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Section 80C of Income Tax Act, 1961 offers an exemption to the individuals for the premiums paid for term insurance up to INR 1.5 lakh annually. Further, the death benefits that are received by a nominee of the policyholder are also tax-free.
Recently the government is focusing on ease and simplicity of returns, because of which the government has initiated certain steps to provide for rectification of tax invoices entered in GSTR 1 of the previous financial year.
ACIT Vs M/s. Asian Food Industries (ITAT Ahmedabad) This is a settled principle of law that the interest income for the purpose of ascertaining ceiling on the basis of book profit, the profit shall be in the profit and loss account. The interest income, thus, cannot be notionally be excluded for the purpose of determining […]
In re Storm Communications Private Limited (GST AAR West Bengal) The Applicant is not registered under Section 25(1) of the CGST Act in Tamil Nadu. The SGST and CGST paid on intra-state inward supply in Tamil Nadu are not, therefore, ‘input tax’ to the Applicant. The GST Act does not contain any concept of ‘input […]
Benefit of exemption from the payment of GST is not available to the Applicant under Notification No 12/2017-CT(Rate) dated 28.06.2017 and WB Govt Gazette Notification-1136-FT dated 28.06.2017, as amended, for the supply of Security Services and the bundle of service that he describes as ‘Scavenging Services’.
Sweeping Service that the Applicant supplies to the Housing Directorate of the Government of West Bengal, cannot be classified as an activity in relation to any function entrusted to a Panchayat under Article 243G of the Constitution or in relation to any function entrusted to a Municipality under Article 243W of the Constitution. The exemption under Sl No. 3 or 3A, as the case may be, of Notification No 12/2017-CT (Rate) dated 28.06.2017 and WB Govt Gazette Notification-1136-FT dated 28.06.2017 is not, therefore, applicable to such supplies.
In re Vedika Exports Tea Pvt Ltd (GST AAR West Bengal) The Applicant makes a composite supply to Hindustan Unilever Ltd, where the service of manufacturing tea bags from the physical inputs owned by the latter is the principal supply. It is classifiable under SAC 9988 and taxable at 5% rate under Sl No. 26(f) […]
In re Abhishek Tibrewal (HUF) (Avantika Industries) (GST AAR West Bengal) Since Springs of Iron and Steel, are specifically classifiable under Chapter Heading 7320, the general description under Chapter Heading 8607 is not applicable. Springs of iron and steel for railways are classifiable under HSN Code no. 7320 and taxable @ 18% under Serial No. […]
In re Dinman Polypacks Pvt. Ltd. (GST AAR West Bengal) TRU clarification under Circular No. 80/54/2018-GST issued under F. No. 354/ 432/2018-TRU dated 31/12/2018 in Para 7, sub-Para 7.4 clarifies that Polypropylene woven and non-woven bags and PP woven and non-woven bags laminated with BOPP would be classified as plastic bags under HS Code 3923 and […]
1) The following classes of taxpayers shall be exempted from obtaining registration: a. Suppliers of services, having turnover upto Rs. 20 lakh, making inter State supplies; b. Suppliers of services, having turnover upto Rs. 20 lakh, making supplies through e-commerce platforms.
