tax connect€¦ · relaxation in return filing procedure for first 2 months of gst implementation:...

Knowledge Partner:

The Bengal Chamber of Commerce & Industry

[

126th Issue:25 June 2017 – 01 July 2017

TAX CONNECT Kolkata: 1, Old Court House Corner, To a o House 1st

Floor, R.No.-13 (North), Kolkata-700001 Gujarat: Quarter no. 3/174, Gujarat Refinery Township, Jawaharnagar, Vadodara-391320

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Email: [email protected];[email protected]

TAX CONNECT

INCOME TAX

CUSTOMS

mailto:[email protected]


Tax Connect: 125th Issue

25 June 2017 – 01 July 2017

EDITORIAL

Friends,

The Coming week is historical! The Goods and Services

Tax (GST) will be rolled out from June 30 midnight.

As per discussions in the 17th GST Council Meeting held

on 18th June, 2017 (Sunday) officials agreed on several

sets of GST rules, including anti-profiteering guidelines.

The major points decided in the meetings are the

following:

Approved the rules for Advance ruling, Appeals

and revisions, Assessment and Anti-

profiteering.

State-run lotteries will fall in the 12% tax

bracket, while State authorized Lotteries will be

taxed at 28%.

The Council also decided to defer the dates of

filing the detailed return for July and August.

To give some relief to businesses getting ready,

GST council has decided to introduce a new

form GSTR 3B that will need to be filed by

August 20 for July and September 20 for

August.

The invoice-wise details needed in GSTR 1 for

July can be filed by September 5, and for

August by September 20.

The returns for September will follow the

original dates.

E-Way Bills delayed:

On e-waybills, GST Council decided that the existing

system would continue until consensus was reached on

the rules.

Recommendations regarding GST rate on certain goods

and Composition levy

Composition Scheme:

GST Council has recommended that the turnover limit

for Composition Levy shall be Rs.75 lakh for

Uttarakhand and Rs.50 lakh in respect of the following

Special Category States namely:

1. Arunachal Pradesh,

2. Assam,

3. Manipur,

4. Meghalaya,

5. Mizoram,

6. Nagaland,

7. Sikkim,

8. Tripura, and

9. Himachal Pradesh.

However, turnover limit for the Composition levy for the

State of Jammu & Kashmir will be decided in due course.

GST Council has also recommended that manufacturers

of the following goods shall not be eligible for the

Composition Levy:

i. Pan Masala,

ii. Tobacco and manufactured tobacco substitutes,

and

iii. Ice cream and other edible ice, whether or not

containing cocoa

Negative list for the composition scheme :

GST Council has also recommended that rate of GST will

be 5 % on dried Singhada and Makhana.

GST Rates for Services:

1. Service of transport of goods by a vessel:

- GST rate of 5% will be applicable.

- ITC in respect of input services and GST paid on

ships, vessels including bulk carriers and tankers

will be allowed

2. GST rate of 18% with full ITC is applicable on renting

of hotels, inns, guest houses, clubs, campsites or

other commercial places meant for residential or


25 June 2017 – 01 July 2017

EDITORIAL

lodging purposes where room tariff is Rs 2500/ and

above but less than Rs 7500/- per room per day

3. GST rate of 28% with full ITC is applicable on

accommodation in hotels including 5 star and above

rated hotels, inns, guest houses, clubs, campsites or

other commercial places meant for residential or

lodging purposes, where room rent is Rs 7500/- and

above per room per day

4. GST rate of 18% with full ITC shall attract on supply of

Food/drinks in air-conditioned restaurant in 5-star or

above rated Hotel.

Relaxation in return filing procedure for first 2 months

of GST implementation:

With the intention to provide a sense of comfort to the

taxpayers and to provide an opportunity to the taxpayers

to be ready for this historic reform the relaxation in GST

implementation has been given as under:

For the month of July and August 2017 the tax

would be payable based on a simple return i.e.

Form GSTR-3B:

- GSTR-3B containing summary of outward and

inward supplies.

- GSTR-3B will be submitted before 20th

August

(for July) and 20th

September 2017 (for August).

However, the invoice-wise details in regular

GSTR – 1 would have to be filed for the month of

July and August, 2017 during the period 1st

to 5th

September (for July) and 16th

to 20th

September

2017 (for August).

