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Nasscom, an industry organisation, has pointed out that the current Goods and Services Tax (GST) system treats transactions between the main offices and their branches in IT companies as if they are taxable events. This creates an unnecessary tax burden for these companies. Even after being internal allocations in the same company and not supplies […]
The New Delhi CESTAT ruled that when a taxpayer fails to fulfil their tax obligation under the bona fide belief that tax is not required to be paid, no penalty shall be imposed. The Bench of Dr Rachna Gupta (Judicial) and Ms Hemambika R. Priya (Technical) has noted that “even if payment is made through […]
As the end of the financial year approaches, businesses need to ensure that they are complying with their Goods and Services Tax (GST) obligations. The GST system can be complex, with various rules and regulations that need to be followed, which is why having a checklist can be incredibly helpful. In this article, we will […]
The Gujarat High Court in a ruling held that a future amendment disallowing depreciation on goodwill, which will come into force on April 1, 2021, could not be used as a basis to reopen the assessment for the fiscal year 2017-18. The taxpayer GTPL Hathway Limited, has furnished its income tax return for the AY […]
The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the appeal of the revenue in the case of ACIT Vs Hella India Lighting Ltd., addressing 3 issues for the assessment year 2017-18. The revenue contested the deletion of an addition u/s 69C amounting to ₹6.80 crore, disallowance of expenses of ₹3.15 crore, and disallowance of a […]
While addressing an Application filed by the Reserve Bank of India ( RBI ) Maharashtra Authority for Advance Ruling ( AAR ) carried that the penalties, Late Fees, Penal Interests or Fines levied and collected by RBI from contravening banks, non-banking financial institutions and other such entities could not be considered as ‘Supply’ under the […]
The Minister for Road Transport and Highways, Nitin Gadkari, suggested the Finance Ministry and its counterparts in the states lessen the GST on flex-fuel vehicles to 12 per cent. Gadkari addressing IFGE’s India Bio-Energy & Tech Expo, said flex-fuel engines are the objective as they will not only lessen the emissions but help shorten the […]
Goods and Services Tax ( GST ) Exemption Notification 04/2019 is not applicable for services of research and development supplied with the ‘Agro-Chemical’ Sector, Tamil Nadu Bench of the (AAR) Authority for Advance Rulings stated. It was stated by the authority bench that the place of supply stays u/s 13(3) of the IGST Act, 2017, […]
The past six years have seen more than 1,000 notifications, circulars, and instructions for assessees and adjudicating authorities, therefore opening up the GST law to interpretation by assessees and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
