The Goods and Service Tax Network (GSTN) has enabled new functionalities available for Taxpayers on the GST Portal.
The GSTN has notified various Changes made in Form GSTR-1 or IFF so as to improve the taxpayer experience some enhancements have been done in the GSTR-1/IFF user interface wherein taxpayers are provided with a re-organized dashboard, easy amendment and addition of records, Document counts on less with color-coding of Increase in the number of records per page, and Recipient wise count of records.
In order to help the taxpayer in making data entries faster and to reduce errors while creating their Statement of outward supplies in Form GSTR-1, ‘My Master’ facility has been created wherein taxpayers can save details of their recipients and suppliers and the HSN of the commodities they deal in for two masters on the portal and in the offline tool namely Product Master, and Supplier/Recipient Master. Now whenever a taxpayer enters data in the related field of GSTR-1 for which master exists, the Offline tool/portal will fetch the details from the Master and will show the probable values in the drop-down based on the keywords entered. By selecting the dropdown, all the corresponding fields of that row shall be filled up automatically. Taxpayers can also upload master created offline on GST common portal as JSON file to update their online master, and, similarly download the master created online and import it in the offline tool to update his master created offline.
The system used to return an error message if a supplier entered the GSTIN of a suspended taxpayer in the B2B, B2BA, CDNR, and CDNRA tables of Form GSTR-1/IFF. This validation has now been removed and taxpayers would be able to enter a suspended GSTIN as a recipient of taxable supplies in respective tables of Form GSTR-1/IFF.
The Enforcement module has now been integrated with the Appeal module. The taxpayers will now be able to file an online appeal against orders passed by an Enforcement Officer. The Assessment module has now been integrated with the Appeal module. The taxpayers will now be able to file an online appeal against orders passed by a Tax Officer.
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The Ministry of Corporate affairs has notified the delegated power to the National Financial Reporting Authority for the purpose of the appointment to posts of CGM, GM, DGM, AGM, etc.
“In exercise of the powers conferred by sub-section (1) of section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates its powers under sub-section (11) of section 132 of the said Act to the National Financial Reporting Authority for the purpose of the appointment to the posts of Chief General Manager (CGM), General Manager (GM), Deputy General Manager (DGM), Assistant General Manager (AGM), Manager, Assistant Manager, Personal or General Assistant, Sr. PS., Private Secretary and Driver in the said Authority,” the notification read.
As per rule 3 of the NFRA rules, 2018,The Authority shall have power to monitor and enforce compliance with accounting standards and auditing standards, oversee the quality of service under sub-section (2) of section 132 or undertake investigation under sub-section (4) of such section of the auditors of the following class of companies and bodies corporate, namely Companies whose securities are listed on any stock exchange in India or outside India; Unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year; Insurance companies, banking companies, companies engaged in the generation or supply of electricity, companies governed by any special Act for the time being in force or bodies corporate incorporated by an Act in accordance with clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 1 of the Act; Any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in public interest; and A body corporate incorporated or registered outside India, which is a subsidiary or associate company of any company or body corporate incorporated or registered in India as referred to in clauses (a) to (d), if the income or networth of such subsidiary or associate company exceeds twenty per cent. of the consolidated income or consolidated networth of such company or the body corporate, as the case may be, referred to in clauses (a) to (d).
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The Committee for Career Counselling (CCC), Institute of Chartered Accountants of India (ICAI) will organise a Talent Search Test which is called the Commerce Wizard.
The Commerce Talent Search Test called Commerce Wizard is a diagnostic test that measures the concept understanding ability of a Student.
The Students studying in class IX or X or XI or XII & B.Com./ BBA/ BMS/ Allied subjects (in academic session 2021-22) are eligible for this test.
The Registration Fee is 100/- up to 5th January 2022 and after Due Date 150/- up to 12th January 2022.
The Commerce Wizard will be conducted at two levels i.e. Level & Level II in English Language only.
Please visit the exclusive website for ICAI Commerce Wizard: icaicommercewizard.org.
All participants will be given a Participation Certificate. Prizes for Class IX, X, XI, XII & B.Com./BBA/BMS/Allied subjects separately. The 1st Ranker would be given Rs.1,00,000. If multi winners are there, the prize amount will be shared by them. If more than 50 joint rank holders for the same, the awardees will at least be awarded the prize money of ₹ 2,000 with a Merit Certificate. The 2nd Ranker would be given Rs.50,000. If multi winners are there, the prize amount will be shared by them. If more than 33 joint rank holders for the same, the awardees will at least be awarded the prize money of 1,500 with Merit Certificate. The 3rd Ranker would be given Rs. 25,000. If multi winners are there, the prize amount will be shared by them. If more than 33 joint rank holders for the same, the awardees will at least be awarded the prize money of 750 with Merit Certificate. The next 200 Participants will be awarded Consolation prize money of 500 with an Appreciation Certificate.
