Question whether the time limit imposed on transitioning the credit into GST from the erstwhile regime is sacrosanct has now been decided by various High Courts and interestingly, not all of them have taken the same view.
The decisions of the GST Council’s 40th Meeting have failed to cheer the industry as the GST Council merely announced procedural relief rather than substantive measures to boost the demand and revive the economy.
Though the Government has announced various relief measures by way of waiver of interest, penalty, extension in statutory due dates, etc., for exporters, their woes seem to be increasing under GST.
Elaborately discussing various recent notifications issued by CBIC, the first article in this issue of Tax Amicus states that even though the Government has brought in various relief measures for the taxpayers, the same are not free from arbitrariness.
The Indian commercial airline industry mostly takes aircrafts on lease from foreign vendors, where the lease agreement usually also covers engine, landing gear, auxiliary power unit and maintenance / replacement / refurbishment clauses. Recognising that the transaction is service and not for goods, Sl. No. 547A of Notification No. 50/2017-Cus.
The article in this issue of Tax Amicus elaborately discusses the recent Gujarat High Court decision in the case of Mohit Minerals Pvt. Ltd. v. UOI, where the Court has struck down the levy of GST on ocean freight in case of imports. Tracing the history of the dispute, the authors analyse the impact of the decision and discuss what the assessees may have to do. The authors opine that so long as the matter is not stayed by the Supreme Court, the decision of the High Court would be binding, howeve
Cross-border supplies (import and export) of goods and services generally entail the presence of an intermediary. It involves provision of two independent supplies, i.e., one from the principal to the ultimate customer and another from the agent to the principal.
The recent judgement of the Supreme Court in ITC v. CCE, Kolkata has been quite unsettling for the assessees, as their refund claims are being rejected because of non-challenge to the assessment. However, this ruling is likely to pose an issue for the department as well. The Court has ruled that even the department needs to challenge the assessment by filing an appeal under Section 128 of the Customs Act, 1962 before coming to demand route under Section 28.
The CBIC has on 9th October 2019 notified yet another round of amendments to the CGST Rules which may have far reaching implications for the trade and industry both from the point of view of increased burden of compliances and financial hit that the companies may now be forced to take on account of blocked mis-matched input tax credits.
The article in this 100th issue of Tax Amicus attempts to analyse the question as to whether the investment income earned in the form of dividends arising on account of ownership of shares is to be taken into consideration for reversal of common input tax credit under Rules 42 and 43 of the Central Goods and Services Tax Rules, 2017.