018.

  • GST:

    Levy of GST - Liquidated damages - Supply or not - point of taxation - tolerate an act - though in the agreement they may be giving this consideration, other names such as 'damages' or 'compensation' as thought proper by them, but these different nomenclatures in their Agreement would in no way change the actual nature of monetary "consideration" which would clearly be taxable for the supply of services.

  • GST:

    Profiteering - restaurant service - failure to pass the benefit of reduced rate of GST - Respondent had increased the average base price by 12.14% to neutralize the denial of ITC of 11.80% and such increase is commensurate with the increase in the cost of the product on account of denial of ITC. - Application dismissed.

  • Income Tax:

    Eligibility for deduction u/s.54B - non fulfillment of mandatory conditions laid down - capital gain on transfer of land used for agricultural purposes not to be charged in certain cases - exemption was rightly denied.

  • Income Tax:

    Capital gain - JDA - Transfer of capital asset - There is no document by which the revenue can come to the conclusion that there was delivery of possession. The mere fact that development of the property cannot be done without possession cannot be the basis to come to a conclusion that possession was delivered in part performance of the agreement for sale.

  • Income Tax:

    Taxing the allotment of shares by VISA Inc. by invoking Section 28(iv) - bringing notional share price to tax - the word used in Section 28(iv) of the Act are ‘arisen from business’ where ‘arisen’ signifies that benefit itself must have arisen. It was held that mere issuance of shares does not result in any benefit.

  • Income Tax:

    MAT - Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

  • Income Tax:

    Accrual of income - non realization of ‘Provision for surcharge’ - even though the assessee has been following mercantile system of accounting, since it is not real income, not chargeable to tax.

  • Customs:

    Since the goods were transferred from appellant’s one EOU to another EOU unit under CT-3 procedure. No duty is required to be paid.

  • Customs:

    Abatement of duty u/s 22 / Remission of duty u/s 23 - warehoused goods was inundated with flood water resulting in loss to the goods stored therein - revenue directed to refund of duty paid.

  • DGFT:

    Procedure / documents for obtaining export authorisation for export of restricted items under Schedule 2 ITC(HS) Classification of Export and Import Items 2018

  • Indian Laws:

    Dishonor of Cheque - Section 138 of the NI Act - the Court should not be exercised its discretion arbitrarily, it must be exercised judicially and judiciously as the case may be - there is no necessity to call the Income Tax Officer as a witness to take his evidence

  • IBC:

    IBC is not intended to be substitute to a recovery forum. It is also laid down that whenever there is existence of real dispute, the IBC provisions cannot be invoked.

  • Service Tax:

    Supply of Tangible Goods Service - Renting of Bullock Carts’ during the harvesting seasons - mere activity of renting of bullock cart does not come within the purview of ‘Supply of Tangible Goods for use Service'

  • Service Tax:

    Scope of SCN - Business Auxiliary Service or not - Since the demand confirmed under category which was not proposed in the SCN such demand cannot be sustained

  • Central Excise:

    CENVAT Credit - input service - As per Rule 2(l), even though the ‘Construction Service’ was excluded but in the inclusion clause of definition, the services such as Modernisation, Renovation and Repair of the factory premises of manufacturer is still covered under the definition of Input Service.

  • Central Excise:

    Procurement of inputs from a DTA unit under CT-3 procedure which was later returned back to the original supplier, on being found unfit for consumption - Demand of duty cannot sustain.

  • VAT:

    Levy of penalty - as the mistake had crept in by the act of the respondent revenue themselves and therefore the respondent cannot seek any penalty


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (10) TMI 1338
  • 2018 (10) TMI 1339
  • Income Tax

  • 2018 (10) TMI 1353
  • 2018 (10) TMI 1352
  • 2018 (10) TMI 1351
  • 2018 (10) TMI 1350
  • 2018 (10) TMI 1349
  • 2018 (10) TMI 1348
  • 2018 (10) TMI 1347
  • 2018 (10) TMI 1346
  • 2018 (10) TMI 1345
  • 2018 (10) TMI 1360
  • 2018 (10) TMI 1359
  • 2018 (10) TMI 1358
  • 2018 (10) TMI 1357
  • 2018 (10) TMI 1356
  • 2018 (10) TMI 1355
  • 2018 (10) TMI 1354
  • 2018 (10) TMI 1344
  • 2018 (10) TMI 1343
  • 2018 (10) TMI 1341
  • 2018 (10) TMI 1340
  • 2018 (10) TMI 1342
  • Customs

  • 2018 (10) TMI 1332
  • 2018 (10) TMI 1334
  • 2018 (10) TMI 1331
  • 2018 (10) TMI 1333
  • Corporate Laws

  • 2018 (10) TMI 1316
  • Insolvency & Bankruptcy

  • 2018 (10) TMI 1337
  • 2018 (10) TMI 1336
  • 2018 (10) TMI 1335
  • Service Tax

  • 2018 (10) TMI 1327
  • 2018 (10) TMI 1326
  • 2018 (10) TMI 1325
  • 2018 (10) TMI 1324
  • Central Excise

  • 2018 (10) TMI 1323
  • 2018 (10) TMI 1322
  • 2018 (10) TMI 1321
  • 2018 (10) TMI 1320
  • 2018 (10) TMI 1319
  • CST, VAT & Sales Tax

  • 2018 (10) TMI 1318
  • 2018 (10) TMI 1317
  • Indian Laws

  • 2018 (10) TMI 1330
  • 2018 (10) TMI 1329
  • 2018 (10) TMI 1328
 

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