Anniversary

TAX
Bulletin
EDITION

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)
www.icmai.in
Headquarters: CMA Bhawan, 12 Sudder Street, Kolkata - 700016
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Delhi Office: CMA Bhawan, 3 Institutional Area, Lodhi Road, New Delhi - 110003
Ph: 091-11-24666100
 MISSION STATEMENT
“The CMA Professionals would ethically
drive enterprises globally by creating
value to stakeholders in the
socio-economic context through
competencies drawn from the integration
of strategy, management
and accounting.”

VISION STATEMENT
“The Institute of Cost Accountants of India
would be the preferred source of
resources and professionals for the
financial leadership of enterprises
globally.”

Objectives of Taxation Committee:

1. Preparation of Guidance Note and Analysis of various Tax matters for best Management Accounting
Practices for the professional development of the members of the Institute in the field of Taxation.
2. Conducting webinars, seminars and conferences etc. on various taxation related matters as per
relevance to the profession and use by various stakeholders.
3. Submit suggestions to the Ministry from time to time for the betterment of Economic growth of the
Country.
4. Evaluating opportunities for CMAs to make effective value addition to the tax-economy.
5. Designing of Certificate Course on Direct and Indirect Tax for members and stake holders.
Bulletin
TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
FROM THE DESK OF THE CHAIRMAN
I would like to thank Team TRD and all the Resource Persons for their invaluable support during the
last one year. It is with sincere appreciation that I acknowledge the hard work and dedication of each
and every individual towards the publication of the ‘Tax Bulletin’. I understand that, it is the efforts and
support of the Resource persons who has incessantly shared their knowledge for the past one year has
made the bulletin this much successful. The support and encouragement of our resource pool has
helped us to achieve new heights. Their mentoring has enriched on us.

Recently the Institute has taken various initiatives on taxation field including launching of help desk
through which queries on taxation from stakeholders are responded by email within 48 hours of receipt,
bringing information on direct and indirect taxes through emails on analysis of the various Acts, Rules,
Rate of Services and Service Accounting Code etc. Institute has also brought many publications on
Taxation, conducted seminars and conferences on both direct and indirect taxation through the
Regional Councils, Chapters and webinars to familiarize the provisions and also addressing the practical
issues. I sincerely hope that members of Institute, Government officials and other stakeholders will find
the Tax Bulletin helpful in updating the knowledge on the subject.

A breakthrough has been achieved by successfully including the name of Cost Accountants in certifying
the Refund of IGST claimed by Exporters and it has been made official by the CBIC with Circular No.
33/2018-Customs, dated: 19th September, 2018.

I congratulate team – Tax Research of our Institute, for all their commitments and achievements. I am
happy to receive appreciation and constructive criticisms from my fellow members. The bulletin would
surely address the day to day taxation issues. I solicit appreciation and acceptance from all the well
wishers.

Thank You.

CMA Niranjan Mishra

Chairman - Taxation Committee
2nd October, 2018

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

TAXATION COMMITTEE 2018 - 2019
CMA Amit Anand Apte - President
CMA Balwinder Singh - Vice President
CMA Niranjan Mishra - Chairman

MEMBERS

CMA Sanjay Gupta, IPP CMA Manas Kumar Thakur

CMA P Raju Iyer CMA Papa Rao Sunkara
CMA Dr. P V S Jaganmohan Rao CMA Dr. Sanjay R Bhargave (Co-opted)
CMA Antaryami Acharya (Co-Opted) CMA Waman Parkhi (Co-Opted)

SECRETARY

CMA Rajat Kumar Basu

ACKNOWLEDGEMENTS
The Tax Research Department is highly indebted for the last 1 year for the precious knowledge
contribution by the following persons

LIST OF RESOURCE PERSONS

CMA T.K. Jaganathan CMA V.S. Datey
CMA Vishwanath Bhat CMA Satya Sunder Mahasuar
CMA B Malikarjuna Gupta CMA Anuja Puranik
CMA Mrityunjay Acharjee CMA Yogesh Chaurasia
CA Vivek Jalan CMA Sandeep Kumar
CMA Amit Sarker CMA Mohammad Abbas
CMA N.K Nimkar CMA Pratyush Chattopadhyay
CMA Dr. Sanjay Bhargave CMA Utpal Kumar Saha
CMA Niranjan Swain CMA Jyoti Shrma
CMA Shiba Prasad Padhi CMA Susanta Kumar Saha
CMA Anil Sharma CMA Pradeep Tulsian
CMA Tanuja Mantrawadi CA Abhay Tulsian
CMA Navneet Kumar Jain CMA Rohit Vora
Shri Sathesh Raju CMA Prerna Mall
CMA Dr. Ashish P Thatte CMA T.B. Chatterjee
CMA Arindam Goswami Shri G.K Raju
CMA Ashish Bhavsar Shri P.K Mohanty
CMA Chiranjib Das Shri D.N Panda
CMA Bibhudatta Sarangi CMA Md. Rehan
CMA Sanjeev Motiyani CMA S.K. Mishra
CMA Vivek Laddha Shri Rambabu Gondala
CMA Rajendra Rathi CA V.K. Subramani
CMA S K Bhatt

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

TEAM - TAX RESEARCH DEPARTMENT
CMA Rajat Kumar Basu - Additional Director - Tax Research
CMA Rashmi Gupta - Deputy Director - Tax Research
CA Neelesh Jain - Deputy Director - Tax Research
CMA Priyanka Roy - Astt. Director - Tax Research
CMA Amit Dey - ICMAI Cadre
CMA Debasmita Jana - Consultant
Ms. Debjani Mukherjee - Consultant
Mr. Dipayan Roy Chaudhuri - Graphics & Web Designer

Articles on the Topics of Direct and Indirect Taxation are invited from readers and authors.
Along with the article please share a recent passport-sized photograph, a brief profile and the
contact details. The articles should be the author’s own original.
Please send the articles to
trd@icmai.in /research.ad1@icmai.in

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

CONTENTS
ARTICLES
INDIRECT TAX
01 ASSESSMENT AND AUDIT UNDER GST
CMA Bibhudatta Sarangi Page - 1
NOTIFICATION NO. 43-2018 - CT DATED 10.09.2018 TO NOTIFICATION NO.
02
52-2018 - CT DATED 20.09.2018
CMA Susanta Kumar Saha Page - 3
03 TDS UNDER GST REGIME – SECTION 51 OF CGST ACT
CMA Utpal Kumar Saha Page - 8
04 TDS UNDER GST
CMA Krishna N. Chaubey Page - 10
DIRECT TAX
05 APPROACH TOWARDS NEW DIRECT TAX CODE 2018
CMA Mrityunjay Acharjee Page - 12
DOES THE SYSTEM OF ISSUING AMENDMENT NOTIFICATIONS UNDER
06
TAX LAWS ITSELF NEEDS ‘AMENDMENT’?
CMA Neeraj Gupta Page - 14

FREQUENTLY ASKED QUESTIONS Page - 16

TAX UPDATES, NOTIFICATIONS AND CIRCULARS
INDIRECT TAX Page - 18
DIRECT TAX Page - 23
PRESS RELEASE
INDIRECT TAX Page - 28
DIRECT TAX Page - 29
JUDGEMENTS
INDIRECT TAX Page - 30
DIRECT TAX Page - 31
TAX COMPLIANCE CALENDAR AT A GLANCE
INDIRECT TAX Page - 33
DIRECT TAX Page - 34

Course Brochures Page - 37

List of Articles Page - 42
Snapshots Page - 45
TRD – Annual Journey Page - 58

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

 ASSESSMENT AND AUDIT UNDER GST
CMA Bibhudatta Sarangi
DGM (F&A). MEGPTCL

S ection 2(11) of the CGST Act 2017 defined the

assessment as the determination of tax liability under
this act and includes self-assessment, reassessment
provisional assessment , summary assessment and best
registered person for giving explanation on it. In terms of
the section 60(3),if the registered person fails to furnish any
satisfactory explanation to the proper officer within 30 days
from the date of communication of discrepancies, then the
judgement assessment. On a broader sense, ‘’assessment is appropriate action will be taken against the registered
all about the estimation of tax liability of a registered person as per Section 65, 66, 67 and determine the dues or
person i.e. amount of tax payable on value of goods or penalty if any as per Section 65, 66, 67 and determine the
services or both supplied by him. dues or penalty if any as per Section 73, 74.

Self-Assessment under of the CGST Act/SGST Act Assessment of Non Filers of Returns: As per Section 62
2017: Section of the 59 of the act every registered person of the act empowers the proper officer to make best
shall self-assess the tax payable on supplied made during tax judgement assessment If the registered person fails to
period and file the return of each tax period as per section furnish the return under Section 39 or final return under
39 of the CGST Act. section 45 even after submission of notice under Section 46.
If the registered person fails to file the returns as per the
Provisional Assessment under of the CGST Act/SGST defined sections and rules or where a taxable person fails to
Act 2017: Section 60 of the Act enumerates that the obtain the registration or Whose registration is cancelled
provisional assessment is carried out in case where a taxable and they are liable to tax, then the proper officer assess the
person is unable to determine his value of supply or rate of tax liability to the best of his judgment and issues the order
taxes applicable there to the Proper officer may within 90 of best judgment assessment within a period of 5 years from
days from the receipt of application along with required the date of Annual Return of the financial year to which tax
document issue an order specifying the rate and value which not paid relates. The registered person will be given 15 days’
tax has to pay on provisional basis. In terms of the section time for submission of their reply after issue of best
60(2) a registered person are bound to execute the bond and judgement notice.
furnish surety or security in the form of Bank Guarantee
which shall not exceeding 25% of the amount covered Assessment of Unregistered Person: As per Section 63 ,
under the bond. a taxable person is liable to be registered in accordance
with the provision of the Section 22 of Section 24 but fails
The proper officer shall determine the tax liability on to obtain registration or whose registration has been
provisional basis within six months from the date of cancelled on account of circumstances mentioned in Section
communication of the provisional assessment order after 29(2) but who was liable to pay tax , the assessing officer
taking into consideration such information as may be may assess the tax liability to the best of his judgement for
required for finalising the assessment. Joint or additional the relevant tax period and issue assessment order within
commissioner may record in writing the reason to extend five years from the date of furnishing annual return i.e. 31st
the date of final assessment order to further six months December following the financial year to which the tax paid
maximum. The commission may extend the date for further relates.
period of 4 years. Thus, a Provisional assessment can remain
provisional for a period of maximum of 5 years. Assessment in Special Cases under GST (Section 64):

The registered Person shall be liable to pay interest on so As per Section 64 (1), If the proper officer is having such
much of the amount of tax payable on provisional basis evidences which proves that there is some discrepancies in
which remains unpaid on the date of payment of taxes the tax liability, then he may with the previous permission of
under section 60(4) of the act. A registered person shall be the Joint Commissioner or Addl. Commissioner assess the
entitled for refund if the amount of taxes paid on tax liability in the interest of the revenue. Further, If the
provisional basis exceeds the actual liability determined on taxable person to whom the tax liability is imposed is not
finalisation of assessment. ascertainable, then the person in charge shall be liable to pay
the assessed tax or any other dues.
Scrutiny of returns: Once the registered person furnishes
the return the proper officer may scrutinize the returns and Audit by Tax Authorities under GST (Section 65):
related particulars to verity its correctness. If there is any
discrepancy, between the returns and available information, The GST regime continues to promote the scheme of self-
the same discrepancies will be communicated to the assessment like erstwhile indirect tax laws and Audit of

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 1

records of tax payers is the basis for the proper functioning 3. Special GST audit direction from department u/s 66
of self-assessment based tax system. As per section 2(13) of
CGST Act, 2017. GST Audit means examination of records, During if at any stage of scrutiny, inquiry, investigation or
returns and documents maintained and furnished by any other proceedings, any officer not below the rank of
registered person to check the following:- Assistant Commissioner, is of the opinion that
 the value has not been correctly declared or
a) Verify the correctness of turnover declared.  the credit availed is not within the normal limits,
b) Input tax credit availed and utilized.
c) Exemptions and deductions claimed. The Assessing Authority may, with the prior approval of
d) Rate of tax applied in respect of supply of goods the Commissioner, direct such registered person to get his
or services etc. records including books of account examined and audited
by a Chartered Accountant or a cost accountant as may be
The following three types of GST audit are envisaged nominated by the Commissioner. The officer will issue
under the GST Law:- direction in Form GST ADT-03 to the registered person in
this regard. The Chartered Accountant or Cost Accountant
1. GST Audit u/s 35(5) of Act, if turnover exceeds so nominated shall submit a report of such audit duly
prescribed limit (i.e Rs. 2 Crore) signed and certified by him to the said Assistant
2. GST Audit by tax authorities u/s 65. Commissioner, within the period of ninety days, which can
3. Special GST audit direction from department u/s be further extended by ninety days. As per Section 66(3) of
66. the act the special Audit may be directed even if accounts
and record of the registered persons are audited under any
1. GST Audit u/s 35(5) other law in force such such as The Company Act 2013 on
the Income Tax Act 1961. The registered person shall be
Every registered person, whose turnover during the given an opportunity of being heard where any material
financial year exceeds the prescribed “GST audit turnover gathered on the basis of special audit under this act is
limit” i.e., 2 crore rupees, shall get the accounts audited by a proposed to be used against him in any proceeding under
Chartered Accountant (CA) or a Cost and Management the act. All expenses spent in connection with Special
Accountant (CMA). Registered person who is required to Audit including remuneration of Auditors to be
get his accounts audited in accordance with section 35(5) determined and paid by commissioner as per Section 66(5)
shall submit electronically the Annual Return as per section of the Act. All registered person shall be informed about
44 along with a copy of the audited statement of accounts the audit finding in Form GST ADT-04 after the audit is
and a reconciliation statement, reconciling the value of concluded. As per Section 66( 6) of the Act, if any
supplies declared in the return furnished for the financial discrepancy in terms of tax not paid, tax short paid or
year. He shall furnish a copy of audited annual accounts and input tax credit wrongly availed, the officer, may proceed
a reconciliation statement, duly certified, in Form GSTR-9C to initiate action under section 73 and 74 of the act.
along with annual return. Here the term used is aggregate
turnover and not turnover in state. Aggregate turnover is
computed on all India basis having same PAN. Therefore, if
a registered person is liable to gets his accounts audited
under section 35, then all the registration obtained under
same PAN will also be liable to GST audit.

2. GST Audit by tax authorities u/s 65.

The Commissioner or any officer authorised by him, may

undertake audit of any registered person for such period, at
such frequency and in such manner as may be prescribed in
a general or a specific order (Section 65 of CGST Act). The
officers may conduct audit at the place of business of the
registered person or in their office. The registered person
shall be informed by way of a notice of not less than fifteen
working days before the conduct of audit in Form GST
ADT-01. As per Section 65(4) , audit of registered person
shall be completed within three months from the date of
commencement of audit. Further , if the Commissioner is
satisfied that audit of the registered person can’t be
completed within three months , he may extend the time
period for a further period not exceeding six months after
recording the reasons for doing so in writing. The proper
officer will inform the final findings of his audit to the
registered person in form ADT-02.The finding under GST
audit may be used by proper officer to initiate action u/s 73
or 74.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 2

 NOTIFICATION NO. 43-2018 - CT
DATED 10.09.2018 TO NOTIFICATION
NO. 52-2018 - CT DATED 20.09.2018
CMA Susanta Kumar Saha
GST Consultant

Recently a handful number of notifications have been issued, vide which date of furnishing details of outward supplies in
‘FORM GSTR-1’, from July, 2017 to September, 2018 has been extended to 31st October, 2018, for taxpayers other than
taxpayers who obtained GSTIN in terms of notification no. 31/2018 – CT, dated 06.08.2018.

Taxpayers who obtained GSTIN in terms of notification no. 31/2018 – CT, dated 06.08.2018 were given an extended time
period up to 31st December, 2018, for furnishing details of outward supplies in ‘FORM GSTR-1’, pertaining to the tax periods
July, 2017 to November, 2018. Such tax payers have also been given an extended time period up to 31st December, 2018 to
file return for the tax periods July, 2017 to November, 2018.

‘FORM GSTR-9C’ has been notified, to be read with rule 80(3) of the CGST Rules, 2017, applicable for registered persons
whose aggregate turnover during a financial year exceeds two crore rupees.

Notification for tax deduction at source (TDS) and tax collection at source (TCS) have been made since promulgation of
GST law.

A brief analysis, of all the notifications discussed above, is made below. However, detailed analysis of ‘FORM GSTR-9C’ has
not been attempted here.

Notification No. 43/2018 – Central Tax dated 10th September, 2018:

The Central Government, exercising the powers conferred by section 148 of the CGST Act, 2017 and in supercession of
earlier notifications, on the recommendations of the Council, notified revised date of furnishing details of outward supply
of goods or services or both, vide FORM GSTR-1 of CGST Rules, 2017, for registered persons having aggregate
turnover of up to 1.5 crore rupees in the preceding financial years or the current financial year, who may furnish details of
outward supply of goods or services or both, as per details given below:

Sl. No Quarter for which details in Time period for Condition

FORM GSTR-1 are furnished furnishing details in
FORM GSTR-1
(1) (2) (3) (4)
1 July, 2017 – September, 2017 31st October, 2018 -
2 October, 2017 – December, 2017 31st October, 2018 -
3 January, 2018 – March, 2018 31st October, 2018 -
4 April, 2018 – June, 2018 31st October, 2018 -
5 July, 2018 – September, 2018 31st October, 2018 except for conditions, stipulated in point 5a,
below.
5a July, 2018 – September, 2018 15th November, 2018 Applicable only for registered persons as
stated below:
i. in the State of Kerala;
ii. principal place of business is in Kodagu
district in the State of Karnataka; and
iii. principal place of business is in Mahe in
the Union Territory of Paducherry.
6 October – December, 2018 31st January, 2019 -
7 January – March, 2019 30th April, 2019 -
8 July, 2017 – September, 2018 31st December, 2018 Taxpayers who have obtained GSTIN in terms
of notfn. No 31/2018 – CT, dated 06.08.2018,
i.e, taxpayers who received provisional ids but
couldn’t complete migration process.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 3

It may please be noted that time limit for furnishing the details of inward supplies as stipulated in sub-section (2) of section
38, i.e, FORM GSTR-2 or time limit for filing return as stipulated in sub-section (1) of section 39, i.e, FORM GSTR-3, shall
be subsequently notified in the Official Gazette.

