Tax
Chocolate Peanut Chikkies Attracts 18% GST: AAR
The Karnataka Authority of Advance Ruling (AAR) has held that Chocolate Peanut Chikkies attract 18% GST, whereas other chikkies attract 5% GST.The bench of M.P. Ravi Prasad and Kiran Reddy T. has held that the product "Chocolate Peanut Chickies" contains cocoa powder. Cocoa and Cocoa Preparations are covered under Chapter 18. Chapter heading 1806 covers Chocolate and other food...
18% GST Payable On Service of Charging Of Battery Of Electrical Vehicle: AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that 18% GST is applicable on the service of charging the battery of an electrical vehicle.The bench of M.P. Ravi Prasad and Kriran Reddy T. has observed that the Electrical Vehicle contains a motor to rotate the wheels that functions out of the energy sourced through the battery, and thus the said vehicle qualifies to be a motor...
No TDS Payable On Dividend Paid By Aircraft Leasing IFSC Unit: CBDT
The Central Board of Direct Taxes (CBDT) has notified that no TDS is deductible On dividends paid by the Aircraft Leasing International Financial Services Centre (IFSC) Unit.The Central Government specified that no deduction of income tax shall be made under Section 194 of the Income-tax Act from any income in the nature of a dividend paid by any unit of an International Financial...
Income-Tax (Thirteenth Amendment) Rules, 2023: CBDT Introduces New Sub-rule For Movable Property Exchange
The Central Board of Direct Taxes (CBDT), Ministry of Finance, has issued Notification No. 51/2023-Income Tax on July 18, 2023, amending Rule 11UAC of the Income-tax Rules, 1962. This new amendment is known as the Income-tax (Thirteenth Amendment) Rules, 2023 and comes into effect immediately. Under the Income-tax (Thirteenth Amendment) Rules 2023, a significant addition has been made...
RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934
The Reserve Bank of India (RBI) vide Notification DoR.RET.REC.25/12.07.160/2023-24 addressing all banks, has informed about the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934. Nonghyup Bank is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 2012 as detached from, and is now owned by the NACF. Nonghyup...
DGFT Amends Export Policy Of Non-Basmati White Rice From 'Free' To 'Prohibited'
In a significant move, the Government of India, acting through the Department of Commerce and the Directorate General of Foreign Trade (DGFT), has issued a notification, amending the Export Policy of Non-Basmati rice. The amendment has been made against ITC (HS) Code 1006 30 90 of Chapter 10 of Schedule 2 of the ITC (HS) Export Policy. As per Notification No. 20/2023 DGFT, the export...
Passing Of Project Specific Architectural Drawings And Design With Measurement Doesn’t Amount To ‘Make Available’ Technical Knowledge: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the mere passing of project-specific architectural drawings and designs with measurements did not amount to making available technical knowledge, know-how, or processes.The bench noted that G.S. Pannu (President) and Astha Chandra (Judicial Member) observed that the assessee has not transferred any technical...
Gold In Any Form Fails Pass Test Of Second-Hand Goods, Marginal Scheme Benefit Not Applicable: AAR
The Kerala Authority of Advance Ruling (AAR) has ruled that the benefit of the marginal scheme is not applicable to gold, as gold in any form fails to pass the test of second-hand goods.The bench of Dr. S.L. Sreeparvathy and Abraham Renn S. has observed that the applicant cannot determine the value of gold as per Sub Rule 5 of Rule 32 of the CGST, Rules 2017, which restricts Input Tax...
Rapigro Is A Plant Growth Regulator, Attracts 18% GST: AAR
The Ahmedabad Bench of the Authority of Advance Ruling (AAR) has ruled that Rapigro attracts 18% GST.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that ‘Rapigro’ is classifiable as a Plant Growth Regulator and not a fertilizer.The applicant, M/s. Isagro was engaged in the manufacture of the product Rapigro and was classifying it under TI 3507 of CETA '85 as a...
While Company Has MD, Non-Executive Director Can’t Be Person In Default: SEBI
The Securities and Exchange Board of India (SEBI) has held that a non-executive director is not an ‘officer who is in default’ and therefore cannot be held liable for refunds under Section 73 of the Companies Act.The bench of Ananth Narayan G. has observed that no liability could be imposed on a non-executive director in his capacity as ‘officer who is in default’ where a company had...
Wired Headset Not A Part Of Any Mobile Phone: CESTAT Allows Customs Duty Exemption
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the customs duty exemption on Earphones.The bench of Dr. Rachna Gupta (Judicial Member) and P. V. Subba Rao (Technical Member) has observed that all goods falling under CTH 8518 are exempted by S. No. 18 of the notification, excluding some ‘parts of the cellular mobile phones’...
Reassessment Can’t Be Initiated On Grounds Of Subsequent Contradictory Ruling By AAR: Bombay High Court
The Bombay High Court has held that reassessment can’t be initiated on the grounds of a subsequent contradictory ruling by the Authority of Advance Ruling (AAR).The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla has observed that merely because the AAR in the case of another Applicant has taken a different view, it cannot be a sufficient basis on which the department...