"21 October 2020" Archive

FAQs on LTC Cash Voucher Scheme

File No.PP-20/3/2020:-PAP and No. 12(2)/2020-E.II(A) (21/10/2020)

Whether the individual employee is required to take leave to avail this LTC- Cash Voucher Scheme? Whether an employee is required to undertake any travel...

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Student arrested in alleged Fake Input Tax Credit case

F. No. GEXCOWAE/INV/GST/575/2020 (21/10/2020)

The kingpin, who hails from Ahmedabad, by floating these large number of fake firms, had issued fake invoices to generate fake Input Tax Credit amounting to Rs 50.24 Crores. This fake illegal credit was eventually passed on in chain to other fake identities by issuing fake invoices and without actual supply of goods and services....

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Advanced ICITSS – Adv. IT Test – Computer Based Mode on 10.11.2020

No. 13-CA (EXAM)/Advanced ICITSS/November 2020 (21/10/2020)

It has been decided to conduct Advanced ICITSS - Adv. IT Test – in Computer Based Mode on Tuesday, the 10th November, 2020 from 10.30 AM to 12.30 PM (IST)....

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Excise duty exemption on Rosl Scheme Scrips for Apparel & Made-Ups Sectors

Notification No. 07/2020–Central Excise (21/10/2020)

Notification No. 07/2020–Central Excise – Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 07/2020–Central Excise New Delhi, the 21st October, 2020 G.S.R. ….....

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P&H High Court granted partial relief for deposit of 25% as pre-deposit

Technimont Pvt. Ltd. Vs State of Punjab (Punjab High Court)

Technimont Pvt. Ltd. Vs State of Punjab (Punjab High Court) On perusal of terms and conditions of contract, documents submitted by petitioner including Form ‘C’ and judgments cited, we are of the opinion that petitioner has prime facie case on merits. The respondent issued Form ‘C’ for all the years in question and in case [&helli...

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Extend due date for filing of Tax Audit reports, TP Audits & ITR

Request for Extension of due date for filing of Tax Audit reports, Transfer Pricing (TP) Audits and Income-tax returns-AY 2020-21 till 31st March 2021....

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Posted Under: Corporate Law | ,

HC directs GST department to provide copy of demand order to Petitioner

Sai Industries Vs State of Bihar (Patna High Court)

Sai Industries Vs State of Bihar (Patna High Court) HC dispose of the present petition in the following terms: (a) copy of the order passed by the authorities, leading to the passing of the order of demand shall be supplied to the petitioner, through his counsel, by tomorrow; (b) as and when petitioner takes recourse […]...

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Stamp Duty on Shares And Debentures

INTRODUCTION The government of India through the Finance Act, 2019 bought 360-degree change under the Indian Stamp Act, 1899(hereinafter called as Stamp Act). Though there are numerous reasons for amending Stamp Act, some of the reasons are very explicit and some of them are not. However, no one can deny the fact that Stamp Act […]...

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Posted Under: Corporate Law |

Composition Scheme: Evolution

Government of India introduced Goods and Services Tax, popularly known as GST to replace all indirect taxes w.e.f. 1st July, 2017. In GST regime, traders and dealers are required to fulfill many formalities and compliance but it is not problematic for small dealers to comply with all norms when compared to large ones. Thus, for the conven...

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Posted Under: Corporate Law |

GST Refund Procedure

In the GST once paid can be claimed back. There are circumstances where GST paid to the government can be claimed back. There is set procedure which is totally online where a registered person can file and claim back the GST. There are two important aspect of GST Refund: 1. That under which circumstances it […]...

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Posted Under: Corporate Law |

AMFI Guidance on MFD Nomenclature

After the notification of the SEBI Investment Adviser (Amendment) Regulations, 2020 on 3rd July, 2020, the Association of Mutual Funds in India (“AMFI”) has issued guidance regarding nomenclature to be used by Registered Mutual Fund Distributor. As per the said Regulations, no distributor shall use the nomenclature “Independent Fina...

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Posted Under: Corporate Law |

Extend all due dates under GST- Solve Issues in GST

Association of Tax Practitioners, Ernakulam has made a representation to Principal Commissioner (GST) and highlighted Difficulty faced by GST Tax Practitioners, in implementing directions contained in Circular No.142/12/2020-GST dated 09.10.2020, Failure of GST Portal Services and may other issues. They also requested to extend all due da...

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Posted Under: Corporate Law | ,

List of Allowances/Perquisites/Deductions available to salaried persons

If you are a salaried person, you have a right to claim the benefits of an exemptions available on your few parts of the salary components given either in the form of ‘Allowances or Perquisites’. Here is the list given of most of the common exemptions which can be availed by a salaried person on […]...