Notification No. 44/2018 – Central Tax dated 10th September, 2018:

The Commissioner, exercising the powers conferred by the second proviso to sub -section (1) of section 37 read with section
168 of the CGST Act, 2017 and in supercession of earlier notifications, on the recommendations of the Council, notified
revised date of furnishing details of outward supply of goods or services or both, vide FORM GSTR-1 of CGST Rules,
2017, for registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial years or
the current financial year, who may furnish details of outward supply of goods or services or both, as per details given below:

Sl. No Tax period for which details in Time period for furnishing Condition
FORM GSTR-1 are furnished details in FORM GSTR-1
(1) (2) (3) (4)

1 July, 2017 – September, 2018 31st October, 2018 -

1a July, 2017 – November, 2018 31st December, 2018 Taxpayers who have obtained GSTIN in
terms of notfn. No 31/2018 – CT,
dated 06.08.2018, i.e, taxpayers who
received provisional ids but couldn’t
complete migration process.
2 October, 2018 11th November, 2018 -
3 November, 2018 11th December, 2019 -
4 December, 2018 11th January, 2019 -
5 January, 2019 11th February, 2019 -
6 February, 2019 11th March, 2019 -
7 March, 2019 11th April, 2019 -

It may please be noted that time limit for furnishing the details of inward supplies as stipulated in sub-section (2) of section
38, i.e, FORM GSTR-2 or time limit for filing return as stipulated in sub-section (1) of section 39, i.e, FORM GSTR-3, shall
be subsequently notified in the Official Gazette.

Notification No. 45/2018 – Central Tax dated 10th September, 2018:

The Commissioner, exercising the powers conferred by section 168 of the CGST Act, 2017 read with sub-rule (5)
of rule 61 of the CGST Rules, 2017, on the recommendations of the Council, has made amendments to the
notification Number 21/2017 – CT dated 08.08.2017 and notification Number 56/2017 – CT dated 15.11.2017 to
facilitate taxpayers who couldn’t complete migration process but obtained provisional ids, detailed below:-

Sl. Tax period for which return Time period for filing return Condition
No in FORM GSTR-3B be filed in FORM GSTR-3B
(1) (2) (3) (4)
1 July, 2017 to November, 2018 On or before 31st December, Taxpayers who have obtained GSTIN in
2018 terms of notfn. No 31/2018 – CT, dated
06.08.2018, i.e, taxpayers who received
provisional ids but couldn’t complete
migration process.

Notification No. 46/2018 – Central Tax dated 10th September, 2018 & Notification No. 47/2018 – Central Tax dated
10th September, 2018:

The Commissioner, exercising the powers conferred by section 168 of the CGST Act, 2017 read with sub-rule (5) of rule 61 of
the CGST Rules, 2017, on the recommendations of the Council, has made amendments to the notification Number 35/2017
– CT dated 15.09.2017, notification Number 16/2018 – CT dated 23.03.2018 and notification Number 34/2018 – CT dated
10.08.2018, to state:-

Sl. Tax period for which return Time period for filing Condition
No in FORM GSTR-3B be filed return in FORM GSTR-3B
(1) (2) (3) (4)
1 July, 2017 to November, 2018 On or before 31st December, Taxpayers who have obtained GSTIN in terms
2018 of notfn. No 31/2018 – CT, dated 06.08.2018,
i.e, taxpayers who received provisional ids but
couldn’t complete migration process.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 4

Notification No. 48/2018 – Central Tax dated 10th September, 2018 – extract and an analysis

The Central Government, exercising the powers conferred by section 164 of the CGST Act, 2017 made amendment to
CGST Rules, 2017 which may be called as CGST (Ninth Amendment) Rules, 2018.

Notwithstanding anything contained in sub-rule (1) of rule 117, sub-rule (1A) of rule 117 of the CGST Rules, 2017 shall be
inserted to state that the Commissioner may, on the recommendations of the Council, in respect of registered persons who
couldn’t submit the said declaration within due date, due to technical difficulties on the common portal, extend the
date for submitting the said declaration electronically in FORM GST TRAN-1, not beyond 31st March, 2019.

A proviso shall be inserted in sub-rule (4), in clause (b), in sub-clause (iii) to state that registered persons filing declaration
in FORM GST TRAN-1 in accordance with sub-rule (1A), may submit the statement in FORM GST TRAN-2 by 30th
April, 2019.

In rule 142, in sub-rule (5), after the words and figures “of section 76”, the words and figures “or section 125” shall be
inserted.

Analysis

i. Sub-rule (1A) of rule 117 of CGST Rules, 2017 inserted to facilitate registered taxpayers, who couldn’t file
FORM GST TRAN-1, to claim transitional credit due to technical difficulties on the common portal. Such
registered taxpayers have been granted extended period of not later than 31st March, 2019 to file.
ii. Registered taxpayers, who would file FORM GST TRAN-1 under sub-rule (1A) supra, may submit statement in
FORM GST TRAN-2 by 30th April, 2019.
iii.
Form Who can file Who cannot file
type
TRAN 1 Registered person in GST regime, but may Registered person in GST, who have opted to
be registered or unregistered under pay tax as composition dealer.
previous tax regime.
TRAN 2 Registered person in GST regime, who In pre-GST tax regime,
didn’t have ‘duty’ paying documents in a) a manufacturer registered under
earlier tax regime, i.e, a dealer or a trader. Central Excise, and
b) A service provider registered under
Service Tax.

iv. Rule 142 of the CGST Rules, 2017 stipulates notice and order for demand of amounts payable under the
Act, while sub-rule (5) of rule 142 inter alia includes summary of orders to be issued under different sections,
section 125 shall be inserted after section 76. Section 125 stipulates about general penalty in case of
contraventions of any provisions of the Act or any rules made there under for which no penalty has been
separated provided in the Act.

Notification No. 49/2018 – Central Tax dated 13th September, 2018:

The Central Government, exercising the powers conferred by section 164 of the CGST Act, 2017 made amendment to
CGST Rules, 2017 which may be called as CGST (Tenth Amendment) Rules, 2018.

‘FORM GSTR-9C’ shall be inserted after ‘FORM GSTR-9A’.

Reference may be drawn to rule 80(3) of CGST Rules, 2017 which stipulates that every registered person whose aggregate
turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5)
of section 35 and shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in
FORM GSTR-9C, electronically through the common portal.

Brief contents of ‘FORM GSTR-9C’:

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 5

 FORM GSTR – 9C

PART – A PART – B
Reconciliation Statement Certification

Pt. I – Basic Details Certification where the reconciliation

statement (FORM GSTR-9C) is drawn
up by the auditor
Pt. II – Reconciliation of turnover, declared in
audited AFS with Annual return (GSTR-9) Certification where the reconciliation
statement (FORM GSTR-9C) is drawn
up other than by the auditor
Pt. III – Reconciliation of tax paid

Pt. IV – Reconciliation of Input Tax Credit

(ITC)

Pt. V – Auditor’s recommendation on

additional liability due to non-reconciliation

Notification No. 50/2018 – Central Tax dated 13th September, 2018:

The Central Government, exercising the powers conferred by sub-section (3) of section 1 of the CGST Act, 2017 and in
supercession of the notification no. 33/2017 – Central Tax, dated 15th September, 2017, hereby appoints 1st October, 2018
be the date on which provisions of section 51 (Tax deduction at source) of the CGST Act, 2017 shall come in to force with
respect to the persons specified below:
a. an authority or a board or any other body, -
i. set up by an Act of Parliament or a State Legislature; or
ii. established by any Government, with fifty-one per cent. or more participation by way of equity or control, to
carry out any function;
b. society established by the Central Government or the State Government or a Local Authority under the
Societies Registration Act, 1860;
c. public sector undertakings.

Analysis

i. In case of intra-State supply, ‘TDS deductor’ as discussed above, is obligated to deduct tax at source at a rate 1%
CGST plus 1% SGST, where the total value of such supply of taxable goods or services or both, under a
contract, exceeds two lakh and fifty thousand rupees.

ii. It appears that a clarification is required with regard to point of deduction, i.e, whether tax is required to be
deducted from value of all supplies under a contract, irrespective of value of each supply, when value of a
contract exceeds the threshold limit or when the cumulative value of supplies exceeds rupees two lakh and
fifty thousand rupees under a contract, value of which exceeds the threshold limit for the purpose of this section.

iii. Such deduction shall be made “from the payment made or credited to the supplier”. It is noteworthy to observe that
it is not stated as ‘from the payment made or credited to the supplier, whichever is earlier’ which might have a
practical difficulty in deciding point of deduction of tax by deductors. It might lead to a state of great
confusion during transitional period, unless separately clarified subsequently.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 6

 iv. Value of supply, on which tax shall be deducted, shall be taken as excluding central tax, State tax, Union territory tax,
integrated tax and cess indicated in the invoice.

v. Tax to be deducted on the value of taxable supplies. Sub-section (108) of section 2 of the CGST Act, 2017
stipulates taxable supply to mean a supply of goods or services or both which is leviable to tax under the Act.
Thus the supplies of goods or services or both, which have been made exempted by virtue of notifications from
time to time, would be considered as ‘taxable supplies’ for the purpose of section 51 of CGST Act, 2017.

vi. First proviso to sub-section (1) of section 51 specifically mandates not to deduct tax where ‘location of the
supplier (deductee) and the place of supply’ are not in the same State or Union Territory where the recipient
(deductor) is registered i.e, registration of the supplier (deductee) and registration of the recipient (deductor)
are in two different States or Union Territory.

It appears to be a paradoxical proviso as the law specifically doesn’t state that tax is not required to be
deducted under this act for inter-State supplies of goods or services or both. If the same is clarified
subsequently and made applicable, deductor will be obligated to deduct tax at source at a rate 2% IGST for inter-
State supplies.

vii. Registered persons (deductors), as specified supra, are required to take registration compulsorily under Section 24
(vi) of the CGST / SGST Act, 2017.

viii. Tax (GST) deducted at source, shall be paid to the Central Government within 10 (ten) days after the end of the
month in which tax was deducted at source, failing which the deductor shall pay interest in accordance with
provision of section 50(1), i.e, at a rate of interest not exceeding 18%.

ix. Registered persons, as discussed supra (deductors), are required to furnish a return in FORM GSTR-7 by 10th of
the nest month.

Notification No. 51/2018 – Central Tax dated 13th September, 2018:

The Central Government, exercising the powers conferred by sub-section (3) of section 1 of the CGST Act, 2017, hereby
appoints 1st October, 2018 be the date on which provisions of section 52 (Collection of tax at source) of the CGST Act,
2017 shall come in to force.

Analysis:

i. Section 52 is applicable for every electronic commerce operator, not being an agent.
ii. Tax to be collected at source at a rate, to be separately notified, in terms of sub-section (1) of section 52 of the
Act on net value of supply.
iii. Tax (GST) collected at source, shall be paid to the Central Government within 10 (ten) days after the end of the
month in which tax was collected at source.

Notification No. 52/2018 – Central Tax dated 20th September, 2018

The Central Government, exercising the powers conferred by sub-section (1) of section 52 of the CGST Act, 2017, hereby
notifies the rate of tax at which an electronic commerce operator, not being an agent, shall collect an amount calculated
at a rate of half per cent. of the net value of intra-State supplies made through it by other suppliers where the
consideration with respect to such supplies is to be collected by the said operator.

Analysis:

i. In case of intra-State supply, rate of tax shall be at 0.5% CGST plus 0.5% SGST, and
ii. In terms of section 21 of the IGST Act, 2017, provisions of the CGST Act, 2017, relating to, “collection of tax at
source” shall, mutatis mutandis, apply to IGST Act, 2017.
The point of consideration is whether it requires a separate notification under IGST Act, 2017.
iii. In case of inter-State supply, rate of tax shall be at 1% IGST.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 7

 TDS UNDER GST REGIME – SECTION
51 OF CGST ACT
CMA UTPAL KUMAR SAHA
AGM – Indirect Tax, McNally Bharat Engineering Co. Ltd.

W e know about TDS under Income Tax Act, 1961 and the relevant penalties thereon for non-compliance. There is no
concept of TDS in Central Excise Act 1944 even the erstwhile service tax law. However, under Value Added Tax
law, there was a concept of TDS but it was limited to works contract activity only where transfer of property in
goods involved in execution of works contract. The contractee was required to deduct WC-TDS at the time of making
payment to the contractor and issue necessary certificates thereon. The rates of WC-TDS were varied from state to state, like
2%, 5%,8% etc.

Three GST Bills have been passed and became the law of the land. Section 51 of CGST Act makes provision with respect to
deduction of tax at source (TDS)by certain category of persons. Here, we are summarizing the relevant provisions of TDS in
the form of FAQ and also highlighting the mechanism to minimize the risk of non-compliances thereon in the business.

1. Who are liable to deduct TDS?

The following persons are required to deduct TDS

(a) A department or establishment of State Government or Central Government
(b) Local Authority
(c) Governmental Agencies
(d) Such persons or category of persons as may be notified by the Government on recommendation of council.

The first three category of persons are already specific in nature to deduct TDS. However, Government may on the
recommendation of council notify other categories of persons also for the purpose of expanding the coverage of
TDS.

However, Government has further notified the following persons to deduct TDS vide its notification 50/2018 –
Central Tax dated 13th September, 2018.

(a) an authority or a board or any other body, -

(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by any Government,
with fifty-one per cent. or more participation by way of equity or control, to carry out any function;
(b) Society established by the Central Government or the State Government or a Local Authority under the
Societies Registration Act, 1860 (21 of 1860);
(c) public sector undertakings.

2. Whether TDS is applicable only on goods or services also?

TDS is applicable on taxable supply of goods or services or both.

3. Rate of TDS?
Tax will be deducted at the rate of 1% each for CGST and SGST from payment made or credited to the supplier. In
case of IGST it would be 2%.

4. When Section 51 will be effective?

Government appoints 01st day of October 2018.

5. Is there any basic exemption for non deduction of TDS?

TDS will not be applicable where the total value of supply under a contract does not exceed Rs. 250,000/-. The
value is excluding CGST, SGST, UGST, IGST and Cess Indicated in invoice.

6. Requirement of registration of the deductor?

As per the provision of section 24(vi), persons who are required to deduct TDS under section 51 shall take
registration whether such persons are separately registered under the GST Act or not.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 8

 7. What is the application FORM for Registration?
FORM GST REG- 07

8. When to Deduct TDS?

As per section 51(1), TDS will be deducted @1% from the payment made or credited to the supplier. Here the word is
used “from payment made or credited”. A doubt may be arisen regarding point of time to deduct TDS. Under Income Tax Law
the wordwhichever is earlieris used to specify the time of deduction.

However, as per FAQ released by CBEC, TDS will be deducted at the time of making payment to the supplier.

Q23. …………. While making any payments under such contracts, the concerned Government/authority shall deduct 1%
of the total payment made and remit it into the appropriate GST account.

However, FAQ has no legal interpretation. Request Government to clarify the time of deduction in more specific manner
in order to avoid litigation.

9. Explain the first proviso of section 51(1) with respect to non-applicability of TDS-
Where the location of supplier and place of supply both are in same state but place of recipient of supply is another state,
no TDS shall be deductible. Explant the same through a tabular form-

Location of Place of Supply Nature of GST Place of TDS applicability % of TDS

Supplier Recipient
Kolkata Kolkata CGST & SGST Kolkata Yes 2% (1%+1%)
Kolkata Jharkhand IGST Kolkata Yes 2%
Kolkata Jharkhand IGST Bihar Yes 2%
Kolkata Kolkata CGST & SGST Bihar No -

10. Time Limit for deposition of TDS?

The deductor shall deposit TDS amount within 10 days after the end of the month in which deduction is made.

11. Time Limit for furnishing of Return and Return FORM?

As per the provision of section 39(3) Return of TDS will be filed within 10 days after the end of the month in which
deduction is made. As per rule 66(1), return of TDS is to be filed in FORM GSTR- 7 through common portal either
directly or from a facilitation centre notified by the commissioner.

12. Late Fee on delay filing of TDS Return-

Section 47 is also applicable for delay filing of GST return. Late fee for delay filing is Rs. 100/- for CGST and Rs. 100/- for
SGST per day.

13. Is there any interest for delay deposition of TDS amount?

Interest shall be payable as per provision of section 50 and such rate shall not exceed at the rate of 18%.

14. What is the quantum of penalty for failure of deduction of TDS or short deduction of TDS or failure to pay TDS
to the Government?
There shall be levied a penalty of Rs. 10,000/- or an amount equivalent to tax not deducted or tax shortly deducted or
collected/ shortly collected but not deposit to the Government , whichever is higher. [Section 122(v)]

15. Time limit for furnishing certificate of TDS?

Within 5 Days from the date of deposition of TDS before the Government exchequer. Certificate shall be made available
to the deductee in GSTR 7A FORM on the basic of filing of return by deductor.

16. Penalty for delay issuance of TDS Certificate?

Rs. 100/- per day till the failure is rectified but subject to maximum late fee of Rs. 5,000/-

17. Whether the provision of section 73 or 74 is applicable for recovery of tax?

Yes, provision of section 73 or 74 is applicable and the same procedure (e.g. issuance of show cause notice, serving a
statement of calculation of tax, interest and penalty etc) will be followed for recovery of TDS.

18. Can the deductor claimed refund in case the deductor has deposited excess TDS amount?
Yes, he can claim refund and shall be dealt with the provision of section 54.
Example: XYZ has receipts goods amounting to Rs. 1,00,000/- (Basic value of goods) from M/s ABC. XYZ has wrongly
deposit TDS amount Rs. 4,000/- instead of Rs. 2,000/-. He can claim such excess deposit amount except when it has been
credited to the electronic cash ledger of the deductee.

