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Cus - Export of non-basmati rice - Notification 20/2023 insofar as it denies the benefit of the transitional arrangement as contained in para-1.05 of the FTP 2023, is bad in law: HCCus - Refund of SAD - 102/2007-Cus - Areca Nut and Supari are one and the same - Objections with regard to name, nature and status of importer or buyers or the end use of goods purchased by them etc. are extraneous: HCCX - Interest on Refund - Since wrong order annexed by petitioner in paper book, Bench is unable to proceed further - Petition is dismissed with liberty to file a fresh one: HCGST - No E-way bill - When petitioner imports machinery and after Customs clearance, transports same to his own factory, it cannot be said that such a transportation would fall within the definition of term 'supply' - Penalty imposable under second limb of s.129(1)(a): HCGST - Fix responsibility on officers who allowed BG to lapse - Petitioner not justified in not renewing BG - Cost of Rs.15 lacs imposed, to be paid to PM Cares Fund: HCGST - Since the parties agree that petition can be disposed of on the basis of records available before Appellate Authority, petitioner is directed to enclose all documents filed before Appellate Authority in a compilation, in form of a paper book: HCWrong RoadST - Whether any service is used for personal consumption or not is certainly question of fact and being question of fact, no substantial question of law arises: HCGovt proposes to amend Geographical Indication of Goods Rules; Draft issued for feedbackST - If what has been paid as tax is without authority of law, Revenue should refund the same - Denial of credit would result in the whole exercise being tax neutral: HCWarehousing Authority notifies several agri goods to be stored in only registered warehousesST - Even if the petitioner may have a case on merits, it is best left to be decided by the Appellate Authority under the hierarchy prescribed under the FA, 1994: HCUS FDA okays Eli Lilly Alzheimer’s drugGST - Petitioner challenges jurisdiction of assessing officer - Petitioner is entitled to file an appeal u/s 107 by availing an alternate efficacious remedy: HCFive from Telangana killed in car accident on Pune-Solapur HighwayGST - Existence of an alternative remedy is a material consideration but not a bar to the exercise of jurisdiction: HCHush money case against Donald Trump - Sentencing deferred to Sept 18GST - It is open to a trader to take goods by whichever route he opts, unless the law otherwise requires, destination point being intact: HCDeadly hurricane Beryl smashes properties in JamaicaGST - Conclusion that taxable person is providing a service to supplier while taking the benefit of a discount by facilitating an increase in the volume of sales of such supplier is ex facie erroneous and contrary to the fundamental tenets of GST law: HCIsrael claims 900 militants killed in Rafah since May monthGST - Order expressly records that personal hearing notice was returned with endorsement 'no such person at address' - Since petitioner has shifted to a new premises, it is just and necessary to provide an opportunity to contest demand: HC116 die in stampede at UP ’Satsang’I-T- Application for revision of order dismissed in limine on grounds of delay; case remanded for re-consideration: HCWe are deepening economic ties with India, says US officialI-T- As per Section 119(2)(b), power to condone applications relate to claims for amount exceeding Rs 50 lakhs are to be considered by CBDT; however it is impermissible for CBDT to pass order on merits: HC8 Dutch engineers build world’s longest bicycle - 180 feet, 11 inchesI-T- Additions framed u/s 68 for unexplained income & u/s 69 for unexplained expenditure not tenable where complete transactional details are furnished & not doubted: HCRailways earns Rs 14798 Crore from Freight loading in June monthI-T- Delay in filing ITR is per se insufficient reason to estimate assessee's profit @15% on turnover, more so where audited financial report is filed in timely manner: ITATMoD inks MoU to set up testing facilities in Unmanned Aerial System in TN Defence Industrial CorridorI-T- For invoking section 69A, assessee should be found to be owner of any money, bullion, jewellery or other valuable article & which is not recorded in the books of account: ITATGovt proposes Guidelines for ethical approach to Coal MiningI-T- TDS credit can be allowed based on AIS, where details pertaining to TDS, advance tax & other payments are reflected in Form 26AS: ITATVaishnaw to inaugurate Global IndiaAI Summit 2024I-T- Lending money with the primary intention of earning interest can be considered a business activity, but nature and manner of lending, as well as the frequency, should be taken into account: ITAT
 
Modi launches Good & Simple Tax; GST Council reduces tax rates on fertiliser & tractor parts

By TIOL News Service

NEW DELHI, JULY 01, 2017: YESTERDAY midnight made a history with the President of India, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi, jointly launched a new indirect tax regime for India - the GST. In his speech the President hailed the final launch of the new regime but called for constant review of the GST DESIGN by the GST Council.

In his speech the Prime Minister, in his inimitable style, coined a new term for the GST - Good & Simple Tax. While talking about the reform initiative he did not lay his hands on 100% Credit and made it CENVATABLE by passing on the credit to the previous UPA Govt as well apart from the NDA-1 Govt. He also made reference to various historical personalities like Chanakya and Hindu magnum opus like Vedas to talk about economic liberalisation of India. He hoped that with the GST coming into force India would become One Market, One Tax nation. While talking about the benefits of the new system the PM hoped that the benefits of lower tax rates and input tax credit would be passed on to consumers and in particular the poor of the country.

In his address, the Union Finance Minister, Mr Arun Jaitley, hailed the reform in the background of continuing slowdown in the global economy and the new culture of isolationism being practised by many economies. He gave full credit to 'Cooperative Federalism' for taking all the decisions without resorting to their voting rights.

Prior to the formal launch of the GST from the Central Hall of the Parliament where a new advertisement, designed and content finalised by the PMO, was made public, the GST Council held its 18th meeting without a formal agenda and looked into the concerns of certain industries. And as highlighted by TIOL (See Cob(Web)-560), the Council found merit in the problems of the Fertiliser industry and decided to reduce the tax rate from 12% to 5%. Similarly, the tax rate on tractor parts was reduced from 28% to 18%. Both these industries were victims of inverted duty structure where they were prone to accumulating input tax credit.

(Also See our Edit by Vijay Kumar : GST is here - Enjoy the inevitable)

 

 


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