ITO Vs Meera Thapa (ITAT Delhi) Assessee has sold agricultural land as it has been proved by the certificate of Tehsildar and other land records. He further held that merely because the land is declared as industrial land same cannot be held to be a capital asset and capital gain cannot be charged on sale […]
The confusion still persists about payment of CGST + SGST or IGST on intermediary services. We have tried to analyses the legal position and implications thereof. As per Section 2(13) of IGST Act: (13) “intermediary” means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods […]
Mumbai ITAT Ruling – Section 92 of the Act is not an independent charging section to bring in a new head of income or to charge tax on income which is otherwise not chargeable under the Act. Accordingly, the ITAT held that, if no income accrues or arises or is received by the assessee under […]
CIT Vs Shiv Agrevo Ltd. (Rajasthan High Court) The prevailing market rates of interest for the loans of permanent nature were between 18 per cent, to 24 per cent, whereas the cases compared by AO pertained to the loans of temporary nature and that the assessee had advanced money for the purpose of business needs. […]
In Notes to Account as well as Audit Report, the disclosure requirement relating to SBNs are not applicable for the Financial Year 2017-18 & subsequent years. Consequent disclosures may be made in the Financial Statements/Audit Reports.
The submission of Sri Vishwjit, learned counsel for the petitioners is that the seizure is on account of non filing Part-B of E-way Bill. Part-B of E-Way Bill requires the details of the vehicle carrying the goods and the destination.
GST is settling down and the council is the ray of hopes for further journey and so far. Although, we are trying to comply with the stringent provisions about availment of the Input Tax credit, we are still grappling with few of the input services. Typically, industry keeps importing inputs and capital goods from outside […]
It is hereby clarified that the MGSTD (State Tax) authorities should only verify the Transitional Credit in respect of MVAT and Entry Tax. In other words, the State Tax Authorities should not undertake the verification of the CENVAT credit pertaining to the Central Excise Act or, as the case may be, the Service Tax Act.
Maharashtra Govt issued Guideline on Legal aspects about the admissibility or inadmissibility of ITC under MGST Act and rules made thereunder and Quantification of eligible and in-eligible refund amount, and further process in this behalf vide Trade Cir. No. 22T of 2018 dated 01.09.2018 Office of the Commissioner of State Tax, (GST), 8th floor, GST […]
In re Raghav Productivity Enhancers Limited (GST AAR Rajasthan) Ramming Mass which is a Refractory Material, is classifiable under HSN code 3816 and would attract 18% rate of tax under GST (9% CGST + 9% SGST). Quartz powder obtained by crushing Quartz stones falls under HSN code 2806 and would attract 5% rate of tax […]
