Whether Sales Tax Payable On Supply Of Free Spare Parts During Warranty Period : SC Refers Issue To Larger Bench [Read Order]
https://www.livelaw.in/top-stories/whether-sales-tax-payable-on-supply-free-spare-parts-during-warranty-period-142665
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Analysis on NCLAT Judgement of Tata Steel Limited vs. Liberty House Group Pte. Ltd. & Ors.
It was held that this appeal is premature, uncalled for, in absence of any final decision taken by the Adjudicating Authority under Section 31 and thus this appeal is also not maintainable.
Read full case analysis at : https://dasgovernance.com/2019/02/06/analysis-on-nclat-judgement-of-tata-steel-limited-vs-liberty-house-group-pte-ltd-ors/
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E-way bill is a document required for carrying any consignment of goods of value exceeding Rs. 50,000 as mandated by the Government in terms of Section 68 of the Goods and Services Tax Act read with Rule 138 of the rules framed thereunder. Further, various states have increase limit of a transaction for generating Eway bill. E way bill is generated from the GST Common Portal for e-Way bill system by the registered persons or transporters or others who cause movement of goods of consignment before the commencement of such movement.
FAQs for Importing Invoices from e-Way Bill System into Form GSTR-1
💡What type of invoice-details can be imported into Form GSTR-1 using the "Import EWB Data" button?
Using the "Import EWB Data" button in the Form GSTR-1 page, you can import following details of e-Way Bill related to outward supplies:
a) B2B (Business-to-Business) invoices related to taxable outward supply transactions between registered taxable entities/persons
b) B2CL (Business-to-Consumer) invoices related to taxable outward inter-State supply transactions between a Registered Supplier and an Unregistered Buyer(where the invoice value is more than Rs 2.5 lakh)
c) Invoice-wise HSN records (Note: These records will be available for viewing and download. You can click the "IMPORT EWB DATA" button to download them and then use the offline utility tool for preparing Form GSTR1)
On the GST Portal, where is the "Import EWB Data" button added on the Form GSTR-1 page?
On the GST Portal, the "Import EWB Data" button has been added in the following tiles of the Form GSTR-1 page. By clicking on this button, you can easily import their respective details of outward supply invoices, as indicated in the-Way Bill, into Form GSTR-1:
a) 4A, 4B, 4C, 6B, 6C - B2B Invoices
b) 5A, 5B - B2C (Large) Invoices
c) 12 - HSN-wise-summary of Outward Supplies
💡What is the benefit of the "Import EWB Data" button?
At the time of generating the e-Way Bill for outward supply, you would have already entered the detail of outward supplies such as invoice number, date, Quantity, Value, Tax, HSN code, and Consignee GSTIN, etc. You can now easily import these details at the time of preparation of Form GSTR-1 by clicking the "Import EWB Data" button, for the said tax period, on the GST Portal.
Thus, the import of such details from e-Way Bill System into Form GSTR-1 will enable you to:
a) Populate such details in Form GSTR-1 without error.
b)Edit such details, wherever required
c) Save time in preparation of Form GSTR-1 by avoiding duplicity of effort in re-entering such details again in Form GSTR-1.
💡In the current tax period, how many times can I import invoice-details into Form GSTR-1 using the "Import EWB Data" button?
For the current tax period, you can import invoice-details, declared in e-Way Bill System, into Form GSTR-1 multiple times using the "Import EWB Data" button. In case the said invoice-details already exist in Form GSTR-1 on the GST Portal, a popup will be displayed asking you whether you want to replace the existing document or not
💡In the previous tax period, I already had uploaded and submitted the e-Way Bill invoice-details in form GSTR-1 and filed the return successfully on the GST Portal. In this current tax period, can I import the same details that I had uploaded in the previous tax period before filing Form GSTR-1?
No. If an e-Way Bill invoice-details is already uploaded and submitted in a previous tax period, then the GST Portal will not allow you to import the same invoice-details again in the current tax period. In case you try to do so, an error report will get generated in JSON format, which can be viewed in the Offline utility tool.
💡Is there a limit on importing the number of invoice-details, declared in e-Way Bill System, into Form GSTR1?
No, there is no limit on importing the number of invoice-details, declared in e-Way Bill System, into Form GSTR-1. However, note the following points with regards to importing such invoice-details:
a) For invoice count less than or equal to 50: B2B, B2CL invoices and invoice-wise HSN records will be listed in their respective tiles of Form GSTR-1 Summary page. You can import B2B and B2CL invoice-details online. Invoice-wise HSN records will be available for viewing and download.
b) For invoice count more than 50 but less than or equal to 500: B2B, B2CL, and invoice-wise HSN records will be available for an immediate download in CSV format, from their respective tiles in GSTR1 summary page. You can easily download them and then upload it using the offline utility tool.
c)For invoice count more than 500: B2B, B2CL, and invoice-wise HSN records will be available for download in a zipped excel format, from their respective tiles in Form GSTR1 summary page. However, this download will not happen immediately and will take some time. After the file is downloaded, you can upload it using the offline utility tool
💡Can I import/download the e-Way Bill data after filing of my Form GSTR-1 for the same period?
