News
Setoff under VAT when sales also made to exempted units
19 八月 2016
Allahabad High Court has held that Section 4-BB of the Uttar Pradesh Trade Tax Act, 1948 (UPTT Act), which provides for set-off of tax, did not make any distinction between sales made to exempted units and taxable sales, i.e. set-off is not restricted to only those sales upon which tax was levied or collected.
Cenvat credit not to be denied for technical lapse
29 七月 2016
In line with the spirit of upcoming GST law, Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has reiterated that Cenvat credit is not to be denied on technical ground. It has also been held that lack of vehicle number on the invoice is not relevant.
Exemptions – Obligations after recession of notification
29 七月 2016
Recently two different High Courts in India have, in separate decisions, considered the question of continuation of obligations, under the exemption notifications, after the said notification has been rescinded.
Uniform price does not prove charging of tax from buyers
28 七月 2016
Supreme Court has held that uniform pricing cannot be a ground to hold that the assessee was charging sales tax on the sale price of goods manufactured in the exempt unit.
Refund – Limitation when amount deposited on audit objection
28 七月 2016
The assessee had deposited a sum as service tax with department on audit objection raised. Subsequently, show cause notice was issued demanding payment of service tax along with interest which included the amount deposited at audit objection stage.
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations amended
06 七月 2016
The IBC has undergone multiple amendments, since its inception in 2016.
India prepares for GST – Model Act released
15 六月 2016
The Model Goods & Services Tax (GST) Act as prepared by the Empowered Committee has been released by the Indian Ministry of Finance on 14th of June.
GST in India – ‘Supply’ defined
15 六月 2016
The taxable event for levy of Goods and Services Tax (GST) is ‘supply’ and hence Section 3 of the Model GST Act, released by the Finance Ministry yesterday (14th June 2016), covers the meaning and scope of ‘supply’.
GST Model Law in India – Credit mechanism specified
15 六月 2016
Model Goods & Services Tax Act has been released by the Indian Finance Ministry on 14th of June. The Model Law amongst other details also provides mechanism for taking Input Tax Credit (ITC) in respect of defined inputs, capital goods and input services.
Guidelines for public issue of units of Infrastructure Investment Trusts
02 六月 2016
The SEBI (Infrastructure Investment Trusts) Regulations, 2014 introduced the concept of Infrastructure Investment Trusts (‘InvITs’).