"26 August 2020" Archive - Page 4

Definition of Supply – Section 7(1) of CGST Act, 2017

Section 7(1) of CGST Act, 2017 states that the expression ‘Supply’ includes: 1. all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; 2. import […]...

Interest Payment on net GST Liability w.e.f. 1st September 2020

1. Notification No 63/2020 – Central Tax dated 25th August, 2020 – CBIC has issued Notification No 63/2020 – Central Tax dated 25th August, 2020 bringing into effect the provisions of Sec 100 of the Finance Act, 2019, which is reproduced below – Sec 100. In section 50 of the Central Goods and Services Tax […]...

Judicial View – Withholding Refund u/s 241A of Income Tax Act, 1961

In this article we are going to discuss the judicial view to the provisions of section 241A inserted by Finance Act, 2017. However, prior to that, it would be prudent that due regards be given to the provisions prevailing prior to the Finance Act, 2017. 1. Legislative Background 2. Processing of Return prior to Finance […]...

Who is Service Recipient – Exporter’s Bank or Exporter himself

Service tax was first introduced in India in 1994 and was only levied on 3 services. Gradually, this net kept on widening and more and more services were added to the list of taxable services. In 2012, India moved from charging Service tax on specified services i.e. positive list regime to all services except for […]...

Interest on Delayed Payment of Tax – on Gross or Net Tax Liability – Bone of Contention Remains

Interest on Delayed Payment of Tax – on Gross or Net Tax Liability – Bone of Contention Remains There has been a big controversy that whether interest on delayed payment of tax has to be paid on gross tax liability or net tax liability paid through electronic cash ledger after adjustment of input tax credit? […]...

Amount/Stock disclosed during survey is part of book profit for section 40(b)

Jadhav Kangralkar Builders Vs ACIT (ITAT Pune)

Jadhav Kangralkar Builders Vs ACIT (ITAT Pune) We find that there is no dispute regarding the business of assessee and earning Rs.200/- extra over and above regular income for selling 37,752 sq. ft. in Aayodhya Nagari project. From the day one i.e. from date of survey as discussed above, the assessee was contended the amount […]...

Taxability on Sale of Agriculture Land under Income Tax Law

Any gain or loss arising from transfer of Capital Asset shall be considered as a Capital Gain or Loss as the case may be. Section 45(1) of the Income Tax, 1961, is charging section and provides that- ‘Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, […]...

Place of supply for import & export of goods & services under IGST

Introduction The Constitution mandates that no tax shall be levied or collected by a taxing Statute except by authority of law. While no one can be taxed by implication, a person can be subject to tax in terms of the charging section only. This is the charging provision of the IGST Act. It provides that […]...

Impact on Valuation of used waste sand which is of the value ‘Nil

In re Kolhapur Foundry and Engineering Cluster (GST AAR Maharashtra)

In re Kolhapur Foundry and Engineering Cluster (GST AAR Maharashtra) The question raised by the applicant is ‘The used waste sand which is of the value NIL Refer separate Valuation Certificate by Engineer) will have any impact on Valuation?.’ The jurisdictional officer has submitted that, as regards the second question, valu...

Sale of TDR/FSI leviable to GST: AAAR

In re Vilas Chandanmal Gandhi (GST AAAR Maharashtra)

In re Vilas Chandanmal Gandhi (GST AAAR Maharashtra) The Maharashtra Appellate Authority confirmed the Maharashtra Advance Ruling Autority Order by holding that  the sale of TDR/FSI would be leviable to GST under Heading 9972, at the rate of 18% (9% CGST + 9% SGST), as prescribed under the entry at Sl. No. 16 (iii) of Notification [&hel...

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