Tax
Payment Towards Output Tax Can Be Made By Utilisation Of Amount Available In Electronic Credit Ledger Of A Registered Person: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on various issues pertaining to GST. The CBIC has notified that the refund in respect of deemed export supplies is the refund of tax paid on the supplies. However, the recipients of deemed export supplies were facing difficulties on the portal in claiming a refund of tax paid due to the requirement of...
Interest Component Of EMI Of Loan Availed On Credit Card Is Not Exempt From IGST: Calcutta High Court
The Calcutta High Court has ruled that the interest component of the Equated Monthly Instalments (EMIs) of a loan advanced by a bank on a credit card is not exempt from IGST. The Single Bench of Justice Hiranmay Bhattacharyya held that the services rendered by the bank by way of extending loans amounted to credit card services and hence, the interest component of the EMI of the said...
CBIC Exempts Registered Person From Filing Annual Return Whose Aggregate Turnover In FY 2021-22 Is Upto Rs. 2 Crores
The Central Board of Indirect Taxes and Customs (CBIC), on the recommendation of the GST Council, has exempted the registered person from filing an annual return whose aggregate turnover in the financial year 2021-22 is up to Rs. 2 crores for the financial year 2021-22. The CBIC has amended notification No. 21/2019-Central Tax, dated April 23, 2019, which notified the procedure...
Limitation Period Is Not Applicable On Refund Of Service Tax Wrongly Paid: Karnataka High Court
The Karnataka High Court bench of Justice P.S. Dinesh Kumar and Justice Anant Ramanath Hedge has held that the limitation period is not applicable to a refund of service tax wrongly paid. The appellant/assessee had entered into an agreement with Professional Lien Search LLC, a company based in the USA and providing support services to real estate property buyers in the USA. The...
Madras High Court Dismisses Plea Alleging Harassment By GST Department
The Madras High Court has dismissed the petition alleging harassment by the GST department. The single bench of Justice N. Sathish Kumar has observed that the term "harassment" is so subjective that it cannot be encapsulated in an objective criterion. The petitioner, having given a complaint, is bound to cooperate with the police for an inquiry. The petitioner/assessee has sought...
ITAT Directs AO To Allow Depreciation On Molasses Tanks By Making The Correct Computation Of New Assets
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), consisting of Aby T Varkey (Judicial Member) and Girish Agarwal (Accountant Member), has directed the assessing officer to allow the depreciation on molasses tanks by making the correct computation of new assets. The appellant/assessee is a limited company and is in the business of manufacturing sugar. It has its...
Levy Of GST On Mining Royalty: Rajasthan High Court Grants Interim Protection To Petitioners
The Rajasthan High Court has granted stay on recovery of GST on royalty paid by the Petitioners on mining activity.The order comes in a bunch of writ petitions filed primarily involving the issue of permissibility of raising demand of GST on royalty. The petitioners in these petitions challenged the notifications whereby, royalty paid by them on mining activity is being subjected to GST...
Madhya Pradesh High Court Directs Department To Issue Fresh Reassessment Order For Not Considering Reply
The Madhya Pradesh High Court bench of Justice Sujoy Paul and Justice Prakash Chandra Gupta has held that the reassessment order was passed without considering the reply to the show cause notice and directed the department to pass a fresh order. The petitioner/assessee claimed that after receiving a notice under Section 148A(b) of the Income Tax Act, he filed a reply on March 15,...
Madras High Court Allows Re-Exportation Of Betelnut Products Subject To Execution Of A Bond To Cover Value Of Goods
The Madras High Court bench of Justice S.S. Sundar and Justice S.Srimathy has allowed the re-exportation of betelnut products subject to the execution of a bond to cover the value of the goods. The respondent/assessee imported betelnut products with a particular description. The department stated that the assessee had imported goods by mistake. The appellants sought to levy duty...
No Excise Duty On Ethanol Blended Petrol: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has notified that no excise duty is leviable on ethanol blended petrol. The government is empowered under sub-section (1) of section 5A of the Central Excise Act, 1944, amended the notification No. 11/2017-Central Excise, dated the 30th June, 2017. The CBIC has notified that no excise duty is leviable on 12% ethanol blended...
Limitation Period Is Not Applicable On Personal Ledger Account: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the limitation period is not applicable on personal ledger accounts (PLA). The bench of Ramesh Nair (Judicial Member) has observed that in the case of PLA balance, it is not deposited as a duty but it is deposited as an advance towards the duty. The PLA amount takes the colour of...
Licit Possession Of Confisticated Gold Bars Received By Way Of Succession: CESTAT Set Aside Penalty
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has set aside the penalty under section 114AA of the Customs Act on the ground of licit possession of confisticated gold bars received by way of succession. The two-member bench of Anil Choudhary (Judicial Member) and Raju (Technical Member) has observed that the appellant has reasonably explained the...