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Aluminium Alloys cannot be supplied under Govt. Notification no. 47/2017

From a perusal of the said certificate, we find from that recipient is a public funded institution and Notification No. 47/2017 is applicable in respect of supplies made to them but only goods specified in the column no. (3) of the table in the Notification are liable for concessional rate of tax @ 5%. Thus goods other than those mentioned in the said Notification are not to be liable for concessional rate of 5% tax, except the goods having originally been held as a 5% in the schedule entries.

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No ITC on construction of Tie-in pipeline for delivery of re-gasified LNG from FSRU to National Grid

In re Western Concessions Private Limited (GST AAR Maharashtra) It is clear that there are some ships which are categorized as factories in the commercial world and hence it is incorrect to argue that FRSU is not a factory by relying on selective dictionary meanings. The second contention of the applicant is that the pipeline […]

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Central Excise and Service Tax Audit for pre GST period | section 174(2)

Suresh Kumar Singhal Vs Union of India (Rajasthan High Court) Provision incorporated in the Constitution Act, 2016 as aforesaid, in no manner, restrict the operation of the provisions of section 174(2) incorporated in CGST Act beyond the period of one year, which provides that repeal of the Acts specified in sub-section (1) of section 174 […]

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GST payable on Advisory service Income if service recipient located in India

In re Multiples Alternate Asset Management Private Limited (GST AAR Maharashtra) Whether GST is applicable on the Advisory & Management Fees received in Indian Currency from Domestic Contributors located in India for the Services rendered by the applicant? The advisory and management fees received by the applicant are for financial services rendered to the AIF […]

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Officers of GST department think they are above law; HC stays provisional attachment order

One fails to understand why the concerned officer has at all attended the proceedings, if he had not bothered to come with the files. It is evident that the concerned officer must be availing of leave as well as other benefits for the purpose of coming from Bhavnagar to Ahmedabad. However, in absence of the files, the entire purpose of coming to the High Court is totally frustrated.

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GST return filing: These are the major changes in the process from July

GST Council meet on 21 June to focus on checking tax evasion

NEW DELHI: Goods and Services Tax (GST) Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.The government plans to increase scrutiny on businesses amid lower-than-expected GST collections after handholding them through the first two years of the tax reform. The 35th meeting of the GST Council will seek to introduce compliance requirements, initially on big businesses and eventually on all merchants to curb tax leakage.The proposals before the council include compulsory generation of e-invoicing by large companies, validation of e-way bills (electronic permits issued for the movement of goods) with the data generated at toll plazas and geotagging of companies, said a person familiar with the discussions in the council.Generation of e-invoices will improve transparency of transactions and act as an extra layer of regulatory oversight on transactions of large…

GST: Government plans fresh set of tax sops for startups in budget

NEW DELHI: The government is looking at a fresh set of tax benefits for startups to boost entrepreneurship and employment in the economy.The department for promotion of industry and internal trade (DPIIT) and the revenue department have discussed a package of tax sops in the forthcoming budget, including simplified norms for levying a tax on employee stock option schemes (ESOPs) at the time of sale of shares, sources told TOI.Currently, ESOPs are taxed at a time when an employee exercises the option and a tax on perquisites is levied between the exercise price and the fair market value at that time. Then, there is a capital gains tax when the employee finally sells the share. For long, startups have argued that ESOPs are an important tool for employee retention and often taxing them is not feasible.Besides, DPIIT is discussing the possibility of giving angel tax benefits to Category II alternate investment funds (AIFs), a concession that is currently available to certain Category I in…

GST: Corporation revenues to rise with entertainment tax

Civic bodies to collect 10% tax on movie ticketsThe city Corporation is looking forward to a jump in its annual revenue with the State Government issuing an order allowing civic bodies to collect 10% entertainment tax on the sale of cinema tickets.Earlier this year, the clauses regarding this were included in the Finance Bill, based on which changes were made in the Kerala Local Authorities’ Entertainment Tax Act, to enable local bodies to tide over the losses suffered after the implementation of the Goods and Services Tax (GST).However, the Film Exhibitors’ United Organisation of Kerala and the Kerala Film Chamber of Commerce had approached the court against the move in May and obtained a stay, which is effective till June 16. ₹10 croreAnnually“Based on the Finance bill, we had made the necessary arrangements to start collecting 10% entertainment tax. But, we had to put it on hold because of the stay order from the court. Now that the government has issued the necessary order, we are…

Budget 2019: From income tax slab changes to 80C limit extension, 5 key things to expect from the upcoming Union Budget

FM Nirmala Sitharaman is expected to announce a number of big-ticket decisions in the Union Budget 2019 considering the thumping majority her party secured in the recent Lok Sabha elections.The National Democratic Alliance government presented an interim budget in February 2019, and now, post the election victory, the Narendra Modi 2.0 regime is gearing up to present the Union Budget 2019 on July 5 in which it is expected to take a number of big-ticket decisions related to policy and reforms.It’s understandable that taxpayers will have major expectations from the newly-appointed Finance Minister Nirmala Sitharaman considering the thumping majority her Bharatiya Janata Party secured in the recently-concluded Lok Sabha polls. We take a look at 5 such important announcements that could be made in the Union Budget 2019 speech.1. Push On Digital TransactionsA banking cash transaction tax of 0.1% on withdrawal of more than Rs 10,000 in a single day was introduced by the United Progressive A…