The Supreme Court has stayed the tax recovery demand of over Rs 317 crore raised by the Karnataka tax department on Antrix Corporation, the commercial arm of Indian Space Research Organisation, for the value added tax (VAT) arrears payable for July 2008 to March 2014.
Punjab finance minister Harpal Singh Cheema on Monday opposed the agenda of bringing air turbine fuel (ATF) under the ambit of Goods and Services Tax (GST) saying that it would pave the way for removing petroleum products from the Value Added Tax (VAT).
The Uttar Pradesh government has cut VAT on aviation turbine fuel (ATF) to make Jewar Airport a competitive aviation hub. Uttar Pradesh Chief Minister Yogi Adityanath’s recent decision to reduce the VAT on aviation fuel to just 1% is seen as a move to position Noida’s Jewar Airport as a competitive player. This airport is expected to become operational in 2025.
The facts before the HC were that the petitioner transferred its intellectual property rights (IPRs) and goodwill through a Business Transfer Agreement (BTA). The BTA constituted a slump sale of the petitioner’s entire domestic formulation business for a lump sum consideration.
No VAT on Franchisee Agreements
The Revenue Department challenged the decision of Rajasthan High Court before the Hon’ble Supreme Court of India of holding that services of loading, unloading, lifting and shifting, by way of the crane provided by the assessee to transport department/other institutions constitute contract of service and not ‘sale’ as provided u/s 2(35)(iv) of the Rajasthan VAT Act, 2003
The Hon’ble Punjab and Haryana High Court in the case of M/s. Shiva TexFabs Ltd. v. State of Punjab and…
The Hon’ble Supreme Court in the case of M/s. Modi Naturals Ltd. v. The Commissioner of Commercial Tax UP [Civil…
The Hon’ble Karnataka High Court in the case M/s. Smart Value Homes Private Limited vs. Joint Commissioner, Commercial Taxes (Appeals) and Others allowed the revision petition and held that the Prime Location Charges (“PLC”)/ Floor Rise Charges (“FRC”) would not fall within the definition of works contract under the KVAT Act and such charges incurred by the buyer would fall within the purview of Service Tax.
The Hon’ble Patna High Court in PCM Cement Concrete Pvt. Ltd. v. The Union of India held that VAT was wrongly collected by the Indian Railways by misunderstanding the transaction as intra-state sale. The Indian Railways is liable to refund the illegal tax collected and can further claim the refund from the Bihar Value Added Tax Department.
