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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.


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...

GST E-way Bill provisions to be revised from appointed date

8th March

Ministry of Finance has issued notification on 7th of March, 2018 to amend provisions relating to E-way Bill, in the Central Goods and Services Tax Rules, 2017 (CGST Rules).

According to the amendments which are yet to come into effect, transporter, on an authorization received from the registered person, ...

Indian Budget 2018 – Changes proposed in Customs law

1st February
In the Budget 2018 present before the Indian Parliament today (1-2-2018), the Finance Minister has proposed many changes both in the provisions of Customs Act, 1962 and Customs Tariff Act, 1985. According to the Finance Bill, 2018, while many amendments in the Customs Act will be effective only when the Bill receives the assent of the P...

25th meeting of GST Council – Certain highlights

19th January

GST Council met for the 25th time on 18-1-2018 in New Delhi. Number of decisions, including reduction in GST rates for around 29 goods and 53 services were taken while also recommending reduction of late fees payable on delayed filing of certain returns. Some procedural relaxations in respect of cancellation of registration have also been ...

Highlights of 11th Ministerial Conference held in Buenos Aires

15th December

The 11th Ministerial Conference (“MC’11”) was flagged off on 10 December, 2017 at Buenos Aires, Argentina. MC’11 has been held at a time when the Trade Facilitation Agreement has entered into force mandating (for the first time ever) a revision of the WTO Rule Book, the WTO Members have eliminated agricultural expo...

Non-receipt of royalty from overseas subsidiary can be subject to TP adjustment

13th December

The petitioner was aggrieved by the addition of royalty income in the year it had ceased to receive royalty from its subsidiary.

The contention of the petitioner was that prior to the overseas entity becoming a subsidiary royalty was payable by the overseas entity for use of brand name and technical knowhow and the income ...

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