Latest update 31.05.2024

GST Implications on Bad Debts

Supply is made, GST is paid but amount is not recoverable from Customer. In such case, whether amount of GST can be refunded back? Read more

Seeking Cancellation of GST Registration is Not Easy

This article is about application for cancellation of registration furnished by the registered person which is not being processed by the GST Authority within provisions of the law. Read more

Customs exemption on import of Aircraft Engine Spares upheld by CESTAT

CESTAT rejected the contentions of the customs department that the exemption only applies to the goods that need to be repaired themselves, not to the goods that are used for repairing other goods Read more

Whether ITC can be denied in case of bonafide errors in filing GST returns where there is no loss of revenue?

The Honorable Bombay High Court in the case of NRB Bearings ltd. allowed the petition while permitting the Taxpayer to rectify FORM GSTR-1 and held that in cases of bonafide errors in filing returns where no loss of revenue occurs, the technicalities should not prevent rectification. Read more

No Service Tax payable on freight margin recovered from the customer in case of outbound shipments

The CESTAT, Ahmedabad in the case of Vishal Tansukhbahai Gohel that in the case of outbound shipment, both by aircraft and vessel, the destination of goods shall be outside India. Therefore, there will be no Service tax on the freight margin recovered by the Appellant from the customer. Read more

Assessee providing services of ‘Marketing /Recruitment/ Referral Consultant’ do not qualify as Intermediary

The Telangana, AAR in the matter of M/s. Center for International Admission and Visas (CIAV), held that services of ‘Marketing/Recruitment/Referral Consultant’ by the Assessee to foreign universities on principal to principal basis do not qualify as ‘intermediary’ as defined under Section 2 (13) of the IGST Act. Further, the activity of … Read more

Relief for fertilizer companies as GST Council may okay refunds due

Some relief to the fertilizer companies is on the cards as the GST Council is likely to recommend issuance of a circular for releasing refunds due as a result of inverted duty structure and subsidy. Read more

Bringing natural gas under GST will lead to faster adoption: Oil secy

Taxation on natural gas remains key to increasing the use of natural gas in the economy, and the government is ‘cautiously optimistic’ about bringing the fuel within the fold of GST regime in 2024-25, Petroleum Secretary Pankaj Jain said on Wednesday. Read more

Madras HC stays GST demand notice of Rs 7 crore issued to TNERC

The Madras High Court on Wednesday stayed the notice issued by DGGSTI demanding Rs 6.97 crore tax for various services offered by the Tamil Nadu Electricity Regulatory Commission (TNERC). Read more

CBDT Notifies 57 Types of Incomes, Expenses To Be Reflected In AIS Of IT Portal

The Central Board of Direct Taxes (CBDT) has announced 57 types of income and expenses, which are now included in the Income-tax portal’s Annual Information Statement (AIS). Read more