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This paper will analyse various types of loan agreements entered that are now being entered into, and the tax liability of these loans. It will focus specifically on interest subvention and how it should be categorised for tax purposes, with more focus on the automobile industry, given the recent judgements and jurisprudence....
Read MoreLong Awaited and Vital scheme for Taxpayers……. Finally, in the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and operationalized from 1st September 2019. The Scheme would continue till 31st December 2019. Government expects ...
Read MoreIn recent times, we have seen a spate of notices on the above subject proposing the huge demands. On the ground realities of being able to survive for some involved in this sector is itself in question. In terms of Notification No. 30/2012-ST dated 20.06.2012 read with amended Notification No. 7/2015-ST dated 01.03.2015 Central Government...
Read MoreBenefits of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: ♦ Relief from payment of tax dues to the extend of 50% to 70% of the tax dues depending on the amount of tax dues involved. ♦ Relief from payment of interest and penalty. ♦ Person discharged not be liable for prosecution. Details Amount (In Rs) […]...
Read MoreThe Finance Minister in her maiden budget introduced Sabka Vishwas (Legacy Dispute Resolution) 2019 (LDRS) in order to curb the pending litigations under the erstwhile Indirect Tax Enactments. The scheme provides relief from tax, penalty, interest, immunity from prosecution, etc., on account of pending disputes....
Read MoreOfficers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer. The power to arrest is provided under Section 91 of the Finance Act […]...
Read MoreA suitable amnesty scheme must be thought of for all Central Laws and State Laws which have been merged in GST in one go to reduce existing litigation. The scheme must be well thought out since most schemes have failed for the following key reasons, among others...
Read MoreSection 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into consolidated fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment, collection and proper allocation of revenue and are being duly observed. ...
Read MoreWe conducted a Performance Audit on levy & collection of Service Tax on Entertainment Sector, to seek an assurance regarding adequacy of Service Tax rules and regulations relating to entertainment sector and systems in place to ensure compliance to the same. The. audit was conducted in 17 selected. Commissionerates, including one division...
Read MoreE-filing of Return: Existing registered assessees can file their returns for transactions up to the period June, 2017 by 15th August, 2017 as provisioned under Notification No.18/2017-ST Dated 22.06.2017. The facility for E-filing of return [ST3 & ST3C) for the period April-June, 2017 is provided -...
Read MoreSal Steel Ltd. Vs Union of India (Gujarat High Court) - Sal Steel Ltd. Vs Union of India (Gujarat High Court) A perusal of Section 94 shows that there is no power conferred upon the Central Government to make any Rules or Notifications for extraterritorial events; or in other words, for services rendered and consumed beyond the “taxable territory” i....
Read MoreJSW Dharmatar Port Pvt. Ltd. Vs Union of India (Bombay High Court) - Bombay High Court has held that time consumed by the concerned Ministry in granting certificates required for retrospective exemption and refund must be ignored....
Read MoreOil Field Warehouse and Service Ltd Vs Union of India (Gujarat High Court) - The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in SEZ. CAG was directed not to carry out any further Service Tax audit of petitioner....
Read MoreSuper House Limited Shoe Div Vs. Commissioner of Central Excise & Service Tax (CESTAT Allahabad) - CESTAT Allahabad has held that benefit of service tax exemption was available on commission paid by exporter to its foreign based subsidiary for procurement of orders from foreign companies. It noted that denial of exemption would apply only in cases where export was made to own joint venture or who...
Read MoreIndian Oil Corporation Ltd. Vs Commissioner of Central Excise & S. Tax (CESTAT Kolakata) - Indian Oil Corporation Ltd. Vs Commissioner of Central Excise & S. Tax (CESTAT Kolakata) Vide Notification No. 26/2014-C.E. (N.T.), dated 27-8-2014 – In the CENVAT Credit Rules, 2004, in rule 9, in sub-rule (1), after clause (f), the following clause shall be inserted, namely “(fa) a...
Read MoreCircular No. 213/3/2019-Service Tax - (05/07/2019) - Is reversal under rule 6(3) of the Cenvat Credit Rules 2004 additionally required for all the services specified in notification 26/2012-Service Tax dated 20-6-2012?...
Read MoreCircular No. 212/2/2019-Service Tax - (21/05/2019) - The service that is provided by toll operators is that of access to a road or bridge. toll charges being merely a consideration for that service. On MoRTH/ NHAI's instructions, for the period 8-11-2016 to 1-12-2016 this service of access to a road/bridge was continued to be provided without collecti...
Read MoreD.0. F. No. IV(20/3/2015-Systems Pt.1 - (29/03/2019) - There is a considerable gap between the turnover on account of services as per the ITR/TDS data and the value of services declared in the corresponding Service Tax returns (above threshold of Rs. 1o lakhs). For FY 2015-16 alone, the mismatch is to the tune of of approx. Rs. 12 Lakh Crores. ...
Read MoreNotification No. 1/2019-Service Tax [G.S.R. 179(E)] - (06/03/2019) - Central Government hereby directs that service tax on the services provided by training providers (project implementation agencies) under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDUGKY) under the Ministry of Rural Development by way of offering skill or vocational training courses certi...
Read MoreCircular No. 211/1/2019-Service Tax - (15/01/2019) - Kind reference is invited to Circular No 83/02/2019-GST dated 01.01.2019 clarifying that that the services provided by IFC and ADB are exempt from GST in terms of provisions of IFC Act, 1958 and ADB Act. The exemption will be available only to the services provided by ADB and IFC and not to any enti...
Read MoreIndian Pharmaceutical Association Vs Commissioner of Central GST & Central Excise (CESTAT Mumbai) -
Sal Steel Ltd. Vs Union of India (Gujarat High Court) -
JSW Dharmatar Port Pvt. Ltd. Vs Union of India (Bombay High Court) -
Oil Field Warehouse and Service Ltd Vs Union of India (Gujarat High Court) -
Pankaj Advertising Vs State of U.P. (Allahabad High Court) -
Super House Limited Shoe Div Vs. Commissioner of Central Excise & Service Tax (CESTAT Allahabad) -
Makson Healthcare Pvt. Ltd. Vs CGST C.E & C.C (CESTAT Delhi) -
Indian Oil Corporation Ltd. Vs Commissioner of Central Excise & S. Tax (CESTAT Kolakata) -
JMT Consultant Detailing Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore) -
Sterlite Industries India Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai) -
