GSTPAM News Bulletin July 2024
CIRCULAR FOR RENEWAL OF MEMBERSHIP/SUBSCRIPTION CHARGES FOR THE F.Y. 2024-25
Dear Members,
RENEWAL OF MEMBERSHIP FOR F.Y. 2024-25
The Membership Fees for the year 2024-25 are due for renewal on 01.04.2024. We appreciate your Continuing support and participation in the activities of our Association.
The timely Renewal of Membership will enable the members to continuously receive the updates on various activities of GSTPAM along with the GSTReview, News Bulletin, Circulars, Messages, Webinars and online access to the website www.gstpam.org. The Life Members only need to renew the subscription charges for the GST Review. The members can also avail the benefit of discount by paying advance for subsequent two years membership fees /subscriptioncharges.
The Membership Renewal Fees received after 30th April, 2024 will be subject to approval of the Managing Committee. If the Renewal fees for a particular year are not paid, then the member is liable to pay Admission Fees again for Renewal in the subsequent year.
Delayed Renewal Members will be provided Pre Renewal GST Review subject to availability upon payment of such additional courier charges.
The details of Membership/Subscription Fees are given below for your ready reference
|
Type of Membership |
Membership Fees incl. GST | Admission Fees Incl.GST | Subscription Charges for GST Review |
Total |
| New Membership Application | ||||
| Donor Member | 24,780.00 | – | 600.00 | 25,380.00 |
| Patron Member | 17,700.00 | – | 600.00 | 18,300.00 |
| Life Member | 11,800.00 | 944.00 | 600.00 | 13,344.00 |
| Life Member (Conversion from Ordinary) | 11,800.00 | 590.00 | 600.00 | 12,990.00 |
| Ordinary Local Member | 1,770.00 | 590.00 | – | 2,365.00 |
| Ordinary Outstation Member | 1,475.00 | 590.00 | – | 2,065.00 |
New Membership Application (Firm/LLP)
| Ordinary Local Member | 1,770.00 | 944.00 | 0 | 2,174.00 |
| Ordinary Outstation Member | 1,475.00 | 944.00 | 0 | 2,419.00 |
| Patron Member | 17,700.00 | 0 | 600.00 | 18,300.00 |
| Donor Member | 24,780.00 | 0 | 600.00 | 25,380.00 |
Advance Membership/ Subscription charges for subsequent two years 2025-26& 2026-27 (Non-Refundable)
| Ordinary Local Member | 3,186.00 | – | – | 3,186.00 |
| Ordinary Outstation Member | 2,665.00 | – | – | 2,665.00 |
| Life Member (Individual/Firm/LLP) | 0 | – | 1200.00 | 1,200.00 |
| Patron Member | 0 | – | 1200.00 | 1,200.00 |
| Donor Member | 0 | – | 1200.00 | 1,200.00 |
Subscription for GST Review for F.Y. 2024-25 by Non-Members
| Subscription fees for GSTR | – | – | 1000.00 | 1,000.00 |
Advance Membership / Subscription charges for subsequent two years 2025-26& 2026-27 (Non-Refundable)
| Subscription Fees -GSTR | 0 | – | 2000.00 2,000.00 |
Modes of Payment:-
| Cheque | A/c Payee Cheque drawn in favor of “The Goods & Services Tax Practitioners’ Association of Maharashtra” payable at Mumbai. |
| NEFT Details | The Goods & Services Tax Practitioners’ Association of Maharashtra
Bank of India, Mazgaon Branch Current Account No. 007020100001816, IFSC Code – BKID0000070.Online generated transaction Acknowledgement should be sent by email on [email protected] along with membership and payment details Members are requested to send their physical form to the association for Approval, Issuance and Office record. |
| Cash | Renewal form along with requisite amount will be accepted between 10.30 a.m. and 5.30 p.m. on all working days except Saturday at our Office at
Mazgaon Library – Mazgoan: 1st Floor, 104, GST Bhavan, Mazgaon, Mumbai – 400 010 Or Bandra Library – GST Bhavan, Ground Floor, A Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051. Or Mazgaon Tower- 8 & 9, Mazgaon Tower, 21, Mhatar Pakhadi Road, Mazgaon, Mumbai – 400 010. |
| Identity
(New Members) |
New Members should provide the following as Identity Proof : PAN, Aadhar Card, Constitution Document.