Control of TDS Compliance:

1. Deductor has to ensure that the TDS has been deducted @1% on every receipt of taxable supply of goods or services or
both.
2. Monitor the deposition of TDS within due date and filing of return thereon.
3. At the time of filing of return take proper care of GSTN of the recipient.
4. Deductor shall at the end of every quarter make internal audit of compliance by a cost accountant.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 9

 TDS UNDER GST
CMA Krishna N. Chaubey
Practicing Cost Accountant

GST Notification No. 50/2018 – regarding TDS & TCS:

The time for gearing up has arrived with the notifications with regard to TDS, GST Audit and TCS. We need not get confused
with TDS and TCS under Income Tax. GST Acts also contains the provisions relating to TDS and TCS. The extract has been
give below with regard to TDS notification.

Notification No. 50/2018 – Central Tax_ Dated 13.09.2018:

The Central Government appoints the 1st day of October, 2018, as the date on which the provisions of section 51 of the said
Act shall come into force. Section 51 of CGST Act, 2017 confers the powers to central government to specify the persons
who are liable deduct tax at the rate of one per cent, from the payment made or credited to the supplier of taxable goods or
services or both, where the total value of such supply, under a contract, exceeds two lakh and fifty thousand rupees.

The Central government, by this notification, notified the following persons who are liable to deduct TDS at the rate one
percent from 1st October 2018 as per section 51:

(a) an authority or a board or any other body, -

(i) set up by an Act of Parliament or a State Legislature; or

(ii) established by any Government,
with fifty-one per cent. or more participation by way of equity or control, to carry out any function;

(b) Society established by the Central Government or the State Government or a Local Authority under the Societies
Registration Act, 1860 (21 of 1860);

(c) public sector undertakings

The organisations dealing with PSUs/Government departments etc need to be more cautious now. The PSUs also need to be
geared up to ensure the compliance of TDS regime under GST. For the sake of convenience and ready refernce, the extract of
section 51 has been given below:

GST APPLICABILITY UNDER SECTION 51 OF CGST ACT,

51. (1) notwithstanding anything to the contrary contained in this Act, the Government may mandate,––

a) a department or establishment of the Central Government or State Government; or

b) local authority; or
c) Governmental agencies; or
d) such persons or category of persons as may be notified by the Government on the recommendations of the Council,
(hereafter in this section referred to as “the deductor”), to deduct tax at the rate of 1% CGST and 1% SGST or 2%
IGST from the payment made or credited to the supplier (hereafter in this section referred to as “the deductee”) of
taxable goods or services or both, where the total value of such supply, under a contract, exceeds two lakh and fifty
thousand rupees:

Non-applicability of TDS Under GST:

Provided that no deduction shall be made if the location of the supplier (LOS) and the place of supply (POS) is in a State or
Union territory which is different from the State or as the case may be, Union territory of registration of the recipient (LOR).

We are presenting the following matrix for your understanding:

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 10

 Particulars Situation (a) Situation (b) Situation (c)

LOS (Location of Supply) Jharkhand Rajasthan New Delhi

POS (Place of Supply) Jharkhand Jharkhand New Delhi
LOR (Location of Supply) Jharkhand Jharkhand Jharkhand

TDS Applicability Yes (CGST+SGCT) Yes (IGST) No

Explanation.––For the purpose of deduction of tax specified above, the value of supply shall be taken as the amount excluding
the central tax, State tax, Union territory tax, integrated tax and cess indicated in the invoice.

Registration of Tax Deductor under GST:

It is compulsory to obtain Tax Deductor -GST registration for the person who are liable to deduct TDS as per the provisions
of section 51 of CGST Act, 2017. Threshold exemption limit is not applicable to such persons. Unique feature of GST
registration, for person liable to deduct TDS, is that PAN is not mandatory while obtaining TDS- GST registration; however,
GST registration can be obtained on the basis of existing Tax Deduction and Collection Account Number (TAN).

The registration application for Tax Deductor can be filed electronically by submitting a duly signed application in Form GST
REG-07.

The documents required while getting registered as Tax Deductor include:

 Applicant has valid TAN.

 Applicant has valid PAN.
 Address Proof of Registered Office.
 Applicant must have a valid mobile number.
 Applicant must have valid E-mail ID.
 Copy of MOA & AOA with incorporation certificate.
 Copy of Applicant PAN-DDO
 Copy of Applicant Aadhar-DDO
 Photo of DDO.
 Copy of place of business of the applicant.
 Copy of authorised signatory of the applicant with the valid details.

Payment of GST TDS:

The deductor of Tax Deducted at Source is required to deposit the amount so deducted to the Government by the 10th day
of the succeeding month in which the tax is so deducted. The payment of TDS should be made to the respective
Government i.e. IGST and CGST should be deposited to Central Government, whereas, SGST should be deposited to State
Government.

GST TDS Certificate:

TDS certificate in FORM GSTR-7A is to be issued by the deductor to the deductee within a period of 5 days of crediting
the amount to the Government. In case the deductor fails in issuing the certificate in required time limit, he would be liable
to pay a late fee of INR 100/- per day from the expiry of the 5th day till the date certificate has been issued. Maximum amount
of late fee payable would be INR 5,000/- i.e. late fee payable amount will not be more than INR 5,000/-.

GST-TDS Return Filing:

The person deducting TDS (i.e. deductor) is liable to file GST return in FORM GSTR-7 within a period of 10 days from the
end of the month.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 11

 APPROACH TOWARDS NEW DIRECT
TAX CODE 2018
CMA Mrityunjay Acharjee
Vice President (Finance, Accounts & Taxation) Balmer Lawrie Ltd.

What is the new direct tax code about?

The Union Government is in the process of restructuring the Direct Tax Laws in the country by introducing a new direct tax
code that will replace the Income Tax Act of 1961. The existing direct tax law, which deals with personal income tax, corporate
tax and other levies such as the capital gains tax, has undergone numerous changes over the years. In September, Prime
Minister Narendra Modi told tax officials that the old law needs changes. The idea is to rewrite it in line with the economic
needs of the country and to keep pace with evolving global best practices. One key consideration is to ensure that the economy
becomes more tax-compliant to generate enough revenue.

What does the new tax law aim to achieve?

The new direct tax code will try to bring more assessees into the tax net, make the system more equitable for different classes
of taxpayers, make businesses more competitive by lowering the corporate tax rate and phase out the remaining tax
exemptions that lead to litigation. It will also redefine key concepts such as income and scope of taxation. Globally,
governments are racing to woo investments and boost job creation by offering lower corporate tax rates. In December, the US
enacted a Tax Cuts and Jobs Act, lowering the country’s corporate tax rate from 35% to 21%. A month later, Apple Inc. said it
would invest $30 billion to expand US operations. India’s new direct tax code will take forward the plan to lower the corporate
tax rate from 30% to 25% for all firms gradually as revenue collection improves. From 2018-19, the 25% tax rate is available to
all firms with sales less than Rs 250 crore.

Can individuals expect any relief?

The new direct tax code will try to make personal income tax rates more ‘progressive’ by giving relief to people in the 5% and
20% slabs. With a greater tax collection and most transparent approach of tax administration, individual tax rates are expected
to be reduced.

What happened to the tax code planned earlier?

The previous government, too, had proposed a direct tax code with sweeping changes. Although it was never passed by
Parliament, the current government has incorporated almost all the new ideas suggested in the code, including lowering the
corporate tax rate, phasing out tax exemptions, the General Anti-Avoidance Rules and the place of effective management
(POEM) rules that determine the residence status of corporations. New business models, the digital economy and measures
taken by other countries to check off shoring are also among the reasons that prompted the move for a new tax code.

New approach towards Direct Tax Restructuring

It may take at least another two months for the Arbind Modi committee to submit its report on the new direct tax legislation;
the public consultations and debates will follow thereafter .The Honble Prime Minister led government's plans to simplify the
direct tax regime may spill over to next year, and may well have to wait until the next government is in place in 2019.

The six-member task force headed by Arbind Modi, member of the apex policy making body Central Board of Direct Taxes
(CBDT) may not submit the draft new direct tax law on May 22, the day the task force completes six months.

It may take at least another two months to submit its report on the new Direct Tax Legislation. The public consultations and
debates will follow thereafter.

A Parliamentary approval will be ultimately required to make the draft tax policy proposals into a law.“By the time all the
changes are incorporated after consultations with the stakeholders and approval from the law ministry, it may be time for the
general elections, 2019,”.

Besides, a new direct tax code will likely involve change in rates and slabs that will require amendments in the Finance Bill,
which will unlikely happen in an election year when an outgoing government presents only an interim budget/vote on account.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 12

The discussion on reforms pertaining to taxation started in September, 2017, when the Prime Minister Narendra Modi said
that more than half a century old Income-Tax Act needs to be re-drafted and a new Direct Tax Code (DTC) needs to be
introduced in ‘consonance with economic needs of the country’.

As the government overhauled the existing indirect tax system last year by implementing Goods and Services Tax (GST), on a
larger scale, tax reforms would remain incomplete without revamping country’s direct tax system.

Acting upon it, the finance ministry on November 22 constituted a task force comprising six members, as well as the Chief
Economic Adviser (CEA) Arvind Subramanian, as a permanent special invitee in the task force. To this effect, the Finance
Ministry on Wednesday announced the setting up of a task force to draft a new direct tax legislation.

“During the RajaswaGyanSangam held in September this year, Prime Minister Narendra Modi had observed that the Income
Tax Act, 1961 was drafted more than 50 years ago and needs to be re-drafted. Accordingly, to review the Act and to draft a
new Direct Tax Law in consonance with economic needs of the country, the government has constituted the task force,” a
Finance Ministry statement said.

The new legislation will be drafted keeping in mind the direct tax system in other countries, international best practices and the
economic needs of the country, it added. Prime Minister Narendra Modi, during the annual conference of tax officers in
September last year, had observed that the Income Tax Act, 1961 was drafted more than 50 years ago and it needs to be
redrafted.

“The task force shall set its own procedures for regulating its work and shall submit its report to the government within six
months,” said the Ministry.

Sources said the recommendations of the task force would have to be examined in detail and are unlikely to take a final shape
before 2019.

The UPA government had also undertaken a re-write of the I-T Act and had also finalised the Direct Taxes Code. The Direct
Taxes Code (DTC) Bill was introduced in Parliament in 2010 but lapsed with the dissolution of the 15th Lok Sabha.The
convenor of the eight-member committee will be Arbind Modi, Member, Central Board of Direct taxes (CBDT).Arvind
Subramanian, Chief Economic Advisor to the Finance Ministry will be a permanent Special Invitee in the Task Force. Other
members of the new task force include Girish Ahuja, non-official director of State Bank of India and Chartered Accountant,
Rajiv Memani, Chairman and Regional Managing Partner, EY, Mukesh Patel, tax advocate, Ahmedabad, Mansi Kedia,
Consultant, ICRIER and G.C. Srivastava, retired IRS Officer.

The task force is in the process of drafting a direct tax legislation keeping in mind, tax system prevalent in various countries,
international best practices, economic needs of the country, among others.

Some of the provisions of the DTC such as General Anti-Avoidance Rule (GAAR) and Place of Effective Management
(PoEM) has already been implemented.

While the GST replaced more than a dozen of central and state levies to bring in one unified nation-wide tax, DTC will
consolidate and simplify the direct tax laws into a single legislation.

The erstwhile UPA government had finalised DTC and had introduced the Bill in the Parliament in 2010. However, the Bill
lapsed with the dissolution of the 15th Lok Sabha. The draft law is likely to do away with various exemptions, increase
threshold of taxation and lower tax rates.

It’s the time to act upon

Prime Minister Narendra Modi, during the annual conference of tax officers in September last year, had observed that the
Income Tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted. Central Board of Direct Taxes
(CBDT) invited suggestions from stakeholders and the general public to prepare new tax law.A task force has been constituted
to review the Income-tax Act, 1961, and draft a new direct tax law in consonance with the economic needs of the country, the
government said. The panel has to submit its report by year-end. According to CBDT,"In this endeavour of drafting the new
tax law, it is imperative to engage with stakeholders and the general public. Suggestions and feedback are invited from
stakeholders and the general public.

As a part of technology driven tax administrative mechanism, the profession of Cost & management Accountants would
contribute substantially in different initiatis of the Union Government to bring in a new era of taxation in India absolutely in
line with the Global best practices. A collective wisdom in this aspect in bringing in best practices in India would also enable
and entitle the Government in recognising the CMA profession as one of the flag bearers of Direct Tax area in the country as
well as in abroad.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 13

 DOES THE SYSTEM OF ISSUING
AMENDMENT NOTIFICATIONS UNDER TAX
LAWS ITSELF NEEDS ‘AMENDMENT’?

CMA Neeraj Gupta

Sr. Vice – President (Accounts & SAP), Avadh Sugar & Energy Ltd.

A s we know, the authority of any government in our country to levy some tax or duty and make laws there
for emanates from the Constitution of India under which the concerned legislative body (Parliament in
case of Union Government and the Legislature of the State in case of a State) makes the Act which usually
empowers the concerned government to notify provisions under relevant sections of the Act and frame rules to
carry out the purposes of the Act. Using such powers, the concerned government issues notifications, making
necessary provisions and framing rules, from time to time.

Subsequently, whenever there is need to change some provision contained in the Act, Amendment Act is to be
passed by the concerned legislative body empowered to do so. However, since rules are framed under authority
given in the provisions of the Act, these can be amended by way of issuing notifications.

Notifications are also frequently amended and the language used in the text while amending these is like, “in
clause number so and so of notification number so and so or of sub rule number so and so of rule number so and
so, as the case may be, the word/s so and so be replaced by the word/s such and such or the word/s so and so
used before the word so and so be deleted or such and such word/s be added after so and so word”.

Problems arising out of the above system

Since the language used in the amendment Notifications as mentioned above, indicates only about the changes
brought out in the original notification without repeating the whole text, intended to be made applicable from the
given date, one has to gather the correct legal position on a given issue at a given point of time with utmost care.
Though in case of acts and rules, such changes are incorporated in the body of the text at a later stage, giving
reference to the date from which the amendments have been made effective, but in case of notifications, the
modified text is not available in complete form but is there separately in the shape of original text (as contained in
the original notification) and with the description of changes made later giving dates of applicability thereof (as
described in the text of the amendment notification/s which may itself be in multiple numbers, issued one after
the other). Hence, one has to read all these notifications putting together, taking care of multiple amendments,
replacing/adding/deleting words or sentences with effect from the specified dates.

In this way, if we refer one notification on any subject to assess the legal position of some issue on a given date,
we have to make sure whether that notification was amended later and the date with effect from which it has been
made effective which is a very cumbersome process.

Not only this, sometimes different provisions of one notification are made applicable from different dates creating
more confusion. Sometimes, Notifications are made applicable from an odd date falling in the midst of a month,
making its compliance and verification thereof by the taxation authorities a difficult task.

Suggestions to remove these difficulties

Under the circumstances mentioned above, not only the assesses, even the tax experts and some time the senior
government authorities themselves find it difficult to ascertain the correct legal position. Hence certain
suggestions are being submitted before the distinguished readers of the Tax Bulletin to bring some ease in the
functioning of the system –

1. Though amendment Notification may continue to be issued in the present manner, the original notification
may be re-issued simultaneously giving cross reference of the subsequent amendment notification/s with date

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 14

 of applicability thereof so that the person referring any notification at any point of time is aware that what he
is referring is the final version of the same.

2. In case the amendments seems to be too many, then instead of making the amended notification too
complicated, the applicability of original notification may be notified till a specified date and from the
subsequent date, the new notification may be made applicable.

3. All the provisions of one notification should be made applicable from a single date only. In case, due to some
compelling reasons, it is necessary to make different provisions applicable from different given dates, separate
notifications may be issued to remove possibility of confusion.

4. To the extent possible, notifications should not be made applicable from an odd date falling in the midst of a
month. Rather these should be made applicable from the 1 st of a month to ensure ease in compliance and
verification thereof by the taxation authorities.

The above measures may seem small in the overall process of introducing tax reforms but will have far reaching
effect in the interest of all the stake holders by way of removing difficulties in ascertainment of correct legal
position in respect of a given issue at a given point of time.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 15

 27th September, 2018

FREQUENTLY ASKED QUESTIONS

Q1. What is the procedure for practical application for JASON file it always shows an error message, but no
GST refund in case of IGST paid in supply to message is coming to the email of the company. What
SEZ/NSEZ? could be the reason for this error? The JASON file
while validating is not shoeing any error?
A) Regarding rebate of IGST in case of export, you have to
enter the shipping bill No., Port code, Invoice No. etc. A) You can raise a query to GST portal for solution.
details in the GSTR-1 (Part 9A). If the details match with Alternatively, try to fill up the details online on the GST
your data transferred to ICEGATE portal, refund will be Portal.
automatically credited to your account. Also, give a letter to
customs giving details of your bank account. Q8. Under Real Estate till the time OC is received for
booking amount GST is applicable, what will happen
Q2. What is the GST rate of scrap? when booking is cancelled before OC is received, here
customer wants refund along with GST paid, can Real
A) Earlier in the VAT regime the Tax rate was 5/5.5%, but estate company refund GST amount and claim refund
under GST depending on the nature of scrap (SS scrap, MS / adjustment?
scrap, plastic scrap...) the GST rates will depend on the
HSN code. Please identify the HSN and then determine the A) Yes the refund can be claimed by Real Estate Company
tax rate. on issue of credit note to the customer and if the project is
not completed.
Q3. I am working in a construction company and have
received a brokerage bill from broker in month of Mar- Q9. It is with reference to the applicable IGST in RCM
18 invoice dated 11.11.2017 but we have accounted in on the Transport of Goods by vessel from outside India
Mar-18 and we have taken input also without proper to India as per Notification No.8/2017 Dt.28.06.2017,
checking the GSTIN of my company later we have Sl.No-9(ii), attracts double taxation as applicable IGST
found that wrong GSTIN in the month of July-18 and is payable on receipt of the vessel at Indian Custom
immediately we sent a mail to broker regarding credit Stations along with the applicable Custom Duty on the
note for wrong GSTIN Invoice but company telling assessable value/CIF value. Hence, it’s found that the
that we have written off of the invoice. Now they are above referred notification is contradicting the scope of
not ready to give credit note? Kindly advice? double taxation. Please suggest your views?

