Tax
Liquidated Damages Received By Shipping Company, Not Exempt Under 'Tonnage Tax Scheme': ITAT
The Visakhapatnam Bench of theIncome Tax Appellate Tribunal (ITAT)has ruled that liquidated damages received by a shipping company cannot be included in computation of tonnage tax and therefore, they are not exempt under the 'Tonnage Tax Scheme', as provided under Chapter XIIG of the Income Tax Act, 1961. The bench of Duvvuru RL Reddy (Judicial Member) and S...
Job Of Bottling, Blending And Labelling Indian Made Foreign Liquor Does Not Amount To Taxable Service Under 'Business Auxiliary Service': CESTAT
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the job of bottling, blending and labelling Indian Made Foreign Liquor (IMFL) does not amount to taxable service under "Business Auxiliary Service".The two-member bench of P. Dinesha (Judicial Member) and Sanjiv Shrivastava (Technical Member) have observed that if the Completely Built-Up Unit...
CBDT Extends Due Date For Furnishing Income Tax Return for AY 2022-23
The Central Board of Direct Taxes (CBDT) has notified the extension of the due date for furnishing the return of income for the Assessment Year 2022–23 to November 7, 2022, for certain categories of assessees in consequence of the extension of due dates for filing various reports of an audit.Prior to the notification, the due date for furnishing the return of income under sub-section (1)...
Affordable Residential Apartments Attracts 1.5% GST: Kerala AAR
The Kerala Authority of Advance Ruling (AAR) has held that affordable residential apartments attract 1.5% GST.The bench of Sreeparvathi and Abraham Renn has held that a new tax structure for the real estate sector was introduced with effect from 01.04.2019 onwards by the amendment of Notification No. 11/2017 – Central Tax (Rate) dated 28.06.2017 by Notification No. 03/2019 – Central...
5% GST On Fishing Vessel Marine Engine And Its Spare Parts: Kerala AAR
The Kerala Authority of Advance Ruling (AAR) has observed that 5% GST is applicable on fishing vessel marine engines and their spare parts.The two-member bench of S.L. Sreeparvathy and Abraham Renn S. has observed that marine engines and their spare parts are supplied for use in vessels falling under Customs Tariff Heading 8902. If it is supplied for use other than as part of fishing vessels,...
GSTN Issues Advisory on Filing TRAN forms for Taxpayers from Daman and Diu And Ladakh
The Goods and Service Tax Networks (GSTN) has issued an advisory on filing TRAN forms for taxpayers from Daman, Diu, and Ladakh.Due to the reorganisation of the state of Jammu & Kashmir and the merger of the Union territories of Dadra and Nagar Haveli and Daman and Diu, the taxpayers of Ladakh and the earlier "Daman and Diu" region have been allotted new GSTINs. There was therefore doubt...
Service Tax is Payable On Computer Education Service Under Vocational Training: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is payable on computer education services under vocational training.The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the computer education service has been excluded from the Vocational Training service by Notification No....
Dividends Received By IFFCO From OMIFCO Oman Can't Be Disallowed Under Income Tax Act: Delhi High Court
The Delhi High Court has held that the dividends received by Indian Farmers Fertiliser Cooperative (IFFCO) from Oman India Fertiliser Company S.A.O.C (OMIFCO) Oman cannot be disallowed under the Income Tax Act.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that since the dividend received by the assessee from OMIFCO, Oman is chargeable to tax in...
GSTIN Linking Cannot Be Denied Merely For Providing Information In Wrong Form: Rajasthan High Court
The Rajasthan High Court has held that the Goods and Service Tax Identification Number (GSTIN) link cannot be denied merely for providing information in the wrong form.The division bench, Justice Sandeep Mehta and Justice Kuldeep Mathur, has observed that absolute hyper-technical ground cannot be considered valid so as to deny the petitioner the opportunity to link the GSTIN of his father's...
VAT Defaulter Not Liable To Pay Collection Charges If Opts Amnesty Scheme: Kerala High Court
The Kerala High Court has held that collection charges are not payable if a VAT defaulter opts for the Kerala Amnesty Scheme, 2017.The single bench of Gopinath P. has noted that the petitioner had settled the liabilities in terms of the provisions contained in the Amnesty Scheme of 2017, which was introduced by the provisions contained in the Kerala Finance Act 2017.The court stated that as...
Benefit Of Abatement Notification Can't Be Denied Merely For Mismatch In Quantum Of Purchase: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that the benefit of abatement notification cannot be denied solely because of a difference in the amount of purchase shown in the profit and loss account and invoices.The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical) has observed that Notification No. 15/2004-ST or, for...
"Coal rejects" Attracts 5% GST: Punjab AAR
The Punjab Authority of Advance Ruling (AAR) has held that "coal rejects" are to be classified under HSN 2701 and are taxable at 5% GST.The two-member bench of Varinder Kaur and Viraj Shyamkarn Tidke has observed that where the goods are being received in lots or instalments, the registered person shall be entitled to take credit upon receipt of the last lot or instalment. Thus, if the...