Articles deal with Section 175 of revised model GST Law on Inputs removed for job work and returned on or after the appointed day.
Now, the process of removing the name of the company from register of Registrar has been simplified. Now instead of sending several notices as required in section 560 of the Companies Act, 1956
One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land.
SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by parent company to protect its investment made in subsidiary.