A) What is the value of the invoice? Have you closed your A) This is true but the department's contention is that as
books of accounts? We need to handle it on these lines only credit is available it does not matter. The matter has been
as your brokerage invoice is written off? It is not possible? already raised with the department.
You are advised to reverse your credit in the current fiscal
year and show it correctly in your annual return. Q10.GST input credit for Dec 2017 is not yet claimed
and also GST liability of Jan 2018 till now not yet paid.
Q4.Whether GST is payable on goods cleared Can this input be adjusted against the pending liability
/supplied without consideration under following in GSTR 3B of July 2018? Similarly can we adjust April
circumstances. 1. Supply under warranty 2. Supply 18 ITC which is not yet claimed against GST liability of
under goodwill? April 18 onwards?
A) Yes
A) Tax will be applicable for goods supplied under warranty.
The other term of Supply under Goodwill is not clear. Q11. Vehicle is purchased by handicap person in July
2017 by paying GST @28%. He applied to Department
Q5. Whether reversal of input tax credit is required on of heavy industries, ministry of heavy industries &
the goods when the same goods are scraped and enterprises for concession of GST under GST item 8703
duty/GST is paid on the scrap value? para(a) as per notification No. 1/2017 dated. 28.06.2017.
Department They issued certificate for GST concession.
A) ITC has to be reversed if the goods are scrapped. Please GST rate applicable for 8703 is 18%. Now handicap
note that the ITC availed will be more than the GST on the person want to claim ITC/refund. What is the
scrap value. Only on normal process scrap the GST rate as procedure?
applicable has to be paid and no ITC reversal.
A) The GST rate as on the date of transaction is applicable
Q6. Is there is any password changing option, in case and as a result no refund can be claimed.
of forgot password when email id is not belongs to
client? Q12. What is the procedure for Refunds where Dealer
has taken LUT for supply in NSEZ but he has paid
A) Yes as OTP will also come on mobile. IGST. So, how can we initiate for refund?

Q7.Exporters who opted for ITC refund has to file A) Supplies to SEZ are Zero rated and refund can be
GSTR1 in JASON format. But while uploading the claimed for the supply of notified goods and services.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 16

 1. First verify if the goods or services supplied are automatically credited to your account. Also, give a letter to
falling under notified list. customs giving details of your bank account.
2. Confirm if the supply has taken with payment of
IGST or without payment of IGST. Q19. If a company is registered in India and they are
3. Based on point # 2 you can claim the refund importing goods from their sister concern as situated
provided that the supplies are notified. in outside India as well as making delivery to customer
as located in outside India which is a merchant trade
Q13.GST credit upon home appliances viz fridge, air transaction. Please confirm the applicability of GST
conditioners installed at residential colony, capitalized that whether it will be levied on invoice when we will
in the books; be availed? raise it to customer?

A) The above mentioned expenses are not eligible to take A) To qualify your supplies as merchant exports you need to
credit. full fill the conditions mentioned in the Notification No.
40/2017-Central Tax (Rate) - http://india-gst.in/wp-
Q 14.On various services occurred at factory colony, content/uploads/2017/10/CGST-R-Notification-40.pdf
maintenance of guest house, conservancy works at
residential areas of factory colony; should GST credit
be availed?

A) Credit cannot be claimed on these services as they are

not in connection with business.

Q15.If Farm is maintained at sugar factories and

produce (cane) is supplied to own mill. Cane is
exempted from GST; query is GST credit should be
taken when services availed from outside registered
service providers in farm?

A) If the company owns the farms ITC can be availed.

However suggested to go for Advance Ruling

Q16.Clarification on availing OIDAR services: Suppose

Mr. X is in service industry, say running a hotel, and he
is availing the services from OIDAR like booking.com
for room booking. Mr. X is an unregistered person as
his annual TO is below Rs. 20 Lakhs. As per the GST
provisions, Booking.com (Provider of OIDAR services)
is supposed to pay tax to Indian Govt. Please clarify: a)
whether booking.com will be allowed to collect the tax
paid from Mr. X? b) If so, what is Mr. X supposed to
do? Whether he has to collect tax from his clients? c) Is
Mr. X in this case, required to do compulsory
registration even the TO is below the threshold limit.
Looking forward to your reply?

A) Any person who is providing services through e-

commerce operator has to take registration under GST
mandatorily. Once he is registered he should collecting tax
from his clients.

Q17.I have purchased some goods by paying 5% and I

had sold the goods to an exporter after charging 0.1%
under deemed export so how much amount I can claim Disclaimer: The FAQ is an informational document designed to provide
general guidance in simplified language on various topics of GST for the interest
for refund?
of taxpayers. Efforts have been taken to provide accurate information as of the
date issued. However, everybody should be aware that subsequent changes in the
A) You can claim refund for GST on Input material as well Tax Law or its interpretation may affect the accuracy of FAQs. The
as 0.1% information provided in these FAQs does not cover every situation and is not
intended to replace the law or change its meaning. Further, the opinion
Q18.How to claim refund under inverted tax structure expressed in FAQs is fully based on the views of the experts. This information
and how to claim export rebate under in GST? is provided for public services only and is neither an advertisement nor to be
considered as legal and professional advice and in no way constitutes an
attorney-client relationship between the Institute and the User. Institute is not
A) Rebate of IGST in case of export, you have to enter the
responsible or liable in any way for the consequences of using the information
shipping bill No., Port code, Invoice No. etc. details in the given.
GSTR-1 (Part 9A). If the details match with your data
transferred to ICEGATE portal, refund will be © The Institute of Cost Accountants of India

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 17

 TAX UPDATES, NOTIFICATIONS AND
CIRCULARS
INDIRECT TAX
GOODS AND SERVICES TAX
CENTRAL TAX
Notification No. 50/2018 – Central Tax
Dated: 13.09.2018

Amendment is section 51 (Tax Deducted at Source) of CGST Act - Notwithstanding anything to the contrary contained in this
Act, the Government may mandate:

a) an authority or a board or any other body, -

i. set up by an Act of Parliament or a State Legislature;
ii. established by any Government, with fifty-one per cent. or more participation by way of equity or control, to
carry out any function;
b) Society established by the Central Government or the State Government or a Local Authority under the Societies
Registration Act, 1860 (21 of 1860);
c) public sector undertakings.

The provision of TDS under GST shall be applicable from 1st October, 2018.

Notification No. 51/2018 – Central Tax

Dated: 13.09.2018

The provision of TCS under GST under section 52 of CGST Act shall be applicable from 1 st October, 2018.

Notification No. 52/2018 – Central Tax

Dated: 20.09.2018

Central Government notifies that every electronic commerce operator, not being an agent, shall collect an amount calculated at
a rate of half per cent of the net value of intra-State taxable supplies made through it by other suppliers where the
consideration with respect to such supplies is to be collected by the said operator.

INTEGRATED TAX
Notification No. 02/2018 – Integrated Tax
Dated: 20.09.2018

Central Government notifies that every electronic commerce operator, not being an agent, shall collect an amount calculated at
a rate of one per cent of the net value of inter-State taxable supplies made through it by other suppliers where the
consideration with respect to such supplies is to be collected by the said operator.

CIRCULARS
Circular No. 63/37/2018-GST
Dated: 14.09.2018

Clarification regarding processing of refund claims filed by UIN entities

Non-compliance with letter of reciprocity:

Notifications No. 13/2017 – Integrated Tax (Rate), 16/2017-Central Tax (Rate) and No. 16/2017 – Union Territory tax (Rate)
all dated 28th June, 2017 and corresponding notifications under the respective State Goods and Services Tax Acts provide for
examination of the refund claims in accordance with the letter of reciprocity issued by the Ministry of External Affairs
(hereinafter referred to as MEA). Generally, these letters of reciprocity have certain conditions specified on the basis of which
refunds have to be processed and sanctioned. For example, letters may specify the minimum value of goods or services or the
end use of such goods or services (official or personal purposes).

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 18

UIN entities have been advised to submit a statement of invoices and hard copies of only those invoices wherein the
UIN is not mentioned vide Circular No. 43/17/2018-GST dated 13th April, 2018.

In order to expedite the processing of the refund applications filed by the UIN entities, the following formats/documents are
hereby specified:

Refund Checklist: In order to bring in uniformity in the processing of the refund claims, a checklist has been specified in
Annexure A. All UIN entities may refer to this checklist while filing the refund claims.

Certificate: A sample certificate to be submitted by Embassy/Mission/Consulate is enclosed as Annexure-B and that to be

submitted by United Nations Organizations/Specified International Organizations is enclosed as Annexure-B-1.

Undertaking: A sample undertaking to be submitted by Embassy/Mission/Consulate is enclosed as Annexure-C and that to

be submitted by United Nations Organizations/Specified International Organizations is enclosed as Annexure-C-1.

Statement of Invoices: The detailed statement of invoices shall be submitted in the format specified in Annexure D.

Prior Permission letter for GST refund for purchase of vehicles

Non-availability of refunds to personnel and officials of United Nations and other International organizations

Waiver from recording UIN in the invoices for the months of April, 2018 to March, 2019

For more detail, click on the link http://www.cbic.gov.in/resources//htdocs-

cbec/gst/Circular_No.63.pdf;jsessionid=14B9861F508C8BBB906930D06BAEAE48

Circular No. 64/38/2018-GST

Dated: 14.09.2018

Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release
and confiscation of such goods and conveyances, as clarified in Circular Nos. 41/15/2018-GST dated 13.04.2018 and
49/23/2018-GST dated 21.06.2018

Section 68 of the CGST Act - the person in charge of a conveyance carrying any consignment of goods of value exceeding Rs
50,000/- should carry a copy of documents viz., invoice/bill of supply/delivery challan/bill of entry and a valid e-way bill in
physical or electronic form for verification. In case such person does not carry the mentioned documents, there is no doubt
that a contravention of the provisions of the law takes place and the provisions of section 129 and section 130 of the CGST
Act are invocable. Further, it may be noted that the non-furnishing of information in Part B of FORM GST EWB-01 amounts
to the e-way bill becoming not a valid document for the movement of goods by road as per Explanation (2) to rule 138(3) of
the CGST Rules, except in the case where the goods are transported for a distance of upto fifty kilometres within the State or
Union territory to or from the place of business of the transporter to the place of business of the consignor or the consignee,
as the case may be.

For more detail, click on the link –

http://www.cbic.gov.in/resources//htdocs-
cbec/gst/Circular_No.64.pdf;jsessionid=E8F4446C922A8A1DCC6B06013B3DC57E

Circular No. 65/39/2018-GST

Dated: 14.09.2018

Guidelines for Deductions and Deposits of TDS by the DDO under GST

Section 51 of the CGST Act 2017 provides for deduction of tax by the Government Agencies (Deductor) or any other person
to be notified in this regard, from the payment made or credited to the supplier (Deductee) of taxable goods or services or
both, where the total value of such supply, under a contract, exceeds two lakh and fifty thousand rupees. The amount
deducted as tax under this section shall be paid to the Government by deductor within ten days after the end of the month in
which such deduction is made alongwith a return in FORM GSTR-7 giving the details of deductions and deductees. Further,
the deductor has to issue a certificate to the deductee mentioning therein the contract value, rate of deduction, amount
deducted etc.

Circular No. 66/40/2018-GST

Dated: 20.09.2018

GST on Residential programmes or camps meant for advancement of religion, spirituality or yoga by religious and charitable
trusts

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 19

The services provided by entity registered under Section 12AA of the Income Tax Act, 1961 by way of advancement of
religion, spirituality or yoga are exempt. Fee or consideration charged in any other form from the participants for participating
in a religious, Yoga or meditation programme or camp meant for advancement of religion, spirituality or yoga shall be exempt.
Residential programmes or camps where the fee charged includes cost of lodging and boarding shall also be exempt as long as
the primary and predominant activity, objective and purpose of such residential programmes or camps is advancement of
religion, spirituality or yoga. However, if charitable or religious trusts merely or primarily provide accommodation or serve
food and drinks against consideration in any form including donation, such activities will be taxable. Similarly, activities such as
holding of fitness camps or classes such as those in aerobics, dance, music etc. will be taxable.

CUSTOMS
TARIFF
Notification No. 62/2018 – Customs
Dated: 17.09.2018

Seeks to further amend the third proviso to the Notification No. 50/2017-Customs, dated the 30th June, 2017 and to delay
implementation of the retaliatory duties till 2nd Nov 2018

Notification No. 63/2018 – Customs

Dated: 18.09.2018

Amendment to Customs Exemption Notifications No. 24/2015-Customs dated 08.04.2015 to align it with amendment in
Foreign Trade Policy.

In the said notification, in paragraph 2,-

i. in condition (1) for clause (b), the following clause shall be substituted, namely: - “(b) against exports of goods or
products made in terms of provisions of para 3.05 of Foreign Trade Policy 2015-2020.”;
ii. in condition (3) in second proviso, for the words “through the courier mode from airports at Chennai, Mumbai or
Delhi or through the Foreign Post offices at Chennai, Mumbai or New Delhi”, the words “through international
courier terminals or through such foreign post offices, as notified by the Central Government” shall be substituted.

Notification No. 65/2018 – Customs

Dated: 24.09.2018

Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2019 on goods imported by EOU

Notification No. 66/2018 – Customs

Dated: 26.09.2018

Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2019 on goods imported against
AA/EPCG authorizations.

Sl No. Notification number and date Amendments

1 16/2015-Customs, dated the 1 st April, 2015 In the said notification, in the opening paragraph, in the
[vide number G.S.R. 252(E), dated the 1 st proviso to clause (iii), for the figures, letters and word “1 st
April, 2015] October, 2018”, the figures, letters and word “31st March,
2019” shall be substituted.
2 18/2015-Customs, dated the 1 st April, 2015 In the said notification, in the opening paragraph, in condition
[vide number G.S.R. 254 (E), dated the 1 st (xiii), for the figures, letters and word “1 st October, 2018”, the
April, 2015] figures, letters and word “31st March, 2019” shall be
substituted.
3 20/2015-Customs, dated the 1 st April, 2015 In the said notification, in the opening paragraph, in condition
[vide number G.S.R. 256 (E), dated 1 st (xiv), for the figures, letters and word “1 st October, 2018”, the
April, 2015] figures, letters and word “31st March, 2019” shall be
substituted.
4 22/2015-Customs, dated the 1 st April, 2015 In the said notification, in the opening paragraph, in condition
[vide number G.S.R. 258 (E), dated the 1 st (xiii), for the figures, letters and word “1 st October, 2018”, the
April, 2015] figures, letters and word “31st March, 2019” shall be
substituted
5 45/2016-Customs, dated the 13th August, In the said notification, in the opening paragraph, in condition
2016 [vide number G.S.R. 795(E), dated the (xii), for the figures, letter and word “1 st October, 2018”, the
13th August, 2016] figures, letters and word “31st March, 2019” shall be
substituted.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 20

 Notification No. 67/2018 – Customs
Dated: 26.09.2018

Seeking to amend First Schedule of Customs Tariff Act, 1975

(A) Section VII - 15%
(B) Section VIII – 15%
(C) Section XII – 25%
(D) Section XIV – 20%

Notification No. 68/2018 – Customs

Dated: 26.09.2018

Amendment in the rate of tariff item of the First Schedule to the said Customs Tariff Act when imported into India:
1. Cut and polished coloured gemstones - 7.5%
2. Diamonds including lab grown diamonds-semi processed, half-cut or broken - 7.5%
3. Non-industrial diamonds including lab-grown diamonds(other than rough diamonds) – 7.5%

Notification No. 69/2018 – Customs

Dated: 26.09.2018

Seeks to prescribe BCD rates on certain electronic goods:

All goods other than:-
i. Speakers, and;
ii. the following parts of cellular mobile phones, namely:-
1. Microphone;
2. Wired Headset; and
3. Receiver

Rate of BCD shall be 10%

Notification No. 70/2018 – Customs

Dated: 26.09.2018

Change in Standard Rate of such goods which are imported into India. Any rate of duty in excess of the duty mentioned under
Standard Rate shall be exempt.

Chapter or heading or sub– Description of goods Standard Additional

heading or tariff item Rate duty Rate
2709 00 00 All goods 5% -
2710 19 20 All goods 5% -

2711 11 00, 2711 21 00 Liquefied Natural Gas (LNG) imported for consumption in 5% 5%
the C2- C3 Plant of M/s Oil and Natural Gas Corporation
Limited located in the Dahej Special Economic Zone
(hereinafter referred to as the SEZ unit) for the purposes of
authorised operations in the SEZ unit

NON TARIFF
Notification No. 78/2018-Customs (NT)
Dated: 14.09.2018

This notification is regarding exemption to some of the goods when imported into India from so much of Custom Duty paid
in excess of the Standard Rate. Below mentioned is the table including some of the items.

Sl. Chapter/ heading/ sub-heading/tariff Description of goods Tariff value

No. item (US $Per Metric Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 572
2 1511 90 10 RBD Palm Oil 601
3 1511 90 90 Others – Palm Oil 587
4 1511 10 00 Crude Palmolein 609
5 1207 91 00 Poppy seeds 1894

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 21

 Notification No. 79/2018-Customs (NT)
Dated: 14.09.2018

Seeks to amend Customs Tariff Determination of Origin of Goods under the Comprehensive Economic Cooperation
Agreement between the Republic of India and Republic of Singapore Rules, 2005

Follow the link for complete Notification: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-

act/notifications/notfns-2018/cs-nt2018/csnt79-2018.pdf;jsessionid=70F3ADDB090A92FCF912C734798E5FD8

Notification No. 80/2018-Customs (NT)

Dated: 19.09.2018

Central Board of Indirect Taxes and Customs determines that the rate of exchange of conversion of each of the foreign
currencies.

Sl. No. Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(For Imported Goods) (For Exported Goods)
1 South African Rand 5.05 4.75

Notification No. 81/2018-Customs (NT)

Dated: 20.09.2018

According to this Notification Central Board of Indirect Taxes and Customs has determined the rate of exchange of
conversion of each of the foreign currency into Indian currency or vice versa, shall, with effect from 21st September, 2018 be
the rate mentioned in this Notification.

