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Home e-Newsletters Index Year 2017 August Day 4 - Friday

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TMI Tax Updates - e-Newsletter
August 4, 2017

Case Laws in this Newsletter:

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



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Accepting the lease equalization charges adjustment in respect of the property taken on rent and rejecting the same in respect of the property given on rent does not fit it into any logic and it is not permissible for the Revenue to follow the rule of convenience i.e. wherever the amount is added back it is accepted and wherever the amount is reduced it is rejected.

  • Income Tax:

    Deduction u/s 80G - The assessee could not claim deduction under section 80G of the Act in respect of donations by way of clothes sent to the Prime Minister's Relief fund for Gujarat Earthquake relief the same being in kind and not in cash, cheque or draft. - HC

  • Income Tax:

    Entitlement for refund - locus of the present petitioner - change in the parties to contract - if the imposition of tax is not referred in the taxing statute, it should not apply even in the case of refund. - HC

  • Income Tax:

    The netting of the interest paid and the interest received is not permissible. Section 57(iii) of the Income-tax Act also does not help the assessee - the assessee cannot be heard to say that it has spent ₹ 5,33,23,380 for earning interest of ₹ 59,31,141 on the fixed deposit receipt - HC

  • Income Tax:

    Best judgment assessment - Estimation of income - No court could substitute its "best judgment" for that of the assessing authority - Once the books of accounts have been rejected rightly, even though the courts may think that it is not the most appropriate basis, the assessing authority's estimate cannot be disturbed - HC

  • Customs:

    Exports under claim for drawback in the GST scenario - Government has dispensed with the requirement of the certificate from GST officer to claim higher rate of drawback - exporter has to submit the self-declaration in the prescribed format.

  • Customs:

    Exports under claim for drawback in the GST scenario - Self-declaration format / form for claiming higher rate of AIR of duty drawback under column (4) and (5) of the AIR Schedule

  • Customs:

    Refund of IGST paid on exports and Export under Bond scheme - refund of unutilised input tax credit (ITC) or IGST paid - For the option (b), the shipping bill filed by an exporter shall be deemed to be an application for refund of integrated tax paid on the goods exported out of India

  • Customs:

    Refund of IGST paid on exports and Export under Bond scheme - unutilised input tax credit (ITC) - Application for refund shall be filed only after the export manifest or an export report, as the case may be, is delivered under section 41 of the Customs Act, 1962 in respect of such goods.

  • Customs:

    Exports under GST - Duty Drawback - it could be possible that export goods may be manufactured by using both Central Excise/Service Tax paid and CGST/IGST paid inputs and inputs services or only CGST/IGST paid inputs and inputs services - safeguards.

  • Customs:

    Exports under GST - Drawback - The certificates from jurisdictional GST officer as referred above may not be available during initial days - all field formations shall ensure that exports are not delayed for requirement of the said certificate.

  • Customs:

    Imports and Input Tax Credit (ITC) - Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in the Invoice Rules are contained in the said document, and the relevant information, as contained in the said document, is furnished in FORM GSTR-2

  • Customs:

    Imports and Input Tax Credit (ITC) - importers are advised to complete their registration process for GSTIN as ITC of IGST would be available based on GSTIN declared in the Bill of Entry.

  • Customs:

    Full exemption from IGST has been provided on passenger baggage. However, basic customs duty shall be leviable at the rate of 35% and education cess as applicable on the value which is in excess of the duty free allowances provided under the Baggage Rules, 2016.

  • Customs:

    In the GST regime, for the purpose of levying IGST all the imports under the project import scheme will be classified under heading 9801 and duty shall be levied @ 18%.

  • Customs:

    EOUs and SEZ - Post GST - In the GST regime, clearance of goods in DTA will attract GST besides payment of amount equal to BCD exemption availed on inputs used in such finished goods. DTA clearances of goods, which are not under GST, would attract Central Excise duties as before.

  • Customs:

    The EXIM scrips under the export incentive schemes of chapter 3 of FTP (for example MEIS and SEIS) can be utilised only for payment of Customs duties or additional duties of Customs, on items not covered by GST, at the time of import. The scrips cannot be utilized for payment of Integrated Tax and Compensation Cess. Similarly, scrip cannot be used for payment of CGST, SGST or IGST for domestic procurements.

  • Customs:

    Import of goods - Post GST - Type of duties - Although BCD, Education Cesses and IGST would be applicable in majority of cases, however, for some products CVD, SAD or GST Compensation cess may also be applicable. - For different scenarios the duty calculation process has been illustrated in Annexure

  • Customs:

    While PAN is identifier at the entity level, GSTIN would be used as identifier at the transaction level for every import and export. Further, in scenarios where GSTIN is not applicable, UIN or PAN would be accepted as IEC. - It is advised that all importers need to quote GSTIN in their Bills of Entry in addition to IEC. In due course of time IEC would be replaced by PAN/GSTIN.

  • Customs:

    Under the GST regime, Customs duties will be exempted on imports made under export promotion schemes namely EPCG, DEEC (Advance License) and DFIA. - IGST and Compensation Cess will have to be paid on such imports.

  • Customs:

    Imports of goods - IGST would be levied on cargo which has arrived prior to 1st July but a bill of entry is filed on or after 1st July 2017.

