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Home e-Newsletters Index Year 2018 July Day 17 - Tuesday

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TMI Tax Updates - e-Newsletter
July 17, 2018

Case Laws in this Newsletter:

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



Highlights / Catch Notes

    GST

  • Chargeability of tax/GST - Classification of goods - support services of loading, unloading, packaging, storage or warehousing of agriculture produce - if any processing is done on these products as is not usually done by a cultivator or producer at farm level then these would fall outside the definition of agricultural produce.

  • Bio Fertilizer - rate of GST - Bio-Fertilizers, other than those put up in Unit Container and bearing a brand name will covered under Schedule I of rate of GST on Goods and would attracts NIL rate of duty and if the Bio-Fertiliser is put up in Unit Container and bears a brand name, it would be taxable under GST @ 5%.

  • Income Tax

  • TDS u/s 194C - payment to transporters - disallowance made u/s 40(a)(ia) - It is not clear from the records as to whether the assessee had indeed submitted the PAN of transporters before the competent authority as prescribed in section 194C(7) which also requires factual verification. - Matter restored before AO

  • Since assessee is not considered to be in the business of construction of airports per se on its own and is only investing as a promoter, it cannot be considered as business activity of assessee. However, necessary expenditure for running day to day activity of the company has to be allowed as a deduction accordingly either u/s. 37(1) or under the head ‘other sources’

  • Disallowance of finance costs - proof of business expenses - Share in Joint Venture (JV) - Since assessee is not carrying on any business activity on its own, the question of allowing the deduction u/s. 36(1)(iii) of the Act does not arise as there is no business activity and the investment itself cannot be considered as ‘for the purpose of business’ as there is no business activity at all.

  • Deduction on account of portfolio management (PMS) fees allocated towards the Short term capital gains on sale of shares u/s 48 - the same not being an expenditure incurred wholly and exclusively in connection with the transfer of the shares out of which STCG had arisen to the assessee - expenditure not allowed.

  • Sale of property - bifurcation in to land and building - Long term / Short term capital gain - assessee failed to submit the basis for valuation of property, it is difficult for us to render any conclusive finding on the claim made by the assessee.

  • Customs

  • Exemption from customs duty on import of various items falling with the chapters 32, 34, 38, 83 or any other Chapter - Government extends the scope of exemption subject to conditions - See Sr. no. 229 and condition no. 21 of the notification No. 50 /2017

  • Restriction on import of peas (yellow peas) - advance payments were made against import - The transitional arrangement, which has been clarified by this trade notice does not contravene the substantive provisions of the notification or section 3 of the FTDR Act in the Central Government.

  • Malafide and suppression of fact, misdeclaration, fraud etc. cannot be alleged against the transferee, against the DEPB licence, therefore, demand for the extended period cannot be raised against the transferee of the licensee.

  • DGFT

  • Accountability of inputs where Advance Authorisations are issued on net to net basis for parts/ components- reg.

  • Corporate Law

  • Central Government constitutes additional Benches of the National Company Law Tribunal (NCLT)

  • State GST

  • Clarification on taxability of custom milling of paddy - Milling of paddy is not an intermediate production process in relation to cultivation of plants. - Rate of GST is 5%

  • GST is not leviable on General Insurance policies provided by a State Government to employees of the State government/ Police personnel, employees of Electricity Department or students of colleges/ private schools etc.

  • Supply of goods or services or both between related persons or between distinct persons as specified in Section 25, when made in the course or furtherance of business, even if, without consideration, attracts GST.

  • Mere cutting and packing of fabrics into pieces of different lengths from bundles or thans, will not change the nature of these goods and such pieces of fabrics would continue to be classifiable under the respective heading as the fabric and attract the 5% GST rate.

  • IBC

  • Corporate insolvency process - What is the reason for default of payment cannot be a ground to reject the application under Section 7, as the Adjudicating Authority is only supposed to see whether the application is complete or not and whether there is any ‘debt’ or ‘default’

  • Central Excise

  • Valuation - Syrup - There is no authority for inclusion of the cost of cups, Co2 gas and AMC charges of the vending/dispensing machine in the assessable value of the syrup.

  • Classification of Laltel and Janma Ghunti - whether the goods classifiable under Chapter Sub-heading 3003.39 which pertains to the Ayurvedic Medicines or under Subheading 3003.39 but under Chapter 33.01 as aqueous distillate of essential oil?

  • VAT

  • Liability to pay certain sums on the petitioners in their capacity as Directors - The existence of a Director and the company is independent of each other. Unlike a partnership firm, the company does not cease to exist merely because persons like the petitioners are not associated with it.


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • GST

  • 2018 (7) TMI 967
  • 2018 (7) TMI 966
  • 2018 (7) TMI 965
  • Income Tax

  • 2018 (7) TMI 964
  • 2018 (7) TMI 963
  • 2018 (7) TMI 962
  • 2018 (7) TMI 961
  • 2018 (7) TMI 960
  • 2018 (7) TMI 959
  • 2018 (7) TMI 958
  • 2018 (7) TMI 957
  • 2018 (7) TMI 956
  • 2018 (7) TMI 955
  • 2018 (7) TMI 954
  • 2018 (7) TMI 953
  • 2018 (7) TMI 952
  • 2018 (7) TMI 951
  • 2018 (7) TMI 950
  • 2018 (7) TMI 949
  • 2018 (7) TMI 948
  • 2018 (7) TMI 947
  • 2018 (7) TMI 946
  • 2018 (7) TMI 945
  • 2018 (7) TMI 944
  • 2018 (7) TMI 943
  • 2018 (7) TMI 942
  • 2018 (7) TMI 941
  • 2018 (7) TMI 940
  • 2018 (7) TMI 939
  • 2018 (7) TMI 938
  • 2018 (7) TMI 937
  • 2018 (7) TMI 936
  • 2018 (7) TMI 935
  • 2018 (7) TMI 934
  • 2018 (7) TMI 933
  • 2018 (7) TMI 932
  • 2018 (7) TMI 931
  • 2018 (7) TMI 930
  • Customs

  • 2018 (7) TMI 929
  • 2018 (7) TMI 928
  • 2018 (7) TMI 927
  • 2018 (7) TMI 926
  • 2018 (7) TMI 925
  • 2018 (7) TMI 915
  • Insolvency & Bankruptcy

  • 2018 (7) TMI 968
  • Service Tax

  • 2018 (7) TMI 922
  • 2018 (7) TMI 921
  • 2018 (7) TMI 920
  • 2018 (7) TMI 919
  • 2018 (7) TMI 918
  • 2018 (7) TMI 917
  • 2018 (7) TMI 916
  • Central Excise

  • 2018 (7) TMI 914
  • 2018 (7) TMI 913
  • 2018 (7) TMI 912
  • 2018 (7) TMI 911
  • 2018 (7) TMI 910
  • 2018 (7) TMI 909
  • 2018 (7) TMI 908
  • 2018 (7) TMI 907
  • CST, VAT & Sales Tax

  • 2018 (7) TMI 906
  • 2018 (7) TMI 905
  • Indian Laws

  • 2018 (7) TMI 924
  • 2018 (7) TMI 923
 

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