SCHEDULE-I

SL No Foreign Currency Rate of exchange of one unit of foreign currency equivalent to

Indian rupees
(For Imported Goods) (For Export Goods)
1 Australian Dollar 53.95 51.60
2 Bahrain Dinar 199.35 187.05
3 Canadian Dollar 57.20 55.25
4 Chinese Yuan 10.80 10.45

Go to the link for the complete list of currencies: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-

act/notifications/notfns-2018/cs-nt2018/csnt81-2018.pdf;jsessionid=8071050030A0F527EFA910F3B8DFE47E

ANTI DUMPING DUTY

Notification No. 47/2018-Customs (ADD)
Dated: 14.09.2018

Central Government notifies to rescinds the notification of the Government of India, in the Ministry of Finance (Department
of Revenue), No. 10/2017-Customs (ADD), dated the 24th March, 2017.

Notification No. 10/2017 was import of "1,1,1,2-Tetrafluoroethane or R-134a " ,originating in or exported from People's
Republic of Chinaby M/s. Zhejiang Sanmei Chemical Ind. Co., Ltd. (Producer/Exporter) [China PR], M/s Zhejiang Sanmei
Chemical Products Co., Ltd (Exporter) [China PR] and M/s Jiangsu Sanmei Chemical Ind. Co., Ltd (Producer) [China PR]
into India.

Circular No. 32/2018-Customs

Dated: 17.09.2018

Customs procedure for export of cargo in containers and closed bodies trucks from ICDs/CFSs through Land Customs
Stations

Board has prescribed the procedure for facilitating and monitoring transhipment of consignments sealed under ECTS at
ICDs/CFSs and destined for export to Nepal or Bangladesh.

Please follow the link to get the complete list of LCSs

http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2018/Circular-32-2018-
Customs.pdf;jsessionid=2FB6D7DC4C610D24B886787CF38A6F53

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 22

 Circular No. 33/2018-Customs
Dated: 19.09.2018

Sanction of Pending IGST refund claims where the records have not been transmitted from the GSTN to DG System.

It has been clarified that Cost Accountants have also been recognized for various certifications/ representations like in Section
35, Section 66, Section 116, Section 48 read with rule 24 of the Return rules.

DIRECT TAX
INCOME TAXES
NOTIFICATION 44 /2018/F.No.300196/2/2017-ITA-I
Dated: 14.09.2018

The Central Government has notified ‘Uttar Pradesh Electricity Regulatory Commission’ in respect of the following specified
income arising to the said Commission, namely:--
a) amount received in the form of Government grants;
b) amount received as licence fees & fines; and
c) interest on Government grants, licence fees & fines.

This notification shall be effective subject to the conditions that Uttar Pradesh Electricity

Regulatory Commission, Lucknow,-

a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961.

This notification shall be deemed to have been applied for the assessment years 2017-2018 and 2018-2019 and shall apply with
respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

NOTIFICATION 45 /2018/F.No.300196/6/2018-ITA-I
Dated: 14.09.2018

The Central Government has notified ‘Petroleum and Natural Gas Regulatory Board’, New Delhi, in respect of the following
specified income arising to the said Board, namely:--
a) Grant received from Central Government;
b) All other grants, fees, penalty charges received;
c) All sums received from such other sources as may be approved by the Central Government as per section 38 and 39
of the Petroleum and Natural Gas Regulatory Board Act, 2006; and
d) Interest earned on deposits.

This notification shall be effective subject to the conditions that Petroleum and Natural Gas Regulatory Board, New Delhi,-
a) shall not engage in any commercial activity
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of subsection (4C) of section 139 of the
Income-tax Act, 1961.

This notification shall apply with respect to the assessment years 2019-2020, 2020- 2021, 2021-2022, 2022-2023 and 2023-2024.

NOTIFICATION 46 /2018/ F.No.300196/13/2017-ITA-I

Dated: 14.09.2018

The Central Government has notified ‘Rajasthan State Dental Council’, Jaipur, in respect of the following specified income
arising to that body, namely: -
a) sale of application form;
b) renewal fees of Dentists, Dental Hygienists and Dental Mechanics;
c) fees of good standing;
d) Dentist provisional registration fees;
e) Additional qualification fees;
f) late fees;
g) no objection certificate fees;
h) re-issue of certificate fees (duplicate certificate fees);
i) Continuing Dental Education Programme fees; and

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 23

 j) interest income accrued on above.

This notification shall be effective subject to the conditions that Rajasthan State Dental Council, Jaipur,—

a) shall not engage in any commercial activity;

b) activities and the nature of the specified income shall remain unchanged throughout the assessment years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961.

This notification shall be deemed to have been applied for the assessment years 2017-2018 and 2018- 2019 shall apply with
respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

NOTIFICATION 47/2018/ F.No. 300196/35/2017-ITA-I

Dated: 14.09.2018

The Central Government has notified ‘Kandla Special Economic Zone Authority’, Kutch in respect of the following specified
income arising to that authority, namely:-
a) Lease rent (charged as per Government prescribed rate) including interest and penalty;
b) Receipts from I-Card and permit fees/ gate pass;
c) Auction/Bid amount in respect of Plots/Buildings which fall vacant;
d) Transfer charges in respect of Plot/Building;
e) Processing fee for approval of Building Plans;
f) Site Usage charges from Service providers including user charges & water charges (including interest and penalty
thereon);
g) License fee for Staff Quarters; and
h) Interest accrued on (a) to (g) above.

This notification shall be effective subject to the conditions that Kandla Special Economic Zone Authority, Kutch,-
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961. 3.

This notification shall be deemed to have been applied for the assessment year 2018-2019, and shall apply with respect to the
assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.

NOTIFICATION 48 /2018 F.No.300196/11/2017-ITA-I

Date – 14.09.2018

The Central Government has notified ‘Gujarat Water Supply and Sewerage Board’, Gandhinagar, in respect of the following
specified income arising to that board, namely:-
a) Grant received from state government;
b) Deposits received from Local Bodies;
c) Centage at rates prescribed by the Government of Gujarat;
d) Water charges (tariff fixed by the Govt. of Gujarat) collected from local bodies, farmer for Water supply;
e) Rent collected as per the provisions of Gujarat Water Supply and Sewerage Act, 1978; and
f) Interest on (a) to (e) above.

This notification shall be effective subject to the conditions that the Gujarat Water Supply and Sewerage Board,-
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the
Income-tax Act, 1961. 3.

This notification shall be deemed to have been applied for the assessment years 2017-18 and 2018-19 and shall apply with
respect to the assessment years 2019-20, 2020-21 and 2021-22.

NOTIFICATION 49 /2018/F.No.300196/32/2017-ITA-I
Date – 14.09.2018

The Central Government has notified ‘Tripura Electricity Regulatory Commission’, in respect of the following specified
income arising to the said Commission, namely:--
a) Grants received from State Government;
b) Annual License fee under Electricity Act, 2003;
c) Petition fees under Electricity Act, 2003; (d) Tender fee/Earnest money; and (e) Interest on (a) to (d) above.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 24

This notification shall be effective subject to the conditions that Tripura State Electricity Regulatory Commission –
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and shall file
return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax
Act, 1961. 3.

This notification shall be deemed to have been applied for the assessment year 2018-19 and shall apply with respect to the
assessment years 2019-20, 2020-21, 2021-22 and 2022-23.

NOTIFICATION 50 /2018/F.No.300196/7/2016-ITA-I
Date – 14.09.2018

The Central Government has notified ‘West Bengal State Council of Science & Technology’, Kolkata, in respect of the
following specified income arising to that Society, namely:--
a) Grants received from Central & State Governments;
b) Course fees from Research Fellow;
c) Receipts from Sale of Maps & Patent searching report;
d) Receipts from Sale of plants; and
e) Interest earned on (a) to (d) above.

This notification shall be effective subject to the conditions that West Bengal State Council of Science & Technology,
Kolkata,-
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of subsection (4C) of section 139 of the
Income-tax Act, 1961. 3.

This notification shall be deemed to have been applied for the assessment years 2016-17, 2017-18 and 2018-19 and shall apply
with respect to the assessment years 2019-20 and 2020-21.

NOTIFICATION 51/2018/F. No. 300196/23/2018-ITA-I

Date – 14.09.2018

The Central Government has notified ‘Jharkhand State Electricity Regulatory Commission’, Ranchi, in respect of the following
specified income arising to the said Commission, namely: -
a) Grants-in-aid from the State government of Jharkhand;
b) Petition fees;
c) License fees from Licensee under the Electricity Act 2003;
d) Application fees;
e) Fees for documents;
f) Fees received under the provisions of the Right to Information Act, 2005; and
g) Interest income on (a) to (f) above.

This notification shall be effective subject to the conditions that Jharkhand State Electricity Regulatory Commission, Ranchi,-
a) shall not engage in any commercial activity
b) activities and the nature of the specified income shall remain unchanged throughout the assessment years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961. 3.

This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

NOTIFICATION 52 /2018/F. No. 300196/4/2018-ITA-I

Date - 14th September, 2018

The Central Government has notified ‘Tamil Nadu Water Supply and Drainage Board’, in respect of the following specified
income arising to that board, namely:-
a) Grant from Government/Local Bodies (Deficit on Operation and Maintenance of CWSS);
b) Investigation Charges for Water Supply Scheme and Under Ground Sewerage Scheme;
c) Centage at rates prescribed by the Government of Tamil Nadu;
d) Water charges (Water Tariff fixed by the Govt. of Tamil Nadu) collected from local bodies for bulk water supply;
e) Receipts from Pension and gratuity contribution;
f) Receipts from Hire Charges, sale of Tender Schedule, Geological Survey Income, Contractor/Firm Registration fees,
Fine for slow progress, Forfeiture of Security Deposit, Supervision charges, Sale of Waste Papers, Sale of used
Assets, Publication Subscription, Field Testing Kits, Water Testing Charges, Material Testing Charges, Fuel Charges
from Local bodies for operation of Generator for CWSS ; (g) Interest earned on (a) to (f) above.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 25

This notification shall be effective subject to the conditions that Tamil Nadu Water Supply and Drainage Board –
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961. 3.

This notification shall apply with respect to the Assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

NOTIFICATION 53/2018/F. No. 300196/41/2017-ITA-I

Date – 14.09.2018

The Central Government has notified the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State
Electricity Transmission Company Limited in respect of the following specified income arising to that trust, namely:-
a) Residual money in the unscheduled interchange pool balance account;
b) Income incidental to or related to unscheduled interchange; and
c) Interest on fixed deposits and auto-sweep accounts.

This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange
Fund- West Bengal State Electricity Transmission Company Limited -
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961. 3.

This notification shall be deemed to have been applied for the assessment year 2018-2019 and shall apply with respect to the
assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.

NOTIFICATION 54/2018/F.No. 203/15/2018-ITA-I

Date – 18.09.2018

M/s Indian Council of Medical Research has been approved by the Central Government from Assessment year 2019-2020 and
onwards under the category of “Other Institution” engaged in research activities subject to the following conditions, namely:-
i. The sums paid to the approved organization i.e. M/s Indian Council of Medical Research shall be utilized for
scientific research only , not to the Grants/Donations extended to Non-ICMR Institutes by the approved
organization .However, any collaborative research activity carried out by an ICMR-institute by utilizing the
Grants/Donations received by the approved organization shall not be covered under the said exclusion.
ii. The approved organization shall carry out scientific research through its faculty members or its enrolled students;
iii. The approved organization shall maintain separate books of accounts in respect of the sums received by it for
scientific research & that is to be audited by an accountant as defined in the explanation to sub-section (2) of section
288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the
Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of
furnishing the return of income under sub-section (1) of section 139 of the said Act;
iv. The approved organization shall maintain a separate statement of donations received and amounts applied for
scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit
referred to above.

The Central Government shall withdraw the approval if the approved organization:-
a) fails to maintain separate books of accounts referred to in sub-paragraph (iii) of paragraph 1; or
b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or
c) fails to furnish its statement of the donations received and sums applied for scientific research referred to in sub-
paragraph (iv) of paragraph 1; or
d) ceases to carry on its research activities or its research activities are not found to be genuine; or
e) ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act
read with rules 5C and 5E of the said Rules.

NOTIFICATION 55/2018/F.No. 203/15/2018-ITA-I

Date – 26.09.2018

The Central Government has notified the Ex-Servicemen Contributory Health Scheme of the Department of Ex-Servicemen
Welfare, Ministry of Defence, for the assessment year 2019-20 and subsequent assessment years.

NOTIFICATION 57/2018/F.No.300196/41/2018-ITA-I
Date – 26.09.2018

The Central Government has notified ‘Uttarakhand Real Estate Regulatory Authority’, Dehradun, in respect of the following
specified income arising to that authority, namely:-

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 26

 a) Grants-in-aid received from Government;
b) Registration fees received under the Real Estate (Regulation and Development) Act, 2016;
c) Application fees received under the Real Estate (Regulation and Development) Act, 2016;
d) Penalties for violation of provisions contained in the Real Estate (Regulation and Development) Act, 2016;
e) Late fees received under the Real Estate (Regulation and Development) Act, 2016;
f) Fees received under the Right to Information Act, 2005;
g) Interest accrued on above amounts as per clause 75(1)(c) of the Real Estate (Regulation and Development) Act,
2016.

This notification shall be effective subject to the conditions that Uttarakhand Real Estate Regulatory Authority, Dehradun,-
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961.

This notification shall be deemed to have been applied for the assessment years 2018-2019 and shall apply with respect to the
assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.

NOTIFICATION 58/2018/ F.No.300196/45/2018-ITA-I

Date – 26.09.2018

The Central Government has notified ‘Tamil Nadu Pollution Control board’ in respect of the following specified income
arising to the said Board, namely:--
a) Consent fees;
b) Analysis fees or air ambient quality survey fees or noise level survey fees;
c) Reimbursement of the expense received from Central Pollution Control Board towards National Air Monitoring
Programmes, Global Environment Monitoring Systems and Monitoring of Indian National Aquatic resources and
like schemes;
d) Authorization fees (Bio Medical Waste Management Fees);
e) Cess re-imbursement and cess appeal fees;
f) Fees collected for training conducted by the Environment Training Institute of the Board where no profit element is
involved and the activity is not commercial in nature;
g) Fees received under the Right to Information Act, 2005(22 of 2005);
h) Public hearing fees;
i) Sale of law books where no profit element is involved and the activity is not commercial in nature;
j) Interest on loans and advances given to staff of the Board;
k) Miscellaneous income such as sale of old or scrap items, tenders fees and other matters relating thereto; and
l) Interest on deposits.

This notification shall be effective subject to the conditions that ‘Tamil Nadu Pollution Control board, Chennai –
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years;
c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the
Income-tax Act, 1961.

This notification shall apply with respect to the assessment years 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 27

 PRESS RELEASE
INDIRECT TAX
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect taxes and Customs

17th September, 2018

PRESS RELEASE

EXAMINATION FOR CONFIRMATION OF ENROLLMENT OF GST PRACTITIONERS

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for
confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central
Goods and Services Tax Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018.

The GSTPs enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of sub-rule (1) of Rule 83, i.e. those
meeting the eligibility criteria of having enrolled as sales tax practitioners or tax return preparer under the existing law for a period not
less than five years, are required to pass the said examination before 31.12.2018 in terms of second proviso to rule 83(3). The
examination for such GSTPs shall be conducted on 31.10.2018 from 1100hrs to 1330 hrs at designated examination centres across
India.

It will be a Computer Based Exam. The registration for this exam can be done by the eligible GSTPs on a registration portal, link of
which (https://nacin.onlineregistrationform.org/) will also be provided on NACIN and CBIC websites. The registration portal will be
activated on 25th September, 2018 and will remain open up to 10th Oct 2018. For convenience of candidates, a help desk will also be
set up, details of which will be made available on the registration portal. The applicants are required to make online payment of
examination fee of Rs. 500/- at the time of registration for this exam.

Pattern and Syllabus of the Examination PAPER: GST Law & Procedures:
Time allowed: 2 hours and 30 minutes
Number of Multiple Choice Questions: 100
Language of Questions: English and Hindi
Maximum marks: 200
Qualifying marks: 100
No negative marking

Syllabus:

1. Central Goods and Services Tax Act, 2017

2. Integrated Goods and Services Tax Act, 2017
3. State Goods and Services Tax Acts, 2017
4. Union Territory Goods and Services Tax Act, 2017
5. Goods and Services Tax (Compensation to States) Act, 2017
6. Central Goods and Services Tax Rules, 2017
7. Integrated Goods and Services Tax Rules, 2017
8. All State Goods and Services Tax Rules, 2017

Notifications, Circulars and orders issued from time to time

26th September, 2018

PRESS RELEASE

Tariff measures taken to curb the imports of non-essential items

1. The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain
imported items. These changes aim at narrowing the current account deficit (CAD).
2. In all the customs duty has been increased on 19 items as detailed below:

S. No. Item Tariff code Basic customs duty

(HSN) From To
1 Air conditioners 8415 10 20
2 Household Refrigerators 8418 10 20
3 Washing machines less than 10 Kg 8450 10 20
4 Compressor for air conditioners and refrigerators 8414 30 00 / 7.5 10
8414 80 11
5 Speakers 8518 29 00 10 15
6 Footwears 6401 to 20 25

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 28

 6405
7 Radial Car tyres 4011 10 10 10 15
8 Non industrial diamond (other than rough 71 5 7.5
diamonds), i.e., cut and polished diamond
9 Diamonds-semi processed, half cut or broken 71 5 7.5
10 Lab grown diamonds 71 5 7.5
11 Cut and polished Colored gemstone 71 5 7.5
12 Articles of jewellery and parts thereof, of precious 7113 15 20
metal or of metal clad with precious metal
13 Articles of Goldsmith or silversmith wares and parts thereof of 7114 15 20
precious metal or of metal clad with
precious metal
14 Bath, shower bath, sink, wash basin, etc. of plastics 3922 10 15
15 Articles of plastics for conveyance and packingsuch 3923 10 15
as boxes, case, containers, bottles, insulated ware etc.
16 Tableware, kitchenware and other household items 3924 10 15
of plastics
17 Miscellaneous items of plastics such as office stationery, fitting 3926 10 15
for furniture’s, decorative sheets,
statuettes, beads, bangles etc.
18 Trunks, Suitcase, Executive cases, Brief Cases, 4202 10 15
travel bags and other bags etc.
19 Aviation turbine fuel 2710 19 20 0 5

3. Notifications are being issued today. These changes in rates of basic customs duty (BCD) will be effective from
27.09.2018 (i.e., midnight of 26th September/27th September, 2018)
4. The total value of imports of these items in the year 2017-18 was about Rs 86000 Crore.

