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CGST and IGST provisions set to be amended


23rd July 2018

Goods and Services Tax Council has, on 21-7-2018, in its 28th meeting approved draft amendments to CGST Act, IGST Act and GST (Compensation to States) Act. These amendments need to be passed by Parliament and State legislatures. Some of the amendments recommended by GST Council are:

High sea sales and s...

India set to increase Customs duty on certain products from USA


21st of June

India will from 4th of August increase Basic Customs Duty (BCD) on certain products originating from the United States of America. According to Notification Nos. 48 and 49/2018-Cus. issued yesterday (20-6-2018), goods falling under Chapter 05 (Artemia), 07 (edible vegetables and certain roots and tubers), 08 (edible fruits and nuts), 28 (inor...

Pre-deposit for second appeal includes deposits made for first appeal


4 June, 2018

Delhi High Court has on 31st of May 2018 held that for filing second appeal before the CESTAT, the assessee is required to deposit 10% of amount of duty/penalty as confirmed by the first appellate authority which is inclusive of 7.5% pre-deposit made for the first appeal. The High Court in this regard was of the view that earlier deposit (for the f...

WTO establishes panel to examine certain Indian export measures


31 May, 2018

WTO has on 28th of May, 2018 established panel to examine certain Indian export measures which according to the United States of America are export subsidies in violation of WTO's Agreement on Subsidies and Countervailing Measures.

US claims that India provides subsidies contingent upon export performance, and that these programs are incons...

Deduction under s.10A allowed in both export and total turnover


22nd May

Supreme Court has held that software development charges relatable to technical services provided outside India are to be excluded from ‘total turnover’ while working out deduction under Section 10A of Income Tax Act.

The main issue revolved around the claim of certain expenses attributable to ...

Works contract or sale and service contract– Nature of contract is relevant


22nd May

Karnataka High Court in the case of Thyseenkrupp Elevator v. Commissioner has held that when there are two contracts, one for purchase of component and other for labour and service then the nature of contract is relevant in determining transaction as sale simpliciter or works contract.

Th...

Excise valuation – No difference in ‘transaction value’ and ‘normal value’


22nd May
Constitution Bench (5 Judge Bench) of Supreme Court in the case of  Commissioner v. Grasim Industries has held that inclusions that enrich value of article till its clearance, are permissible additions to value under Section 4 (prior to 2000) of the Central Excise Act, 1944 as well as transaction value under amended Section 4...

GST payable on one-time lease premium when specific exemption absent


18th May

Division Bench of Bombay High Court has held that GST is leviable on one-time lease premium paid by the allottee to acquire plots for business purposes on long term lease.

The Court in Builders Association Navi Mumbai v. Union of India noted that ‘supply’ includes supply of goods and services for consideration ...

Directorate General of Trade Remedies created in Department of Commerce

11th May,2018

In order to provide comprehensive and swift trade defence mechanism the Indian government has created an integrated single umbrella national authority to be called the Directorate General of Trade Remedies (DGTR). Government of India (Allocation of Business) Rules, 1961 have been amended in this regards on 7th of May, 201...

27th Meeting of the GST Council – Highlights


7th May

Goods and Services Tax (GST) Council met for the 27th time on 4th of May, 2018 and decided on various issues including simplifying the GST monthly return filing, and converting the GSTN into a fully government owned company. It also discussed at length concession in the GST rate in ...

Refund to exporters - Number of issues clarified


16th March
 

26th Meeting of GST Council held on 10th of March, 2018 – Highlights


12th March

GST Council met on 10th of March 2018 and took decisions on various issues. According to the Press Releases issued highlighting the recommendations of the Council, E-way bill provisions for inter-State movement of goods are to be implemented across the country from 1st April 2018.

Exemptions from GST on specified imports are to b...

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