PNB fraud due to failure of internal control, says RBI.:      Celeb jeweller Nirav Modi named in PNB’s $1.77-b fraud. Bank suspends 10 officers, lodges complaint with CBI; more banks may be hit. :      Bombay High Court in a hearing on 6th Feb, 2018 says GST regime is not user friendly. :      GST Network Chairman Ajay Bhushan return simplification panel to meet industry this week to simplify the return filing process.:    Finance Secretary Hasmukh Adhia said the Government stares at a Rs 50,000 crore GST revenue shortfall in the current fiscal. :    E-Way Bill which was to be rolled-out on 1st Feb is deferred to month-end due to technical glitches.:      TN raked in 22% more GST at Rs 23,318 crore between Jul-Dec 2017, against Rs 19,018 crore under VAT in the corresponding period the previous year. :      MoS,Corp Affairs PP Chaudhary says in Rajya Sabha that Govt has detected GST evasion of Rs 5.70 Crores in 16 cases during Jul-Nov 2017 - 6th Feb 2018. :      FM, Arun Jaitley says that States are not in favour of bringing the petroleum products under GST. :      The Finance Secretary, Hasmukh Adhia says out of 7 lakh tax payers who opted for composition scheme 5 lakhs had a turnover less than Rs 5 lakhs pa, though the exemption limit is upto Rs 20 lakhs. :     

Mumbai Customs Revives Yacht Club

The Bombay Customs Yacht Club which was set up in 1980 by the then Customs Collector Shri J Dutta was revived after 10 years.

On 26th Jan, 2018, Republic Day this year, the Customs Cup Regatta 2018 - Mumbai Harbour Race  was held. There were a total of 42 yachts and 150 participants including customs officers participating in the event.

This brings up glorious memories when an Indian Customs Officer, Mr Gulshan Rai  set sail and circumnavigated the earth. He later went on to receive the Arjuna and Padma Shri Awards.

 

 

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  • 24th Jan 2018 - Allahabad High Court directs Govt to extend the period to file GST Tran-1 as petitioner's application for transitional credit as  electronic GST system was not accepted on the last date i.e. 27.12.2017. As a result, the petitioner was likely to suffer loss of credit due to delay. - Continental India Private Limited  Vs UOI & Ors
  • 6th Feb 2018 - Bombay High Court passed an order against a petition filed on GST. The petitioner was unable to access GST Network. E-Way Bills are yet to come into force and without it,  petitioner was unable to move goods anywhere, paralysing its business and making it unable to comply. Though the petitioner was provided partial access after the petition was filed, they are still unable to file returns. Payment of tax was not possible without filing return. The matter was posted for another hearing on 16th February.
    The Court noted that similar grievances were raised before the Allahabad High court in Continental India Private Ltd. Vs UOI Writ (Tax) No. 67 of 2018. The Division Bench directed the respondents to reopen the portal and and entertain the application of the petitioner. - Abicor and Binzel Technoweld Pvt. Ltd. V/s UOI

Economic Survey of India 2017-18

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Brief update on CESTAT judgements passed during June 2016 to July 2016. Please note this update is not a summary of the cases but only leads on important issues decided. The links to the judgments are also provided for the full text.

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