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Posted Under: Corporate Law |

Custom duty exemption on Scrips Issued Under Rosl Scheme For Apparel & Made-Ups Sectors

Notification No. 38/2020-Customs [G.S.R. 657(E).] (21/10/2020)

Notification No. 38/2020-Customs Regarding Exemption of Duties of Customs Against Scrips Issued Under The Rosl Scheme For Apparel And Made-Ups Sectors GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 38/2020-Customs New Delhi, the 21st October, 2020 G.S.R. 657(E).– In exercise of the powers conferred ...

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Extension of GST registration in Form GST REG-11

Generally, the GST registration is issued with unlimited validity. However, the validity period is applicable in case of registration of casual taxable person and non-resident taxable person. The casual taxable person and/or a non-resident taxable person willing to extend its GST registration is required to file an application in Form GST...

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Posted Under: Corporate Law |

Analysis of Dale and Carrington Investments (P) Ltd v. P.K. Prathapan and Ors. – (2005) 1 SCC 212

Through the course of law school, we have been taught in various capacities that there exists a distinct separation between ownership and management. Such ownership stands diffused by shareholders and the company is managed by a Board of Directors on behalf of such shareholders, which brings us to the Principal – Agent relationship wher...

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Posted Under: Corporate Law |

Advance receipt by Lending Company in the course of business cannot be treated as Deemed Dividend

DCIT Vs Svarna Infrastructure & Builders Pvt. Ltd. (ITAT Kolkata)

The issue under consideration is whether the receipt of advance vis-a-vis no accumulated profit in case of lending company is considered as deemed dividend u/s 2(22)(e)?...

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Extend Income Tax and GST Audit & Return Filing dates

A representation is made to Finance Minister of India by Six Leading Associations of Chartered Accountants in India and it is requested to extend the due date for filing of returns for all the taxpayers for A.Y. 2020-21 to 31st March, 2021, filing the tax audit report and transfer pricing report to 28th February, 2021, […]...

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Posted Under: Corporate Law | ,

GST exempt on Supply of Kharif Arhar (Tur) & Green Grm crops to NAFED

In re The Karnataka State Co-Operative Marketing Federation Limited (GST AAR Karnataka)

In re The Karnataka State Co-Operative Marketing Federation Limited (GST AAR Karnataka) Q1. Whether the transaction of supplying Kharif Arhar (Tur) Crops and Green Grm crops from farmers to NAFED is a taxble supply ? What is the rate of tax to be charged for sale of Agricultural produce to NAFED, if it is to […]...

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Pure consultancy services to Municipalities & Corporations are exempt from GST

In re Vimos Technocrats Private Limited (GST AAR Karnataka)

In re Vimos Technocrats Private Limited (GST AAR Karnataka) Q1. Whether pure consultancy services provided to the Municipalities and Corporations are exempt from GST as per the serial number 3 of the notification 12/2017-Central tax (Rate) dated 28.06.2017? A1. Pure consultancy services (without supply of goods) provided by the applicant ...

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No ITC on medicines used in supply of health care services to inpatients

In re Ambara (GST AAR Karnataka)

In re Ambara (GST AAR Karnataka) Q1. Whether input tax credit is required to be restricted on medicines supplied to patients admitted in hospital? A1. The input tax credit is required to be restricted on medicines used in the supply of health care services provided to inpatients. Q2. Whether input tax credit is required to […]...

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GST on Liaison office in India of Foreign Company

In re Fraunhofer-Gessellschaft Zur Forderung der angewwandten Forschung (GST AAR Karnataka)

Whether the Activities of a liaison office amount to supply of services, Whether a liaison office is required to be registered under CGST Act, 2017 and Whether liaison office is liable to pay GST?...

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Profit Enhanced due to disallowance u/s 40(a)(ia) allowed for Dedcution u/s 10AA

JCIT Vs Mphasis Ltd. (ITAT Bangalore)

The disallowance of the expenditure u/s 40(a)(ia) would automatically enhance the taxable income of the assessee and the assessee is eligible for the deduction u/s 10A of the Income-tax Act on the enhanced income....

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Dream 11 Online Fantasy Game not commits offences of betting & gambling

Ravindra Singh Chaudhary Vs Union of India (Rajasthan High Court)

Online fantasy sports games offered on the Dream 11 platforms were not considered as gambling/betting as the format of online fantasy game offered by Dream 11 was a game of mere skill and their business had protection under Article 19(1)(g) of the Constitution of India....

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HC Rejects Anticipatory Bail to GST Inspector allegedly Involved in Bribery Case

Gauravkumar Sudarshankumar Arora Vs State of Gujarat (Gujarat High Court)

Petitioner filed this petition to seek anticipatory bail in case of his arrest in connection with the FIR registered for the offense punishable under Sections 12, 7(a), and 13(2) of the Prevention of Corruption Act, 1988....