DIRECT TAX
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
17th September, 2018

PRESS RELEASE

Exemption to interest income on specified off-shore Rupee Denominated Bonds

Interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee
denominated bond issued outside India before the 1st of July, 2020 is liable for concessional rate of tax of five percent. Consequently,
section 194LC of the Income-tax Act, 1961 (the Act) provides for the deduction of tax at a lower rate of five percent on the said
interest payment.

Consequent to review of the state of economy on 14th September, 2018 by the Prime Minister, the Finance Minister has announced a
multi-pronged strategy to contain the Current Account Deficit (CAD) and augment the foreign exchange inflow. In this background,
low cost foreign borrowings through off-shore rupee denominated bond have been further incentivized to increase the foreign
exchange inflow.

Accordingly, it has been decided that interest payable by an Indian company or a business trust to a non-resident, including a foreign
company, in respect of rupee denominated bond issued outside India during the period from 17th September, 2018 to 31st March,
2019 shall be exempt from tax, and consequently, no tax shall be deducted on the payment of interest in respect of the said bond
under section 194LC of the Act.

Legislative amendments in this regard shall be proposed in due course.

24th September, 2018

PRESS RELEASE

Extension of date for filing of Income Tax Returns and Audit Reports

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain
categories of taxpayers. Upon consideration of representations from various stakeholders, the Central Board of Direct Taxes(CBDT)
extends the ‘due date’ for filing of Income Tax Returns as well as reports of Audit (which were required to be filed by the said
specified date) from 30th September, 2018 to 15th October, 2018 in respect of the said categories of taxpayers. However, there shall
be no extension of the due date for the purpose of section 234A (Explanation 1) of the I.T. Act, 1961 pertaining to Interest for
defaults in furnishing return, and the assessee shall remain liable for payment of interest as per provisions of section 234A of the Act.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 29

 JUDGEMENTS
INDIRECT TAX Decision of the Case

No GST on Educational Institutions providing Degree 1. There is a notification of exemption for two years
courses under Related Curriculums to Students: full time post graduation programmes, Fellow
Karnataka AAR Program and Five years integrated program.
M/s Emerge Vocational Skills Private ltd. vs. 2. The authority also clarified that the notification
Karnataka AAR for exemption of various education programmes
Case No. - Advance Ruling No. KAR ADRG 20 / 2018 conducted by IIMS except the executive
Date – 13.08.2018 development programmee and EPGP.
3. Exemption shall be applicable to only the flagship
Fact of the Case programs of the IIMs irrespective of the
enactment of IIMS Act 2017.
1. A private limited company engaged in providing 4. So the applicant in the instant case shall be
specified educational services in the field of Hotel chargeable to GST for EPGP.
management is the applicant in the present case. ---------------------------------------------------------------------------------
2. They propose to obtain an affiliation with the Cafe Coffee Day liable to pay 5% GST without Input
university in the state of Karnataka. Tax Credit: Karnataka AAR
3. They contended before the authority of advance M/s Coffee Day Global Limited vs. Karnataka AAR
ruling that they are affiliated to a university in the Case No. - Advance Ruling No. KAR ADRG 21/ 2018
state of Karnataka. The examination would be Date – 21.08.2018
conducted by the university and successful
candidates would be issued certificate which are Fact of the Case
recognized by law.
4. So, the institution would be treated as 1. M/s Coffee Day Global Limited subsidiary of
“Educational Institution”. Coffee Day Enterprise Ltd. is the applicant in the
instant case.
Decision of the Case 2. It opted to pay the GST @ 18% with input tax
credit (ITC). But the services offered by them are
1. Services provided by an educational institution to classified under heading attracting GST @ 5%
the students, faculty & staff is exempted from subject to no ITC.
GST by Notification No 66 – 12/2017 dt. 3. They contended that they cannot be prevented
28.06.2017. from paying paying tax @ 18% with ITC.
2. The Authority for Advance Ruling, Karnataka has
held that service providing degree course by Decision of the Case
educational institution to the students are
exempted from GST. 1. As per sec 16(1), it is clearly stated that “every
3. The authority noted that the applicant is not registered person shall avail the applicable rate of
imparting pre-school education or education up to GST subjected to the conditions & restrictions as
higher secondary school or equivalent and hence may be prescribed.”
can be exempt. 2. The authority clarified that concessional rate of
--------------------------------------------------------------------------- tax @ 5% may be availed only without ITC. If the
GST payable on Executive PG Programme at IIM: condition is not fulfilled, then the concessional
Madhya Pradesh AAR rate will not apply.
Indian Institute of Management Prabandh Shikhar vs. 3. The authority also clarified that the right to avail
Madhya Pradesh AAR input tax credit is not an absolute right &
Case No. – 10/2018 conditions and restrictions may be prescribed for
Date – 10.08.2018 this availment.
4. The contention of the applicant does not held
Fact of the Case good as suggested by AAR
---------------------------------------------------------------------------
1. In the present case IIM-Indore is the applicant. Society not liable to pay GST on Maintenance of Parks
2. They are providing executive post graduate provided to Govt and Local Authorities: AAR Karnataka
program (EPGP) as an educational institution and M/s The Nursery Men Co-operative vs. AAR
issue certificate of qualification which is Karnataka
recognized by any law. They contended this being Case No. - Advance Ruling No. KAR ADRG 18 / 2018
covered under IIM Act qualifies for exemption Date – 06.08.2018
under GST.
3. They extended that they should get benefit of the Fact of the Case
exemption from liability of paying GST on EPGP
since they are providing education as a part of 1. In the present case the applicant society is a wing
curriculum for obtaining a qualification of Horticulture Department of Government of
recognized by law. Karnataka.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 30

 2. The applicant executes the works of deweeding of allowed personal expenses of the directors even
the land, leveling of land, landscaping & without sufficient proof of evidence.
formation of parks in the lands belonging to -----------------------------------------------------------------------------
government and government undertaking TDR Surrender Written Off as Extraordinary Item
3. The applicant wants clarification regarding their during pendency of Arbitral Proceedings reverted back
tax liability in connection with the performance of to AO: Mumbai ITAT
above mentioned activities in point (2) for Shri Dr. K.Shivaram vs. Shri Anadi Varma
government departments like BBMP, KSRTC etc Case No. – ITA No. 5986/MUM/2017
through work contracts. Date – 10.09.2018

Decision of the Case Fact of the Case

1. The authorities are silent on the activities which 1. Here the assessee is engaged in a business of
are in the nature of works contract and composite Builders and Property Developers.
supplies since they are not covered under Entry 2. The assessee made an agreement for the
No3 of the Notification No 12/2017. It is only development of the Mumbai Airport, received a
the pure services in relation to urban amenities Transfer of Development Right (TDR) surrender
and facilities which are exempt from the levy of of land which was rehabilitated (as a part of the
tax. contract) and later sold by the assessee in the open
2. Moreover KSRTC and BBMP are also not market. The assessee was asked to submit details
covered under Entry No3 of the Notification No for the unrealized cost written off as the
12/2017 extraordinary/ exceptional item in the revised
3. The authority also noted that provision of urban return filed. The Assessing Officer (AO) denying
amenities and facilities such as parks, gardens, the claim. observed that the assessee had claimed
playgrounds are the activities covered under article a deduction in respect of ‘profit and sale’ of TDR,
243W of the constitution and hence exempt. however, ‘cost’ pertained to TDR sold can only be
--------------------------------------------------------------------------- apportioned against the ‘sale’ of TDR resulting in
DIRECT TAX reduction of profit of sale of TDR resulting in
reduction of profit of sale of TDR. The
Personal Expenses of Directors of Company can’t be Commissioner of Income Tax (Appeals) further
disallowed without Sufficient Proof: ITAT Delhi upheld the order of the AO.
Galgotia Publication (P) Ltd. vs. ACIT 3. The issue before the present court was with
Case No. - ITA No. 1857/Del/2015 respect to disallowance of unabsorbed cost of
Date - 20/09/2018 TDR while computing the Profit on sale of TDR
in view of the cancellation of the contract.
Fact of the Case 4. The assessee contended that he started selling the
land TDR, the ‘sale’ of which was credited to P/L
1. In the instant case the assessee is the company. account each year. The ‘expenses’ incurred were
2. Personal expenses of director of assessee then debited to the Work in Progress account and
company are shown in ITR. The A.O has the ‘cost’ of sale of TDR was transferred from
disallowed 10% of total expenses on account of Work in progress account to P/L account. Hence,
personal use of Director of telephone expenses, the deduction was claimed on the profit before
car running and maintenance expenses and termination of the contract.
depreciation on car. 5. The AO, on the other hand, contended that since
3. The assessee company contended before the the termination of the contract was yet disputed,
Tribunal that it had filed all requisites details, the amount debited to P/L account is only a
vouchers regarding expenses. But learned A.O did contingent liability and hence unallowable.
not point out any fault in that respect at the time
of carrying the assessment nor has the A.O given Decision of the Case
any findings for the purpose of disallowing the
expenses. 1. The Tribunal after assessing the submissions of
both the parties declared that the contention of
Decision of the Case respondent that the assessee had not provided
complete details is not tenable.
1. Assessee Company submitted all required 2. The Tribunal reverted back the issue concerning
documents in connection with the stated problem. the treatment of expenses and writing off of
2. The Ld. A.O also satisfied with details filed by the unrealized cost to the AO.
assessee & could not point out any fault there on ---------------------------------------------------------------------------------
at the assessment stage. In case if the A.O was not
satisfied with the details furnished by the assessee
he should have pointed at the assessment stage
itself for further clarifications or should have
given a sufficient opportunity to the assessee to
put forth his justifications.
3. So the Delhi Bench of Income Tax Appellate
Tribunal deleted the addition made by Ld. A.O &

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 31

Re-Assessment can’t be done merely because some  There was no proof from the assesse that the
Aspects of Deduction Claim was not Examined in amount was moved from Smt Poonam Kanjani.
Original Assessment: Gujarat HC Only the evidence of movement of money from
Mr. B.S. Soparakar vs. Mrs. Mauna M Bhatt Shri Raj Kumar bank account cannot be
Case No. - 12770 of 2017 construed to be movement from Smt Poonam
Date – 18.09.2018 Kanjani. Hence the amount of Rs 8,00,000/- was
treated as unexplained cash credit.
Fact of the Case
1. In the present situation the assessee is a newly
established 100% Export Oriented Undertaking.
It claimed for deduction u/s 10-B of Income Tax
Act.
2. During scrutiny of return, the A.O denied the
claim of assessee. Then assessee made alternative
claim u/s 10A of I.T Act and it was granted by
A.O after details discussion.
3. Later the assessment was re-opened on the
ground that the petitioner’s unit was not situated
at SEZ. So the claim of deduction u/s 10-A was
not valid.
4. The petitioner appealed to Division Bench against
the order of A.O.

Decision of the Case

1. The petitioner had given detailed reply with

respect to query raised by A.O.
2. Thus after having gone through details discussion,
the A.O accepted the claim of Petitioner.
3. In the opinion of Divisional Bench such
assessment cannot be reopened on the ground
that some other elements or aspects of the claim
were not examined. It was clearly be a case of
change of opinion.
---------------------------------------------------------------------------
ITAT confirms Addition Since Gift received from NRI
Relative through Debtor couldn’t be Proved ,Jaipur
Bench
Ahri Vicky Jethani vs. Income Tax Officer
Case No. – ITA No. 426/JP/2018
Date – 14.09.2018

Fact of the Case

1. In the present case the assessee received Rs.

8,00,000 from NRI Shri Raj Kumar on account
of some due to Smt Poonam Kanjani.
2. The A.O demanded the explanation of source of
above fund during assessment period.
3. Without having proper documentary evidence
evidence of the above transaction the A.O treated
the same as unexplained cash credit.
4. The assessee contended before the Tribunal that
the only genuineness of the gift received has been
done through banking channel.

Decision of the Case

The Tribunal observed the followings-

 The assessee did not submit any document of gift.

 Without submitting proper documentary evidence,
the assessee demanded the benefit of gift.
 The Jaipur Bench of Income Tax Appellate
Tribunal has confirmed the amount of gift
received from NRI relative is taxable income.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 32

 TAX COMPLIANCE CALENDAR AT A GLANCE
GST CALENDAR

Date Return Type

5th October, 2018 GSTR 3B for the month of July (Only for registered persons of Kerala)

10th October, 2018 GSTR 3B for the month of August (Only for registered persons of Kerala)

GSTR 1 for July, 2018 (For turnover of more than Rs 1.5 crore/ For turnover of
5th October, 2018
less than 1.5 crore but opted Monthly) ( Only for registered persons of Kerala)
GSTR 1 for August, 2018 (For turnover of more than Rs 1.5 crore/ For turnover
10th October, 2018
of less than 1.5 crore but opted Monthly) ( Only for registered persons of Kerala)
GSTR 1 - In case of taxpayers with turnover above Rs 1.5 crores in previous FY or
31st October, 2018 Current FY:
Regular taxpayers: for Months from July 2017 to September 2018
GSTR 1 – In case of taxpayers with turnover upto Rs 1.5 crores in previous FY or
31st October, 2018 Current FY:
Regular taxpayers : for Quarters from July 2017 to September 2018
GSTR 1 for July – Sept, 2018 (For turnover of less than Rs 1.5 crore) ( Only for
15th November, 2018
registered persons of Kerala)

20th November, 2018 GSTR 3B for the month of October, 2018

Extension of Due date for GSTR-3B only for newly migrated taxpayers for months
31st December, 2018
July 2017 to Nov 2018.
Extension of Due date for GSTR-1 in case of taxpayers with turnover above Rs 1.5
31st December, 2018 crores in previous FY or Current FY:
Newly migrated taxpayers: for months from July 2017 to November 2018.
GSTR 1 – In case of taxpayers with turnover upto Rs 1.5 crores in previous FY or
31st December, 2018 Current FY:
Newly migrated taxpayers: for Quarters from July 2017 to November 2018
Due date of TRAN-1 is extended for certain taxpayers who could not complete
31st March, 2019
filing due to tech glitch.
Due date of TRAN-2 is extended for certain taxpayers who could not complete
31st April, 2019
filing due to tech glitch.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 33

 DIRECT TAX CALENDAR - OCTOBER, 2018
07.10.2018

 Due date for deposit of tax deducted/collected for the month of September, 2018. However, all sum
deducted/collected by an office of the government shall be paid to the credit of the Central Government on the
same day where tax is paid without production of an Income-tax Challan.
 Due date for deposit of TDS for the period July 2018 to September 2018 when Assessing Officer has permitted
quarterly deposit of TDS under section 192, 194A, 194D or 194H.

15.10.2018

 Due date for furnishing of Form 24G by an office of the Government where TDS for the month of
September, 2018 has been paid without the production of a challan.
 Due date for issue of TDS Certificate for tax deducted under section 194-IA & section 194-IB in
the month of August, 2018.
 Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form
No. 15CC for quarter ending September, 2018.
 Quarterly statement of TCS deposited for the quarter ending September 30, 2018.
 Upload declarations received from recipients in Form No. 15G/15H during the quarter ending
September, 2018.
 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in
the month of September, 2018.

30.10.2018

 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month
of September, 2018
 Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2018

31.10.2018

 Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB
for the accounting year 2017-18.
 Country-By-Country Report in Form No. 3CEAD by a parent entity or an alternate reporting entity or any
other constituent entity, resident in India, for the accounting year 2017-18.
 Quarterly statement of TDS deposited for the quarter ending September 30, 2018
 Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)
 Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in
respect of the quarter ending September 30, 2018
 Copies of declaration received in Form No. 60 during April 1, 2018 to September 30, 2018 to the concerned
Director/Joint Director

DIRECT TAX CALENDAR - NOVEMBER, 2018

07.11.2018

 Due date for deposit of Tax deducted/collected for the month of October, 2018. However, all sum
deducted/collected by an office of the government shall be paid to the credit of the Central Government on the
same day where tax is paid without production of an Income-tax Challan.

14.11.2018

 Due date for issue of TDS Certificate for tax deducted under section 194-IA and section 194-IB in the
month of September, 2018.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 34

 15.11.2018

 Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending
September 30, 2018.
 Due date for furnishing of Form 24G by an office of the Government where TDS for the month of October,
2018 has been paid without the production of a challan.

30.11.2018

 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA and section
194-IB in the month of October, 2018
 Annual return of income for the assessment year 2018-19 in the case of an assessee if he/it is required to submit
a report under section 92E pertaining to international or specified domestic transaction(s).
 Audit report under section 44AB for the assessment year 2018-19 in the case of an assessee who is also required
to submit a report pertaining to international or specified domestic transactions under section 92E.
 Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction.
 Report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2017-18.
 Country-By-Country Report in Form No. 3CEAD by a parent entity or an alternate reporting entity or any
other constituent entity, resident in India, for the accounting year 2016-17.
 Statement of income distribution by Venture Capital Company or venture capital fund in respect of income
distributed during 2017-18.
 Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in
respect of income distributed (during previous year 2017-18) to units holders.
 Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA.
 Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB.
 Due date for filing of statement of income distributed by business trust to unit holders during the financial year
2017-18. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A.
 Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm's length
price of the remuneration paid to the fund manager.
 Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income
of previous year in the next year or in future (if the assessee is required to submit return of income on
November 30, 2018).
 Statement in Form no. 10 to be furnished to accumulate income for future application under section
10(21) or11(2) (if the assessee is required to submit return of income on November 30, 2018).
 Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case
company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified
domestic transaction].
 Statement by scientific research association, university, college or other association or Indian scientific research
company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30,
2018).
 Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous
year 2017-18 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of
return of income is November 30, 2018).