GSTR-2 needs to be reconcile during the period

6th

to 10th

September (for July) and 21st

to 25th

September (for August) 2017.

It is to be noted that facility for uploading of

outward supplies for July, 2017 will be available

from 15th July, 2017.

No late fees and penalty would be levied for the

interim period.

In the mean time The CBEC (Dept. of Revenue), Ministry

of Finance, Government of India vide Notification No.18

/2017 dated 22.06.2017 has notified that Service Tax

Return for the period from April 2017 to June 2017 shall

be submitted by 15th August 2017.

We do hope that this bulletin adds value to your

professional sphere.

Just to reiterate that we remain available over a

telecom or e-mail.

Truly Yours

Timir Baran Chatterjee

M.Com, FCS, MBA (International Business)-IIFT, ACMA

Vivek Jalan

FCA, LL.B, B. Com (Hons.)


25 June 2017 – 01 July 2017

SYNOPSIS

S.NO. TOPICS PAGE NO.

1] TAX CALENDAR 5

2] GOODS & SERVICE TAX (GST)

a) GST Levy, Supply, Place & Time of Supply 6

Analysis Notification No. 4/2017 dated 19.06.2017 and (GHN-23) GST -2017-S.1(1)/TH dated 21.06.2017 Analysis Rules Notified under CGST Act.

b) Input Tax Credit (ITC) under GST 7

Analysis Notification No. 4/2017 dated 19.06.2017 and (GHN-24) GST -2017-S.146/TH dated 21.06.2017

Analysis Notification No. 5/2017 dated 19.06.2017 and (GHN-25) GST -2017-S.23/TH dated 21.06.2017

Analysis Notification No. 6/2017 dated 19.06.2017

c) GST return, payments & refunds 8

Analysis Notification No. 1/2017 – Integrated Tax dated 19.06.2017

Analysis Notification No. 2/2017 – Integrated Tax dated 19.06.2017

Analysis How to be Ready for GST.

d) Invoice & Accounts under GST 9

Analysis How to be Ready for GST.

e] GST authority interface - assessments & appeals 10

Analysis Transition Provision under GST

f] Other Topics under GST 11

Analysis Transition Provision under GST

3] INCOME TAXES

12

Notification/Circular Case Law- MEHSANA DISTRICT CENTRAL CO-OP BANK LTD (GUJARAT HIGH COURT)

Notification/Circular Case Law -GUJARAT ENVIRO PROTECTION AND INFRASTRUCTURE (GUJARAT HIGH COURT)

4] CUSTOMS

13

Notification/Circular Notification No. 24/2017- dated 23.06.2017



Notification/Circular Notification No. 56/2017-Customs (N.T.) dated 23.06.2017

5] IN STANDS: REVISED MODEL GST LAWS : A COMPREHENSIVE TECHNICAL COMMENTARY

14


25 June 2017 – 01 July 2017

TAX CALENDAR

Due date COMPLIANCES FROM 25th Jun, 2017

to 30th Jun, 2017

State/Region

25th June, 2017 Filing of monthly/quarterly

VAT return (VAT Act)

Jharkhand

Issuance of WCT certificate (VAT Act) West Bengal, Mizoram

28th June, 2017 Deposit of VAT of previous month (VAT

Act)

Arunachal Pradesh

Filing of monthly/quarterly VAT return

(VAT Act)

Arunachal Pradesh (Monthly, if turnover>Rs. 1

crore)

30th

June, 2017 Deposit of VAT of previous month (VAT

Act)

Tripura, Himachal Pradesh

Punjab (if payment otherwise than by cheque)

Goa (if Tax < Rs. 1 lac), Mizoram, Jammu & Kashmir

Filing of monthly/quarterly/annual VAT

return (VAT Act)

Himachal Pradesh , Punjab (if payment otherwise than

by cheque), Bihar, Gujarat, Jharkhand (Annual),

Uttarakhand, Tripura,

Deposit of WCT of previous month (VAT

Act)

Goa (Monthly, if Tax< Rs. 1 lac)

Filing of monthly/quarterly WCT

return(VAT Act)

