"01 April 2020" Archive

Clarifications on refund related issues – Circular 135/05/2020-GST

CBEC has issued Circular No. 135/05/2020-GST dated 31/03/2020 clarifying certain confusions under refund of GST. The summary of same reproduced below: 1. Bunching of refund claims across Financial Years: Vide circular No 125/44/2019-GST dated 18.11.2019, claiming refund by bunching across different Financial years was restricted. As per t...

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Services rendered by appellant in J&K were exempted services

ECIL Rapiscan Ltd. Vs Commissioner of Central Excise, Customs & Service Tax (CESTAT Hyderabad)

ECIL Rapiscan Ltd. Vs Commissioner of Central Excise (CESTAT Hyderabad) In view of the above, we find that this is a fit case to be remanded to the original authority to re-determine the amount of cenvat credit which needs to be disallowed, the interest thereon and the appropriate penalty as follows: (i) while computing the […]...

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Clubbing of GST Refund Claim across Financial Years is Permissible

Need for clubbing of refund claim across financial years arises while claiming refund of  Input Tax Credit for exports, It is possible that input tax credit may be received in a month while exports may be made in subsequent month....

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Amusement parks entitled to only one benefit either U/s. 3(2) or U/s. 3(5)(a) of Bombay Entertainments Duty Act: SC

State of Maharashtra & Ors. Vs PAN India Paryatan Limited & Anr. (Supreme Court of India)

State of Maharashtra & Ors. Vs PAN India Paryatan Limited & Anr. (Supreme Court) Once an admission ticket is granted, it is not in terms of Section 3(2) of the Act but only in terms of Section 3(1)(b) of the Bombay Entertainments Duty Act, 1923. Section 3(2) of the Act has no applicability for a […]...

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GST- Impact of change in definition of Turnover of Zero-rated supply of goods 

Recently, the CBIC has issued a notification no. 16/2020-Central Tax, dated 23/03/2020 whereby certain amendments have been made in CGST Rules, 2017 (‘CGST Rules’).  Under this article, I have covered the amendment made in definition of ‘Turnover of Zero-rated supply of goods’ under Rule 89 (4) of the CGST Rules and its i...

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How to register TAN online & Request for Consolidated TDS/TCS file

eTutorial - Online TAN Registration and Request for Consolidated TDS/TCS file from TIN - Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format...

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Tax planning by conversion of stock in trade into capital asset

When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there does not arise any capital gain. If an assessee is in the business of real estate and on clo...

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TDS on Expense Provision for which no invoice been received

One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications. Following are the views expressed by the author in this respect. The ...

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Nil E-TDS Return, Nil Challan, When to file nil return

What is a Nil Return? What is the position for an assessee who has not made any payment at all in a quarter? What to do If for a quarter TDS return / statement are not filed and then the assessee receives a letter / notice from NSDL/ Income Tax Department for non-filing of e-TDS return/statement? When Assessee is required to file NIL TDS...

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How To Recover TAN Account?

What is the procedure to retrieve TAN - A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN. The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation a...

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