Tax
Gujarat AAR Rules It Lacks Jurisdiction On Supply of Goods And Services Matter in Madhya Pradesh
The Gujarat Authority for Advance Rulings (AAR) has ruled that it does not have jurisdiction to rule on a matter involving a supply of goods and services in Madhya Pradesh. The ruling was made in the case of Pooja Construction Co., which had sought an advance ruling on whether it was required to obtain registration with the State Tax Authorities of Madhya Pradesh. M/s....
Veterinary Instruments "AI Crate/Travis" Classified Under TI 7306, GST Applicable At 18%: GAAR
In a significant development, the Gujarat Authority Of Advance Ruling (GAAR) Bench has provided clarity on the classification and tax rate applicable to the veterinary instrument known as "AI Crate" or "Artificial Insemination Crate/Travis." The ruling comes in response to an application filed by Kantaben Rameshbhai Chaudhari, Krishna Enterprises, engaged in the manufacture of...
Education Provided By Isha Yoga Center Ineligible For GST Exemption: AAR Karnataka
In a recent ruling, the Karnataka Authority For Advance Ruling bench has held that the education provided by Isha Yoga Center's residential school, Isha Samskriti, does not qualify for exemption under the Goods and Services Tax (GST) laws. The ruling came in response to an application filed by Isha Yoga Center seeking clarification on the applicability of GST exemption to its...
CBDT Amends Income Tax Rules 1962 In View Of IFSC Related Proposals In Finance Act 2023
The Central Board of Direct Taxes (CBDT) vide notification no. G.S.R. 514(E) published on 17th July 2023 has amended the Income Tax Rules, 1962 in view of IFSC Related Proposals in Finance Act 2023. The new amendment may be called as Income-tax (Twelfth Amendment) Rules, 2023. The amendment was made by CBDT in exercise of the powers conferred by clause (i) of sub-section...
Mere Pendency Of An Appeal Would Not Detract From The Excise Duty Refund Demand: Delhi High Court
The Delhi High Court has held that the mere pendency of an appeal or an order of stay that may operate would not detract from the obligation of any person claiming a refund to make an application within the period prescribed and computed with reference to the "relevant date"."We do so observe in light of the indubitable principle that an order of stay that may operate in an appeal does not...
CBDT Amends Definition Of Investment Fund Under Income Tax Act, 1961
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has recently issued an important amendment to its previous Notification No. 55/2019, dated 26-07-2019, pertaining to the definition of an investment fund under the Income Tax Act, 1961. The notification elucidates the criteria for funds that are established or incorporated in India and fall under the...
No GST Payable On Activity Of Holding Of Shares Of Subsidiary Company By The Holding Company: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the taxability of shares held in a subsidiary company by the holding company.The Board has received the representations from the trade and field formations seeking clarification on whether the holding of shares in a subsidiary company by the holding company will be treated as a ‘supply of service’ under...
CBIC Extends GST Amnesty Scheme For GSTR-9 & GSTR-10 For Non-Filers
The Central Board of Indirect Taxes and Customs (CBIC) has extended the GST Amnesty Scheme for GSTR-9 & GSTR-10 for non-filers.The deadline for submitting the GSTR-10 form has been moved from the original 30th June 2023 to the 31st August 2023, according to the notification.GSTR-9 & GSTR-10 non-filers are allowed an additional amount of time to complete their filing requirements as...
No Evidence Of Supplier Of Tea Involved In Smuggling Poppy Seeds: Calcutta High Court Releases Vehicle And Tea
The Calcutta High Court has released the attached vehicle and tea on the grounds that the tea supplier was not involved in smuggling poppy seeds.The bench of Justice Krishna Rao has observed that tea is perishable in nature, no involvement of the supplier of the tea with the smuggled poppy seeds has been ascertained, and the Directorate of Revenue Intelligence has no objection if the...
Jharkhand High Court Rejects ESL Steel’s ITC Claim Prior To The Approval Of The Resolution Plan By NCLT
The Jharkhand High Court rejected ESL Steel’s Input Tax Credit (ITC) claim prior to the approval of the resolution plan by the National Company Law Tribunal (NCLT).The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that the liability of the earlier management may not be shifted to the current management, but at the same time, the credit available to the...
Bombay High Court Quashes Reopening Income Tax Assessment After 4 Years Merely On The Change Of Opinion
The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO).The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that the Assessing Officer had in his possession all primary facts, and it was for him to draw a proper inference as to whether the brought forward unabsorbed...
Welding Electrodes Used For Repairing Plant & Machinery Are Capital Goods: Rajasthan High Court Allows CENVAT Credit To Hindustan Zinc
The Rajasthan High Court has granted CENVAT Credit to Hindustan Zinc and held that welding electrodes used for repairing plants and machinery are capital goods and inputs.The bench of Justice Vijay Bishnoi and Justice Yogendra Kumar Purohit has relied on the decision of the Supreme Court in the case of Jawahar Mills Ltd. vs. CCE, in which it was held that Welding Electrodes are eligible...