Rajasthan, Bihar, Chandigarh, Tamil Nadu

Deposit of Entry tax of previous month

(Entry Tax Act)

Maharashtra , Goa

Issuance of WCT certificate (VAT Act) Orissa

Deposit of P tax of previous month

(Commercial Tax Act)

Maharashtra

GST LEVY, SUPPLY, PLACE & TIME OF SUPPLY


18 June 2017 – 24 June 2017

NOTIFICATIONS/CIRCULARS

SECTIONS NOTIFIED UNDER C.G.S.T. ACT AND GUJARAT

GST ACT, 2017 W.E.F. 22.06.2017

OUR COMMENTS: The CBEC (Dept. of Revenue), Ministry

of Finance, Government of India and Finance Dept. ,

Govt. of Gujarat vide Notification No. 1/2017-Central

Tax dated 19.06.2017 and Notification No. (GHN-

23)GST-2017-S.1(1)/TH-dated 21.06.2017 the Central

Government and Government of Gujarat notified that

the provisions of following Section will apply from 22nd

June, 2017:

Sec. No. Description

1 Short title, extent and commencement.

2 Definitions.

3 Officers under CGST Act.

4 Appointment of officers.

5 Powers of officers

10 Composition levy.

22 Persons liable for registration.

23 Persons not liable for registration

24 Compulsory registration in certain cases

25 Procedure for registration

26 Deemed registration

27

Special provisions relating to casual

taxable person and non-resident taxable

person.

28 Amendment of registration.

29 Cancellation of registration.

30 Revocation of cancellation of

registration.

139 Migration of existing taxpayers.

146 Common Portal.

164 Power of Government to make rules

RULES NOTIFIED UNDER C.G.S.T. ACT


of Finance, Government of India vide Notification No.

3/2017-Central Tax dated 19.06.2017 and Notification

No. (GHN-26)GST-2017-S.23(1)/TH-dated 21.06.2017

the Central Government and Gujarat Government

notified the Rules under C.G.S.T. Act, 2017 and Gujarat

GST Act, 2017:

Chapter- I-Preliminary

Rule

No.

Description

1 Short title, Extent and Commencement.

2 Definitions

Chapter- I-Composition Rules

3 Intimation for composition levy

4 Effective date for composition levy

5 Conditions and restrictions for composition

levy

6 Validity of composition levy

7 Rate of tax of the composition levy.

Chapter- I-Registration

8 Application for registration

9 Verification of the application and approval

10 Issue of registration certificate

11 Separate registration for multiple business

verticals within a State or a Union territory

12 Grant of registration to persons required to

deduct tax at source or to collect tax at

source

13 Grant of registration to non-resident taxable

person

14 Grant of registration to a person supplying

online information and database access or

retrieval services from a place outside India

to a non-taxable online recipient

15 Extension in period of operation by casual

taxable person and non-resident taxable

person.

16 Suo moto registration.-

17 Assignment of Unique Identity Number to

certain special entities

18 Display of registration certificate and Goods

and Services Tax Identification Number on

the name board.

19 Amendment of registration.-

20 Application for cancellation of registration.


18 June 2017 – 24 June 2017

INPUT TAX CREDIT UNDER GST

21 Registration to be cancelled in certain cases

22 Cancellation of registration

23 Revocation of cancellation of registration

24 Migration of persons registered under the

existing law.-

25 Physical verification of business premises in

certain cases

26 Method of authentication


WWW.GST.GOV.IN NOTIFIED AS THE COMMON GOODS

AND SERVICES TAX ELECTRONIC PORTAL OUR COMMENTS: The CBEC (Dept. of Revenue),

Ministry of Finance, Government of India and

Finance Dept. , Govt. of Gujarat vide Notification

No. 4/2017-Central Tax dated 19.06.2017 and

Notification No. (GHN-24)GST-2017-S.146(1)/TH-

dated 21.06.2017 the Central Government and

Government of Gujarat notified www.gst.gov.in as

the Common Goods and Services Tax Electronic

Portal for facilitating registration, payment of tax,

furnishing of returns, computation and settlement

of integrated tax and electronic way bill w.e.f. 22nd

June, 2017.

www.gst.gov.in means the website managed by the

Goods and Services Tax Network, a company

incorporated under the provisions of section 8 of

the Companies Act, 2013.

