The Taxable Event under GST is Supply of Goods or Services or Both. GST Law, by Levying Tax on goods and/ or services, departs from the Historical Concepts of Taxable Event under State VAT laws, Excise Laws and the Service Tax Laws i.e. Sale, Manufacture and Service Respectively.
Section 273B of the Act provides that in case of a reasonable cause, penalty otherwise exigible, inter alia, u/s 271C of the Act, cannot be imposed.
We are of the view that in the absence of any direct nexus between expenditure claim to the exempt income, the assessing officer cannot invoke the provisions of section 14A row with rule 8D(2) to disallow expenditure.
Issues with regard to slowness of AIOs [all-in-ones] have been brought to my notice. Discussions have been held with the representatives of M/S TCS, who are our vendors for the network/ AIOs and Wipro software application team. Accordingly following advisory is issued to the field formation for immediate action.
Big data analytics have taken huge step forward where Artificial intelligence has come into play where huge data is being programmed to simplify the human work. Medical science, Financial services are the new feathers in the cap apart from defense to critical segments.
The refund applications in respect of the Export of Goods with payment of tax-to be dealt by Custom Authorities. The refund application is respect of the following contingencies shall be dealt as given below:
It has come to the notice of this Directorate that importers who apply for authorization for import of restricted items are submitting their applications at the concerned Regional Authority of DGFT without paying the application fee at the time of submission of application.
The above modification/revision of SIONs would be effect from date of issue of Public Notice. Standard Input Output Norms (SIONs) A-343 and A-3488 for export product falling under the Chemicals and Allied Products Group has been amended.
It can be concluded that cess levied under the building and other construction workers cess act, 1996, is not an indirect tax, hence it is out of the ambit of goods and services tax act.
We should ensure the completeness of our input tax credit claim under GST with proper internal control and check system because it will involve financial impact in the company. This article discussing about some of the mandatory checklist we should maintain in our day to day system to ensure our input credit under GST.
