News Update

GST – Inter-state sale - Only with effect from 1st April, 2018 the requirement of downloading of the E-way bill was made compulsory – seizure of vehicle, goods as well as imposition of penalty unsustainable: HCNicotine Polacrilex Lozenge is a chemical preparation classifiable under heading 38.24 and attracts @18% GST: AAARIDS Scheme - CBDT grants further relief for payment of tax with interest up to Jan 31, 2020Minister favours India-Maldives pact in area of governanceGovt incurs huge subsidy burden for fertilizers: GowdaCitizens' Duties - Law Ministry plans year-long activitiesST - Assessee is liable to pay tax under RCM having received service from foreign agent - tax paid is entitled as credit - moreover, being a 100% EOU, assessee could have sought refund u/r 5 of CCR - non-payment could be due to misunderstanding without any motive to evade tax - penalties u/s 77, 78 set aside: CESTATCX - Submissions by assessee regarding limitation were cursorily disposed off by the adjudicating authority - non-application of mind - Matter remanded: CESTATCX - Rail coaches cleared by ICF to Ministry of Defence - Duty element on the excess cost alone was claimed as refund - no unjust enrichment can be attributed: CESTATCus - NCCD is to be levied on actual Shore Tank Receipt quantity and not on Ullage report/Bill of lading quantity: CESTATCus - Since assessee has clearly and correctly described the imported goods as part of water filter, the error in claiming the benefit of wrong exemption notification cannot be act of deliberate misdeclaration: CESTATIndia’s forex kitty soars by over USD two billion to USD 453 billionNotifications issued for implementation of provisions related to e-invoice and QR Code for a class of taxpayersDifference in sale consideration noted in books, arisen due to difference in rate of conversion of forex, is no reason to impose penalty u/s 271(1)(c): ITATIn absence of contrary proved by Revenue and following order of Co-ordinate Bench of Tribunal, claim of depreciation on goodwill arising on demerger can be allowed: ITATInvestment made within six months from date of transfer is eligible for deduction u/s 54EC even if such investment falls under two FYs: ITATIf findings made during reassessment about addition on interest expenditure were refuted by CIT(A), in absence of any infirmity to such factual discovery, then order of deletion cannot be reversed: ITATUSA, China finalise draft pact for first phase of tariff dealGovt notifies hikes in Ceiling prices of 21 medicinesCBIC hikes tariff value of gold & edible oils but lowers same for SilverAd hoc promotion to ACITs - Extension grantedACC issues transfer order of 12 Secretary-level officers + approves promotion of 17 IAS officers as Addl Secretary + in-situ promotion of 13 as Special SecretaryGST - Govt sanctions Rs 33000 Cr ITC refund till Nov-end; Rs 1.57 lakh crore income tax refund disbursed till Dec 11, says Revenue SecretaryGST - E-Invoicing from Jan 1, 2020 for Rs 500 Cr turnover companies - e-Way Bill generation may be dispensed with in future: RSWorld Economic Forum, UN join hands to promote digital inclusion in IndiaST - One cannot allege suppression of facts where SCN is issued based on audit objections: CESTATAmount paid to agreement holder for purchase of property meets condition of costs for acquisition of property: ITATPM congratulates UK PM on victory in Brexit pollsIndustrial Production - Contraction continues in October monthIndia Design Council launches two Initiatives to promote Design EducationContraction in manufacturing leads to 3.8% shrink in Industrial ProductionHyderabad Encounter - How Instant can be 'Instant Justice'?

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