UNDER CGST ACT, 2017 THE CG SPECIFIES THE

PERSONS EXEMPTED FROM OBTAINING

REGISTRATION

OUR COMMENTS: The CBEC (Dept. of Revenue),

Ministry of Finance, Government of India and

Finance Dept. , Govt. of Gujarat vide Notification

No. 5/2017-Central Tax dated 19.06.2017 and

Notification No. (GHN-25)GST-2017-S.23(1)/TH-

dated 21.06.2017 the Central Government specifies

the following category of persons exempted from

obtaining registration under Central Goods and

Services Tax Act, 2017 w.e.f. 22.06.2017:

- who are only engaged in making supplies of

taxable goods, or

- who are only engaged in making supplies of

taxable services, or

- Both of the above

the total tax on which is liable to be paid on reverse

charge basis by the:

- recipient of such goods, or

- Recipient of such services, or

- Both of the above

CBEC NOTIFIED THE MODE OF VERIFICATION OF

DOCUMENTS


Ministry of Finance, Government of India vide

Notification No. 6/2017-Central Tax dated

19.06.2017 the Central Government notified the

following modes of verification of any documnts

w.e.f. 22.06.2017:

Aadhaar based Electronic Verification Code

(EVC);

Bank account based One Time Password

(OTP)

Such verification shall be done within two days of

furnishing the documents.

http://www.gst.gov.in/

http://www.gst.gov.in/


18 June 2017 – 24 June 2017

GST: GST RETURN, PAYMENTS & RECEIPTS


SECTIONS NOTIFIED UNDER I.G.S.T. ACT W.E.F.

22.06.2017


of Finance, Government of India vide Notification No.

1/2017- Integrated Tax dated 19.06.2017 the Central

Government notified that the provisions of following

Section will apply from 22nd

June, 2017:

Sec. No. Description

1 Short title, extent and commencement.

2 Definitions.

3 Appointment of officers.

14

Special provision for payment of tax by a

supplier of online information and

database access or retrieval services.

20 Application of provisions of Central

Goods and Services Tax Act.

22 Power to make rules.

PRINCIPAL COMMISSIONER OF CENTRAL TAX,

BENGALURU WEST AND ALL THE OFFICERS

SUBORDINATE TO HIM AS THE OFFICERS EMPOWERED

TO GRANT REGISTRATION.


Ministry of Finance, Government of India vide

Notification No. 2/2017-Integrated Tax dated

19.06.2017 the Central Government empowered

the Principal Commissioner of Central Tax,

Bengaluru West and all the officers subordinate to

him as the officers to grant registration in case of

online information and database access or retrieval

services provided or agreed to be provided by a

person located in non-taxable territory and received

by a non-taxable online recipient w.e.f. 22.06.2017.

HOW TO BE READY FOR GST

1. Get Complete your working for Closing Stock

for the period 31.3.2017 / 30.6.2017 before

GST Implementation date.

2. Allocate your such stock into quantative

mode.

3. Get the A/c Statement from your Suppliers /

Creditors for the year ended 31/3/2017 &

compiled them from your books.

4. Rectify *Mismatch Reports of Purchases *, if

persists .

5. Revise your Vat Returns if point no.4 applies

to you.

6. Make strict follow-up to Collect all the C

forms/H Form/ I forms.

7. Get your Books Finalise for FY 2016-17

8. Make a separate file of those items which

are shown in your Unsold stock as on

30.6.2017 e.g. Purchase Bills/ Bill of Entry/

Excise Paying Documents etc.

9. Stock ageing be made to ascertain if any

stock is more than 1yr old. If yes then

dispose it off immediately or sell it to your

sister concern against Tax Invoice locally.

10. Classify stock tax rate wise, purchased locally

to get ITC into SGST.

11. Classify stock purchased on invoices bearing

Duty Payment & non duty payments to get

ITC transferred to CGST.

12. Inform your GSTIN / ARN to all suppliers of

Goods & Services.


18 June 2017 – 24 June 2017

INVOICE AND ACCOUNTS & AUDIT UNDER GST

13. Obtain GSTIN of all Suppliers & Buyers.

14. Apply for migration in all states if you have

centralised registration under Service Tax.