Even after you have filed Form GSTR-1 for the current period, you can go back to the GSTR-1 Summary page and download the e-Way Bill data. However, you can’t import and then upload the same in this case when Form GSTR-1 has already been filed.
💡I’m filing my Form GSTR-1 on a quarterly basis. Can I import all e-Way Bill invoice-data for the full quarter?
Yes. In case you are a quarterly taxpayer, then all invoice-details dated during the particular quarter shall be available for download
💡Can I edit the e-Way Bill documents after importing them in Form GSTR-1?
Yes, using this "Edit" button present in each tile, you can easily edit the e-Way Bill documents after a successful import
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GST Key Points To Understand Place Of Supply of Goods
1) Place of Supply is very important to determine whether a transaction is a intra-state sale or inter-state sale. And accordingly SGST, CGST & IGST will be determined.
2) Situation for determining Place Of Supply of Good-
A) Where the supply involves movement of goods- Place of Supply is the Place where movement of Goods Terminates.
B) Where goods are delivered by the Supplier to a recipient or any other person on the direction of a third person by way of transfer of documents of title of goods - Principal place of business of third person (the place which is mentioned in the registration certificate).
C) Where the supply involves no movement of goods- Place of Supply shall be the location of such goods at the time of the delivery to the recipient.
For Example - This will mainly cover over the counter sale. Like when you go to mall and purchase and take delivery there itself.
D) Where goods involve Installation / assembly at site- Place of Supply shall be the Place of such installation or assembly
E) Where the goods are supplied on board a conveyance, such as a vessel, an aircraft, a train or a motor vehicle- Place of supply shall be Location at which such goods are taken on board.
For example-Goods sold in Aircraft, Cruise, etc
F) Where supply involves export & import of goods- Goods Imported or exported are always Treated Inter state supply and IGST will be Charged.
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👉🏻Linking Aadhaar with PAN card compulsory to file income tax returns - SC
(Supreme Court said that it was essential to link Aadhaar with the PAN card to file income tax returns.)
👇🏻 👇🏻 👇🏻
https://goo.gl/91ZMCM
👉🏻SEBI comes out with rules to review performance of public interest directors
(SEBI came out with a strict framework for public interest directors serving at stock exchanges, clearing corporations and depositories)
👇🏻 👇🏻 👇🏻
https://goo.gl/C41m7p
👉🏻Engagement of Internal Auditors for Indian Rare Earths Ltd.
(Engagement of Internal Auditors for Indian Rare Earths Ltd. for the financial year 2019-20.
Last Date - 14/02/2019)
👇🏻 👇🏻 👇🏻
https://goo.gl/5eDfFB
👉🏻Appointment of Internal Auditor for Power Finance Corporation Ltd.
(Appointment of Internal Auditor for FYs 2019-21 to carry out the internal audit works of Power Finance Corporation Ltd.
Last Date - 12-02-2019)
👇🏻 👇🏻 👇🏻
https://goo.gl/qKrtD2
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👉The Central GST Department decides to take measures to Recover Interest amount from the defaulters under section 50 of the CGST Act, 2017 including Recovery of Properties etc.
👉Central Govt asks RBI to transfer its Entire Surplus generated over the last 2 years as it seeks to meet its Revised Budget Goals for the ongoing and the next financial years.
👉RBI imposes Separate Monetary Penalties on 3 Banks -- UCO Bank, Axis Bank and Syndicate Bank -- over deficiencies in complying with Different Regulatory Norms.
👉SEBI asks Stock Exchanges to step up their Surveillance of Intra-Day Trading and to be extra cautious to check any possible manipulation in stocks, in the wake of Significant Volatility in a few stocks.
👉SEBI comes out with new Strict Rules & Framework for Public Interest Directors serving at Stock Exchanges, Clearing Corporations and Depositories. Under the framework, Public Interest Directors (PIDs) will be nominated for 3 years, extendable by another term of 3 years. However, this will be subject to a performance review, as per new SEBI Circular.
👉New FDI rules regarding E-commerce, may put a spanner in the Walmart-Flipkart merger. Acc to investment bank Morgan Stanley, Walmart may back out of its merger with E-Commerce giant Flipkart. Implemented from February 1, the new FDI rules bar online marketplaces with foreign investments from selling products from sellers in which the online marketplaces hold a stake. The new FDI rules also Ban Exclusive Marketing Arrangements.
👉Indian Steel Companies are putting pressure on the Govt to Impose Higher Duties on Imports as trade disputes and a Global Economic Slowdown divert surplus Asian Steel Stocks to India. Local producers are suffering from the double whammy of a rise in cheap imports and low domestic steel prices, which threatens to wipeout the healthy profits made in the past couple of years.
