Tariff concessions under India-Japan CEPA

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Reference: Central Board of Indirect Taxes & Customs

Update:

Tariff concessions under India-Japan CEPA

CBIC has amended Notification No.69/2011-Customs wherein it exempts goods of the description as specified in column (3) of the Table as given in the notification. The goods in respect of which the benefit of this exemption is claimed are of the origin of Japan and so the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the table in the given notification.

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

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Update:

Tariff Notification in respect of Fixation of Tariff Value

CBIC has notified the Government of India in the Ministry of Finance (Department of Revenue) about fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy seeds, Areca Nut, Gold and Silver as prescribed in notification.

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Update:

Reduction in CGST rate on Maintenance, Repair and Overhaul (MRO) Services

CBIC seeks to reduce CGST rates on Maintenance, Repair or overhaul services in respect of aircrafts, aircraft engines and other aircraft components or parts and thus makes its entry in the notification no.11/2017-Central Tax (Rate).

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

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Update:

Change in CGST rate of goods

CBIC changed CGST rate of goods specified in notification no. on the recommendations of the Council, namely;

1. In Schedule 1, serial no. 187 relating to handmade safety matchboxes shall be omitted.
2. In Schedule 2, after serial number 75, 75A relating to \”all goods\” shall be added and serial no. 202 and 203 relating to telephones and parts for manufacture of telephones or other wireless networks shall be omitted.
3. In Schedule 3, serial no. 73 relating to matches other than handmade safety matches shall be omitted and in serial no. 379 which previously related to telephone sets shall now be substituted with the entry \”all goods\”.

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

Update:

Change in the place of supply for B2B MRO services

CBIC changed the place of supply of maintenance, repair or overhaul service in respect of aircrafts, aircraft engines and other aircraft components or parts supplied to a person for use in the course or furtherance of business, place of supply being the location of the recipient of service and hereby makes such changes in the notification no.4/2019- Integrated Tax.

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

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Update:

Reduction in IGST rate on Maintenance, Repair and Overhaul (MRO) Services

CBIC reduced IGST rates of serial no. 25 in notification No. 8/2017- Integrated Tax (Rate) which relates to Maintenance, repair or overhaul services in respect of aircrafts, aircraft engines and other aircraft components or parts to 5% which was previously 18%.

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

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Update:

Change in UTGST rate of goods

CBIC changed UTGST rate of goods specified in notification no. on the recommendations of the Council, namely;

1. In Schedule 1, serial no. 187 relating to handmade safety matchboxes shall be omitted.
2. In Schedule 2, after serial number 75, 75A relating to \”all goods\” shall be added and serial no. 202 and 203 relating to telephones and parts for manufacture of telephones or other wireless networks shall be omitted.
3. In Schedule 3, serial no. 73 relating to matches other than handmade safety matches shall be omitted and in serial no. 379 which previously related to telephone sets shall now be substituted with the entry \”all goods\”.

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Implication:

This notification shall come into force with effect from the 1st April, 2020.

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Reference: Central Board of Direct Taxes

Update:

HC directs Samir Narain Bhojwani to file ITR in paper form as he was unable to claim set off of losses through e-filing

Samir Narain Bhojwani (Assessee) was required to file his return of income electronically with his digital signature but the filed return were self-populated and the assessee could not change the figures to make a claim for set off. The assessee then pleaded that he should be allowed to file his ITR in paper form but HC cannot bar an assessee from making a claim for which he is entitled since in Rule 12 of the Income Tax Rules, the returns are to be filed by the petitioner only electronically and hence, is bound by the Act and Rules.

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Implication:

The issue was brought to the notice of CBDT, meanwhile assessee was required to file return in electronic form and also in paper form.

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