15. Train your accountants for GST accounting

and returns formats.

16. Make Chart of HSN CODES & GST Rates on

your goods & services to be purchased &

Sold.

17. Check whether any stock of one year old is

lying with you .

18. Analyse P and L and see which expenses are

liable to RCM.

19. Be in regular touch with your GST Consultant

.

20. Kindly Place the order to your printer for *

Draft Format *of Tax Invoice/ Bill of Supply/

Debit - Credit Note etc ( as applicable to

your business )

21. If you are planning to generate , invoices

through any Software , do align with

Software Consulting firm.

22. And Get approved the Draft ( pt no. 20-21)

from your GST Expert.

23. Use only original Softwares for Accounting &

Invoicing purposes.

24. Pl pay special attentions for any Calls, mails ,

messages or communication of your GST

Consultant/ Department.

25. Make a practise to Upload your Sales /

purchases on regular basis at GST Portal

26. GST / Interest/ penalty or any levy may be

paid through RTGS/ NEFT/ Debit Card/ Credit

Card Etc.

27. Penalty Provisions for non submission of GST

returns : Rs 100/- per day but subject to

max. Rs.5000/- in each acts.

28. Penalty Provisions for non submission of

Annual Return is 0.25% of Annual Turnover .

29. Please Final the terms & remuneration of

your GST Service provider before GST

Implementation Date .

30. Option of revising the return is not available

in GST Regime but you can modify your

uploaded data by Debit & Credit Notes.

31. Every Normal Dealer filing GSTR 1 -3

required to submit Annual Return in GSTR 9

by the due date .

32. Late filing would be permitted on payment

of late fees only. Hence late filing of return

will not be possible without payment of fees.

33. A return furnished without payment of full

tax due as per such return shall not be

treated as a valid return for allowing input

tax credit in respect of supplies made by

such person.

34. Input tax credit is eligible only after filing a

valid GST return.


18 June 2017 – 24 June 2017

GST AUTHORITY INTERFACE, ASSESSMENT AND APPEAL

ANALYSIS

TRANSITION PROVISIONS UNDER GST GST is a significant reform in the field of indirect taxes in

our country. Multiple taxes lev-ied and collected by the

Centre and States would be replaced by one tax called

Goods and Services Tax (GST).

GST is a multi-stage value added tax on consumption of

goods or ser-vices or both. As GST seeks to consolidate

multiple taxes into one, it is very essential to have

transitional provisions to ensure that the transition to

the GST regime is very smooth and hassle-free and no

ITC (Input Tax Credit)/benefits earned in the existing

regime are lost.

The transi-tion provisions can be categorised under three

heads:

- Relating to Input Tax Credit

- Continuance of existing procedures such as job

work for a reasonable period without any

adverse consequence under GST law

- All claims (pending as well as future) pertaining

to existing laws filed before, on or after the

appointed day.

Transitional arrangements for ITC Elaborate

provisions have been made to carry forward the

ITC earned under the existing law.

Such credit should be permissible under the GST

law. However, the taxable person opting for

composition scheme would not be eligible for

carry forward of the existing ITC.

ITC of various taxes under the existing laws

(CENVAT credit, VAT etc.) would be carried

forward as under:

- Closing balance of the credit in the last

returns: The closing balance of the CENVAT

credit/VAT in the last returns filed under the

existing law can be taken as credit in electronic

credit ledger. Such credit would be available only

when returns for the previous last six months

have been filed under the existing law. In order

to claim this credit, declaration in form GST TRAN

1 is required to be furnished on the common

portal within ninety days from the appointed day

i.e. the day on which the GST law would come

into force.

- Un-availed credit on capital goods: The

balance instalment of un-availed credit on capital

goods credit can also be taken by filing the

requisite declaration in the GST TRAN 1.

