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22nd meeting of GST Council – Certain reliefs


9th October

The GST Council recently held its 22nd meeting to discuss various issues being faced by the industry under the new GST regime. The Council in this regard relaxed or deferred implementation of number of provisions to provide for time for the industry to get accustomed with the new provisions. Other than some minor changes in the rate...

21st GST Council meeting – Major decisions

11th September, 2017

The GST Council met in Hyderabad on 9th September 2017 to discuss and decide on various issues including extension of date for filing GST returns.

Date of filing GST returns extended

GST Council approved extension in date of filing GST returns, considering the difficulties fac...

Cenvat Rule 3(4) proviso is ultra vires Credit Scheme

4th September

Gujarat High Court, in the case of Advance Surfactants India Ltd. v. Union of India, has held the proviso to sub-rule (4) of Rule 3 of Cenvat Credit Rules to be ultra vires to the scheme of Cenvat Credit inasmuch as it restricted the utilisation of credit to the extent such credit was available on the last day of the month...

GST/VAT liability in case of chain of successive supplies

4th September

In a case involving supply of goods by a taxable person in the first State where, before such supply transaction is entered into, the purchaser, who is a taxable person in the second State, expresses an intention to resell the goods immediately, before transporting them from the first State to a taxable person established in a third State, the Court...

Valuation of ATF available in fuel tank of aircraft returning from foreign trip

4th September

CESTAT Delhi has rejected the contention of the Revenue department that valuation of Aviation Turbine Fuel available as remnant fuel in the aircraft returning from foreign trip, has to be done by including 20% as notional freight charges in terms of Rule 10(2) of Customs Valuation Rules.

The assessee, Interglobe Aviation Limited, ...

Forex gain on royalty or interest income received by resident, taxable in India

4th September

The assessee, Ballarpur Industries Ltd, a public limited company derived income from business and from royalty and interest from a joint venture company in Malaysia. The assessee accounted the income by way of royalty and interest from the Malaysian Company on accrual basis. In the relevant assessment year the assessee received the royalty ...

Bottling of LPG Gas in cylinders amounts to production

1st September

In the case of CIT v. Hindustan Petroleum Corporation Ltd. while considering the issue whether bottling of LPG in cylinders amounts to manufacture for the purposes of eligibility to claim deduction under Section 80-HH, Section 80-I and Section 80IA of the Act, the Hon’ble Apex Court noted that aforesaid provisions use the exp...

20th GST Council Meeting - Certain Highlights


5th August, 2017

The GST Council under the chairmanship of the Union Finance Minister, held its 20th meeting on 5-8-2017 at New Delhi. The Council took several decisions including, granting of in-principle approval to E-way Bill provisions and implementing anti-profiteering measures, relaxation in GST rates for certain services and f...

High Sea sales not liable to IGST

2nd of August

Central Board of Excise and Customs has clarified that high-sea sales are not liable to IGST under the Integrated Goods and Services Tax Act, 2017. The question as to whether high sea sales of imported goods would be chargeable to IGST twice, i.e. at the time of Customs clearance under Section 3(7) of the Customs Tariff Act, 1975 and also separately...

Export procedures revised under new GST regime


3 July

With the implementation of Goods and Services Tax (GST) in India from 1st of July, 2017, Indian authorities have revised procedures relating to export of goods and services from India. Amendments have been made in various Rules and Regulations relating to exports and imports, in order to align them with the new provisions of GST law.

GST from 1 July – Rate of tax and exemptions notified

30th June

With new Goods and Services Tax (GST) set for launch today at mid-night (30th of June-1st of July, 2017), the Indian government has notified set of notifications to specify the rate of tax on goods and services. These notifications issued under Central GST Act, Integrated GST Act and Union Territory GST Act, also cover number of ex...

17th GST Council Meeting – Certain highlights


India is all set to embrace the new tax - Goods and Services Tax (GST) from 1st of July, 2017. The GST Council consisting of Finance Ministers of all the Indian States along with the Union Finance Minister, held its 17th meeting on 18-6-2017 to finalise certain Rules and proposals. The Council took several decisions including, relaxation in filing of Returns for th...

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