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Home e-Newsletters Index Year 2018 June Day 15 - Friday

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TMI Tax Updates - e-Newsletter
June 15, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Clarifications of certain issues under GST - Draft Circular

  • GST:

    No e-way bill is required to be generated - where empty cylinders for packing of liquefied petroleum gas are being moved for reasons other than supply - See GST Rule 138 as amended.

  • GST:

    Order of the Anti Profiteering authority - GST Rule 133 as amended.

  • GST:

    Consumer Welfare Fund. - an amount equivalent to fifty per cent. of the amount of cess determined under sub-section (5) of section 54 read with section 11 of the Goods and Services Tax (Compensation to States) Act, 2017 shall also be deposited in the Fund.

  • GST:

    Refund of tax to certain persons - specified person u/s 55 - Removal of restriction of Invoice Value of ₹ 5000/- made with retrospective effect i.e. 1.7.2017 instead of 29.12.2017 - See GST Rules as amended.

  • GST:

    Application for refund of ITC on on account of inverted duty structure - the formula for calculation of refund amount revised with retrospective effect i.e. 1.7.2017 - See GST Rules as amended.

  • GST:

    Provisions relating to a goods and services tax practitioner - person registered earlier as sales tax practitioner or tax return preparer - period of limitation for passing the examination increased from 12 months to 18 months - See GST Rule as amended.

  • GST:

    Reversal of input tax credit (ITC) in the case of non-payment of consideration - The amount which has been paid by the recipient on behalf of the supplier [in accordance with section 15(2)(b)] shall not be considered for reversal of ITC u/s 37 - GST Rule as amended.

  • GST:

    The product “Ice Cream Making Machine” is classifiable under Tariff Heading 84.18 and not under Tariff Heading 84.38 of the Customs Tariff Act, 1975 and Goods and Services Tax rate applicable to Tariff Heading 84.18 is applicable to the said product.

  • GST:

    The applicant are not exempted from tax under GST on their outward supplies made to ocean going merchant vessels on foreign run, Indian Naval Ships and Indian Coast Guard Ships.

  • GST:

    Whole pulse grains such as whole gram, rajma etc. and ‘cereal’ on which no further processing is done or such processing is done as is usually done by a cultivator or producer which does not alter its essential characteristics but makes it marketable for primary market, fall under the definition of agriculture produce.

  • GST:

    GST - groundnuts with shell, turmeric and ginger on which no further processing is done or such processing is done as is usually done by a cultivator or producer which does not alter its essential characteristics but make it marketable for primary market would fall within the definition of agriculture produce.

  • GST:

    GST - Pulses (commonly known as ‘Dal’) (de-husked or split), jaggery, processed dry fruits such as processed cashew nuts, raisin (kismis), apricot (jardalu), fig (anjeer), date, tamarind (ambali foal), shelled groundnuts / groundnut seeds, and copra are not agriculture produce.

  • GST:

    GST - High Seas Sales - place of supply - Central Board of Excise and Customs has issued Circular No. 33/2017-Cus dated 01.08.2017, on the issue of High Sea Sales. Thus, the issue of High Sea Sale falls in the domain of Customs and not under the Goods and Services Tax.

  • Income Tax:

    Cost inflation index for the Financial Year 2018-19 notified as 280

  • Income Tax:

    TDS u/s 195 - PE in India - fees in respect of the services rendered for use of a global network and infrastructure to process card payment transactions for customers in India - DTAA with Singapore - The Applicant is required to withhold tax at source on amount attributed to the PE in India at the full applicable rate at which the non-resident is subjected to tax in India.

  • Income Tax:

    Fixed place PE of the Applicant in India - Applicability of Australian Ruling in India - It may not have created PE under Australia Singapore DTAA due to requirement of being “substantial equipment” but it can create PE in India since there is no such requirement under India Singapore DTAA.

  • Income Tax:

    Non-compete fee receipt - consideration for transfer of the shares - Capital Gains or business income - In order to attract section 28(va)(a), there is no condition of receiving a non-compete fee for agreeing not to carry on a business which the assessee was already carrying on.

  • Income Tax:

    Levy of penalty u/s 271D and 271E - transaction of advance and its receipt back in cash in excess of ₹ 20,000/- - Assessee failed to substantiate that it is trade advance - application of section 273B cannot be considered - levy of penalty confirmed.

  • Income Tax:

    Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner with no credible evidence - No additions.

  • Income Tax:

    R & D expenditure and ESOP expenses - apportionment of cost to the units which claimed exemption u/s 10B, 80IB and 80IC - there is nothing on record to show that all the R & D inventions / patents were never sold in outside market but only captively utilised in the exempted units. - apportioning R & D expenditure and ESOP cost not justified.

  • Income Tax:

    Taxability of amount on which TDS credit has been claimed - Merely because TDS has been deducted, advances cannot be treated as income - as the assessee has claimed TDS on the advance, hence the TDS amount is deemed to be the income received during the year.