- Credit on duty paid stock: A registered

taxable person, other than the manufacturer or

service provider, may have duty paid goods in his

stock on the appointed day. GST would be

payable on all supplies of goods or services made

after the appointed day. It is not the intention of

the Govern-ment to collect tax twice on the

same goods. Hence, in such cases, it has been

provided that the credit of the duty/tax paid

earlier would be admissible as credit. Such credit

can be taken as under:

- Credit shall be taken on the basis of

invoice evidencing payment of duty of excise or

VAT

- Such invoices should be less than one-

year old

- Declare the stock of duty paid goods

within the prescribed time on the common

portal


18 June 2017 – 24 June 2017

OTHER TOPICS UNDER GST

TRANSITION PROVISIONS UNDER GST

Credit on duty paid stock whenRegistered Person

does not possess the docu-m-ent evidencing

payment of excise duty/VAT For traders who do

not have excise or VAT invoice, there is a scheme

to allow credit to them on the duty paid stock.

The features of this scheme are as under:

- The scheme is operative only for six

months from the appointed day. It is not

available to manufacturer or supplier of

service. It is available to traders only.

Credit @ 60% on such goods which attract

central tax @ 9% or more and @ 40% for other

goods of GST paid on the stock cleared after the

appointed day would be allowed. However, such

goods should not be unconditionally exempted

goods or taxed at nil rate under the existing law.

It has also been provided that where integrated

tax is paid on such goods, the

- amount of credit shall be allowed at @

30% and 20% respectively of the said tax.

- Credit would be allowed after the GST is

paid on such goods subject to the

condition that the benefit of such credit is

passed on to the customer by way of

reduced prices.

- The statement of supply of such goods in

each of the six tax periods has to be

submit-ted.

- Stocks stored should be easily identifiable.

- Credit relating to exempted goods under

the existing law which are now taxable

Input Tax Credit of CENVAT/VAT in respect

of input, semi-finished and finished goods

in stock attributable to exempted goods or

services which are now taxable can also be

taken in the same manner.

- Input/input services in transit There might

be a scenario where input or input services

are received on or after the ap-pointed day

but the duty or tax on the same was paid

by the supplier

under the existing law. Registered person (RP) may take

credit of eligible duties and taxes, provided the in-voice

has been recorded in the books within 30 days from the

appointed day. The period can be extended by the

Commissioner GST by another 30 days. A statement of

such in-voices have to be furnished. ISD can

alsoIdistribute such credit.

Tax paid under the existing law under

composition scheme Those taxpayers who paid

tax at fixed rate or fixed amount in lieu of the tax

payable un-der the existing law but are working

under normal scheme under GST can claim credit

on their input stock, semi-finished and finished

stock on the appointed date, subject to the

following conditions:

- Such input stock used for taxable supply under

this Act

- Registered Person is not covered under section

10 (composition scheme) of this Act

- Registered Person is eligible for ITC under this

Act

- Registered Person is in possession of the invoice

or other duty payment documents

- Such invoices are not more than twelve months

old on the appointed day

- ITC in case of Centralised Registration under

service tax Such Registered Person can take

credit of the amount of CENVAT carry forward-ed

in return furnished under the existing law, if the

original/revised return under the ex-isting law

has been filed within three months. Such credit

may be transferred to any of the Registered

Persons having the same PAN for which the

centralised registration was ob-tained.


18 June 2017 – 24 June 2017

INCOME TAXES

ANALYSIS

COURT DECISION

MEHSANA DISTRICT CENTRAL CO-OP BANK LTD

(GUJARAT HIGH COURT)

Brief: Assessee raised objections against reopening of

the case by the Assessing officer even after the A.O. has

maintained an opinion that no income chargeable to tax

had escaped assessment.

OUR COMMENTS: In the given case, Petitioner is a

cooperative bank. For the assessment year 2007-2008,

the return of income was taken in scrutiny by the

Assessing Officer. He passed the order of assessment on

27.10.2009. To reopen such assessment the Assessing

Officer issued the impugned notice.

Assessee filed the petition challenging the notice issued

by the A.O. who is seeking to reopen the assessment for

earlier year.

The Hon’ble High Court after considering the decision

take by Hon’ble Supreme Court in the case of GKN

Driveshafts (India) Ltd. held that the Assessing Officer

was clearly acting under the dictates of the audit party.

Even after issuing the notice, he still maintained an

opinion that no income chargeable to tax had escaped

assessment. If that be so, he ought to have dropped the

assessment proceedings, at least at that stage when the

petitioner raised the objections which even without such

objections, the Assessing Officer was convinced.