  • Customs:

    Levy of Fees (Customs Documents) Regulations, 1970, has been amended

  • Customs:

    Direction issued to all CFSs to give an undertaking that they are responsible to safety and security of cargo during the movement of such containers

  • Customs:

    Direction to Importers/Customs Brokers - Importers/CBs are required to intimate the shipping line/agents about their option of the destination CFS, atleast 72 hours prior to the arrival of the vessel(Entry inward).

  • Customs:

    Direction to Shipping Lines/Shipping Agents - Not to insist for submission of Original Bill of Lading (BL) at the time of submission of advance intimation. Original Bill of Lading is required only before issue of delivery order

  • Customs:

    For any delay in evacuation of container from Terminal (beyond free period allowed by each Terminal Operator), CFss will be responsible for payment of “Port charges” to Terminal [charged by Terminal Operator for keeping the container beyond free period).

  • Customs:

    For the consignments having entry inward date 01.07.2017 & onwards and where advance/prior BE were already filed prior to 01.07.2017 there will be no charge on the late presentation of Bill of Entry.

  • Customs:

    GST implementation - Guidance Note for Importers and Exporters

  • Customs:

    Since new provisions for levy of IGST and GST compensation cess on imports have been introduced under the Customs Tariff Act, 1975, Bill of Entry, Shipping Bill and Courier Regulations and Forms, both Manual and EDI, have been suitably modified

  • Customs:

    Procedure in respect of discharge and clearance of Liquid Cargo in Bulk for Warehousing in bonded warehouse — all liquid cargo imports discharged through pipelines for warehousing, the shore tank receipt quantity i.e. the quantity ascertained by dip measurement in tanks on shore into which such cargo is pumped from the tanker, has to be taken

  • Customs:

    Implementation of Express Cargo Clearance System (ECCS) at Courier Terminal – The provisions of this Public Notice, in so far as they are with respect to automation of courier clearance, shall prevail over the provisions assigned to them in the Act and the Regulations.

  • Customs:

    The work pertaining to fixation of Brand Rate of Drawback under Rule 6 and Rule 7 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, in the GST scenario.

  • Customs:

    Implementation of GST in Customs–Changes in BE/SB Declaration–Reg. - changes in Bill of Entry and Shipping Bill declarations

  • Customs:

    Rate of exchange of conversion of the foreign currency with effect from 4th August, 2017 - For import and export of goods

  • Customs:

    Import of Manganese ore - Customs authorities took a view that the goods imported are not ore but concentrate and hence will not be eligible for the exemption notifications - revenue failed to prove that the Manganese ore has undergone special treatments to hold the goods as concentrate.

  • DGFT:

    Export policy of Muli-bamboo and bamboo products — Proforma for issue of Certificate of Origin (COO) regarding

  • State GST:

    Circular regarding Accounting Framework for new Goods and Services Tax (GST) regime - Circular

  • Service Tax:

    Renting of Immovable Property Services - Joint ownership - benefit of small scale exemption upto ₹ 10 Lakhs to each owner - Benefit of N/N. 06/2005-ST dt. 01.03.2005 extended to each owner.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (8) TMI 132
  • 2017 (8) TMI 131
  • 2017 (8) TMI 130
  • 2017 (8) TMI 129
  • 2017 (8) TMI 128
  • 2017 (8) TMI 118
  • 2017 (8) TMI 127
  • 2017 (8) TMI 126
  • 2017 (8) TMI 117
  • 2017 (8) TMI 116
  • 2017 (8) TMI 115
  • 2017 (8) TMI 114
  • 2017 (8) TMI 113
  • 2017 (8) TMI 125
  • 2017 (8) TMI 112
  • 2017 (8) TMI 124
  • 2017 (8) TMI 123
  • 2017 (8) TMI 122
  • 2017 (8) TMI 121
  • 2017 (8) TMI 120
  • 2017 (8) TMI 119
  • Customs

  • 2017 (8) TMI 93
  • 2017 (8) TMI 92
  • 2017 (8) TMI 91
  • 2017 (8) TMI 90
  • 2017 (8) TMI 89
  • Corporate Laws

  • 2017 (8) TMI 83
  • 2017 (8) TMI 133
  • Insolvency & Bankruptcy

  • 2017 (8) TMI 84
  • Service Tax

  • 2017 (8) TMI 111
  • 2017 (8) TMI 110
  • 2017 (8) TMI 109
  • 2017 (8) TMI 108
  • Central Excise

  • 2017 (8) TMI 106
  • 2017 (8) TMI 105
  • 2017 (8) TMI 103
  • 2017 (8) TMI 102
  • 2017 (8) TMI 101
  • 2017 (8) TMI 100
  • 2017 (8) TMI 104
  • 2017 (8) TMI 107
  • 2017 (8) TMI 99
  • 2017 (8) TMI 98
  • 2017 (8) TMI 97
  • 2017 (8) TMI 96
  • 2017 (8) TMI 95
  • 2017 (8) TMI 94
  • CST, VAT & Sales Tax

  • 2017 (8) TMI 88
  • 2017 (8) TMI 87
  • 2017 (8) TMI 86
  • 2017 (8) TMI 85
  • Indian Laws

  • 2017 (8) TMI 82
  • 2017 (8) TMI 81
 

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