It cannot be considered as passing on of the benefit of additional ITC as the above discount has been given by the Respondents to set off the prices which he had increased and not on account of the benefit of ITC. Accordingly, the discount of Rs. 1,11,61,090/- claimed to have been paid to the house buyers by the Respondent cannot be held as the benefit of ITC and hence, the claims made by the Respondents in this behalf cannot be accepted.
GST dept to permit the Assessee to file or revise where already filed incorrect TRAN-1 either electronically or manually statutory Form(s) TRAN-1 on or before 30th November 2019. The Respondents are at liberty to verify genuineness of claim of Petitioners but nobody shall be denied to carry forward legitimate claim of CENVAT/ITC on the ground of non-filing of TRAN-I by 27.12.2017.
In addition to other existing policy conditions, export of Rice (Basmati and Non – Basmati) to European Union Countries will require ‘Certificate of Inspection’ from EIC/EIA with immediate effect.
In re H.P. Sales India Pvt. Ltd. (GST AAAR Maharashtra) The Appellate authority did not find any reason to amend our original order dated 17.02.2019, wherein it was held that the supply of the Electronic along with the other consumables comprising of blanket, photo imaging plate, binary ink developer, HP imaging oil, blanket web and […]
CESTAT Chennai has allowed refund of excess amount paid by mistake as pre-deposit by the assessee. It observed that when the legislature made it clear what is to be collected as pre-deposit, in the absence of any finding about non-satisfaction of conditions as to pre-deposit, the department cannot retain such excess amount remitted by mistake.
The entire disallowance in this case is based on third party information gathered by the Investigation Wing of the Department, which have not been independently subjected to further verification by the AO who has not provided the copy of such statements to the appellant, thus denying opportunity of cross examination to the appellant, who has prima facie discharged the initial burden of substantiating the purchases through various documentation including purchase bills, transportation bills, confirmed copy of accounts and the fact of payment through cheques, & VAT Registration of the sellers & their Income Tax Return.
The gross GST revenue collected in the month of October, 2019 is ₹ 95,380 crore of which CGST is ₹ 17,582 crore, SGST is ₹ 23,674 crore, IGST is ₹ 46,517 crore (including ₹ 21,446 crore collected on imports) and Cess is ₹ 7,607 crore (including ₹ 774 crore collected on imports). The total number of GSTR 3B Returns filed for the month of September up to 31st October, 2019 is 73.83 lakh.
BASIS FOR INCOME TAX LIABILITY IN INDIA The tax liability of a person Income-tax Act depends upon his residential status in the financial in which the income accrues or arises to him or is received by him. Financial year means the period of twelve months commencing on the 1st day of April every year. The […]
Tax Credit Statement (Form 26AS) contains details of: A. Tax deducted on behalf of the taxpayer by deductors. A1. Details of NO/Low tax deduction. A2. Tax deducted on sale of Immovable property (for seller of Property)/TDS on Rent of Property (for Landlord of property) B. Tax collected on behalf of the taxpayer by collectors. C. […]
Security service is a service wherein a person supplies security personnel to another person for a consideration. Earlier in Service tax regime, security services provided by individual, HUF or partnership firm to a body corporate were covered under Reverse Charge Mechanism (RCM). However, with the enactment of GST Act, 2017 the concept of RCM on security services was abolished and the supplier of security service was made liable to pay GST.