Address Proof(any one) : Electricity Bill / Passport/ Aadhar Card / Driving License/ Voter id/ Ration Card along with Membership Form |
| Identity Card (For Renewals) | Ordinary Local/Outstation Members should provide Two Photographs along with the Renewal Form for issue of I- cards. |
| Online Payment Link | Members can make online payment on our website www.gstpam.org. Members are requested to download Members Renewal form from website.Update the latest details in the form, scan it and mail at email [email protected]
Payment Link : https://www.gstpam.org/online/renew-membership.php If you are login first time? Click here for create your password |
We value your continuation of the membership and look forward to your renewal to this effect.
Dated:- 01.04.2024
Vinod Mhaske
Jatin Chheda
Hon. Jt.Secretary
|
Guidance Cell Email ID for queries Members can send their queries at [email protected] |
ORDER FORM FOR GSTPAM REFERENCER 2024-25
(Members are requested to take out the photocopy of the Order Form for booking)
To
The Convenor,
GSTPAM Referencer Committee
The Goods & Services Tax Practitioners’ Association of Maharashtra
Room No. 8 & 9, Mazgaon Tower, Mhatar Pakhadi Road,
Mazgaon, Mumbai – 400 010
Dear Sir,
Please book my/our order of GSTPAM Referencer for the year 2024-25 as given below.
| Sr. | Particulars | Price per copy if booked prior to 15th July 2024 | Price per copy if booked after to 15th July 2024 | Qty | Total RS. |
| 1 | GSTPAM Referencer 2024-25 Part I & II
(GST, VAT & Allied Law Referencer & Updated GST Rate schedules). |
700 | 750 | ||
| 2 | Courier Charges (For Outstation members only) (per set) | 130 | 130 | ||
| 3 | Courier Charges (For Local members only) (per set) | 100 | 100 |
Note:
- Referencer will be published in Part I & II (for GST, VAT & Allied Laws Referencer & Updated GST rate schedules).
- Applicants requiring more than 5 copies of the Referencer are required to give a request on their letter head along with the order form. Tax Practitioner’s Associations can place order in bulk quantity by making request on their letterhead signed by the Association’s President and Secretary.
- Applicants will be issued receipt at the time of placing of their order. Applicants are requested to bring receipt at the time of taking the delivery of the Referencer. No delivery of the Referencer shall be given, unless the receipt for payment is submitted at the counter. If the receipt for payment is lost, than no delivery of the Referencer shall be given.
The payment for the above order of………………………………………………………………………… (Rupees in words) is made herewith by Cash /Card /Cheque /Demand Draft No. ………….……dated …………drawn on……………………………………………… Bank……………… Branch, Mumbai.
Signature …………………………….
Membership Number…………………………………Address.……………………………………………….
Name ……………………………………………………………………………………………………………..………………………………………………
Office Tel No…………………………………… Residence Tel No………………………………
E-mail: …………………………………………. Mobile No.………………………………………
PROVISIONAL RECEIPT
Received with thanks payment of. ………………… from…………… vide
Cash /Card /Cheque /NEFT/Demand Draft No. …………………………. Date ……………drawn
on………………………………………………… Bank ………………………… Branch, Mumbai.
Signature ……………………………
Date…………………………………. Name of staff of GSTPAM……………………
Note:
- Please fill in all the details in the above form and send the same to the GSTPAM’s office at Tower or at Mazgaon library along with requisite payment.
- For Direct Deposit / NEFT payment – Bank of India, Mazgaon – Account No. 007020100001817, IFSC Code – BKID0000070. Acknowledgement of the same should be sent by email: [email protected] along with duly filled form.
- Online Payment Link : https://www.gstpam.org/online/purchase-publication.php
- Please mention your name and membership number on the reverse side of the Cheque / Demand Draft.
- The counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday.