WEBINAR CALENDAR 1st To 15th OCTOBER, 2018

Sl. No Date Time Topic of the Webinar Name of the Faculty
1. 08.10.2018 4:00 - 5:00 PM GST Amendment Bill, CMA Anil Sharma
(Monday) 2018
2. 15.10.2018 4:00 - 5:00 PM GST - Annual Return & CMA Vishwanath Bhat
(Monday) Reconciliation of ITC

Please Note: One CEP hour awarded for attending each webinar

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 35

 LIST OF WEBINARS FROM OCTOBER 2017 TO
SEPTEMBER 2018
SL Date Topics
No.
1 12.10.2017 Hassle free filing of GSTRs
2 16.10.2017 GST Co-operative Housing Societies
3 25.10.2017 Composition Scheme
4 27.10.2017 GST - Impact on Real Estate Sector
5 09.11.2017 GST - Impact on Manufacturing Sector
6 14.11.2017 Opportunities for Cost Accountants under GST
7 21.11.2017 Recent Amendments under GST - Impact and implications
8 23.11.2017 Input Tax Credit
9 28.11.2017 Books of Accounts under GST scenario
10 01.12.2017 GST Impact on ERP & Accounting Packages
11 06.12.2017 GST and Cost Audit: A step towards Tax Governance
12 19.12.2017 GST - Valuation Rules & Invoice Rules
13 22.12.2017 T D S is not tedious
14 28.12.2017 Anti - Profiteering
15 03.01.2018 Documentation in GST
16 10.01.2018 Transfer pricing
17 17.01.2018 E-Way Bill and Logistic Industry under GST
18 30.01.2018 Place of Supply
19 02.02.2018 Budget - Highlights on Taxes
20 05.02.2018 Recent Changes in GST - Budget/25 th Council Meeting
21 09.02.2018 Refunds and Budgetary Support under GST
22 21.02.2018 Opportunities for Cost Accountants under “Presumptive Taxation
23 09.03.2018 GST-Works Contract and Builders
24 21.03.2018 Valuation in GST
25 27.03.2018 GST for E-commerce with live cases.
26 06.04.2018 Income from House property & related issues
27 12.04.2018 Profits and Gains of Business or Profession
28 20.04.2018 Transfer Pricing – Rules and Procedures
29 24.04.2018 Impact of GST on Financial Services
30 08.05.2018 Audit under GST Laws
31 14.05.2018 Treatment of GTA under GST
32 22.05.2018 Advance Ruling in GST
33 31.05.2018 Refunds against Exports under GST
34 11.06.2018 Assessment and Appeal under GST scenario
35 06.07.2018 IPR, Advertising, Hospitals under GST
36 26.07.2018 GST - Implications on Works Contract, Contractors and Builders.
37 10.08.2018 GST on Jewellery vis a vis GST Audit by CMAs
38 21.08.2018 Latest Advance Rulings & Its implications.
39 17.09.2018 Tax Audit Under Income Tax Act - Recent Amendments & Issues
40 14.09.2018 Specified Financial Transaction Reporting
41 26.09.2018 Analysis of GST Audit Proforma & Rules with Inspection, Search & Seizure

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 36

 GST CERTIFICATE COURSE - 3rd BATCH
Course Eligibility

 Qualified Cost & Management Accountants

 Other Professionals ( CS,CA,MBA, M.Com, Engineers, Lawyers, etc)
 Executives from Industries
 GST Practitioners
 Students who are either CMA qualified or Final pursuing.

Course Duration, Fees, Examination and other Modalities

Details Classroom Learning/Offline Mode Online Classes

Course Duration 72 Hours 72 Hours
Classes Live classes on Saturday - 2 Hrs & Sunday Internet Connection is required and classes
– 4 Hrs can be attended from your place.
Assessment: Online mode Online mode

Course Fee: `10,000 + GST (20% Discount for CMAs `10,000 + GST (20% Discount for CMAs
and Final pursuing Students of CMA) and Final pursuing Students of CMA)
Examination Fee `1000 + GST `1000 + GST
Award of Candidates with at least 70% attendance in No attendance required
Certificate the classes and also passing the online Passing the online examination with at least
examination with at least 50% Marks will 50% Marks will be awarded a Certificate by
be awarded a Certificate by the Institute the Institute
Date of Sept – Oct, 2018 Sept – Oct, 2018
Registration
Study Materials & Mock test paper to be provided to all participants Experienced faculties from Industry and
practice

Places
Locations Classroom Learning Online Classes
North  Delhi From anywhere in
 Noida India
South  Chennai From anywhere in
 Mysore India
 Bangalore
 Hyderabad
 Coimbatore
 Hosur
East  Kolkata From anywhere in
 Ranchi India
 Bhubaneswar
 Muzaffarpur
West  Mumbai From anywhere in
 Pune India
 Ahmedabad
 Bharuch

Course Contents

1. Constitutional Background of GST, Concepts of GST & Definitions in GST.

2. Taxable event, Time of Supply and Place of Supply, Composite & mixed supply, non taxable supply,
exempt supply, works contract, exempted supply.
3. Classification, HSN, SAC
4. Valuation under GST, Valuation rule
5. Input Tax Credit
6. Basic Procedures- Registration, Invoice, Bill of supply, E way Bills etc.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 37

 7. Records and Returns
8. Zero Rated Supplies , Imports and Exports
9. Payment and Refunds
10. Assessment
11. Audit
12. Demands
13. Adjudication and appeal
14. Penalties and Prosecutions
15. Advance Ruling
16. Job Work
17. Anti profiteering
18. Miscellaneous Provisions
19. Case studies on specific Chapters involving real life scenarios

Online Assessment for 3rd Batch: February, 2019

Mock Test Module: Mock Test paper will be uploaded in the website for 3rd
Batch within January, 2019

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 38

 ADVANCED CERTIFICATE COURSE ON GST
Course Eligibility

 Qualified Cost & Management Accountants

 Other Professionals (Tax Professionals CS,CA, MBA, M.Com, Engineers, Lawyers, etc)
 Executives from Industries
 GST Practitioners
 Students who are either CMA qualified or CMA pursuing

Course Duration, Fees, Examination and other Modalities

Details Online Classes

Course Duration 40 Hours (20 Days , 2 Hrs each)
Classes Internet Connection is required and classes can be attended from your place.
Assessment: Online mode
Course Fee: `14,000 + GST *
Examination Fee `1,000 + GST*
Award of Certificate Passing the online examination with at least 50% Marks will be awarded a
Certificate by the Institute
Date of Registration 02.10.2018 – 15.11.2018
Study Materials & Model Question Bank to be provided to all participants Experienced faculties from
Industry and practice

Places

Locations Online Classes

North From anywhere in India
South From anywhere in India
East From anywhere in India
West From anywhere in India

Course Contents:
1. Act, rules-basics
2. Analysis and interpretation of notifications/circulars
3. Return filing
4. Refund/ITC
5. Audit
6. Advance ruling
7. Replying of Notices
8. Preparation for appeals
9. Practical Issues (Industry specific)

Online Assessment for 1st Batch: January, 2019

Mock Test Module: Mock Test paper will be uploaded in the website for 1st Batch
within January, 2019

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 39

 CERTIFICATE COURSE ON TDS
Course Eligibility

 Qualified Cost & Management Accountants

 BCOM, MCOM
 Tax Practitioners
 Students who are either CMA qualified or CMA pursuing

Course Duration, Fees, Examination and other Modalities

Details Online Classes

Course Duration 30 Hours (15 Days , 2 Hrs each)
Classes Internet Connection is required and classes can be attended from your place.
Assessment Online mode
Course Fee `10,000 + GST *
Examination Fee `1,000 + GST
Award of Certificate Passing the online examination with at least 50% Marks will be awarded a
Certificate by the Institute
Date of Registration 02.10.2018 – 15.11.2018
Study Materials & Model Question Bank to be provided to all participants Experienced faculties from Industry
and practice

Places

Locations Online Classes

North From anywhere in India
South From anywhere in India
East From anywhere in India
West From anywhere in India

Course Contents:
1. Overview of TDS: covering rationale for TDS, TDS on different types of payments, the person making
payment - agent of Government, practice followed in other countries, etc.
2. TDS provisions as per Income Tax Act : TDS on payment to residents:- salary, payments to contractors,
rent, commission, professional fees, etc
3. Obligations of Payer & Rights of Recipients. Duties and responsibilities of the person
4. Provisions relating to Payment and Deposit of TDS, Issuance of certificate
5. Filing of quarterly return, Correction return, Revised Return, Electronic uploading of return and
downloading of consol files, etc
6. Tax on Perquisites and TDS on Acquisitions.194LA
7. Payment to Non Resident & Domestic Transfer Pricing Practical Issues.
8. TDS - Assessment and Appeal procedure
9. TCS Provisions – Applicability of procurement of Real Estate
10. Recent changes in TDS procedures and Relevant case studies

Online Assessment for 1st Batch: January, 2019

Mock Test Module: Mock Test paper will be uploaded in the website for 1st Batch
within January, 2019

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 40

 CERTIFICATE COURSE ON FILING OF
RETURN
Course Eligibility

 Qualified Cost & Management Accountants

 BCOM, MCOM
 Tax Practitioners
 Students who are either CMA qualified or CMA pursuing

Course Duration, Fees, Examination and other Modalities

Details Online Classes

Course Duration 30 Hours (15 Days , 2 Hrs each)
Classes Internet Connection is required and classes can be attended from your place.
Assessment: Online mode
Course Fee: `10,000 + GST *
Examination Fee ` 1,000 + GST*
Award of Certificate Passing the online examination with at least 50% Marks will be awarded a Certificate by
the Institute
Date of Registration 02.10.2018 – 15.11.2018
Study Materials & Model Question Bank to be provided to all participants Experienced faculties from Industry and
practice

Places

Locations Online Classes

North From anywhere in India
South From anywhere in India
East From anywhere in India
West From anywhere in India

Course Contents:
1. Provisions of Income Tax Act for filing of Income Tax Return
2. Detailed discussion on Respective Forms and Rules
3. Understanding IT Platform and infrastructure for filing Income tax return
4. On line and off line return filing utilities
5. Practical application Demo of Filling and Filing of Income Tax Return – for Individual Partnership business,
School, Colleges, HUF, Company, Cooperative societies, etc
6. Revised return, Belated return, Filing of return as per Order
7. Case study on Filing ITR 1
Case study on Filing ITR 2
Case study on Filing ITR 3
Case study on Filing ITR 4
Case study on Filing ITR 5
Case study on Filing ITR 6
8. Guide to Income tax return filing
Recent Updates in respect of Income tax Return filling and filing

Online Assessment for 1st Batch: January, 2019

Mock Test Module: Mock Test paper will be uploaded in the website for 1st Batch
within January, 2019

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 41

 LIST OF ARTICLES
ARTICLES ON INDIRECT TAX

Sl. Article Heading Article Writer Bulletin

No Volume
1. ANTI PROFITEERING UNDER GST CMA Dr. SANJAY R. BHARGAVE Vol. 1
2 ELECTRONIC WAY BILL FOR TRANSPORT OF CMA V. S. DATEY Vol. 1
GOODS IN GST
3. GST IMPACT ON ELECTRONIC COMMERCE CMA AMIT KUMAR SARKER Vol. 1
OPERATORS (ECO)
4. GOODS AND SERVICE TAX UNDER REVERSE CMA NIRANJAN SWAIN Vol. 1
CHARGE – PROVISIONS & ITS COMPLIANCES
5. COMPOSITION LEVY IN GOODS AND SERVICE TAX CMA B. MALLIKARJUNA GUPTA Vol. 2
6. INPUT TAX CREDIT CMA ARINDAM GOSWAMI Vol. 2
7. JOB WORK CMA VIVEK LADDHA Vol. 2
8. TAXABILITY ON RECEIPT OF SERVICES COVERED CMA ASHOK BHAGWANDAS Vol. 2
UNDER REVERSE CHARGE NAVAL
9. #GSTR (3B = 3 = 2+1) WHAT IF THERE IS AN CMA CHIRANJIB DAS Vol. 3
INEQUALITY
10. IMPORTANT TUTORIAL UNDER GST FOR TAXABLE CMA RAJENDRA RATHI Vol. 3
PERSON
11. INVOICE MATCHING UNDER GOODS AND CMA VISHWANATH BHAT Vol. 3
SERVICES TAX & IMPORTANCE OF IT SYSTEM
UNDER GST
12. GOODS AND SERVICE TAX NETWORK CMA SANDEEP KUMAR Vol. 4
13. GST UPDATE FOR EOUSTPEHTPBTP UNITS CMA ASHOK BHAGWANDAS Vol. 4
NAVAL
14. PRACTICAL IMPLICATIONS OF WORKS CONTRACT CMA SATYA S MAHASUAR Vol. 4
UNDER GST LAW
15. REVERSE CHARGE - A SNEAK PEEK CMA B. MALLIKARJUNA GUPTA Vol. 4
16. INTRODUCTION OF ANTI-PROFITEERING CMA MRITYUNJAY ACHARJEE Vol. 5
PROVISIONS IN INDIA AND ROLE OF CMA
17. ASSESSMENT AND AUDIT UNDER GST LAW CMA SHIBA PRASAD PADHI Vol. 5
18. ROLE OF CMA – GST ERA CMA ROHIT VORA Vol. 5
19. AN INSIGHT OF SECTION 35(1) AND RULE 56 CMA UTPAL KUMAR SAHA Vol. 6
UNDER GST
20. ANTI PROFITEERING MECHANISM UNDER GST CMA DR. SANJAY R. BHARGAVE Vol. 6
21. MATCHING OF INPUT TAX CREDIT (ITC) UNDER CMA SANJEEV MOTIYANI Vol. 6
GST
22. INPUT TAX CREDIT CMA BIBHUDATTA SARANGI Vol. 7
23. REFUND CLAIMS UNDER GST-PROVISIONS AND CMA TANUJA MANTRAWADI Vol. 7
PROCESSES
24. ZERO RATED SUPPLIES IN GST- IS THERE A NEED CMA AMIT SARKER Vol. 7
FOR RELOOK?
25. GST – RECENT NOTIFICATIONS ACTING AS CMA CHIRANJIB DAS Vol. 8
OXYGEN - ENABLING EASE OF DOING BUSINESS
IN INDIA
26. DISCOUNT AND TREATMENT IN INDIRECT TAX CMA PRATYUSH Vol. 8
CHATTOPADHYAY
27. DRIVING E-COMMERCE ON THE ROADS OF GST CMA MOHAMMAD ABBAS Vol. 8
28. ELECTRONIC E-WAY BILL - PROVISIONS AND CMA NIRANJAN SWAIN Vol. 9
OBILGATIONS UNDER GST LAW
29. GST COMPLIANCE AND AUDIT CMA T. K. JAGANATHAN Vol. 9
30. ABC OF ACCOUNTING IN GST ERA CMA ARINDAM GOSWAMI Vol. 10
31. MISCELLANEOUS SUPPLY UNDER GST REGIME CMA SANDEEP KUMAR Vol. 10
32. PROPOSALS INVOLVING CHANGE IN CUSTOMS TEAM TRD Vol. 10
DUTY RATES
33. VALUATION OF ‘BETI BACHAO BETI PADHAO’ CMA ANIL SHARMA Vol. 11
CAMPAIGN UNDER IGST ACT, 2017
34. TIME OF SUPPLY CMA BHOGAVALLI Vol. 11
MALLIKARJUNA GUPTA
35. ADVANCE RULING MECHANISM – TOOL FOR CMA YOGESH CHAURASIA Vol. 11
DISPUTE RESOLUTION UNDER GST

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 42

 36. SERVICES TAKEN FROM GOVT. AUTHORITIES CMA RAJENDRA RATHI Vol. 12
37. INPUT SERVICE DISTRIBUTOR CMA TANUJA MANTRAWADI Vol. 12
38. JOB WORK CMA ANUJA PURANIK Vol. 12
39. ACCOUNTING LEDGERS AND ENTRIES IN GST CMA BHOGAVALLI Vol. 13
MALLIKARJUNA GUPTA
40. E-WAY BILL UNDER GST – AN OVERVIEW, CMA SUSANTA KUMAR SAHA Vol. 14
PROCEDURE & ANALYSIS
41. E-WAY BILLS – A MEASURE TO CURB TAX EVASION CMA DR. PRADEEP G TULSIAN & Vol. 14
CA ABHAY TULSIAN
42. E-WAY BILL-----WHEN, WHAT, WHO!!! CMA SATYA SUNDAR MAHASUAR Vol. 14
43. CERTIFICATION WORK BY A PRACTICING CMA ON CMA SHIBA PRASAD PADHI Vol. 15
IMPACT OF GST ON EXISTING WORKS
44. AN ANALYSIS OF PROCEDURAL GUIDELINES FOR CMA SUSANTA KUMAR SAHA Vol. 15
INCEPTION, INSPECTION, DETENTION, RELEASE
AND CONFISCATION OF GOODS IN MOVEMENT
AND CONVEYANCES
45. KEY HIGHLIGHTS OF JOB WORK IN RESPECT TO CMA MD REHAN Vol. 15
CIRCULAR NO. 38-12-2018 DATED 26TH MARCH, 2018
46. ADVANCE RULING JASRAJ B. KULERIYA Vol. 15
47. POOR PATIENTS, HEALTHY HOSPITALS WITH DR. CMA ANIL SHARMA Vol. 16
GST?
48. BILL TO SHIP TO IN GST CMA BHOGAVALLI Vol. 16
MALLIKARJUNA GUPTA
49. RETURN FILING UNDER GST – ISSUES AND TEAM TRD Vol. 16
CHALLENGES
50. TDS PROVISION UNDER GST CMA S K MISHRA Vol. 17
51. "REFUND OF ACCUMULATED INPUT TAX CREDIT RAMBABU GONDALA Vol. 17
ON ACCOUNT OF EXPORTS – …. GETTING THE
MOST OUT OF IT"
52. GST ON CONSTRUCTION OF SOLAR POWER CMA UTPAL KUMAR SAHA Vol. 17
SYSTEM/PLANT
53. "A COMPREHENSIVE GST CHECKLIST BEFORE CMA SUSANTA KUMAR SAHA Vol. 18
FINALISATION OF BALANCE SHEET FOR THE FY
2017 - 2018 FOR REGISTERED PERSONS - PART 1"
54. A COMPREHENSIVE GST CHECKLIST BEFORE CMA SUSANTA KUMAR SAHA Vol. 19
FINALISATION OF BALANCE SHEET FOR THE FY
2017 - 2018 FOR REGISTERED PERSONS - PART 2
55. ALL ABOUT COMPOSITION SCHEME UNDER GST CA. SACHIN KUMAR JAIN Vol. 19
56. IMPORTANT PROVISION OF ITC RELATING TO CMA RAJENDRA RATHI Vol. 19
TIME LIMIT FOR INVOICES / DR NOTE / CR NOTE
57. A COMPREHENSIVE GST CHECKLIST BEFORE CMA SUSANTA KUMAR SAHA Vol. 20
FINALISATION OF BALANCE SHEET FOR THE FY
2017 - 2018 FOR REGISTERED PERSONS - PART 3
58. ANTI-PROFITEERING AND ITS AUDIT CONTROL CMA S VAITHEESWARAN Vol. 20
59. IMPORTANT JUDGEMENTS CA SACHIN KUMAR JAIN Vol. 20
60. ADVANCE RULING CA BHARTI AGGARWAL & CA Vol. 21
KAJAL JUNEJA
61. MAINTENANCE OF ACCOUNTS AND RECORDS CMA JASRAJ B KULERIYA Vol. 21
UNDER GST REGIME
62. SIMPLIFIED GST RETURNS CMA SANJEEV MOTIYANI Vol. 22
63. TAXABILITY OF CO OPERATIVE SOCIETIES UNDER CMA (DR.) ASHISH THATTE AND Vol. 23
GST CMA PARAG GUJAR
64. ZERO RATED SUPPLIES UNDER GST CA SACHIN KUMAR JAIN AND CA Vol. 23
ANU MITTAL
65. IMPLEMENTATION OF E-WAY BILL IN EACH STATE TEAM TRD Vol. 23
66. UPDATE ON AMENDMENTS TO CGST ACT, 2017 TEAM TRD Vol. 23
67. DETERMINATION OF EMPLOYEE COST OF SHARED CMA T. K. JAGANATHAN Vol. 24
SERVICES
68. CHECKLIST FOR FILING OF GSTR - 3B FOR THE CMA BHOGAVALLI Vol. 24
MONTH OF SEPTEMBER 2018 MALLIKARJUNA GUPTA
69. GST DISCLOSURE NORMS IN TAX AUDIT REPORT TEAM TRD Vol. 24

