The tribunal permitted set-off of interest paid against interest earned, finding both were intrinsically linked to business activities. It directed that only net impact be adjusted in capital work-in-progress.
The ruling held that amended provisions cannot be used to reopen cases already settled by final judgments. It emphasizes that retrospective fiscal laws must respect judicial finality and constitutional safeguards.
The authority held that mixtures of natural and synthetic rubber fall under 40028090 as they exclude substances under Chapter Note 5(A). Exemption applies subject to compliance with origin rules.
The Authority ruled that a refined plant extract used for treating respiratory conditions qualifies as a medicament, not a vegetable extract. Classification was based on its therapeutic use and advanced processing, denying concessional duty.
The event underscored that increasing retail participation must be matched with stronger investor awareness and safeguards. It emphasized evolving investor protection into a developmental function.
This article explains why GST registration is not limited to turnover thresholds. It highlights transaction-based triggers that can mandate registration even for small businesses.
The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibility of avoiding audit without opting for presumptive taxation.
The article highlights how aggressive GST actions impact genuine businesses. The key takeaway is the need for balanced enforcement and protection of bona fide taxpayers.
The issue was whether a taxpayer could seek revocation after missing the prescribed timeline due to portal restrictions. The Court allowed manual filing and directed authorities to consider the application on merits.
The issue was mismatch between Section 74 mentioned in summary and penalty imposed under Section 73. The Court allowed rectification by approaching the proper officer without examining merits.
