Home Highlights July 2018 Year 2018 This

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1. GST is payable under reverse charge mechanism on issuance of corporate guarantee without consideration by foreign group company to Indian subsidiary for loan taken from...

2. This circular clarifies GST rates and classification for certain goods based on recommendations of the GST Council's 54th meeting. Key points: Extruded/expanded savoury...

3. GST Rates - HSN Code - Instant Coffee falls under heading 2101 and attracts 28% GST.

4. GST Rates - HSN Code - Hair rubber bands fall under heading 4016 and attract 28% GST

5. GST Rates - HSN Code - Battery for mobile handsets falls under heading 8506 and attracts 28% GST.

6. Misdeclaration of imported polished marble slabs as unpolished slabs. Excess quantity found during physical verification. Customs duty demanded along with interest and...

7. The High Court addressed the issue of parallel proceedings initiated by both State and Central GST Authorities against the petitioner for the same assessment years. For...

8. Rates of Tax on Goods - Schedule 4 - IGST @ 28% - CGST @ 14% - SGST / UTGST @ 14% - GST

9. Rate of GST in case of sale/supply of coated tobacco broken leaves in gunny bag - the product is classifiable under CTH 2401 as ''unmanufactured raw tobacco leaves'. -...

10. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

11. GST Rates - HSN Code - Nail Polish [whether in large quantities say 50 to 100 litres or in retail packs] falls under heading 3304 and attracts 28% GST

12. Claim of expenditure pertaining to earlier year - prior period expenses - If there was no accrual of the expenditure in the earlier year or had not become due. It became...

13. Recommendations of 50th meeting of GST Council - GST Council recommends Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value...

14. Validity of SCN - Levy of Penalty u/s 112(a) of Customs Act on CHA - abetment of offence committed by the importer as against which the petitioner - scope of Sections...

15. Profiteering in GST rates for admission to cinema exhibitions. Despite a reduction in GST rates from 28% to 18%, the benefit was not passed on to consumers, and instead,...