- The Cheque / DD should be drawn in the name of “THE GOODS AND SERVICES TAX PRACTITIONERS’ ASSOCIATION OF MAHARASHTRA
| Topics |
| CHAPTER – I |
| • Basic Concepts of GST |
| • Time and Value of Supply of Goods and Services |
| • Input Tax Credits |
| • Determination of Nature of Supply |
| • Registration under GST |
| • Returns |
| • Payment of Taxes, Interest ,Penalties & Other levies |
| • Refunds |
|
CHAPTER – II |
| • Demand & Recovery |
| • Assessements and Audit Under GST |
| • Liability to pay in Certain Cases |
| • Inspections, Search, Seziure and Arrest |
| • Advance Ruling Provisions |
| • Appeals Provisions |
| • Offences and Penalties |
| • E-way Bill |
| • E-Invoice |
| • AAR Referncer 23-24 |
| • Input Service Distributor & Cross-Charge |
| • TDS/TCS Provisions |
| • GST Composition Scheme |
| • Reverse Charge Mechanism |
| • Anti-Profiteering Provisions |
|
CHAPTER – III |
| • GST Rates of Taxable Goods |
| • GST Rates for Taxable Services |
| • Index of Exempted Goods |
| • Index of Notified Exempted Services |
| • Index of Notified Goods under RCM |
| • Index of Notified Services under RCM |
|
CHAPTER – IV |
| • Gist of Important Judgments of the Tribunals, High Courts and Supreme Court |
| • Central Sales Tax Act, 1956 |
| • Maharashtra State Tax on Professions Trades, Callings & Employments Act, |
| • The Maharashtra Stamp Act, 1958 |
| • Maharashtra State Budget Highlights 2024-2025 |
LATEST CASE LAWS ON GSTCompiled by CA. Aloke R. Singh |
|
2024 (7) TMI 748 – MADRAS HIGH COURT
TVL. SREERAM SPHEROIDS AND GRAPHITES PRIVATE LIMITED, REPRESENTED BY ITS MANAGING DIRECTOR MR. VENKATESAN DEENATHAYALAN VERSUS THE ASSISTANT COMMISSIONER (ST) , COIMBATORE
No.- W. P. No. 16689 of 2024 And W. M. P. Nos. 18330 & 18331 of 2024
Dated.- July 9, 2024
Challenge to assessment order – mismatch between the taxable turnover reported in GSTR 9 and GSTR 3B – HELD THAT:- As regards the mismatch between the taxable turnover reported in GSTR 9 and GSTR 3B, it was recorded that the differential turnover is Rs. 1,17,31,242/-. Instead of treating such differential turnover as taxable supply and computing tax thereon at the applicable rate, it appears that tax of Rs. 1,17,31,242/- has been apportioned between CGST and SGST. By considering the petitioner’s reply to the show cause notice, defect no.2, defect no.4, defect no.6, defect no.7 and defect no.8 were dropped. As regards defect no.1, the petitioner has placed on record the annual return whereby the mismatch between GSTR 1 and GSTR 3B was reconciled by reflecting the value of credit notes. As regards defect no.5, the petitioner shall pay the interest, as agreed to, unless waiver is granted in the interregnum pursuant to the recommendations of the GST Council. As regards defect nos.9 and 10, the petitioner has agreed to remit 10% of the disputed tax demand as a condition for remand.committed by them upon being pointed out by this Court, it is found that such litigation whenever it arises to be wholly avoidable – petition disposed off.
The impugned order dated 29.12.2023 is partly set aside only in so far as defect no.1, defect no.3, defect no.9 and defect no.10 are concerned subject to the petitioner remitting 10% of the disputed tax demand as regards defect no.9 and defect no.10 within 15 days from the date of receipt of a copy of this order. Upon being satisfied that 10% of the disputed tax demand, as stated above, was received, the respondent is directed to provide a reasonable opportunity to the petitioner, including a personal hearing, and thereafter issue a fresh order within a period of three months from the date of receipt of a copy of this order.
Petition disposed off.
M/S. M.R.V. TRADERS REPRESENTED BY ITS PROPRIETOR SIVAKUMAR VERSUS THE ASSISTANT COMMISSIONER (ST) (FAC)
Dated:- 9-7-2024
In: GST
W. P. No. 16603 of 2024 And W. M. P. Nos. 18207 & 18208 of 2024
Violation of principles of natural justice – order challenged on the ground of non consideration of the petitioner’s reply – wrongful availment of input tax credit – HELD THAT:- The respondent did not closely examine the documents submitted by the petitioner, such as invoices, e-way bills, etc. Instead, a conclusion was drawn that the petitioner failed to establish movement of goods. In these circumstances, re-consideration is necessary.
The impugned order dated 17.08.2023 is set aside on condition that the petitioner remits 10% of the disputed tax demand as agreed to within fifteen days from the date of receipt of a copy of this order and the matter is remanded for re-consideration. Within the said period, the petitioner is permitted to submit additional documents, if any – petition disposed off.
2024 (7) TMI 744 – DELHI HIGH COURT
SAHIB TEXTILES PRIVATE LIMITED VERSUS SALES TAX OFFICER CLASS II/AVATO WARD 206, ZONE 11, DELHI & ORS.
No.- W. P. (C) 9135/2024 CM APPL. 37366/2024 CM APPL. 37367/2024
Dated.- July 8, 2024
Violation of principles of natural justice – impugned order has been passed without considering any of the contentions raised by the petitioner pursuant to the SCN – HELD THAT:- It is noticed that the petitioner in his reply to the SCN has set out the ledger account in respect of the supplies received from eight named suppliers along with the bills. However, the impugned order does not refer to the same or provides any reason why the petitioner’s claim was found to be unmerited.
