Tax
50th GST Council Recommends Notification Of GST Appellate Tribunal By The Centre With Effect From 01.08.2023
The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended the notification of the GST appellate tribunal by the centre with effect from 01.08.2023.The Council recommended the measures for the facilitation of trade in the form of Goods and Services Tax Appellate...
50th GST Council Recommends GST Exemption on Cancer-Related Drugs, Medicines For Rare Diseases And Food Products For Special Medical Purposes
The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended exemption of cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST.It has been decided to exempt IGST from a cancer medicine, Dinutuximab (Quarziba) medicine...
50th GST Council Meet: Casino, Horse Racing And Online Gaming To Be Taxed At The Uniform Rate Of 28% On Full Face Value
The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.A Group of Ministers (GoM) was constituted to look into issues related to taxation on casinos, horse racing, and online gaming. The GoM submitted its first report in June 2022, and it was placed before the GST Council in its...
50th GST Council: GST Rate Cut On Uncooked, Unfried & Extruded Snack Palettes, Fish Soluble Paste, LD slag
The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended bringing down rates from 18 per cent to 5 per cent on 4 items - Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag to be at par with blast furnace slag, and imitation zari thread.It has...
50th GST Council Recommends Measures For Streamlining Compliances In GST
The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended measures for streamlining compliance with GST.In accordance with the recommendations of the Group of Ministers (GoM) on the implementation of the E-way bill requirement for the movement of Gold/ Precious stones...
Bank Guarantee Rates Cannot Be Considered For Benchmarking Corporate Guarantee Fee: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that bank guarantee rates cannot be considered for benchmarking corporate guarantee fees.The bench of Kavitha Rajagopal (Judicial Magistrate) and Prashant Maharishi (Accountant Member) has remanded the file back to the assessing officer with a direction to the assessee to show the benchmarking of corporate guarantee fees...
Revenue Dept Can't Recover Refunded Cess Amount Because Refund Was Based On A Judgment Which Was Later Overruled : Supreme Court
The Supreme Court has upheld the decision of the Jammu and Kashmir and Ladakh (J&K&L) High Court where the court had held that the assessee was not liable to return the Education Cess and Secondary & Higher Education Cess in view of the law subsequently laid down by the Supreme Court in M/s Unicorn Industries vs. Union of India, (2020) 3 SCC 492.In the present case Commissioner...
CBIC Notifies EXIM Exchange Rates Effective From July 7, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has notified the Export-Import (EXIM) exchange rates with effect from July 07, 2023.The CBIC notified that the Rate of exchange of 100 units of foreign currency equivalent to Indian rupees of Japanese Yen and Korean Won for import is Rs. 58.10 and 6.50 respectively.The rate of exchange of 100 units of foreign currency equivalent to...
Business Model Explains Mismatch Between Form 26AS And Actual Income: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition on the grounds that the business model explains the mismatch between Form 26AS and actual income.The bench of Sandeep Singh Karhail (Judicial Member) and Prashant Maharishi (Accountant Member) has observed that the income of the assessee is not the rental income but the income earned in the business of...
Foreign Assignment Allowance Received For The Services Rendered Outside India Can’t Be Taxed In India: ITAT
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that foreign assignment allowance received by the assessee for services rendered outside India could not be taxed in India.The bench of Rama Kanta Panda (Vice President) and K. Narasimha Chary (Judicial Member) has observed that the income derived by a non-resident for performing services outside India and the...
Bombay High Court Declares Notices And Proceedings Under Income Tax Act For Deceased Assessee As Null And Void
While emphasizing that if the concerned officers followed the settled law and refrained from issuing null and void notices, it would be beneficial not only for the citizens but also for the already overburdened courts in the country, the Bombay High Court ruled that all notices and consequential proceedings under the Income Tax Act in the name of a deceased assessee were null...
No Separate GST Registration Required For Each Type Of Business Services Carried From The Same Place Of Business: West Bengal AAR
The West Bengal Authority of Advance Ruling (AAR) has held that no separate registration is required for each type of business, i.e., manufacturing, reselling, or providing services carried on from the same place of business.The bench of Sarthak Saxena and Joyjit Banik has observed that, as per the proviso to Section 25(2) of the GST Act, separate registration in a State may be granted to...