"24 July 2020" Archive

Denial of ITC (inverted duty structure) invalid; Rule 89(5) ultra vires section 54(3) Provisions: Gujarat HC

VKC Footsteps India Pvt. Ltd. Vs. Union of India (Gujarat High Court)

High Court held that by prescribing the formula in Sub-rule 5 of Rule 89 of the CGGST Rules,2017 to exclude refund of tax paid on 'input service' as part of the refund of unutilised input tax credit is contrary to the provisions of Sub-section 3 of Section 54 of the CGST Act,2017 which provides for claim of refund of 'any unutilised input...

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Section 41(1) addition cannot be made merely for non-confirmation by creditors

Krishnaping Alloys Ltd vs ACIT (ITAT Mumbai)

Non-appearance or non-response of creditors could not be sole ground to draw an adverse inference against assessee, when assessee had filed necessary evidence to prove that liability was genuine in nature, which was subsequently paid back by converting said liability into share application money....

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Reverse Charge Mechanism on Goods & Services under GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means liability to pay the tax is on the person receiving goods/services instead of the person supplying the ...

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Credit Note Vs Discount | Section 15(3) | CGST Act 2017

My questions for examination in this article are 1. Whether credit note issued for reducing price towards goods supplied shall be treated as discount given or just reduce the price without treating it as discount given; 2. Whether the supplier can reduce tax liability on credit note issued for reducing price when there is no […]...

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OIDAR Services Under GST Regime

What is OIDAR? Online Information Database Access and Retrieval services (hereinafter referred to as OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. downloading of an e-book online for a payment woul...

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Section 54F exemption cannot be denied for Home Loan default

Goulikar Jawaharlal Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?...

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Upcoming changes in GST return filing & GST online portal

Upcoming changes in GST return filing & GST online portal GST has been the chest of confusion since its inception. With every new amendment & notification, Traders, Manufacturers etc. rides a roller coaster ride. This lockdown imposed by the government brought some stability & relaxations in this ride. This has given some time...

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Bonded Manufacturing- a new opportunity to manufacturers

Aatma Nirbhara Bharat is recent mission of the Central Government to promote manufacture in India. This is to ensure that India will be self-reliant and generate employment. Under the Invest India Scheme, the Central Government has introduced a facility called Bonded Manufacturing. Bonded manufacturing allows the manufacturer to import th...

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Presence of advocate during GST search proceedings

There is no provision in CGST Act 2017 indicating that GST search proceedings have to be carried out in presence of an Advocate and, thus, assessee's request for same could not be allowed....

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Section 44AD Linkage with Tax Audit under section 44AB updated by Finance Act, 2020

Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. ...

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