The impugned order also indicates that since the petitioner’s reply was found to be unsatisfactory, an opportunity of personal hearing was granted to the petitioner. This is incorrect. The petitioner claims that date of personal hearing before the Proper Officer was mentioned in the SCN – which was obviously prior to petitioner’s reply to the SCN – and not pursuant to any queries that the concerned officer had in respect of the reply to the SCN.
It is considered apposite to set aside the impugned order and remand the matter to the concerned officer for consideration afresh – petition allowed by way of remand.
2024 (7) TMI 743 – CALCUTTA HIGH COURT
MITALI SAHA VERSUS STATE OF WEST BENGAL & ORS.
No.- WPA 14092 of 2024
Dated.- July 8, 2024
Violation of principles of natural justice – service of SCN – SCN u/s 73 of the said Act was not uploaded in the “view notices and orders” section of the portal – Challenge to notifications dated 5th July 2022 and 31st March 2023 issued under Section 168A of the CGST/WBGST Act, 2017 –
HELD THAT:- Admittedly, in this case it is noticed that the show cause notice issued under Section 73 of the said Act was not uploaded in the “view notices and orders” section of the portal. It is, however, not in doubt that by email communications the petitioner was informed with regard to the exact location of the show cause notice on the portal. Such fact would corroborate from the email communications which remains uncontroverted. Be that as it may, since there was some confusion with regard to uploading of the show cause and the order and especially taking into consideration the fact that the dashboard of the portal has been re-designed, the petitioner should be permitted to challenge the aforesaid adjudication order dated 6th December 2023 passed under Section 73(9) of the said Act before the appellate authority.
In the event, the petitioner approaches the appellate authority within 30 days from date and files an appeal along with an application for condonation of delay, the appellate authority, by condoning the delay shall hear out and dispose of the appeal on merits by passing a reasoned order, within a period of 12 weeks from date of filing of the said appeal upon giving an opportunity of hearing to the petitioner, subject to the petitioner complying with the requirement for pre-deposit, as is required for maintaining an appeal under Section 107 of the said Act.
Petition disposed off.
2024 (7) TMI 675 – SC ORDER
BHARAT BHUSHAN VERSUS DIRECTOR GENERAL OF GST INTELLIGENCE, NAGPUR ZONAL UNIT THROUGH ITS INVESTIGATING OFFICER
Grant of anticipatory bail – person summoned under Section 69 of the Central Goods and Service Tax Act 2017 for the purpose of recording of his statement – HELD THAT:- The High Court committed no error in cancelling the anticipatory bail granted by the trial court. However, in the facts and circumstances of the case, liberty is granted to the petitioner to invoke the writ jurisdiction of the concerned High Court under Article 226 of the Constitution.
If any writ petition is filed in the High Court, the same may be considered in accordance with law – SLP disposed off.
No.- Special Leave to Appeal ( Crl. ) No. 8525 / 2024
Dated.- July 5, 2024
Citations:
THE STATE OF GUJARAT ETC. Versus CHOODAMANI PARMESHWARAN IYER & ANR. ETC. – 2023 (7)TMI1008–SupremeCourt
Director General of GST Intelligence, Nagpur Versus Bharat Bhushan – 2024 (4) TMI 850 – BOMBAY HIGH COURT
HON’BLE MR. JUSTICE J. B. PARDIWALA And HON’BLE MR. JUSTICE UJJAL BHUYAN ( VACATION BENCH )
For the Petitioner : Mr. Rajiv Malhotra , Adv. Mr. Shubham Bhalla , AOR Mr. Rohit Pandey , Adv
ORDER
UPON hearing the counsel the Court made the following.
- We have heard Mr Rajiv Malhotra, the learned counsel appearing for the petitioner.
- It appears from the plain reading of the impugned order passed by the High Court that the anticipatory bail granted by the trial court came to be cancelled following the dictum as laid in the order passed by this Court in SLP (Crl) No 4212-4213 of 2019 (The State of Gujarat vs Choodamani Parmeshwaran Iyer) decided on 17 July 2023.
- In the said Special Leave Petition, this Court took the view that if any person is summoned under Section 69 of the Central Goods and Service Tax Act 2017 for the purpose of recording of his statement, the provisions of Section 438 of the Code of Criminal Procedure cannot be invoked.
- We are of the view that the High Court committed no error in cancelling the anticipatory bail granted by the trial court. However, in the facts and circumstances of the case, we grant liberty to the petitioner to invoke the writ jurisdiction of the concerned High Court under Article 226 of the Constitution. We are further persuaded to protect the petitioner for a period of six weeks from today.
