The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Further, the following steps have been taken by the NAA to ensure that customers get the full benefit of tax cuts:
In re GGL Hotel And Resort Company Limited (GST AAR West Bangal) Whether ITC is admissible on lease rental paid for the pre-operative period for the land on which a hotel is being constructed Input Tax Credit is not available to the Applicant for lease rent paid during pre-operative period for the leasehold land on […]
1. The Standard shall be applied in accounting for revenue arising from the following transactions or events: (a) the sale of goods, (b) rendering of services, and (c) the use by others of entity resources yielding interest, royalties and dividends.
Bhupendra Murji Shah Vs DCIT (High Court Bombay) We are not concerned here with the Circular of the Central Board of Direct Taxes. We are not concerned here also with the power conferred in the Assessing Officer of collection and recovery by coercive means. All that we are worried about is the understanding of this […]
ITO Vs Shri Ashwin M. Savani (ITAT Mumbai) Issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the Indian Millennium Deposit Certificate. It was provided that the said certificates can be […]
Procedure to obtain permission / NoC of the Department of Fertilizers for export of fertilizers specified under Chapter 31 of ITC(HS) Classificat of Export and Import Items 2018 has been prescribed.
Eris Life Sciences (P) Ltd. Vs DCIT (High Court Gujarat) As per sub-section (3) of section 201 which stood prior to 1.10.2014, the initiation of action for failing to deduct tax at source is barred by limitation. The amended sub-section(3) of section 201 with effect from 1.10.2014 enlarges the period of limitation to seven years which, as held by […]
All decisions related to GST have been taken through consensus in the GST Council: PM Modi PM Narendra Modi, in an interview, underlined that all decisions related to GST, a single tax regime which was rolled out two years back, have been taken through consensus in the GST Council, which has representation from state governments, […]
The Central Bureau of Investigation has arrested an Income Tax Officer(ITO), Income Tax Department, Fatehabad (Haryana) and two private persons in a bribery case of Rs.50,000/-. A case was registered against the Income Tax Officer and a CA(Private person) on a complaint alleging that the ITO, Income Tax Department, Fatehabad has demanded bribe of Rs.75,000/- […]
Foreign agent commission and reimbursement of expenditure were not taxable in India and hence, section 195 had no application.
