Tax
DGFT Amends Guidelines Of ANF-4F Under FTP To Ease The Procedure And Minimise The Compliance Burden
The Directorate General of Foreign Trade (DGFT) has amended the guidelines of ANF-4F under FTP to ease the procedure and minimise the compliance burden for applying an Export Obligation Discharge Certificate (EODC) in the case of deemed exports. The Director General of Foreign Trade has amended paragraph 2 (b)(i) of the Guidelines for Applicants under ANF-4F of the Handbook of...
Kerala GST Dept. Invites Application From Traders To Avail Benefits Of Amnesty Scheme
The Kerala GST Department announced an amnesty scheme in 2022 to pay unpaid tax debts from before the implementation of GST. The amnesty programme will apply to all pending tax arrears, including instances under appeal (except arrears under KGST from 2005 onwards). The policy would apply to outstanding amounts owed under different statutes, including the Kerala Value Added Tax Act,...
Gujarat High Court Quashes Non-Speaking And Vague GST Cancellation Order
The Gujarat High Court bench of Justice J.B. Pardiwala as he then was and Justice Nisha M. Thakore has quashed the GST cancellation order as it was non-speaking and vague. The writ applicant/assessee is registered under the Gujarat Goods and Service Tax Act, 2017. A show cause notice was issued by the State Tax Officer on Form GST REG-17/31 under Section 29 of the CGST Act, 2017...
No Reason To Believe That Input Tax Credit Is Fraudulently Availed: Punjab & Haryana High Court
The Punjab and Haryana High Court bench of Justices Tejinder Singh Dhindsa and Pankaj Jain has held that there should be reason to believe that the input tax credit available in the Electronic Credit Ledger was obtained fraudulently or that the assesses are ineligible. The relevant officer must record the reasons, and a speaking order must be issued. The petitioner/assessee is a...
Delayed Audit Report Due To the Delay By Statutory Auditors: ITAT Deletes Penalty
The Cuttack Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty where the assessee has sufficient and reasonable cause for delay in obtaining the audit report. The two-member bench of George Mathan (Judicial Member) and Arun Khodpia (Accountant Member) has observed that the delay in submitting the audit report was on account of a delay in obtaining the audit...
GST Payable On Receipt Of Gratuitous Payment From Outgoing Member: AAR
The Maharashtra Authority of Advance Ruling (AAR) consisting of T.R. Ramnani and Rajiv Magoo has ruled that GST is payable on receipt of gratuitous payment from outgoing members. The applicant is a co-operative housing society registered under the Maharashtra Co-operative Housing Society Act (MCHS Act) having 48 flats which charges its members maintenance charges as per flat...
Society Receiving Grant From Foreign Entity Can't Be Denied Section 12A Registration: ITAT
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) consisting of K.Narasimha Chary (Judicial Member) and Bhagirath Mal Biyani (Accountant Member) has ruled that the society receiving grant from foreign entity cannot be denied the registration under Section 12A of the Income Tax Act. The assessee/appellant is a society named "Share India". On 11.02.2019, the assessee filed...
DGFT Relaxes Provision Of 'Bill Of Export' Submission For Supplies Made To The SEZ Units
The Directorate General of Foreign Trade (DGFT) has relaxed the provision of the submission of a "Bill Of Export" for supplies made to the SEZ units in case of Advance Authorisation (AA). One of the documentary criteria outlined in the 'Guidelines for Applicants' section of ANF-4F (Application for Redemption) for supplies supplied to SEZ units under Advance Authorisation. The...
Loss From Trading In Commodity Derivatives Non-Speculative In Nature, Can Be Set Off Against Regular Business Income: ITAT Lucknow
The Lucknow Bench of ITAT has ruled that trading in commodity derivatives, that satisfies the requirements of Clause (e) of the first proviso to Section 43 (5) of the ITAT, 1961, is non-speculative in nature, and thus the loss arising from it can be set off against the regular business income. The Bench, consisting of A.D. Jain (Vice President) and T.S. Kapoor (Accountant Member),...
Export Entitlements And Duty Drawback Of Promotion Scheme Is An Income Assessable Under "Profits Or Gains From Business Or Profession": ITAT
The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the export entitlements and the duty drawback of the promotion scheme are an income assessable under the head "profits or gains from business or profession" as per clauses (iiib) and (iiid) of section 28 of the Income Tax Act, 1961. The two-member bench of Duvvuru Rl Reddy (Judicial Member) and...
GST Not Payable On Monthly Collection Not Exceeding Rs.7500 Per Member Of RWA: AAR
The Telangana Authority of Advance Ruling (AAR) consisting of B. Raghu Kiran and S.V. Kasi Visweswara Rao has ruled that GST is not payable on monthly collection not exceeding Rs. 7500 per member of the Resident Welfare Association (RWA). The applicant, M/s. Jayabheri Orange County Owners Association, is a Resident Welfare Association (RWA) collecting monthly maintenance charges,...
GST Payable On Medical Health Insurance Premium For Employees: AAR
The Telangana Authority of Advance Ruling (AAR) consisting of B. Raghu Kiran and S.V. Kasi Visweswara Rao has observed that GST is payable on medical health insurance premiums for employees. The applicant, M/s. Hyderabad Metropolitan Water Supply and Sewerage Board, has paid medical insurance premiums to provide health insurance to the employees, pensioners and their family members....