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Stay of Demand automatically expires within Period of 6 Months unless Extension is granted for Good Reason

Asian Resurfacing of Road Agency Pvt. Ltd. Vs CBI (Supreme Court)

The issue under consideration is whether the stay of demand granted for 6 months can automatically extend beyond 6 months without any order?...

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SC dismisses PIL against alleged Mis-utilisation of Funds Lying in NCEF

Atul Gulati Vs Union of India (Supreme Court of India)

In the Instant case the PIL has been filed by the Petitioner in public interest against the diversion and misutilization of the funds lying in the National Clean Energy Fund (NCEF) in front of Supreme Court....

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HC Refused to Entertain Plea of Rajinikanth against Property Tax Demand for Vacant Marriage Hall

R. Rajinikanth Vs Commissioner (Madras High Court)

whether the petition filed for disposal of notice for demanding property tax without waiting for disposal of same case by Municipal Corporation is justified in law?...

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No section 271E penalty if payments were genuine & duly accounted

Sudha Agro Oil & Chemical Industries Limited Vs Add. CIT (ITAT Visakhapatnam)

Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their b...

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HC: No entertainment tax on online booking charges for cinema tickets

PVR Ltd. Vs Commercial Tax Officer (Madras High Court)

PVR Ltd. Vs Commercial Tax Officer (Madras High Court) Conclusion: Online booking charges or internet handling charges  was not a mandatory payment for gaining entry into the cinema hall, it was an additional payment for extra or other facility provided by the Cinema hall owner thus, the same could not be subjected to entertainment tax. ...

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Guidelines on Insurance Claims of victims of Floods (Oct 2020)

Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 (21/10/2020)

Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected districts of Telangana, Andhra Pradesh and...

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Prior govt approval needed for FDI from countries sharing land border with India

Even the minute investment from countries sharing land border with India shall require prior approval from government…??? Impact on Indian Economy. It is expected that the government will soon issue more stringent guidelines w.r.t investment from countries sharing land border with India. Amid Covid-19 and rising tensions at the India-Ch...

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Posted Under: Corporate Law |

‘HIGH SEA SALES’ and treatment under GST scenario

I am today dealing with the issue of High Sea Sales under the GST scenario, which is not only complicated but is also important. In the pre-GST regime, transactions of ‘High Sea Sales’ are considered under Section 5 (2) of the CST Act,1956 and were not treated either as intra or inter State sales, thereby […]...

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Posted Under: Corporate Law |

Replacement of High Security vehicle Registration Plates in case of damage

Notification No. RT-11036/56/2019-MVL (21/10/2020)

No. RT-11036/56/2019-MVL Government of India Ministry of Road Transport and Highways Transport Bhawan,1, Parliament Street, New Delhi-110001. The 21st October, 2020 To 1. The Principal Secretaries/ Secretaries, Departments of Transport of all the States / UTs 2. The Transport Commissioners of all the States/UTs. Subject: Replacement of Hi...

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Procedure for filing TDS returns with insufficient deductee PAN

As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the ...

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Posted Under: Corporate Law |

Income Tax Survey – Frequently Asked Questions

Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior notice of the survey to be given to the affected person - N.K. Mohnot v. Dy. CIT [1995] 215 ITR 275/83 Taxman 238 (Mad.). Q2. Which are the authorities empowered to conduct a survey? Section 133A of the Income-tax...

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Posted Under: Corporate Law |

Taxpayers need not pay interest if not specified in assessment order

Taxpayers can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest....

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Posted Under: Corporate Law |

Maintenance of Books of Accounts & other records under GST & retention period

What are the accounts and records to be maintained by registered person? As per section 35 of CGST Act 2017, Every registered person shall keep and maintain following records at his principal place of business, as mentioned in registration certificate of  the registered person :- A. Inward and outward supply of goods or services or [&hel...

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Posted Under: Corporate Law |

ICAI reopens Empanelment of Members to act as Observers

In continuation to the Announcement dated 20th August 2020 the window for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, November, 2020 is reopened from 20th October to 25th October, 2020....

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Posted Under: Corporate Law |

How to file GST ITC-01 and FAQs

To declare and file claim of ITC prior to registration/ on withdrawal from composition scheme/ on exempt supply of goods/ services becoming taxable on the GST Portal, perform the following steps...

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Posted Under: Corporate Law |

GST: How to file details in TDS & TCS Credit Received table

Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...

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Posted Under: Corporate Law |

How to utilise Electronic Cash & Input Tax Credit Ledger Balance

After submitting the GSTR-3B return, I was trying to make payment of the tax and was trying to offset my liability from the Electronic Cash Ledger; however I faced error. On what basis can I utilize the balance in Electronic Cash ledger?...

