Here are some News / Updates / Highlights / Changes in law during the month. Happy Reading !!
Oct 30, 2018
- GST: CBIC prescribes procedures for returning expired drugsThe Central Board of Indirect Taxes and Customs (CBIC) has laid down detailed procedure for returning time-expired drugs or medicines under the Goods & Services Tax (GST) regime. The same procedure can be used for other sectors too, where goods are returned under similar situations. The common trade practice in the pharmaceutical sector is that the drugs or medicines are sold by the manufacturer to the wholesaler and by the wholesaler to the retailer on the basis of an invoice or bill of supply.
Oct 27, 2018
- Income tax dept may seek first right on recovery of dues under IBCThe income tax (I-T) department may soon request authorities in the finance ministry to intervene so that I-T dues get a higher priority over dues to unsecured creditors under the insolvency law. At present, the recovery of tax dues is possible only after payment to financial creditors under the Insolvency and Bankruptcy Code (IBC), which comes under the Ministry of Corporate Affairs.
Oct 27, 2018
- GST relief for oil companies on outsourced workIn what could come as urgent relief for oil companies, revenue authorities have allowed refineriesNSE 0.00 % to pay GST only on value addition done by job workers against on the total valuation. Many oil refineries outsource some of the processes to job workers. These refineries provide the raw material to the job worker and a final product is then delivered. There were concerns that the tax authorities would impose GST on the total valuation of the final product against value addition by the job worker.
Oct 23, 2018
- CBDT Data FY14-17: Crorepati taxpayers rise by nearly 70%, returns filed rise by 80%, gross income up by 67%Earnings (gross income) reported by Indian taxpayers rose 67% to Rs 44.9 lakh crore between FY14 and FY17 (much higher than the nominal GDP growth of 36% during the period), the government said on Monday, seeking to prove that demonetisation and other steps taken by it to curb black money has not only yielded an expanded tax base, but more honest reporting of income.“The total number of taxpayers (including corporates, firms, HUFs, etc) showing (gross) income of above Rs 1 crore has also registered a sharp increase over the three-year horizon.
Oct 23, 2018
- I-T dept launches major drive against Indians with illegal foreign assets; thousands under scannerThe Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians looking to invoke the new anti-black money law for strict criminal action in many such department, in coordination with its foreign counterparts, is investigating offshore bank deposits and purchase of assets by “thousands of Indians”, officials said on Monday. The Central Board of Direct Taxes Chairman Sushil Chandra confirmed the move but refused to elaborate.
Oct 23, 2018
- Vehicle owners to pay 18% under GST on pollution checkVehicle owners will have to pay a GST of 18 percent to get their vehicles checked for pollution, the Authority for Advance Ruling (AAR) has said. The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on whether the service provided for issuing ‘Pollution Under Control’ (PUC) certificate on behalf of the state government is exempted from the Goods and Services Tax (GST).
Oct 18, 2018
- Composition scheme biz need not file purchase details while filing GST quarterly returnsBusinesses opting for composition scheme under GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4, the Finance Ministry said Wednesday. In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers.
Oct 18, 2018
- Guidelines for deductions & deposits of TDS by DDO under GSTSection 51 of the NGST Act 2017 provides for deduction of tax by the Government Agencies (Deductor) or any other person to be notified in this regard, from the payment made or credited to the supplier (Deductee) of taxable goods or services or both, where the total value of such supply, under a contract, exceeds two lakh and fifty thousand rupees. The amount deducted as tax under this section shall be paid to the Government by deductor within ten days after the end of the month in which such deduction is made along with a return in FORM GSTR-7 giving the details of deductions and deductees. Further, the deductor has to issue a certificate to the deductee mentioning therein the contract value, rate of deduction, amount deducted etc.
Oct 17, 2018
- Free IPL tickets to attract GST! 3 recent rulings by AAR on Goods and Services Tax you must know
- Even a year after the implementation of the Goods and Services Tax (GST), the rulings of the quasi-judicial body — Authority for Advance Ruling (AAR) — continue to clear the confusion over several provisions of the new indirect tax regime. Whether GST will be applicable to coaching classes or to cars used for demonstration purposed, the AARs, which are present in every state, have given rulings on these kinds of stand-alone cases.
Oct 11, 2018
- ITAT gives partial reprieve to Uber in tax demand caseIn a partial reprieve for Uber India, the Income Tax Appellate Tribunal (ITAT) has granted a stay against a tax demand levied on the cab-hailing company and restrained the authorities from imposing any penalty. Uber had approached the tribunal after income-tax authorities carried out a survey and alleged that the company had not deducted tax at source on payments made to driver-partners. The tribunal partially stayed the demand, subject to Uber India depositing Rs 20 crore in three instalments pending disposal of the appeal. The main issue of applicability of tax deduction at source on payments will now be heard on December 11.
Oct 05, 2018
- Govt notifies 10% LTCG tax on IPO/FPO gainsThe Income Tax Department has notified norms for applicability of concessional long-term capital gain tax. This will benefit investments made in initial public offerings (IPOs) and follow-on public offerings (FPOs). The new norms will come into effect from April 1, 2019, and will apply in relation to assessment year 2019-20 and subsequent assessment years. The notification talks about two types of transactions: First, those entered into before October 1, 2004, and second, those entered into on or after October 1, 2004, and not chargeable to securities transaction tax (STT).