C.C.E. & S.T. Vs Hindalco Industries Limited (CESTAT Ahmedabad) Dross and Skimming were nonferrous metal for any such by-product or waste which are non-excisable goods and are cleared for a consideration from the factory need to be treated like exempted goods for the purpose of reversal of credit of input or input service in terms […]
Long Term capital gain and its affect in AY 2019-20
MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT.
Applicability Every registered person who causes movement of goods of consignment value exceeding 50,000 rupees ➢In relation to supply; or ➢For reasons out of state supply; – sales returns; stock transfer; movement for job work etc. Or; – due to inward supply from unregistered person shall, before commencement of movement, furnish information relating to the […]
Plethora of Obligations under Direct Taxes and GST during July 2018 – A case for extension/re-setting of due date of filing return of income. The tax professionals will be overloaded with obligations/compliances under the Income Tax and GST in the month of July 2018 which are summarized as under:-
Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai) Taxes borne by the assessee on non-monetary perquisites provided to employees forms part of Employee Benefit cost and akin to Fringe Benefit Tax since they are certainly not below the line items since the same are expressively disallowed u/s 40(a)(v) and the same do not constitute […]
A party cannot be called upon to perform an impossible Act i.e. to comply with a provision not in force at the relevant time but introduced later by retrospective amendment. S. 40(a)(i) dis allowance can be made only if the royalty falls under Explanation 2 to s. 9(1)(vi) but not if it falls under Explanation 6 to s. 9(1)(vi)
Facility to apply for Revocation of Cancellation of Registration has been enabled on GST Portal (refer Rule 23(1) of the CGST Rules, 2017) This form will enable Tax payers whose registration has been cancelled, via Suo-moto Cancellation route, to apply for revocation of their cancellation of registration.
Facility to apply for Advance Ruling has been enabled on GST Portal (refer Rule 104(1) of the CGST Rules, 2017). This form will enable an applicant to make an application, for obtaining advance ruling on the GST Portal and make required payment of fees.
GST law requires suppliers of goods and services to pass on any reduction in the rate of tax or the benefit of Input Tax Credit to consumers by way of commensurate reduction in prices. If this is not done, consumers can approach the National Anti-profiteering Authority (NAA), for redressal of complaints.
