In one of my cases namely M/s Shree Ganesh Roller Flour Mills Vs. The State of Punjab. Appeal No. 38 of 2015 decided on 10.09.2015 it has been decided by Punjab VAT Tribunal that mere bonafide mistake in calculating reversal of ITC does not attract penalty. The matter remanded back to DETC(A) for passing a […]
Central Government has imposed a new levy in the name of Swachh Bharat Cess (SBC). (Notification No. 21/2015 – Service Tax dated 06th November,2015). Rate of SBC is 0.50% and it will be levied on the value of taxable services. Now the new rate of service tax plus SBC would be 14.50%. Kindly charge 14.50% on the invoices raised on or after 15th November, 2015.
This festive season, service sector has witnessed imposition of Swachh Bharat Cess (SBC) in very hasty move by government. It was promised at the time of the budget that it would only be imposed on some services. Govt has gone back on its word. Further they have been left with very little time to prepare for this new tax. This owed to lack of clarity over various issues, holiday period and limited time between issuance of notification for levy and actual levy.
In the previous article, it was discussed in detail that what is meant by Principle of Destination and Origin Based Taxation and how they work. In this article I would dwell upon another key aspect of taxation i.e. Principle of Neutrality in Taxation. This principle is one of the key foundation principles alongwith the concept of destination based taxation upon which Goods and Services Tax has been implemented around the world.
Refund mechanism under GST: simplified and tech-based:-The report says that GST law shall provide for the cases in which refund claim can be filed. It states some of such cases as excess payment of tax by mistake, export of goods and services under rebate claim, refund of accumulated credit in case of exports, finalization of provisional assessment, refund of pre-deposit where the demand is dropped wholly or partly, refund of tax payment made by embassies or UN bodies, credit accumulation due to output tax being nil or concessional, etc.
Whereas the Official Liquidator attached to the Hon’ble High Court of Punjab and Haryana has moved the following application Under Section 481 of the Companies Act, 1956 for dissolution of the Companies enlisted below.