- If any writ petition is filed in the High Court, the same may be considered in accordance with law. However, for a period of six weeks from today, there shall not be any arrest of the petitioner.
- The Special Leave Petition is accordingly disposed of.
- Pending applications, if any, stand disposed of.
2024 (7) TMI 666 – TELANGANA HIGH COURT
M/S. AARUSH ENTERPRISES VERSUS THE COMMISSIONER
Dated:– 2-7-2024
In: GST
WRIT PETITION No. 14809 OF 2024
Challenge to provisional attachment of bank account – completion of one year’s period – HELD THAT:- The language employed in Section 83 of the CGST Act makes it clear that it is couched in a mandatory language and therefore, we find no difficulty in holding that impugned provisional attachment order dated 19.05.2023 cease to have effect on expiry of period of one year from the date of issuance of order i.e. 19.05.2023.
Petition disposed off.
2024 (7) TMI 613 – ALLAHABAD HIGH COURT
M/S NANHEY MAL MUNNA LAL VERSUS ADDITIONAL COMMISSIONER AND ANOTHER
No.- Writ Tax No. – 1036 of 2022
Dated.- July 4, 2024
Challenge to order passed u/s 129 (3) of Goods and Services Tax Act, 2017 – mistake of mentioning the date on E-way Bill and Tax Invoice – HELD THAT:- It transpires that there is only a mistake of mentioning the date on E-way Bill and Tax Invoice, which is a bona-fide typographical error on the part of person who generated the same, as such, it’s a minor error, therefore it cannot be held that there was mens rea of evading tax, which is essential for imposing penalty.
The ground of mentioning wrong date in the E-way Bill cannot be drawn against the petitioner. Further, the material has been brought on record as Annexure No.10 to the present writ petition, that selling dealer is having active GSTIN and the said fact has not been disputed by the respondents in the counter affidavit. Furthermore, merely because Trimbakeswar Steels i.e. the selling dealer has shown the office in some flat, will not entitle the respondents to draw any adverse inference against the petitioner until and unless, some cogent material has been brought on record.
The record reveals that the inference has only been drawn against the petitioner on surmises and conjectures, which cannot be permitted in the eye of law. Therefore, no adverse inference can be attributed to the petitioner with regard to evasion of tax.
The impugned order cannot sustain and the same is set aside – Petition allowed.
| GIST OF TRIBUNAL JUDGEMENTS (VAT)
Compiled by CA Rupa Gami |
|
- M/s Pfizer Animal Pharma Pvt. Ltd. in Vat S.A. Nos. 60 and 61 of 2023 decided on 11/03/2024
The appellant had inadvertently included the turnover of his agent in his books of accounts and the branch transfers of the agent have also been recorded in the books of the appellant. Part payment was made of 10% and stay was demanded of the balance amount. It was held by the Tribunal that the demand has arisen not due to non-submission of declaration forms but for other reasons and therefore the payment so made of 10% as pre-deposit should suffice. The appeal be admitted and stay be granted.
(Petitioner represented by Adv. V.P.Patkar) - M/s Sai Sanket Enterprises in Vat S.A. No. 172 and 173 of 2023 decided on 18/03/2024
The appellant was dealing in water flow control valves and allied parts used in water supply irrigation projects. Appeal was filed due to disallowance of sale in the course of imports, levy of CST on “No Commercial Invoices” in respect of defective parts replaced by the appellant and disallowance of sales against H Form.
Sale in the course of imports- It was argued by the appellant that it had received the purchase order from the principal contractor for supply of goods which were to be procured from the foreign supplier. The contractor had received the purchase orders from the Orissa Government. The contractor provided the Custom Duty Exemption Certificate received from the concerned District Magistrate containing the list of items which could be imported without payment of customs duty as per the Customs Act. The appellant after importing the material as per the Customs Duty Exemption Certificate, took delivery of the said goods and dispatched these goods to the State of Odisha. It was held that the goods imported are pre- approved as per the Customs Duty Exemption Certificate and are marked for use in the specified project. The appellant has to get a favorable report from Third Party Inspection Authority to apportion thses goods to a specified project. Thus, there being an inextricable link between the import of goods into the territory of India and its ultimate use in the specified water supply irrigation project, the transaction satisfied the requirements of sale in the course of imports as per section 5(2) of the CST Act and was exempt from tax.CST on defective parts replaced- The appellant had replaced certain defective parts for which it did not receive reimbursement from the contractor. CST was levied on the value arrived at of such replaced parts. The Tribunal held that since the transaction requires detailed verification of facts by production of sale bills, ledger accounts of customers and underlying agreement and these details are not produced, the claim could not be allowed.Sale against H Form- The goods originated from Israel and directly reached Bangkok without crossing customs boundaries of union of India and thereby rendering the transaction beyond the purview of levy of CST. Just because the appellant had shown this transaction as against H Form, it does not alter the nature of the transaction. Therefore, the levy of CST to be set aside.
