Tax
Delhi High Court Directs IGST Refund After Deducting Differential Amount Of Duty Drawback
The Delhi High Court has directed the department to grant IGST refund paid on the goods exported after deducting the differential amount of duty drawback.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that the Jurisdictional Commissionerates shall be entitled to verify the extent of duty drawback availed by the petitioners and also whether they...
ITAT Allows Deduction On Credit Facilities Given By Co-operative Society To Its Members
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P of the Income Tax Act on the credit facilities given by the co-operative society to its members as they were directly related to the business while deriving interest.According to the two-member bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member),...
Clean Energy Cess To Be Imposed For Collection Of Cess On Polluting Fossil Fuels: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the Clean Energy Cess has been imposed for the collection of cess on polluting fossil fuels so as to create additional funds for taking measures to reduce carbon emissions and pollution.The two-member bench of Anil Choudhary (Judicial Member) and P.V. Subba Rao (Technical Member) has observed...
CBIC Issues Instructions Regarding Changes To Import Policy for Fresh (Green) Areca Nut
The Central Board of Indirect Taxes and Customs (CBIC) has notified the instructions regarding changes to the import policy for fresh (green) areca nuts.The CBIC directed the Kolkata Customs Zone to develop an appropriate mechanism for the registration of registration certificates (RC), debit/utilisation of the quantity in the RC, and monitoring the validity of the RC.The Kolkata Customs Zone...
Travel Agent's Booking Function Is Not Substantial Business Activity And Not Taxable: Delhi High Court
The Delhi High Court has held that the travel agents in India were merely connected to the extent that they could perform a booking function but were not capable of processing the data of all the airlines together in one place.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has held that a booking function is not covered under substantial business activity...
Tax Cases Weekly Round-Up: 2 October To 8 October, 2022
Delhi High Court Rate Reduction Benefit By Reduction In Prices: Delhi High Court Directs Loreal To Deposit Principal Profiteered Amount Case Title: Loreal India Private Limited Versus Union Of India The Delhi High Court has directed Loreal to deposit the principal profiteered amount after deducting the GST imposed on the net profiteered amount in six equal instalments. The...
Rate Reduction Benefit By Reduction In Prices: Delhi High Court Directs Loreal To Deposit Principal Profiteered Amount
The Delhi High Court has directed Loreal to deposit the principal profiteered amount after deducting the GST imposed on the net profiteered amount in six equal instalments.The division bench of Justice Manmohan and Justice Dinesh Kumar Sharma has observed that the interest amount directed to be paid by the department as well as the penalty proceedings and investigation by the...
Health Certificate To Be Accompanied With Import Of Food Consignments: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that the health certificate must be accompanied by the import of certain food consignments.The Board by the instructions dated 12.08.2022 relating to the requirement of a Health Certificate to be accompanied with the import of certain food consignments, based on a reference from the Food Safety and Standards Authority of...
RBI To Soon Release e₹, releases Concept Note on Central Bank Digital Currency
The Reserve Bank of India (RBI) has issued the concept note on Central Bank Digital Currency.The Reserve Bank will soon commence pilot launches of e₹ for specific use cases.Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance...
No GST On Subsidised Deduction made From Employees Availing Food In Factory Or Corporate Office: Gujarat AAR
The Gujarat Authority of Advance Ruling (AAR) has ruled that GST is not payable on the subsidised deduction made by the applicant from the employees who are availing food in the factory/corporate office.The two-member bench of Amit Kumar Mishra and Milind Kavatkar has observed that the subsidised deduction made by the applicant from the employees who are availing food in the...
No Liability On Vivo To Pay Customs Duty On Import Of Microphones Forming Part Of Mobile Phones: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that Vivo is not liable to pay customs duty on the import of microphones as they form a part of cellular mobile phones.The two-member bench of Rachna Gupta (Judicial member) and P. Venkata Subba Rao (Technical Member) has observed that only 10% of customs duty is being imposed upon such goods which...
HTP Kirloskar Power Sprayer Attracts 18% GST: AAR
The Gujarat Authority of Advance Ruling (AAR) has ruled that the 18% GST is payable on HTP Kirloskar Power Sprayer.The two-member bench of Amit Kumar Mishra and Milind Kavatkar has observed that HTP Kirloskar Power Sprayer's merit classification under HSN 8424 89 90 is covered under Entry No. 325 of Schedule-III of Notification No. 1/20l7-Central Tax (Rate), dated 28.6.2017.The applicant is...