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Posted Under: Corporate Law |

How to compare GST Liability Declared and ITC Claimed

A. FAQs on Comparison of Liability Declared and ITC Claimed General GST Tax Liabilities and ITC Comparison Report Q.1 What is GST Tax Liabilities and ITC Comparison Report? Ans: The GST Tax liabilities and ITC Comparison report is the comparison of liability declared and ITC claimed by the Taxpayer. The Tax Liabilities and ITC Comparison ...

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Posted Under: Corporate Law |

Cabinet approves MoU between ICAI, India & CPA, Papua New Guinea

Prime Minister, Shri Narendra Modi has approved Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG)to work together in capacity building and strengthening the Accounting, Financial and Audit Knowledge base in Papua New Guinea....

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Posted Under: Corporate Law |

FAQs on Transition Form GST TRAN-1

FAQs on Transition Form GST TRAN-1 Q.1 What are Transitional Provisions? Ans: As per the transitional provisions of CGST/ SGST/ UTGST Act, registered person can take credit of taxes or duties paid under existing State or Central laws, like Value Added Tax Act, Central Excise Act and Service Tax laws and carry them forward to […]...

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Posted Under: Corporate Law |

Cabinet approves Mutual Recognition Agreement between ICAI, India & MICPA, Malaysia

Prime Minister, Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified CA (Chartered Accountant) members of either Institute to join the other Institute by receiving ap...

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Posted Under: Corporate Law |

Faceless Assessment – Enhancements & certain clarifications

Standing Order No. 38/2020-JNCH (21/10/2020)

Faceless Assessment - Enhancements and certain clarifications related to reports available to Assessing Officers (AOs and AC/DCs) in ICES - reg....

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Implementation of QR code based Sampling Solution at JNCH

Public Notice No. 136/2020-JNCH (21/10/2020)

Attention of the importers, exporters, Customs Brokers and all other stakeholders is invited to the various initiatives / reforms taken by the Government towards Ease of Doing Business (EODB) and Trade Facilitation. As a step towards trade facilitation, QR code based Sampling Solution is being launched FOR TESTING AT JNCH LABORATORY....

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Significant Changes in GST Forms notified on 15th October, 2020

The Ministry of Finance on 15th October, 2020 notified various notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the various amendments made in GST Forms. Notification No. 74/2020- Central Tax Dated 15th October, 2020 This notification revised the due date for filing of GSTR-1 for s...

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Posted Under: Corporate Law |

AO cannot reject selection & valuation methods adopted by taxpayer

GSE Commerce Private Ltd. Vs ACIT (ITAT Bangalore)

GSE Commerce Private Ltd. Vs ACIT (ITAT Bangalore) The A.O. was of the view that the shares of the company have been over valued and accordingly asked the assessee to justify the valuation. After considering the explanations of the assessee, the A.O. took the view that the valuation report has been prepared on the basis […]...

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Contributions for DMF & NMET was directly linked to royalty & amounts to Supply

In re NMDC Limited (GST AAR Karnataka)

In re NMDC Limited (GST AAR Karnataka) The applicant filed the instant application, for rectification of ruling, alleging that the authority has not ruled in the order as to whether the contributions towards DMF & NMET amount to supply in terms of Section 7 of the CGST Act 2017 or not and also the authority […]...

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18% GST Payable on royalty paid in respect of Mining Lease

In re NMDC Ltd. (GST AAR Karnataka)

In re NMDC Ltd. (GST AAR Karnataka) 1. The royalty paid in respect of Mining Lease is a part of the consideration payable for the Licensing services for right to use minerals including exploration and evaluation falling under the Head 9973 which is taxable at the rate applicable on supply of like goods involving transfer […]...

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Printing content provided by customer on PVC banners is supply of Goods

In re Macro Media Digital Imaging Pvt Ltd (GST AAAR Karnataka)

(i) Whether the transaction of printing of content provided by the customer, on Poly Vinyl Chloride (PVC) banners and supply of such printed trade advertisement material is supply of goods. (i) The transaction of printing of content provided by the customer, on Poly Vinyl Chloride (PVC) banners and supply of such printed trade advertiseme...

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18% GST on street lighting activity under Energy Performance Contract

In re Karnataka State Electronics Development Corporation Limited (GST AAAR Karnataka)

i. The street lighting activity under the Energy Performance Contract dated 05-12-2016 is considered as a composite supply of goods and services with the supply of service being the predominant supply. The service is classified under Heading 999112....

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Period for filing appeal against AAR order to be counted from Original Order & not from date of ROM rejection order

In re NMDC Ltd (GST AAAR Karnataka)

In re NMDC Ltd (GST AAAR Karnataka) An appeal can be filed before the Appellate Authority only against an advance ruling pronounced in terms of Section 98(4). In this case, the ruling pronounced in terms of Section 98(4) is the advance ruling order No KAR ADRG 69/2019 dated 21-09-2019. An appeal is maintainable only against […]...

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