"14 May 2017" Archive

Goods and Services Tax : A Game Changer

The GST is likely to roll out on July 1, 2017. Given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, we conjecture that implementation of GST is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term....

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GST Issues, Perspectives and Way Forward

GST implementation brings several issues to the fore viz., determination of the revenue neutral rate, consensus on the divisible pool of resources, sharing the benefits of cesses, the administrative edifice and the technological platform. A dispute prevention mechanism would facilitate a smooth transition to the GST. The evolution in cent...

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SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India)

merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

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Interest on FDs for pre-operative period is taxable as Income from Other Sources

DRS Warehousing (South) Vs Income Tax Officer (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ...

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Irrecoverable Bad debt in the course of business allowable as trading loss

DCIT Vs M/s Linde India Ltd. (ITAT Kolkata)

It has been held that ‘even though the expenditure is not admissible for the computation of the total income either as a bad debt or as an expenditure wholly incurred for the purpose of business, still, it can be allowed as an expenditure as a trading loss if it arises directly from carrying on the business and is incidental to the busi...

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Delay in Rent Payment cannot be condoned for Wilful Defaulters: SC

Pawan Kumar Gupta Vs B. R. Gupta (Supreme Court of India)

Condonation of delay can take place only when the defaulting tenants so pleads with justifiable reasons which would show that he was prevented from compliance by circumstances beyond his control. The tenant has not offered any explanation for the delay in deposit of rents. Therefore, we do not find any justification to interfere with the ...

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Delhi HC condemns VAT dept for deliberate delay in issue of VAT refund

Asian Polymers Vs Commissioner of Trade & Taxes & Anr (Delhi High Court)

Recently, in Asian Polymers Vs. Commissioner Of Trade & Taxes & Anr, the Delhi High Court reiterated that re-assessment cannot be used as a tool for causing delay in processing the refund applications. While scrapping the assessment orders passed by the DVAT Department, the division bench criticised the Officials in harsh words. ...

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Exemption cannot be denied to a Trust merely for Profits from Publishing / Selling of School Books

Delhi Bureau Of Text Books Vs Director of Income Tax (E) (Delhi High Court)

The textbooks are provided by the Assessee to the students at subsidised rates. Even the textbooks books, reading materials and school bags are being distributed free to deserving students. The essential activity of the Assessee is connected with 'education' and nothing else....

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GST- ITC Reversal -If supplies are not paid within 180 days

We shall now deal with GST provisions in respect of reversal of input tax credit for supplies where payment is not made within one hundred eighty days. The due date is counted from the date of issue of invoice....

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Opportunities under GST for Company Secretaries

A Company Secretary can comprehensively interpret the law of GST and provide complete guidance and advisory to the business entities. Company Secretaries are more suited for their services because of their knowledge of laws and good communication skills....

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