  • Income Tax:

    Genuineness of expenditure - Additions made on carriage inward charges / loading unloading expenditure - Cash payments - allegation of split of transactions artificially - a lump sum disallowance @ 6% instead of 15% under challenge would be just and proper.

  • Income Tax:

    Penalty u/s 271B - failure to get accounts audited - for technical and venial breach on the part of Chartered Accountant of the assessee, the assessee cannot be penalized

  • Income Tax:

    Penalty u/s. 271(1)(c) - assessee accepted the quantum disallowance - just because assessee has not routed the same through profit and loss account does not by itself said to be a contumacious conduct warranting levy of penalty u/s. 271(1)(c)

  • Income Tax:

    Just because assessee was registered u/s 25 of the Companies Act, 1956 would not ipso facto make it eligible for registration u/s 12AA - unless the dominant activity show altruistic thought and action which reflects selflessness, we cannot say it involves any “charity’

  • Income Tax:

    Denial of registration u/s 12AA - trust for educational purposes - Imparting financial education to the general public through programmes sponsored by Goldman Sachs, ICICI, Tata, Reliance Life etc, will clearly show that pursuing such object would not come within the meaning of “education’’.

  • Customs:

    Procedure for e-commerce exports through Post and clarification regarding personal imports

  • Customs:

    Import of Edible oils falling under Chapter 15 - Rate of customs duty increased in most of the cases barring few items.

  • Customs:

    Refund of Customs Duty paid - Refund of CVD paid in excess - MRP based valuation - the impugned order upholding rejection of the refund claim on the ground that the assessment order has not been challenged, cannot sustain

  • Customs:

    Project import - the power generation plant where the turbine has been used is set up in the appellant's sugar factory which cannot be considered as a power generation project - the appellant will not be eligible for the benefit of the notification.

  • Service Tax:

    Banking and Other Finance Services - appellants are a registered Trust as a Federation of Women in Micro Credit providing loans to Women’s Self Help Groups (SHG) engaged in micro finance - the appellants would not fall within the ambit of ‘banking company or financial institution’.

  • Central Excise:

    Levy of penalty - Revenue neutrality - entire excise is revenue neutral as neither the assessee stands to loose anything by paying higher duty nor the Revenue stands to gain anything by the appellant’s adoption of lower assessable value - penalty u/s 11AC set aside

  • Central Excise:

    CENVAT credit - Works Contract - The laying of railway tracks does not fit into sub-clause (a) or (b) of exclusion Part (A) in the definition of input service. Thus the disallowance of credit, alleging that these services are excluded from the definition, is without any legal basis.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (6) TMI 620
  • 2018 (6) TMI 619
  • 2018 (6) TMI 624
  • 2018 (6) TMI 623
  • 2018 (6) TMI 622
  • 2018 (6) TMI 621
  • Income Tax

  • 2018 (6) TMI 614
  • 2018 (6) TMI 613
  • 2018 (6) TMI 612
  • 2018 (6) TMI 616
  • 2018 (6) TMI 611
  • 2018 (6) TMI 610
  • 2018 (6) TMI 609
  • 2018 (6) TMI 608
  • 2018 (6) TMI 607
  • 2018 (6) TMI 606
  • 2018 (6) TMI 605
  • 2018 (6) TMI 604
  • 2018 (6) TMI 603
  • 2018 (6) TMI 602
  • 2018 (6) TMI 618
  • 2018 (6) TMI 617
  • 2018 (6) TMI 615
  • 2018 (6) TMI 601
  • 2018 (6) TMI 600
  • 2018 (6) TMI 599
  • Customs

  • 2018 (6) TMI 598
  • 2018 (6) TMI 597
  • 2018 (6) TMI 596
  • 2018 (6) TMI 595
  • 2018 (6) TMI 594
  • Service Tax

  • 2018 (6) TMI 593
  • 2018 (6) TMI 592
  • 2018 (6) TMI 591
  • 2018 (6) TMI 590
  • 2018 (6) TMI 589
  • 2018 (6) TMI 588
  • 2018 (6) TMI 587
  • 2018 (6) TMI 586
  • 2018 (6) TMI 585
  • 2018 (6) TMI 584
  • Central Excise

  • 2018 (6) TMI 583
  • 2018 (6) TMI 581
  • 2018 (6) TMI 582
  • 2018 (6) TMI 580
  • 2018 (6) TMI 579
  • 2018 (6) TMI 578
  • 2018 (6) TMI 577
  • 2018 (6) TMI 576
  • 2018 (6) TMI 575
  • 2018 (6) TMI 574
  • 2018 (6) TMI 573
  • 2018 (6) TMI 572
  • 2018 (6) TMI 571
  • 2018 (6) TMI 570
  • 2018 (6) TMI 569
  • 2018 (6) TMI 568
  • 2018 (6) TMI 567
  • 2018 (6) TMI 566
  • 2018 (6) TMI 565
  • 2018 (6) TMI 564
  • 2018 (6) TMI 563
  • 2018 (6) TMI 562
  • CST, VAT & Sales Tax

  • 2018 (6) TMI 561
 

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