Gujarat High Court strikes down GST provision denying transfer of excise duty credits on goods purchased prior to June 30,2016
The Gujarat High Court, on 5th September 2018, in the case of, Filco Trade Centre Pvt. Ltd vs. Union of India, struck down section 140(3)(iv) of the Central Goods and Service Act, 2017 that prohibited the transition of excise duty credits for goods purchased more than one year prior to the introduction of the Goods and Services Tax on 1 July 2017.
Bombay High Court imposes fines on pharma companies for repeated infringement of copyright and selling illegal drugs
The Bombay High Court, on 10th September 2018, in the case of Shalina Laboratories Pvt Ltd and Anr vs. Twin Impex and National Laboratories, imposed a fine on several pharma companies cumulatively amounting to INR 1,50,00,000 (Rupees One Crore Fifty Lakh Only) for infringing the copyright the plaintiff had in respect of their pharmaceutical product “Tanzol”. The pharma companies in this case were selling the same drug under the name of “Inasol”
CBDT extends date for filing IT returns and audit reports from September 30, 2018 to October 15, 2018
The Central Board of Direct Taxes (CBDT), on September 24, 2018, issued a notification extended the deadline to file income tax returns for the financial year 2018-19 from September 30,2018 to October 15, 2018 for certain classes of taxpayers. The CBDT has taken this decision after taking into consideration of the representations made by various stakeholders.