Tax
Govt. Constitutes GoM On GST Appellate Tribunal
The government notified the constitution of the Group of Ministers (GoM) on the Goods and Services Tax Appellate Tribunal (GSTAT). At its 47th meeting, held on June 28 and 29, 2022 in Chandigarh, the GST Council discussed the changes required in provisions pertaining to the GST Appellate Tribunal in the GST laws. At the meeting, the Council decided to constitute a GoM to look into...
Contracts With Municipalities Towards Supply Of Solid Waste Management, Except Bio-CNG Is Exempted From GST: AAR
The Tamil Nadu Authority of Advance Ruling (AAR) has ruled that contracts with municipalities towards supply of solid waste management, except Bio-CNG carried on at the Central Asphaltic Plant for the Greater Chennai Corporation, are exempted from GST. The two-member bench of G. Venkatesh and K. Latha has ruled that contracts entered into with various city corporations and...
CBIC Revokes Circular Relating To Excisability Of Waste Arising During The Process Of Manufacture
The Central Board of Indirect Taxes and Customs (CBIC) has revoked the circular relating to the excisability of waste arising during the process of manufacture.Rule 6 of the CENVAT Credit Rules, 2004 was amended with effect from March 01, 2015 by inserting Explanation 1 and 2 in sub-rule (1) of rule 6. It provides that exempted goods or final products shall include non-excisable goods...
Sale Of Renewable Energy Certificate Of Income Received By The Assessee Is A Capital Receipt: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of renewable energy certificates (carbon credit) of income received by the assessee is a capital receipt. The two-member bench of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member) has observed that the sale of carbon credit could not be a business receipt or income, nor is it...
Approval Of Demerger Would Not Entail The Benefit Of Set-Off Under Section 72A Of Income Tax Act: ITAT
The Pune Bench of ITAT has ruled that the mere fact that the scheme of demerger or amalgamation was approved by the High Court, does not automatically entitle the assessee to claim the set-off of brought forward business losses relating to the demerged or amalgamating undertaking. The Bench, consisting of S. S. Viswanethra Ravi (Judicial Member) and Inturi Rama Rao (Accountant...
E-Rickshaw Sold Without Battery Classifiable As An "Electrically Operated Motor Vehicle" : West Bengal AAR
The West Bengal Authority of Advance Ruling consisting of Brajesh Kumar Singh and Joyjit Banik has ruled that a three-wheeled electrically operated vehicle, commonly known as an e-rickshaw, when supplied without a battery, is classifiable as an "electrically operated motor vehicle" under HSN 8703. The applicant is in the business of importing spare parts for electrically...
Calcutta High Court Sets Aside The Order Of Asst. commissioner, GST, For Not Complying Natural Justice
The Calcutta High Court bench of Justice Md. Nizamuddin has held that an order passed without granting a personal hearing violates principles of natural justice. The petitioner/assessee has challenged the order passed by the Assistant Commissioner. The order was passed on the basis of a show-cause notice under Section 74 of the WBGST Act, 2017, on the ground of violation of the...
CBIC Prescribes Manner Of Re-Credit In Electronic Credit Ledger Using FORM GST PMT-03A
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular prescribing the manner of re-credit in an electronic credit ledger using FORM GST PMT-03A. The taxpayers were facing difficulties in taking re-credit of the amount in the electronic credit ledger in cases where any excess or erroneous refund sanctioned to them had been paid back by them either on their own or...
CBIC Notifies Procedure For Filing Refund Of Unutilized ITC On Account Of Export Of Electricity
The Central Board of Indirect Taxes and Customs (CBIC) has notified the manner of filing refunds of unutilized ITC on account of the export of electricity.The CBIC has received a reference from the Ministry of Power regarding the problem being faced by power generating units in filing a refund of unutilised Input Tax Credit (ITC) on account of the export of electricity. It has...
CBIC Issues Clarification On Claiming Refund Under Inverted Duty Structure Where Supplier Is Supplying Goods Under Concessional Notification
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the issue of claiming a refund under an inverted duty structure where the supplier is supplying goods under some concessional notification. The Board has received various representations seeking clarification with regard to the applicability of Circular No. 135/05/2020-GST dated 31.03.2020 in cases...
CBIC Issues Clarification On Applicability of GST Demand And Penalty For Transactions Involving Fake Invoices
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the applicability of GST demand and penalty for transactions involving fake invoices.A number of cases have come to light in which registered people were found to be involved in submitting tax bills without really supplying goods or services, or both, in order for the recipients of such invoices to...
CBIC Mandates Furnishing Of Correct Information Of Inter-State Supplies And ITC Reversal In FORM GSTR-3B And FORM GSTR-1
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular mandating the furnishing of correct and proper information on inter-State supplies and the amount of ineligible/blocked Input Tax Credit (ITC) and reversal in return on FORM GSTR-3B and statement on FORM GSTR-1.Over time, the procedure of submitting returns has been streamlined. With effect from December 2020,...