(Petitioner represented by STP Deepak Kamtikar) - M/s CJEX Biochem Pvt. Ltd. in Vat Appeal No. 20 of 2020 decided on 15/03/2024
The assessing authority on remand passed order under section 23(5) of MVAT Act disallowing set off and on account of suspicious / hawala dealers. Section 26 amendment came into force from 15th April, 2017. Hon’ble Bombay High Court in the case of Anshul Impex Pvt. Ltd. passed an order on 28.09.2018 stating that the Tribunal shall consider the appeal even without pre-deposit. On rejection of first appeal on the ground of pre-deposit, the appellant preferred the second appeal. During the course of proceedings before the Tribunal, an order was passed by the Bombay High Court in the case of United Projects. Adhering to the principles laid down in the judgement, the appellant deposited 10% of the tax amount as pre-deposit. Considering the deposit of 10% of tax having made, the Tribunal set aside the first appeal order and remanded it to the first appellate authority.
(Petitioner represented by Adv. D.B. Harnesha) - M/s Dilshad Trading Co. Pvt. Ltd. in S.A. No. 22-24 of 2023 decided on 05/03/2024
Restoration application rejected by first appellate authority on the ground that the appellant has not brought to the notice of the authority that the date on which the appellant was called was a holiday and thereafter also nobody from the appellant side attended for completion of the matter. It was also submitted that the investigation wing had seized a number of books of accounts which were in custody with the department and the same could have been verified at their end. It was held by the Tribunal that the first appellate authority had erred in rejection of restoration whereas in fact on realizing the mistake committed by the office of DC Appeals, he should have immediately restored the matter.
(Petitioner represented by Adv. Nikita Badheka) - M/s Prayag Food Pvt. Ltd. in Vat S.A. No. 788 of 2018 decided on 15/03/2024
The appellant was importer, manufacturer and reseller of food items like ‘Vermicelli’ viz ‘Sheviya’. In assessment and in first appeal the product was considered as falling under residuary entry E-1 with 12.5% rate of tax. The appellant had treated this product ‘Sheviya’ as falling under entry A-9(A)(b) of the MVAT Act. The appellant contended that under the BST Act, the product was treated as tax free under schedule entry A-10 supported by various judgements of the Hon’ble High Courts, the jurisdictional High Court and Supreme Court. The Tribunal observed that the Schedule entry A-10 under the BST Act included cereals and pulses in all forms and flour including atta, maida, besan, suji and bran prepared therefrom but excluding maize flour. Therefore, the product ‘Sheviya’ was exempted. However, under the MVAT Act, Entry A-9(A)(b) includes flour of wheat and rice including atta, maida, rawa and suji, whether sold singly or in mixed form. In the Entry A-9(A)(b), the words “in all forms” are missing, the words used are “in mixed forms”. Thus, the judgement of the first appellate authority was proper.
(Petitioner represented by STP B.P.Shinde)
DGFT & CUSTOMS UPDATE
By CA. Ashit K. Shah |
|
-
- Notifications issued under Customs Tariff:
Notifications No Remark Date 26/2024 –
Customs
Extension of exemption on specified defence equipment imports for an additional five years viz. steam turbines, internal combustion engines, turbojets, aircraft, helicopters, missiles, and associated equipment imported by the Ministry of Defence or defence forces of India are exempt from customs duty until 30th June, 2029. The exemption applies when accompanied by a certificate from a Ministry of Defence officer certifying the goods’ technical specifications and intended use solely for defence purposes. Moreover, exemption from payment of IGST was also proposed in the 53rd GST Council Meeting held on 22nd June, 2024. 27-06- 2024 09/2024 –
Customs (ADD)
Impose or levy of Anti-dumping duty on provisional basis on import of ‘Poly Vinyl Chloride Paste Resin” falling under tariff item 3904 10 10, 3904 10 20, 3904 10 90, 3904 21 00, 3904 22 00, 3904 30 10, 3904 30 90, 3904 90 00, 3904 40 00 and 3904 90 90, originating in or exported from China PR, Korea, RP, Malaysia, Norway, Taiwan and Thailand, and imported in to India, for a period of 6 months from the date of publication of notification. 13-06- 2024 10/2024 –
Customs (ADD)
Impose or levy of Anti-dumping duty on import of ‘Sodium Cyanide” falling under tariff item 2837, originating in or exported from China PR, European Union, Japan and Korea RP, and imported in to India, for a period 5 years from the date of publication of notification. It was further provided that classification provided under this notification is indicative only and not binding on the scope of the product under consideration.
