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GSTR-1, GSTR-3B and GST TRAN-1 – New due dates notified

Form GSTR-1 for the months of July 2017 till September 2018 can now be filed till 31st of October 2018, both by persons having turnover up to Rs.1.5 crore and more (with certain exceptions). Ministry of Finance has in this regard launched a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the said period. The Press Release issued for the purpose no...

Transfer pricing - Functional comparability for computing ALP under TNMM

20th August

Delhi High Court has upheld the ITAT decision which in turn had upheld the exclusion of comparables observing that the nature of services provided by assessee under R&I segment were in nature of Knowledge Processing Outsourcing (KPO) and not of Business Processing Outsourcing (BPO), which is functionally dissimilar from some of assessee&rs...

GST rate on various products and services clarified

13th August

CBIC has issued an elaborate circular to clarify on rate of GST on various products, namely, fortified toned milk, refined beet and cane sugar, tamarind kernel powder (modified & un-modified form), drinking water, plasma products, wipes using spun lace non-woven fabric, real zari kasab (thread), marine engine, quilt and comforter, and disc...

SCOMET - Amendments in Appendix 3, procedural relaxations and export authorisations

26th July

The Central Government has made a total of 139 amendments in Appendix 3 to Schedule-2 of ITC (HS) Classifications of Export and Import Items, 2018. Notification No. 17/2015-2020, dated 3-7-2018 has been issued for the purpose.

These amendments have been made to align India’s SCOMET list with the amendments made to Wassenaar ...

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.


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 ...

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