Payment received by Railways in the form of liquidated damages against tolerating non-performance of conditions of a contract such as a delay in the rendering of supply is not liable to GST.
AR contends that there were no sales or purchase made by the assessee during the year under consideration and the additions made on account of unexplained cash deposits, unexplained investments, unexplained other investments and unexplained profit on sale of land to an extent of Rs.15,40,26,567/- is not turnover as the investments and sale of land was in the nature of capital gain but not in the category of business income.
Revenue has sufficient machinery to recover such amount of TDS deducted from the defaulting assessee but this is not the right way for the revenue to collect the tax again or debar genuine refund to the assessee who has already suffered taxation at source.
The applicant intends to claim exemption from basic customs duty and Integrated Goods and Service Tax with respect to the import of cable laying vessel, as per Sr. Nos. 555 and 557C of the Notification No. 50/2017-Customs, dated June 30, 2017.
In re ITL-KCPL JV (GST AAR Gujarat) Q1. Whether the supply of design and construction of Roads and Services of TP-1 Area Under Cluster-A of MBSIR on EPC Basis wherein both goods and services are supplied can be construed to be a Composite Supply of Works Contract in terms of Section 2(119) and section 2(30) […]
FRC imposed sanctions against PwC & Richard Hughes, Audit Engagement Partner in relation to statutory audit of financial statements of BT Group plc
GST has recently been imposed with effect from 18 July, 2022. Certain sections of the media and social media are spreading the message that GST has recently been imposed with effect from 18 July, 2022 even on ‘Sarais’ run by religious/charitable trusts. This is not true. The correct position is detailed below: Based on the […]
In the absence of any specific finding of PCIT with respect to enquiries which should have been made, section 263 order not justified
Centralized suspension of registrations pertaining to registered persons who default in timely filing of returns is being carried out. Provisions have been made to restrict the generation of e-way bills by non-compliant taxpayers.
DICGC raised the limit of insurance cover for depositors in insured banks from ₹1 lakh to ₹5 lakh per depositor with effect from 04.02.2020.