27-06- 2024 11/2024 –
Customs (ADD)
Impose or levy of Anti-dumping duty on import of “alloy steel chisel/ tool and hydraulic rock breaker in fully assembled condition” falling under tariff item 8431 4930 and 8431 4990, originating in or exported from China PR and Korea RP, and imported in to India, for a period 5 years from the date of publication of notification. 27-06- 2024 12/2024 –
Customs (ADD)
Impose or levy of Anti-dumping duty on import of “Easy open ends of tin plate, including electrolytic tin plate (ETP), measuring 401 Diameter (99MM) and 300 Diameter (73MM) in dimension” falling under tariff item 8309 9090, originating in or exported from China PR and imported in to India, for a period 5 years from the date of publication of notification. The followings are not covered in the scope of product:
- Easy open ends that are manufactured of materials other than tin plate, such as aluminium, tin free sheet etc.;
- Easy open ends having dimensions other than 401 Diameter (99MM) and 300 Diameter (73MM) of any make/input material.
- Easy open ends of partial or short aperture of any make and dimension.
27-06- 2024 12/2024 –
Customs (ADD)
Impose or levy of Anti-dumping duty on provisional basis on import of “Telescopic Channel Drawer Slider” falling under tariff item 83024110, 8302 4190, 83024200 and 83024900, originating in or exported from China PR and imported in to India, for a period 6 months from the date of publication of notification. It was further provided that classification provided under this notification is indicative only and not binding on the scope of the product under consideration.
- Clarifications under Customs :
Notifications No Remark Date 06/2024 Clarification on applicability of Custom Duty on Display Assembly of a cellular mobile phone. 07 -06 -2024 07/2024 Launch of Exchange Rate Automation Module (ERAM). The automated system of ascertaining and publishing of exchange rates, as above, shall come into force from 1st July, 2024 upon which the existing system of notifying exchange rates through a notification would be dispensed with. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing.
25 -06 -2024 - Notifications issued under DGFT:
Notifications No Remark Date 14/2024-25 Import policy of ‘Glufosinate and its salts’ falling under tariff 3808 9390 has been revised. Henceforth, Glufosinate and its salts having any technical name, IUPAC name and CAS No. etc. shall be “prohibited” for import. However, import is “Free” for CIF value of Rs. 1289/- or above per Kg. The said policy condition shall be reviewed after a period of one year from the date of publication of this Notification. 03 -06 -2024 15/2024-25 Export policy of “Broker Rice” to Senegal and Gambia through National Cooperative Exports Ltd. (NCEL) for the quantity notified vide N. No. 46 dated 30-11-2023 viz. 5 Lakhs MT & 50,000 MT in six months’ time, has been further extended for the period of 6 months, till 30-11-2024. 05- 06 -2024 17/2024-25 The import policy of “Jewellery of precious metals or of metal clad with precious metals” falling under tariff 7113 1912 to 1915 and 7113 1960 amended whereby as per revised policy, import is “Restricted” from “Free” with immediate effect. However, imports under 7113 1912 to 1915 shall be permitted without restricted import Authorization under a valid INDIA- UAE CEPA TRQ. 11 -06 -2024 18/2024-25 Export policy of “non-Basmati Rice” falling under tariff 1006 3090 to Malawi and Zimbabwe through National Cooperative Exports Limited of 1,000 MT to each country is notified. 19 -06 -2024
- Notifications issued under Customs Tariff:
RBI MONETARY POLICY – REPO RATE EFFECTSCompiled By By Mr. Tushar P. Joshi |
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Recently RBI Governor Shri. Shaktikanta Das who is the 25th Governor of RBI announced that the monetary policy committee unanimously decided to keep the Repo Rates unchanged @ at 6.5%.
So according to me it’s a good time to get into long duration funds with yield over 8%, as long term yields may drop to around 6.75% by end of December 2024. It will be beneficial for those investor who have invested in long term funds. But if rates don’t fall, in that case, it may give negative or low returns.
Effects of the same on Bank Deposits, according to me, will be beneficial for the investors who desire the assured safe returns. I feel it is a good time to lock in at high rates before the Banks start reducing the Fixed Deposits rates. One should segregate the F.D’s, in 6 months and 12 months period with different maturity dates so that as and when the FD matures, it will be available to reinvest at higher rates at later dates.
But if we do not have immediate liquidity, one can think of recurring deposit scheme also, because the recurring rate will remain fixed for the entire period, may be for 3 year to 5 years duration.
