Goods exempted from the GST regime Goods like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.
GST Council is all set to implement GST from July 1, 2017. Taxable event under GST is supply of goods or services as case may be. Hence, it becomes mandatory for us to obtain an understanding of TIME OF SUPPLY i.e. when the act will regard that supply has taken place and will require the payment of tax. In this article, I would like to discuss the point of time when it will be regarded that supply has taken place.
The Government of India Ministry of Finance Department of Revenue vide Circular No. 6 of 2016 of the Central Board of Direct Taxes 29th February, 2016 referring to the earlier circular No. 4 of 2009 dated 15th June, 2007 has laid down that in order to reduce litigation, the sale of listed shares would be treated as capital gain if they are held by the assessee for a period of more than 12 months immediately preceding the date of these transfers.
If appellant explained source of loans received by it and duly discharges the onus cast on him under section 68 of Income Tax Act 1961 than despite the fact that lender may have raised bogus share capital to advance funds to appellant does not mean that loan received by appellant can be treated as unexplained income under section 68 of Income Tax Act, 1961.
There is no provision in Service Tax Rules for inclusion of value of scrap as an additional consideration; only the amounts received towards taxable services are leviable to service tax.
Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)(vi) of the Act, we hold accordingly.
The appellant, an assessee under the KVAT Act, classified the product, “Appy Fizz” as fruit juice based drink under Entry 71 of the notification issued under Section 6(1)(d) of Act, 2003 paid @ 12.5% VAT. In the year 2007, the Department initiated assessment proceedings against one of the distributors of the assessee finding that the product, “Appy Fizz”, being an “aerated branded soft drink” is taxable @ 20%. The OT Revision filed against the order was dismissed by the High Court. The Special Leave Petition filed against the order was later permitted to be withdrawn.
Appellant is eligible for rebate of Central Excise duty paid on inputs used in the manufacture of export goods, even in case where customs duty component is claimed as drawback.
In fact, some justifications have already appeared in this behalf while discussing the matter on the application of doctrine of proportionality. What needs to be repeated is only that the purpose and objective behind the Act is to discourage and stop anti-competitive practice.
The Court finds that the concurrent findings of both the Commissioner of Income Tax (Appeal) and the ITAT are that the consistent treatment of the said transactions in the books of accounts of the Assessee and the volume and frequency of such transactions did not justify treating the income as business income.