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 43

 ARTICLES ON DIRECT TAX

Sl. Article Heading Article Writer Bulletin

No Volume
1. INCOME COMPUTATION AND DISCLOSURE CMA MRITYUNJAY ACHARJEE Vol. 1
STANDARDS AND REPORTING IN A NEW REGIME
2 NOTICES UNDER INCOME TAX CMA JYOTI SHARMA Vol. 2
3. TRANSFER PRICING (TP) - MAINTENANCE OF CMA MRITYUNJAY ACHARJEE Vol. 3
DOCUMENTATION AND RULES RELATING TO
COUNTRY - BY - COUNTRY REPORT
4. RESTRICTION ON CASH TRANSACTIONS UNDER CMA NIRANJAN SWAIN Vol. 4
INCOME TAX ACT
5. DEDUCTION OF TAX AT SOURCE ON TRANSFER OF CMA NIRANJAN SWAIN Vol. 6
IMMOVABLE PROPERTY
6. DEDUCTION OF TAX AT SOURCE UNDER SECTION CMA NIRANJAN SWAIN Vol. 7
192 OF INCOME TAX ACT – WHAT TO DO & WHAT
NOT TO DO – BY EMPLOYER & EMPLOYEE?
7. DEDUCTION OF TAX AT SOURCE US 192 OF CMA NIRANJAN SWAIN Vol. 8
INCOME TAX ACT - OBLIGATIONS OF EMPLOYER &
EMPLOYEE
8. CROSS BORDER TAXATION BASE EROSION AND CMA MRITYUNJAY ACHARJEE Vol. 9
PROFIT SHIFTING (BEPS) - INDIA IS MOVING
TOWARD THE BIGGEST EVER INTERNATIONAL
TAX REFORMS
9. UNDERSTANDING THE UNION BUDGET PROPOSAL CMA MRITYUNJAY ACHARJEE Vol. 10
2018
10. COMPUTATION OF INCOME FROM HOUSE CMA NIRANJAN SWAIN Vol. 13
PROPERTY – AVAILING LOAN FOR CONSTRUCTION
OR ACQUISITION OF HOUSE –TAX BENEFITS
UNDER INCOME TAX ACT
11. IMPLICATION OF INCOME TAX ON MUTUAL FUND CMA MRITYUNJAY ACHARJEE Vol. 14
INCOME
12. TWO RECENT DECISIONS OF SUPREME COURT CA V. K. SUBRAMANI Vol. 16
PROVIDING RELIEF TO TAXPAYERS
13. VALUATION OF UNQUOTED SHARES - CBDT CMA MRITYUNJAY ACHARJEE Vol. 18
ISSUED AMENDED RULE - 11UA - UNDERSTANDING
THE IMPACT
14. ARE YOU FILING OF RETURN OF INCOME FOR THE CMA NIRANJAN SWAIN Vol. 20
ASSESSMENT YEAR 2018-19? - KNOW THE
RELEVANT PROVISIONS UNDER INCOME TAX
ACT/RULES
15. BENAMI TRANSACTIONS INFORMANTS REWARD CMA NIRANJAN SWAIN Vol. 21
SCHEME, 2018 - AN ATTEMPT TO UNEARTH BLACK
MONEY AND TO REDUCE TAX EVASION
16. "INTERNATIONAL TAXATION IN INDIA - RECENT CMA MRITYUNJAY ACHARJEE Vol. 22
DEVELOPMENTS & OUTLOOK (PART - I)"
17. "INTERNATIONAL TAXATION IN INDIA - RECENT CMA MRITYUNJAY ACHARJEE Vol. 23
DEVELOPMENTS & OUTLOOK (PART - II)"
18. GENESIS OF DIRECT TAX & IT'S REFORMS IN INDIA CMA ANAND KUMAR PANDEY Vol. 24

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 44

 SNAPSHOTS
Closing Ceremony of Certificate Course on GST – Batch 1

Closing ceremony of Certificate Course on GST at Bhubaneshwar Chapter. Session addressed by CMA Amit Anand Apte,
President ICAI. CMA Shiba Prasad Padhi, Regional Council Member, ICAI – EIRC, CMA Manas Kumar Thakur, Central
Council Member ICAI, CMA Balwinder Singh, Vice President, ICAI, CMA Niranjan Mishra, Chairman – Taxation
Committee, CMA Damodar Mishra, Chairman, Bhubaneshwar Chapter, CMA Tapas Ranjan Swain, Secretary,
Bhubaneshwar Chapter graced the dais (L to R)

Release of Handbook on E-Way Bill

Release of Handbook on E-way bill. CMA N. C. Kar, Chairman, ICAI –SOC, CMA Niranjan Mishra, Chairman – Taxation
Committee, CMA Amit Anand Apte, President ICAI, Shri Surjya Narayan Patra, Hon’ble Cabinet Minister Co-operation,
Govt of Odisha, CMA Balwinder Singh, Vice President, ICAI CMA Venkata Ramana, Regional Council Member, ICAI –
EIRC, graced the dais (L to R)

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 45

 Release of Guidance Note on GST

Release of Guidance note on GST in the hands of Shri Shiv Pratap Shukla, Hon’ble Minister of State, Finance. along with
CMA P Raju Iyer, Central Council Member, ICAI, CMA Balwinder Singh, Vice President, CMA Amit Anand Apte, President
ICAI. (L to R)

Celebration of GST Day on 1st July by Bhubaneswar Chapter

Celebration of GST Day on 1st July by Bhubaneswar Chapter. CMA Damodar Mishra, Chairman, Bhubaneshwar Chapter,
Shri Ananta Narayan Jena, Mayor, Bhubaneshwar Municipality Corporation, CMA Niranjan Mishra, Chairman – Taxation
Committee, ICAI, CMA Amit Sarker graced the dias (L to R)

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 46

 Address by CMA Niranjan Mishra, Chairman – Taxation Committee, ICAI at Bhubaneshwar Chapter on GST Day
celebrations

Glimpses of National Seminar on GST

Lighting of the lamp by Shri Shashi Bhusan Behera, Ho’ble Cabinet Minister (Finance, Excise & PE),
Govt. of Odisha.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 47

 Address by Shri Shashi Bhusan Behera, at the inaugural session

Address by CMA Sanjay Gupta, Immediate Past President ICAI, during the inaugural function

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 48

 Address by CMA Niranjan Mishra, Chairman – Taxation Committee ICAI, during the inaugural function

Technical Session – III

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 49

 Members of Bhubaneswar Chapter, ICAI and Team Tax Research Department, along with Council Members and
Resource Persons

PANEL DISCUSSION ON UNION BUDGET 2018-19 ORGANISED BY TAX RESEARCH DEPARTMENT

AND INSTITUTE OF COST ACCOUNTANTS OF INDIA, ROURKELA CHAPTER ON

4th February 2018

Guest of honour, Sri D N Kar, IRS, Principal

Commissioner Income Tax, Sambalpur and Cuttack,
Cross Section of the Audience
Odisha Lighting the Lamp

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 50

 Inaugural session On the dais, Chief Guest ED, Technical session, On the dais, Shri B Masoodi,
Rourkela Steel Plant Shri Ashwini Kumar, Shri B Chairman ICAI Rourkela, Shri D N Kar, IRS, Panelist
Masoodi, Chairman ICAI Rourkela, Shri D N Kar, IRS CMA Mryutunjay Acharjee and CMA Niranjan Swain,
and CMA N Mishra, Chairman Taxation Committee, Moderator CMA P K Puhan seen
ICAI

ANNUAL LECTURE ON THE UNION BUDGET “2018 - 19”, BY MR. HOMI P. RANINA,
EMINENT LAWYER AND TAX CONSULTANT FROM MUMBAI, ON
SATURDAY, FEBRUARY 03, 2018 AT “THE COLOSSEUM” AT HOTEL RENAI COCHIN

Ms. Pushpy Muricken, Chairperson ICAI Cochin

Cross Section of the Audience
Chapter addressing the session

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 51

 ANNUAL SEMINAR ON GST ORGANISED BY
TALCHER ANGUL CHAPTER ON
11TH FEBRUARY, 2018
AT HOTEL SURYA GUARDEN ANGUL,
ODISHA

THEME OF THE NATIONAL SEMINAR – “GST- A GROWTH

OPPORTUNITY”

CMA K C Samal, Director (Finance), NALCO Ltd. inaugurated Inaugural Session by CMA Niranjan Mishra Council
and graced the Seminar as Chief Guest. Amongst other Guests Member and Chairman, Taxation Committee
CMA Niranjan Mishra, Council Member and Chairman,
Taxation Committee, The Institute of Cost Accountants of The Institute of Cost Accountants of India
India

Cross Section of the Audience Shri DN Panda‘s address during the technical sessions

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 52

 CMA B K Das DGM Finance Nalco,
moderating in the inaugural session

GLIMPSES OF SEMINARS ON GST ON VARIOUS LOCATIONS HELD BY

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

1. Raipur

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 53

2. Bilaspur

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 54

3. Siliguri - Gangtok

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 55

5. South Odisha

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 56

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 57
 TRD – ANNUAL JOURNEY
Since 1st October, 2017 till date

The below mentioned activities of TRD are worth mentioning to our esteemed readers

The synopses of the different activities done by the department are elucidated below.

A. Webinars

The department conducted 41 webinars during the period of one year. The details of the same can be found in the
path - https://icmai.in/TaxationPortal/Webinar/index.php

B. Seminars and Workshops

The department played a pivot role in conducting seminars on different areas of Taxation during last one year
throughout the country including “National Seminar on GST” held in the month of January, 2017 at
Bhubaneswar on the theme “Goods and Services Tax – The Sustainability Imperative”. Some other seminars
worth mentioning here are seminar on GST-365 Days, Progressive Economy, Supporting Business Laws, Budget
seminars etc.

C. Corporate Training

February, 2018 - The department conducted Five Day Training Program on GST at RINL – Vishakhapatnam.

August and September, 2018 - The department conducted 7 Days Training program on GST for the employees of
Mahindra Finance in Delhi and Bangalore location.

D. Representation to the GST Council

The Tax Research Department of the Institute has submitted various suggestions to GSTN for modification and
simplification of Returns under GST regime in the FY 2017-18. In the FY 2018-19 a suggestion on GST
“Return filing - Issues and challenges” has been submitted.

Besides above, department has also submitted several representation to GST Council on other matters too.

E. Tax Bulletins

Launching of “Fortnightly Tax bulletin” is another feather in cap for the Department in the month of October,
2017. After implementation of GST in India on 1st July, 2017, there were many issues which need clarification
by members of the Institute.

From 1st April, 2018 onwards 12 Tax Bulletins has been successfully launched and till date total of 24 Tax
Bulletins have been launched.

The bulletins can be found online in the path -

https://icmai.in/TaxationPortal/Publication/TaxBulletin.php

F. Certificate course on GST:

The Tax Research Department, in collaboration with the Board of Advanced Studies, has successfully completed
the First Batch of Certificate Course on GST in both the online and offline mode on PAN India basis. Online
examination of 1st Batch of Certificate Course on GST was conducted at 28 locations and the results were
declared on the day of examination with approximately 82% of the candidates appeared qualifying the exam.
Certificates were handed over during the month to the successful candidates. Closing Ceremony was organized
by the chapters for distributing certificates to the qualified candidates

The second batch of the course is also on the verge of completion. Online examination is expected to be held
during October, 2018.

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 58

With the success of 2 Batches, the department has launched the 3 rd Batch of the course. Registration and
information can be obtained Online Admission for Certificate Course on GST in our website at the following
link: http://cmaicmai.in/advscc/Home.aspx

G. Upcoming Courses The Tax Research Department is coming up with couple of online courses of Direct Tax
i.e. Tax Deducted at Source and Return Filling and filing and also with an online course of Advanced GST due to
the overwhelming response from the Basic GST course.

H. Government Representations outcome

Addressed to Subject Status

Tax Return Preparer (Amendment)
Shri Sushil Chandra Scheme, 2018 Closed.
Chairperson, Central Board of Subject: Request to amend the Notification No. - 07/2018/F. No.
Direct Taxes name of the Institute in the 142/16/2010 (SO)-TPL(Part)
Scheme
Shri A.K Prasad
Inclusion of Cost Accountants for
Financial Commissioner, Railways Closed.
providing Certification for GST
Railway Board, Ministry of Circular No. - 2017/CE-
liability on Existing Works
Railways I/CT/7/GST
Contracts
Government of India
Inclusion of Cost Accountants for
Shri Zubair Riaz,
undertakings/submission of
Director (Customs) Closed.
Certificates to the exporters to
Department of Revenue, Circular No. - 33/2018 - Customs
overcome the problem of refund
Ministry of Finance
blockage and post audit scrutiny

Besides above, other representations are awaiting response of Government.

I. Pre Budget Memorandum and Post budget Memorandum

The tax research department has assisted the ministries in drafting the pre budget memorandum with suggestion
and judgments.

J. Suggestions on New DT Law.

The tax research department has submitted suggestions on new direct tax law and for inclusion of cost
accountants under the definition of accountants’ u/s 288(2) of Income Tax Act 1961.

K. Publications and Releases

Important publications and release like Guidance Note on GST Audit, Handbook on E-Way Bill, Guidance notes
on Anti Profiteering are worth mentioning.

The publications mentioned above are also available for sale.

L. GST Day Observation

1st July 2018 has been observed as GST Day across Chapters and Regional Councils.

M. GST Helpdesk

The team consists of paneled resources and they continually assist the members and other persons in GST related
queries. The queries can be raised in path
https://icmai.in/TaxationPortal/GSTHelpDesk/index.php

TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 59

NOTES
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TAX BULLETIN - ANNIVERSARY EDITION - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 60

 TAXATION COMMITTEE - PLAN OF ACTION

Proposed Action Plan:

1. Publication and Circulation of E-bulletin for the awareness of stakeholders, members, traders,
Chambers of Commerce, Universities.
2. Publication of Handbooks on Taxation related topics for knowledge updation of stakeholders.
3. Carry out webinars for the Capacity building of Members - Trainers in the locality to facilitate
the traders/ registered dealers.
4. Conducting Seminars and workshops on industry specific issues, in association with the Trade
associations/ Traders/ Chamber of commerce in different location on practical issues/aspects
associated with GST.
5. Tendering representation to the Government on practical difficulties faced by the stakeholders
in Taxation related matters.
6. Updating Government about the steps taken by the Institute in removing the practical
difficulties in implementing various Tax Laws including GST.
7. Facilitating general public other than members through GST Help-Desk opened at Head
quarter of the Institute and other places of country
8. Extending 3rd Batch of Certificate Course on GST after successfully carrying the 2 Batches of
Certificate Course on GST.
9. Introducing advance level courses for the professionals on GST and Income Tax.
10. Extending Crash Courses on Taxation to Corporates, Universities, Trade Associations etc.

Disclaimer:

The Tax Bulletin is an informational document designed to provide general guidance in simplified
language on a topic of interest to taxpayers. It is accurate as of the date issued. However, users should
be aware that subsequent changes in the Tax Law or its interpretation may affect the accuracy of a Tax
Bulletin. The information provided in these documents does not cover every situation and is not
intended to replace the law or change its meaning.

The opinion expressed in Article is fully based on the views of the experts. This information is provided
for public services only and is neither an advertisement nor to be considered as legal and professional
advice and in no way constitutes an attorney-client relationship between the Institute and the User.
Institute is not responsible or liable in any way for the consequences of using the information given.

© The Institute of Cost Accountants of India

 Contact Details:

Tax Research Department

12, Sudder Street, KolKata - 700016

Phone: +91 33 40364875/ +91 33 40364782/ +91 33 40364721/ +91 33 40364711

E-mail: trd@icmai.in

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)
www.icmai.in
Headquarters: CMA Bhawan, 12 Sudder Street, Kolkata - 700016
Ph: 091-33-2252 1031/34/35/1602/1492
Delhi Office: CMA Bhawan, 3 Institutional Area, Lodhi Road, New Delhi - 110003
Ph: 091-11-24666100

Behind every successful business decision, there is always a CMA