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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2018 July Day 24 - Tuesday

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TMI Tax Updates - e-Newsletter
July 24, 2018

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • GST:

    Nature of supply - The activity of fabrication and fitting and mounting of bus bodies on the chassis supplied by the other party is a composite supply with supply of goods, i.e., bus-bodies, being principal supply (HSN code 8707).

  • GST:

    The value of points forfeited of the applicant on which money had been paid by the issuer of points on account of failure of the end customers to redeem the payback points within their validity period would amount to consideration received in lieu of services being provided by LSRPL to its clients - liable to GST.

  • GST:

    Classification of goods - Truck Mounted Cranes (TMC) - The product manufactured/supplied by the applicant, which is resultant of mounting/fixing of crane on readymade trucks/lorries bought by them from truck/lorry manufacturers such as Ashok Leyland, TATA, etc. and known as truck mounted cranes (TMC), is classifiable under heading 8705.

  • GST:

    Classification of goods - Battery’ for Mobile Handset - Under which of the chapter headings of the Customs Tariff Act, 1985, the said product “battery for mobile handsets’’, which is lithium-ion battery would be covered? - To be classified according to its use and type of sale.

  • Income Tax:

    Valuation of closing stock - Even if the excise duty has not been paid and the assessee has postponed its payment, the valuation of the goods will not get affected. Accounting system of the assessee would be of no consequence to arrive at the true and correct valuation of the closing stock

  • Income Tax:

    Sale of property owned exclusively by one of the partners - Even if the partner has been allotted the share, prior to dissolution, as is revealed from the facts, capital gains arise on the firm.

  • Income Tax:

    TDS liability - additions u/s 40(a)(ia) - the management of the LOTUS Note is not a mere sharing of any infrastructure or facility and since the assessee has received the technical services from Bayor, the same is liable to TDS provisions - additions confirmed.

  • Service Tax:

    Valuation - Mandap keeper service - Whether the Tribunal is correct in holding that no service tax is leviable/payable on the charges collected in the name of booking of the Rooms - Tribunal has rightly distinguished the Mandap service and the rooms rents received

  • Service Tax:

    Business Auxiliary Service - The levy of VAT as well as Service Tax is mutually exclusive and once the transaction has been considered and declared as sale of goods it is not open to reopen transaction and consider it as service.

  • Service Tax:

    Business Auxiliary Service - activity of chilling of milk - chilling of milk amounts to manufacture and it is settled law that process amounting to manufacture is not liable to service tax.

  • Service Tax:

    Manpower Recruitment and Supply Agency Services - deputation of employees from one company to another does not involve profit or finance benefit there is no relationship of agency and client involved in such deputation - demand set aside

  • Central Excise:

    CENVAT Credit - fake invoices - allegation of non receipt of goods - The service tax payment in respect of transportation of goods also establish the transportation of goods - merely on the basis of the RTO reports, it cannot be concluded that the inputs were not received by the appellant.

  • Central Excise:

    SC confirmed the decision of tribunal against the assessee denying the benefit of exemption from duty on Job work - Benefit under N/N. 214/86 - As the principal manufacturer was enjoying the area based exemption notification, job worker could not have sent the aluminum ingots to the principal manufacturer without payment of duty inasmuch as the final product of the principal manufacturer was exempted.

  • Central Excise:

    SC confirmed the decision of tribunal on the issue of Valuation under Central Excise against the assessee - inclusion of insurance charges - tribunal found that such sale ought to be considered not a sale on ex-factory basis but on FOR basis even though the Cost Transportation is not included in the price but shown separately in the invoice.

  • VAT:

    Input Tax Credit on Capital Goods - Section 19(3)(b) of the TNVAT Act - denial of credit on the ground that the claim was made after the expiry of the time stipulated in Section 19(11) of the TNVAT Act, which states that input tax has to be claimed before the end of the financial year or before 90 days from the date of purchase, whichever is later. - Claim not allowed.


Articles


Case Laws:

  • GST

  • 2018 (7) TMI 1418
  • 2018 (7) TMI 1423
  • 2018 (7) TMI 1422
  • 2018 (7) TMI 1421
  • 2018 (7) TMI 1420
  • 2018 (7) TMI 1419
  • Income Tax

  • 2018 (7) TMI 1406
  • 2018 (7) TMI 1353
  • 2018 (7) TMI 1352
  • 2018 (7) TMI 1351
  • 2018 (7) TMI 1350
  • 2018 (7) TMI 1349
  • 2018 (7) TMI 1405
  • 2018 (7) TMI 1404
  • 2018 (7) TMI 1347
  • 2018 (7) TMI 1346
  • 2018 (7) TMI 1345
  • 2018 (7) TMI 1344
  • 2018 (7) TMI 1403
  • 2018 (7) TMI 1402
  • 2018 (7) TMI 1417
  • 2018 (7) TMI 1416
  • 2018 (7) TMI 1401
  • 2018 (7) TMI 1415
  • 2018 (7) TMI 1414
  • 2018 (7) TMI 1400
  • 2018 (7) TMI 1399
  • 2018 (7) TMI 1413
  • 2018 (7) TMI 1398
  • 2018 (7) TMI 1412
  • 2018 (7) TMI 1411
  • 2018 (7) TMI 1410
  • 2018 (7) TMI 1409
  • 2018 (7) TMI 1408
  • 2018 (7) TMI 1407
  • Customs

  • 2018 (7) TMI 1343
  • 2018 (7) TMI 1395
  • 2018 (7) TMI 1393
  • 2018 (7) TMI 1341
  • Corporate Laws

  • 2018 (7) TMI 1397
  • 2018 (7) TMI 1396
  • Service Tax

  • 2018 (7) TMI 1391
  • 2018 (7) TMI 1390
  • 2018 (7) TMI 1389
  • 2018 (7) TMI 1394
  • 2018 (7) TMI 1388
  • 2018 (7) TMI 1387
  • 2018 (7) TMI 1386
  • 2018 (7) TMI 1385
  • 2018 (7) TMI 1384
  • 2018 (7) TMI 1383
  • 2018 (7) TMI 1382
  • 2018 (7) TMI 1381
  • 2018 (7) TMI 1380
  • 2018 (7) TMI 1379
  • 2018 (7) TMI 1378
  • 2018 (7) TMI 1377
  • 2018 (7) TMI 1376
  • 2018 (7) TMI 1375
  • 2018 (7) TMI 1374
  • 2018 (7) TMI 1373
  • 2018 (7) TMI 1339
  • 2018 (7) TMI 1338
  • 2018 (7) TMI 1372
  • 2018 (7) TMI 1392
  • Central Excise

  • 2018 (7) TMI 1367
  • 2018 (7) TMI 1348
  • 2018 (7) TMI 1366
  • 2018 (7) TMI 1365
  • 2018 (7) TMI 1342
  • 2018 (7) TMI 1364
  • 2018 (7) TMI 1363
  • 2018 (7) TMI 1371
  • 2018 (7) TMI 1370
  • 2018 (7) TMI 1369
  • 2018 (7) TMI 1362
  • 2018 (7) TMI 1361
  • 2018 (7) TMI 1336
  • 2018 (7) TMI 1360
  • 2018 (7) TMI 1359
  • 2018 (7) TMI 1358
  • 2018 (7) TMI 1357
  • 2018 (7) TMI 1356
  • 2018 (7) TMI 1340
  • 2018 (7) TMI 1337
  • CST, VAT & Sales Tax

  • 2018 (7) TMI 1355
  • 2018 (7) TMI 1354
  • 2018 (7) TMI 1368
 

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