[Decided in favour of Assessee]

GUJARAT ENVIRO PROTECTION AND

INFRASTRUCTURE (GUJARAT HIGH COURT)

Brief: Assessee raised objections against Reopening of

assessment - disallow the assessee's claim of deduction

under Section 80IA.

OUR COMMENTS: As there was no failure on the part of

the assessee to disclose necessary facts documents in

the nature of contracts between the government and

other agencies were very much part of the record.

Assessee filed the petition challenging the notice issued

by the A.O. who is seeking to reopen the assessment for

earlier year.

The Hon’ble High Court Held that Under similar

circumstances, in case of this very assessee for the earler

assessment year we set aside the notice for reopening as

held that there was no failure on the part of the assessee

to disclose necessary facts. The documents in the nature

of contracts between the government and other

agencies were very much part of the record. Further,

during the assessment pursuant to the first notice for

reopening, the Assessing Officer had examined the claim

of deduction under Section 80IA (4) of the Act. It may be

that the Assessing Officer had only one of the units of

the assessee in mind when such assessment was being

framed. Nevertheless nothing prevented him from

disallowing such deduction qua other units also if similar

situation obtained.

[Decided in favour of Assessee]


18 June 2017 – 24 June 2017

CUSTOMS


NOTIFIED PROJECT IMPORTS (AMENDMENT)

REGULATIONS, 2017

OUR COMMENTS: The (Dept. of Revenue), Ministry of

Finance, Government of India vide Notification No.

24/2017- dated 23.06.2017 the Central Board of Excise

and Customs makes the following regulations to amend

the Project Imports Regulations, 1986, and named the

new regulation as Project Imports (Amendment)

Regulations, 2017, which shall come into force on the

23.06.2017.

In the Project Imports Regulations, 1986, in the Table,

after serial number 3F and the entries relating thereto,

further serial number and entries shall be inserted.

Readers may refer to the above notification for the

details.

CG IMPOSES ANTI DUMPING DUTY ON SEWING

MACHINE NEEDLES




and Customs hereby seeks to impose anti-dumping duty

on imports of sewing machine needles originating in or

exported from China PR .

CG IMPOSES ANTI DUMPING DUTY ON CLEAR

FLOAT GLASS




and Customs hereby seeks to impose anti-dumping duty

on Clear Float Glass of nominal thickness ranging from

4mm to 12mm (both inclusive), the nominal thickness

being as per BIS 14900:2000

KANNUR INTERNATIONAL AIRPORT DECLARED AS

CUSTOM AIRPORT



56/2017-Customs (N.T.) dated 23.06.2017 the Central

Board of Excise and Customs makes Seeks to amend

Notification No. 61/94(NT) - Customs, dated the 21st

November, 1994 to declare Kannur International Airport

as Customs Airport under sub-section (2) of section 7 of

the Customs Act, 1962.

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18 June 2017 – 24 June 2017

IN STANDS: REVISED MODEL GST LAWS : A COMPREHENSIVE TECHNICAL COMMENTARY

ABOUT THE BOOK: While the Government is moving at a rapid pace, yet it is still a question whether the Corporates are GST Ready or not. It is high time that the law needs to be analysed and implemented into every facet of the business including sales and marketing, Logistics, procurement, HR, IT and of course Finance and Taxation. The book contains an exhaustive coverage of the Revised Model GST in the form of a Section wise technical commentary. It provides an insight into the following:

1. Brief about the major changes between the Revised law and the earlier law. 2. Revised Model GST Law November 2016 3. Revised Model IGST Law November 2016 4. GST Compensation Law 5. GST Return Rules 6. GST Refund Rules 7. GST Registration Rules 8. GST Payment Rules 9. GST Invoice Rules

Authors:

Timir Baran Chatterjee M.Com, FCS, MBA (International Business)-IIFT, ACMA

Vivek Jalan

B. Com, FCA, LLb, CIDT (ICAI)

Knowledge Partner:

Bengal Chamber of Commerce and Industry (the first chamber of the Country)

Published by: BOOK CORPORATION

4, R. N. Mukherjee Road

Kolkata 700001

Phones: (033) 64547999, 22306669, 22205367

Cell : 9830010297, 9331018333 Order by email:[email protected]

Website :www.bookcorporation.com


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