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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2020 May Day 11 - Monday

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TMI Tax Updates - e-Newsletter
May 11, 2020

Case Laws in this Newsletter:

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



Highlights / Catch Notes

  • GST:

    Rate of GST - sale of Micafungin sodium by the DTA unit of the applicant - the product being supplied by the applicant can not be directly administered as injection. The concessional rate of GST is applicable only to the product Micafungin Sodium which is ready for administering by way of injection. In the instant case the applicant supplies bulk drug Micafungin Sodium to their customers and hence the said drug becomes raw material to the said customers.

  • GST:

    Computation of aggregate turnover for the purpose of GST registration - Interest income, though exempted, are to be included in the aggregate turnover - Partner’s salary, received as partner, from applicant’s partnership firm is not to be included - Salary received as non-executive Director from a Private Limited Company is to be included even if GST is paid on RCM by the company - Maturity amount of LIC, dividend on shares etc. not to be included.

  • GST:

    Levy of KGST/ CGST - Various activities of temple - Collection of seva charges - collection of special darshan charges - The same is exempt from CGST and KGST as they are not covered under supply and also exempt.

  • GST:

    Levy of KGST/ CGST - Various activities of temple - Sales of prasadam - sale of laddoos, kallu sakkare, Thirtha Prasada, Cloth bags, and other articles - if goods other than prasadam are sold, they would be liable to tax at appropriate rates applicable to those goods.

  • GST:

    Benefit of exemption from GST - E-book or not - assessee/dealer which publishes law journals in print and sells the same content that is in books in an electronic form in DVD’s/CD’s with a software to search and read it in computers and hand held devices - If it was an electronic version of the print journals, the DVD would have machine readable files in any format such as .doc, .txt, .pdf or any other readable files and not the executable file ( setup application) which it has.

  • GST:

    Classification of goods - UHT Sterilized Flavoured Milk - whether classifiable under Chapter 4-tariff Heading 0402 which covers ‘Milk containing added sugar or other sweetening matter’ or under Tariff Heading 0404 which covers ‘Other’, i.e. ‘products consisting of natural milk constituents, whether or not containing added sugar or other sweetening matter, not elsewhere specified or included? - classifiable under CTH 22029930

  • Income Tax:

    Clarification in respect of residency under section 6 of the Income-tax Act, 1961 - Circular

  • Income Tax:

    Disallowance u/s 43B - provision of leave encashment - Supreme Court in the case of, Exide industries, has merely directed the assessee for payment of tax - However, the binding force of the decision of the Kolkata High Court still stands and therefore, respectfully following the same, we direct the ld AO to delete the above disallowance.

  • Income Tax:

    Disallowance u/s 54B - LTCG - Proof of agriculture activity on land transferred - the assessee had cultivated the agriculture crops during the period of 2 years immediately preceding the date of transfer and incurred the loss after meeting of all the expenditure incurred during the agricultural activities and debit the loss directly to capital account. Therefore, the agricultural income was not shown in the return of income - Deduction allowed.

  • Income Tax:

    Disallowance of expenditure towards development of property - no supporting bills of expenditure were provided - CIT(A) has allowed on ad hoc basis only 40% of the expenditure so claimed was genuine and incurred for developing the property - No justification in the order of the ld. CIT(A) for sustaining disallowance of 40% against the 50% disallowance made by the A.O., therefore, the A.O. is directed to allow full expenditure so incurred by the assessee.

  • Customs:

    Request for Amendments and Waiver of Late Fee Charges in the Bills of Entry through e-mail procedure as facilitation during outbreak of COVID-19 - reg. (Amendment/Modification in Public Notice No. 35/2020) - Trade Notice

  • Customs:

    Clarification with respect to submission of Pre-shipment Inspection Certificate (PSIC)– - Trade Notice

  • IBC:

    Approval of Resolution Plan which is lesser than liquidation value - No provision in the Code or Regulations has been brought to our notice under which the bid of any Resolution Applicant has to match liquidation value arrived at in the manner provided in Clause 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

  • SEBI:

    SECURITIES AND EXCHANGE BOARD OF INDIA (PAYMENT OF FEES) (AMENDMENT) REGULATIONS, 2020 - Notification

  • Central Excise:

    Excisability/dutiability/marketibility - by-product - captive consumption - just because, the respondent were purchasing carbondioxide from other suppliers, it cannot be presumed that the carbondioxide generated in their unit was of the same character and properties as the gas being purchased from outside and hence, would be marketable.


Articles


Notifications


Circulars / Instructions / Orders


Case Laws:

  • GST

  • 2020 (5) TMI 222
  • 2020 (5) TMI 221
  • 2020 (5) TMI 220
  • 2020 (5) TMI 219
  • 2020 (5) TMI 218
  • 2020 (5) TMI 217
  • 2020 (5) TMI 216
  • 2020 (5) TMI 215
  • 2020 (5) TMI 214
  • Income Tax

  • 2020 (5) TMI 205
  • 2020 (5) TMI 204
  • 2020 (5) TMI 203
  • 2020 (5) TMI 202
  • 2020 (5) TMI 213
  • 2020 (5) TMI 212
  • 2020 (5) TMI 211
  • 2020 (5) TMI 210
  • 2020 (5) TMI 201
  • 2020 (5) TMI 209
  • 2020 (5) TMI 208
  • Corporate Laws

  • 2020 (5) TMI 198
  • Insolvency & Bankruptcy

  • 2020 (5) TMI 207
  • 2020 (5) TMI 197
  • 2020 (5) TMI 196
  • 2020 (5) TMI 195
  • Service Tax

  • 2020 (5) TMI 200
  • Central Excise

  • 2020 (5) TMI 199
  • CST, VAT & Sales Tax

  • 2020 (5) TMI 206
 

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