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Home e-Newsletters Index Year 2017 August Day 8 - Tuesday

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TMI Tax Updates - e-Newsletter
August 8, 2017

Case Laws in this Newsletter:

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



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Highlights / Catch Notes

    GST

  • Changes in GST - New crop insurance schemes Pradhan Mantri Fasal Bima Yojana (PMFBY) introduced from Kharif 201617 in place of National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS), and Restructured Weather Based Crop Insurance Scheme (RWCIS) introduced in place of Weather Based Crop Insurance Schemes , shall be extended exemption from GST.

  • Changes in GST - Goods required by FIFA and Services provided by and to FIFA and its subsidiaries in connection with FIFA U17 World Cup to be hosted in India in 2017 shall be exempted from GST

  • Changes in GST - To clarify that legal services (including representational services) provided by an individual advocate or a senior advocate or a firm of advocates (including LLP) provided to a business entity in taxable territory are covered under reverse charge mechanism

  • Changes in GST - Partnership firm or a firm includes LLP ( Limited liability Partnership) for the purposes of levy (including exemption therefrom) of GST on legal services.

  • Changes in GST - In case of small house-keeping service providers (plumbers/carpenters) providing services through Electronic Commerce Operators (ECO), liability to pay GST placed on ECO

  • Changes in GST - Goods Transport Agency Service (GTA) - Allowed option of 12% GST with full ITC under forward charge. 5% GST with no ITC will also continue - However, the GTA has to give an option at the beginning of financial year

  • Changes in GST - Rent-a-cab service - Allowed option of 12% GST with full ITC. - 5% GST with no ITC will also continue

  • Changes in GST - Admission to planetarium - GST rates reduced from 28% with full ITC to 18% with full ITC

  • Changes in GST - Margin/commission payable to Fair Price Shop Dealers by Central/ State Governments - GST rate reduced from 18% with full ITC to Nil

  • Changes in GST - Works contract services provided to Government, local authority or governmental authority and in respect of post-harvest storage infrastructure for agricultural produce, mechanized food grain handling system - GST rates reduced from 18% with full ITC to 12% with full ITC

  • Changes in GST - Services by way of printing of newspapers, books (including Braille books), journals and periodicals using physical inputs owned by others (including an unregistered publisher/supplier) - GST rate reduced from 18% with full ITC to 5% with full ITC

  • Changes in GST - Services by way of printing of newspapers, books (including Braille books), journals and periodicals where only content is supplied by the publisher and the physical inputs including paper used for printing belongs to the printer - GST rates reduced from 18% with full ITC to 12% with full ITC

  • Changes in GST - Job work services in respect of the textiles and textile products (including MMF yarn, garments, made-ups, etc. falling in Chapters 50 to 63) - Rate of GST reduced from 18%/5% to 5%

  • Income Tax

  • Penalty levied on the assessee/Trust under Section 273(2)(a) and under Section 140A(3) - filing NIL estimate of advance tax and nonpayment of the self assessment tax - penalty confirmed - HC

  • TDS U/S 194J - payment for providing SMS services as well as technical support services - There is no technical or professional services - No TDS liability - HC

  • Deduction u/s 80IB(9) - eligible undertaking - Tribunal cannot be faulted for deciding not to proceed further with the bunch of appeals till the Supreme Court finally cleared the issues. - HC

  • Imposition of penalty u/s 271D and 271E - acceptance and repayment of loans in cash - The creditors from whom the cash was received and repaid were held to be genuine and confirmation to that act was obtained from the said persons and the transactions were not made for attempting to evade tax - No penalty - HC

  • Exemption u/s 54B denied - capital gain from sale of agriculture land - investment in the new land made in the name of wife of the assessee - the new asset has to be in the name of the assessee himself. - HC

  • Levy of penalty u/s 221 - reasonable cause for non compliance - the assessee had shown good and sufficient reasons for not deducting tax at source (TDS) within the prescribed time - No penalty - HC

  • When the transactions are multiple and inter-related then if a particular transaction out of the composite transactions cannot be tested under CUP then it is not proper to apply separate methods for determining the ALP for each of the transaction.

  • TPA - Comparability - the segmental results taken by the TPO of this company have been influenced by the mergers and acquisitions taking place during the year, thereby making such financial results as incomparable - the same is directed to be excluded from the final list of comparables.

  • Penalty u/s 271(1)(c) - disallowance of liasoning commission - satisfaction regarding concealment of income - Merely because the commission expenses have been disallowed in the assessment year under appeal and confirmed by the appellate authority, by itself is no ground to levy the penalty.


Case Laws:

  • Income Tax

  • 2017 (8) TMI 296
  • 2017 (8) TMI 295
  • 2017 (8) TMI 294
  • 2017 (8) TMI 293
  • 2017 (8) TMI 292
  • 2017 (8) TMI 291
  • 2017 (8) TMI 290
  • 2017 (8) TMI 289
  • 2017 (8) TMI 288
  • 2017 (8) TMI 287
  • 2017 (8) TMI 286
  • 2017 (8) TMI 285
  • 2017 (8) TMI 284
  • 2017 (8) TMI 283
  • 2017 (8) TMI 282
  • 2017 (8) TMI 281
  • 2017 (8) TMI 280
  • 2017 (8) TMI 279
  • 2017 (8) TMI 278
  • 2017 (8) TMI 277
  • 2017 (8) TMI 276
  • 2017 (8) TMI 275
  • 2017 (8) TMI 274
  • 2017 (8) TMI 273
  • 2017 (8) TMI 272
  • 2017 (8) TMI 271
  • 2017 (8) TMI 270
  • 2017 (8) TMI 269
  • Customs

  • 2017 (8) TMI 257
  • 2017 (8) TMI 256
  • 2017 (8) TMI 255
  • Corporate Laws

  • 2017 (8) TMI 253
  • 2017 (8) TMI 252
  • 2017 (8) TMI 251
  • Service Tax

  • 2017 (8) TMI 268
  • 2017 (8) TMI 267
  • Central Excise

  • 2017 (8) TMI 266
  • 2017 (8) TMI 265
  • 2017 (8) TMI 264
  • 2017 (8) TMI 263
  • 2017 (8) TMI 262
  • 2017 (8) TMI 261
  • 2017 (8) TMI 260
  • 2017 (8) TMI 259
  • 2017 (8) TMI 258
  • CST, VAT & Sales Tax

  • 2017 (8) TMI 254
 

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