Reduction in number of Returns to One Return per month. No to-and-fro movement of invoice data (like GSTR → GSTR → GSTR → GSTR1A → GSTR-3). Simplicity of Return design: Summary of outwards supplies and inward supplies with annexure of invoices for outward supplies and inward supplies attracting reverse charge. Taxpayer Interface should be simple to use and fill up.
Kind attention is invited to the Board circular No. 37/96-customs dated 3.7.1996 on the above subject. In the said circular, Board had inter-alia clarified that in the case of a vessel brought for ship breaking, the remnant fuel and oil (other than fuel and oil contained in the vessels machinery and engines), ships stores etc. are classifiable separately in their appropriate headings and not in CTH 8908.
Customs Rate of Exchange of Conversion Foreign Currencies wef 20.04.2018 notified vide Notification No. 33/2018-Customs (N.T.)dated: 19th April, 2018
Punjab Government imposes profession tax of Rs. 200 Per Month on All such persons who are assessable under the Head Income from Salaries and/ or Wages as per the Income Tax Act, 1961 and All such persons who are assessable under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961.
GST is applicable on Supplies of goods and services. The scope of the term supplies has been elaborately defined at Section-7 of the Central Goods and Services Tax Act, 2017 (CGST Act) which primarily includes transactions made for a consideration. However, in cases referred at Schedule-I to the CGST Act, transactions are treated as supplies even if the consideration is absent which includes supplies between related persons when such supplies are made in the course or furtherance of business.
DCIT Vs Excelex Bio Polymers (P) Ltd. (ITAT Delhi) The Assessing Officer held that the non-compete fee cannot be allowed as a revenue expenditure u/s 37(1). He took into consideration the amendment by the Finance Act, 1998 providing for allowance of depreciation on `intangible assets’ in the nature of know-how, patents, copyright, trademarks, licenses, franchises […]
A. 1 Whether Marine Consultancy Service provided to foreign ship owners constitutes composite supply with the principal supply of consultancy service? A. 2 Whether the place of supply of MCS (as a composite supply) will be determined in terms of Section 13(2)(a) of the Integrated Goods and Services Tax, 2017, i.e. the ‘location of recipient of service’?
A.M. Muthiah & Anr. Vs DCIT (ITAT Mumbai) Issuance of notice under section 143(2) is mandatory, and absence thereof invalidates even a reassessment made in pursuance to section 148 and reliance placed by AO on section 292BB was misplaced.
It is felt that there is an urgent need to devise a Standard Operating Procedure (SOP) to deal with Advance Ruling applications in order to ensure timely submission of departmental comments and/ or relevant records which are sought by Advance Ruling Authority and follow up in those cases.
No requirement of generation of E-Way Bill for intra-state movement within Maharashtra for period 1st April 2018 to 30th April 2018.
