CA Lalit Munoyat

Composition Levy under Revised Model GST Law

Goods and Services Tax - Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover. ...

Entry Tax in lieu of CESS on GST ?

Goods and Services Tax - Can SC judgement be used as a tool to impose entry tax by Government on same lines as CST or as stick to traders to make them agree to proposed CESS on GST?...

Duty on articles of jewellery @ 1%: Need for Clarification & Protection

Goods and Services Tax - In order to be eligible to the concessional rate of duty of 1%, the articles of jewellery shall be manufactured from inputs or capital goods on which appropriate duty of excise leviable has been paid. Appropriate duty includes nil duty also. On failing to prove it, the duty at tariff rate i.e. 12.5% shall apply....

BRIEF ON Excise duty on items of jewellery levied by Budget 2016

Goods and Services Tax - Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Before dwelling deep into the subject, it would be appropriate to first understand the concept of excise duty....

It happens only in India

Goods and Services Tax - 1. Is Reserve Bank of India a Temporary Bank ? 2. Do you need to have an aircraft pilot license for flying a Kite? India's repertoire of laws that don't work-the bizarre, the weird, the irrelevant and the absurd-seems infinite. They are not necessarily bad laws, just obsolete as smoke belching steam engines. But, beware, they are all 'li...

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Members Regional Convention on International Taxation-2012

Goods and Services Tax - Vasai Branch of WIRC of ICAI is hosting Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is Friday 21st & Saturday 22nd December, 2012 a...

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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Recent Posts in "CA Lalit Munoyat" | Total 45 Posts

Composition Levy under Revised Model GST Law

Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover. ...

Posted Under: Income Tax | Articles

Entry Tax in lieu of CESS on GST ?

Can SC judgement be used as a tool to impose entry tax by Government on same lines as CST or as stick to traders to make them agree to proposed CESS on GST?...

Posted Under: Income Tax | Articles

Duty on articles of jewellery @ 1%: Need for Clarification & Protection

In order to be eligible to the concessional rate of duty of 1%, the articles of jewellery shall be manufactured from inputs or capital goods on which appropriate duty of excise leviable has been paid. Appropriate duty includes nil duty also. On failing to prove it, the duty at tariff rate i.e. 12.5% shall apply....

Posted Under: Income Tax | Articles

BRIEF ON Excise duty on items of jewellery levied by Budget 2016

Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Before dwelling deep into the subject, it would be appropriate to first understand the concept of excise duty....

Posted Under: Income Tax | Articles, Featured

Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) -

ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

It happens only in India

1. Is Reserve Bank of India a Temporary Bank ? 2. Do you need to have an aircraft pilot license for flying a Kite? India's repertoire of laws that don't work-the bizarre, the weird, the irrelevant and the absurd-seems infinite. They are not necessarily bad laws, just obsolete as smoke belching steam engines. But, beware, they are all 'li...

Posted Under: Income Tax | Articles

Partial abolition of Local Body Tax (LBT) in Maharashtra w.e.f 01-08-2015

As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year....

Posted Under: Income Tax | Articles

GST and Deemed Sales: Needs Clarification

Before the amendment of the constitution by its (Forty-Sixth Amendment) by a series of subsequent decisions, the Supreme Court has, on the basis of the decision in Gannon Dunkerley's case, held various other transactions which resemble, in substance, transactions by way of sales, to be not liable to sales tax. ...

Posted Under: Income Tax | Articles

Excise duty on textile products (chapters 50 to 63) REIMPOSED w.e.f. 17-07-2015?

CA Lalit Munoyat For latest update refer comments at the bottom of the article. Notification No. 30/2004-CE dated 09-07-2004 further amended by Notification No. 37/2015-CE dated 21-07-2015 so as to restore the legal position as it stood before the amending notification No. 34/2015-CE dated 17-07-2015. Raw materials levied at NIL rate of d...

Posted Under: Income Tax | Articles

Authority & Accountability in Fiscal Administration

Under various taxing statutes discretionary power vests in a functionary like Income Tax Officer, Dy. Commissioner of Income Tax, Commissioner, Income tax , Service tax and central excise adjudicators and the like in case of customs laws and such other taxation law. Such powers are expected to be exercised reasonably and in good faith fol...

Posted Under: Income Tax | Articles