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UDIN-ICAI will be a game changer Professional Opportunities for the members provided we professionals UNITE.
At present we are issuing number of documents to near-dears, friends & clients either complementary or free. These documents are like certificate to open bank accounts, provisional financials, other certificates, wealth reports, ITR certifications for banks/embassies etc.
With the introduction of UDIN we can convince these persons that the document issued shall be on record of ICAI and as per GST Valuation provisions we have to pay GST on these free services as well. Now we can rather we should charge reasonable Fee for these services also.
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Analysis on Supreme Court Judgement of K. Sashidhar vs. Indian Overseas Bank & Ors.
Legislature has consciously not provided for a ground to the Adjudicating Authority or Appellate Adjudicating Authority to challenge the justness of the “commercial decision” expressed by the financial creditors – be it to approve or reject the Resolution Plan.
Read full case analysis at : https://dasgovernance.com/2019/02/07/analysis-on-supreme-court-judgement-of-k-sashidhar-vs-indian-overseas-bank-ors/
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👉The Supreme Court reverses the Delhi High Court Order allowing the taxpayer to file an Income Tax Return (ITR) without linking PAN with Aadhaar and the rule must be Compulsorily Followed from the AY 2019-20.
👉Union Cabinet Cabinet approves Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The approval comes in the wake of Alternative Complaint Redressal Mechanisms chosen by public and the institution of Ombudsman could not prove to be more effective than regular existing parallel channels of Grievance Redressal, Hence both the institutions have been abolished.
👉Union Cabinet approves the proposal to amend Banning of Unregulated Deposit Schemes Bill, 2018, a move that is aimed to put an end to the hazard of Illicit Deposit Schemes and prevent such schemes from duping the poor and gullible.
👉The meeting of the RBI’s Central Board, which was slated to take a call on interim dividend, has been deferred to February 18. The Customary Post-Budget Board Meeting was earlier scheduled for February 9 but has now been deferred
👉Govt allows Export of Bio-Fuels from Special Economic Zones(SEZs) and Export-Oriented Units (EoUs) with Certain Conditions. In August 2018, the Govt. imposed restrictions on export of bio-fuels for non-fuel purposes.
👉BSE begins Commodity Derivatives Trading in Guarseed and Guargum. Trading in these commodities has been started with a Lot Size of 10 Metric Tonnes
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💡💡Taxpayer need to pay GST from Bank even he have ITC balance from 01.02.2019, Government Amended CGST Act
The government has amended CGST Act 2017 vide CGST Amendment Act 2018 with various changes w.e.f and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A after the section 49, which is as under:
49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilized towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilized fully towards such payment.
Section 49 (5) of CGST Act 2017 speaks about manner of utilising Input Tax Credit (ITC) for payment of GST output Tax liability, e.g IGST can be Set off against IGST and then CGST and SGST, CGST cane be set off against CGST and then against IGST, and SGST can be set off against SGST and then against IGST.
Impact of amendment
But now Government has changed the order of setoff by introducing section 49A w.e.f and now IGST Credit should be set off fully before taking any setoff of CGST or SGST. Which means earlier CGST/SGST ITC was used to set-off CGST /SGST liability, as the case may be, but now IGST Credit has to be 1st utilised fully for payment of IGST then for CGST and then for SGST liability as the case may be, even before utilisation of ITC of CGST or SGST.
For e.g.
Say supplier for February 2019 has following data for filing GST 3B
Output tax liability
IGST- Rs 200
CGST-Rs 200
SGST- Rs 200
Total- Rs 600
ITC Available
IGST- Rs 300
CGST-Rs 200
SGST- Rs 100
Total- Rs 600
Before 01.02.2019 set off was as under
NO TAX IS TO BE PAYABLE
IGST liability of Rs 200 set off from IGST ITC
CGST liability of Rs 200 set off from CGST ITC
SGST liability of Rs 200 set off from remaining IGST ITC of Rs 100 and SGST ITC of Rs 100
After 01.02.2019 (Section 49A) set off will be as under
Supplier need to Pay Rs 100 from its pocket despite of having ITC available
IGST liability of Rs 200 set off from IGST ITC
CGST liability of Rs 200 set off from remaining IGST ITC of Rs 100 and CGST ITC of Rs 100
SGST liability of Rs 200 set off from SGST ITC of Rs 100 and rest liability of Rs 100 will be paid in cash
Note
IGST credit 1st used against IGST, and also IGST 1st need to be set off against CGST and then only CGST credit can be set off against CGST, by amending the section 49A supplier need to pay Tax of Rs 100 from his pocket
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The Reserve Bank of India (RBI) Thursday raised the limit of collateral-free agricultural loans to Rs 1.6 lakh from the current Rs 1 lakh with a view to help small and marginal farmers.
The central bank also decided to set up an internal working group (IWG) to review agricultural credit and arrive at a workable policy solution.
