News Update

CBDT invites inputs from taxpayers on drafting of New Direct Tax LawI-T - When assessee has failed to deduct tax at source and even deductee has not paid tax on payment received as it filed loss return, assessee certainly cannot escape from consequences of Ss 201(1) & 40(a)(ia): HCGovt withdraws export duty on sugar exportsAdmission in PG Medical Courses - Govt hikes quota to 5% for differently abledGovt has sanctioned prosecution only against 12 IAS & IPS in DA cases in 3 yrsGovt withdraws export duty of 20% on sugar to stabilise prices in domestic marketACC appoints 1988 batch IRS Simanchala Dash as Pr Special Director in Enforcement Directorate for two yearsAfter UK India also warns Facebook & others of action if they try to influence electoral process through unfair meansDraft agri export policy seeks reform in 'APMC Act'GST should be considered as the start of a process, not the end (See 'JEST GST on GST Home Page')Anti-dumping duty imposed on Dimethylacetamide imported from PR China & TurkeyAnti-dumping duty on Meta Phenylene Diamine (MPDA) imported from PR China - levy extended till 21 March 2019Tariff Item 0713 20 Chickpeas sub-divided further into Kabuli Chana, Bengal gram (desi chana) & OthersSl. no. 21A to Notification 50/2017-Cus, Entry Kabuli Chana amended to reflect change in first scheduleExport duty on raw sugar, white or refined, reduced from 20% to NilST - There is no scope to exclude 'Academic Courses' conducted by respondent IIPM from purview of Service tax levy: CESTATIs notification 1/2018-CT(R) relating to Real Estate Services retrospective?I-T - CBDT Circular prohibiting 'freebies' to doctors for promotion of sales is not retrospective in nature: ITATRow over Royalty on Mineral RightsCus - S.19of CA, 1962 is an empowerment for classification, and not valuation - Matter remanded: CESTATWrit petition challenging constitutional validity of Section 140(3)(iv) of CGST Act dismissed by Bombay High Court; refuses to strike down 1 year time limit for transitional credit availment; holds transitional credit under GST law is a clear case of concession; no discrimination of dealers vis-a-vis manufacturers/service providersSC admits misuse of SC/ST Act; says no immediate arrest of public servantsSushma Swaraj admits that 39 Indians kidnapped by ISIS are officially deadICLS should promote ethics in business, says PresidentPostal Department inks MoUs to design new stamps & promote PhilatelyGovt partners with private entities to protect cyber-spaceCX - A Writ Petition would lie against an OiO, against which an appeal was filed and dismissed as time-barred - HC to exercise discretion, no straightjacket formula: HC Full BenchST VCES, 2013 is not an open ended scheme - benefits thereunder cannot be derived dehors scheme or after its life or duration has come to an end: High Court
Vehicles purchased and leased before July 1, 2017 - GST to be paid at 65% of tax rate, including Cess

By TIOL News Service

NEW DELHI, OCT 12, 2017: In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital took several decisions in respect of motor vehicles purchased and leased prior to 1st July, 2017. These decisions are as given below:-

a) Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess).

b) Such vehicles when sold shall attract GST of 65% of the applicable GST rate (including Compensation Cess).

c) Sale of vehicles by a registered person who had procured the vehicle prior to 1st July, 2017 and has not availed any Input Tax Credits of Central Excise duty, VAT or any other taxes paid on such motor vehicles, would also be subject to 65% of applicable GST rate (including Compensation Cess).

These rates would apply for a period of three years with effect from 1st July, 2017.

Notifications to give effect to the above would be issued shortly.