The Home loan borrowers must be disappointed as the rates remained high. But the same may be the consolation for them that EMI’s also will remain steady and it will not go up.
One must check whether the loan is under External Benchmark based Lending Rate (EBLR)? If not, I suggest shifting to EBLR regime where the interest rates are lower and transmission of rates change is much quicker. As the rates may not be changing for next three quarters borrower should strongly consider for repayments, partly, whatever fund is available. This will be helpful to those whose balance tenure is still for next 10-15 yrs. It may not much affect if balance duration is within next 2-3 yrs.
There are other different ways one can plan to reduce the EMI’s is to transfer loan to new lender, or to extend the tenure or even can request lender to reduce the rates if possible.
If credit the score is high it can also be one of the way which will help the lender.
| Members Name | Date of Birth |
| Latkar Abhay Vidyahdar | 11 – July |
| Bansal Jagdish Prasad | 11 – July |
| Bhagat Harishchandra Raghunath | 11 – July |
| Makwana Mukesh Narayandas | 11 – July |
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| Batra Preetam Radheshyam | 12 – July |
| Loni Shivsharanappa S | 12 – July |
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| Sanghvi Yogesh Meghji | 13 – July |
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| Sontakke Shraddha Sanjeev | 13 – July |
| Ebrahim Shabbir Kaderbhoy | 14 – July |
| Bhatia D. M. | 14 – July |
| Chheda Tansukh K | 14 – July |
| Narula Gawesh Bishan | 14 – July |
| Divekar Priti Gopal | 14 – July |
| Ramani Arvind Narayan | 14 – July |
| Gothi Deepak Naran | 14 – July |
| Sutaria Anil Kumar | 15 – July |
| Jain Indermal Ganeshmal | 15 – July |
| Panwar Dhoolsingh Kesar Singh | 15 – July |
| Phalguna Kumar E | 15 – July |
| Shah Shailesh Ramniklal | 15 – July |
| Sheth Hareshkumar K | 15 – July |
| Barnwal Santosh Harishankar | 15 – July |
| Mulye Bhushan Shriram | 15 – July |
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| Bodake Vinaykumar N | 15 – July |
| Yadav Sunil S. | 15 – July |
| Shende Suresh Ambarji | 15 – July |
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| Chauhan Alpesh N | 16 – July |
| Kallianpur Sadanand Annappayya | 16 – July |
| Gandhi Tushar Nayansukh | 16 – July |
| Patwardhan Prakash S. | 16 – July |
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| Keluskar Vinayak Anant | 20 – July |
| Ashar C. P. | 21 – July |
| Bapna Kailash C. | 21 – July |
| Mahadevan Subramanyam | 21 – July |
| Sail Vikas G. | 21 – July |
| Kamble Nitin Tulsiram | 21 – July |
| Mundada Rahul Pruthviraj | 21 – July |
| Bhat Sadanand V. | 22 – July |
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| Potdar Gaurav Ajit | 23 – July |
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| Dhand Mohit Kumar | 23 – July |
| Acharya Ashvin Amritlal | 24 – July |
| Chari Venktesh N. | 24 – July |
| Jakhotia Bharatbhushan Shivchandra | 24 – July |
| Yadav Darasing Badriprasad | 24 – July |
| Jain Mohit Sushil | 24 – July |
| Shah Mukesh A. | 25 – July |
| Shah Anil L | 25 – July |
| Joshi Jayant R | 25 – July |
| Agarwal Harish S | 25 – July |
| Badjate Sushilkumar S | 25 – July |
| Patel Ashish Shyamjibhai | 25 – July |
| Jain Kamlesh Indramal | 26 – July |
| Khairnar S. A. | 26 – July |
| Dayma Yogesh Gokulchandra | 26 – July |
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| Gala Dilip Shamji | 27 – July |
| Puranik Yogendra Ramesh | 27 – July |
| Puranik Yogendra Ramesh | 27 – July |
| Kharde Vaishali Bhausaheb | 27 – July |
| Morale Subhash Gopinath | 28 – July |
| Shaikh Mohammed Ashfaque Mohamed Husain | 28 – July |
| Samant Sadanand Prabhakar | 28 – July |
| Desai Sudhanshu H. | 29 – July |
| Mulla Javed Jafar | 29 – July |
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| Pandey Ramesh Shrinath | 30 – July |
| Somaiya Vipul M | 30 – July |
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| Acharya Sanjay Ramesh | 31 – July |
| Jain Rekha Kantilal | 31 – July |
OUR PUBLICATIONS AVAILABLE FOR SALE
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GSTPAM News Bulletin Committee for Year 2023-24
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