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The Allahabad High Court has imposed the penalty on the GST Department for unnecessary harassment for copying the electricity bill for granting GST Registration. The petitioner, Ranjana Singh has been engaged in the business of providing employment through consultancy, which fall within the purview of U.P. Goods & Service Tax Act. The petitioner applied for…
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the assessee is eligible for Section 54 exemption in respect of the purchase of 3 different residential houses.
The assessee, Sunandan Kumar Minocha has constructed 4 flats consisting of 4 units, i.e., one flat on each floor in a building which was purchased in the FY 1995-96. Out of these 4 units, the assessee had sold 3 units during the year under consideration. The indexed cost of acquisition of property resulted in long-term capital gain. The assessee claimed that it has purchased new residential property worth Rs.1,70,83,921.50 and claimed deduction u/s 54 which resulted in ‘nil’ long-term capital gain. AO observed that the assessee has invested the receipts of sale proceeds of its 3 units in 3 different locations of the city and, therefore, deduction u/s 54 is not available, because the same is available only in “a” residential house and not for every residential property in addition to the first house.
AO, after considering various judgments and Explanatory Note to Finance Act, 2014, amending the statute w.e.f. 01.04.2015, i.e., AY 2015-16. He restricted the claim of deduction u/s 54 to only one flat having a higher value of Rs.1,04,86,714/- and accordingly, he worked out the disallowance of Rs.49,62,490/-.
The case of the assessee is that the expression “a residential house” is to be understood in a sense that the building should be a residential one and the word “a residential” should not be construed as a singular number.
On the other hand, the case of the Revenue is that “a residential house” should be treated as one residential house and the amendment brought in the statute w.e.f. 01.04.2015 is mere clarificatory.
The Coram of President, G.S.Panu, and Judicial Member, Amit Shukla held that assessee is eligible for claim of exemption u/s 54 in respect of the purchase of 3 different residential houses and amendment brought in the Finance Act, 2014 w.e.f. 01.04.2015 will not be applicable in AY 2013-14.
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The Central Board of Indirect Taxes and Customs (CBIC) notified the 12% GST payable on Footwear of sale value not exceeding Rs.1000 per pair.
There is an increase in the GST rate on footwear to 12% from 5% earlier, which will be effective from January 1, 2022. At present, 5% GST is charged on the sale value of up to Rs 1,000 per pair.
The rate changes will provide clarity to the industry and settle, once and for all, the issues caused by the inverted duty structure.
The fitment committee has proposed increasing the rate on footwear having sale value less than Rs 1000 to 12% from 5%. These rate changes are scheduled to be implemented with effect from 01.01.2022.
AAR Ruling
The Customs Authority of Advance Ruling (AAR), Mumbai while ruling on the application filed by the M/s Skechers South Asia Private Ltd noted that in the 45th GST Council meeting GST rate changes in order to correct inverted duty structure in footwear were discussed. The fitment committee has proposed increasing the rate on footwear having sale value less than Rs 1000 to 12% from 5%. These rate changes are scheduled to be implemented with effect from 01.01.2022. Therefore, the present ruling will be valid till such changes in the GST rate are implemented.
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The 46th GST Council Meet chaired by the Union Finance Minister, Nirmala Sithraman announced that the existing rates in the textile sector will continue beyond 1st January, 2022.
“The GST Council’s 46th meeting was held today under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing rates in the textile sector would continue beyond 1st January, 2022,” the press release read.
At the 45th meeting in Lucknow on September 17, the GST Council had decided to rectify the inverted duty structure for footwear and textiles. Subsequently, the rate for footwear and textiles for any value was raised to 12 per cent, effective from January 1, 2022. Earlier the GST rate was 5 per cent for sale value up to Rs 1,000 per piece in the case of apparel and per pair in the case of footwear.
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The Finance Minister Tarun Bajaj has said that, there is no proposal with the department to extend the due date of Income tax returns.
He also said that, Income Tax Return filing is going on smoothly. By 3pm today, 5.62 crore returns have been filed in total. Today, more than 20 lakh returns were filed. This year 60 lakh more returns have been filed: Revenue Secretary Tarun Bajaj.
The Central Board of Direct Taxes (CBDT) Income Tax Department had extended the deadline for filing of Income Tax Return from September 30, 2021, to December 31, 2021, on September 9, 2021, due to the difficulties faced by the taxpayers and other stakeholders in the filing of income tax returns on the government’s new tax portal, which was facing technical issues.
The last day for filing your income tax return (ITR) for the financial year 2020-21 is on December 31, 2021. This year, the Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY2020-21 (AY2021-22) to December 31, 2021.
Generally, taxpayers are required to file ITR by July 31 of any year unless extended by the government.
The Income Tax Department is urging the taxpayers to file their ITR for the financial year 2020-21 or assessment year 2021-22 without any further delay. The department has been issuing reminders as the deadline to file a return is December 31.
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The Central Board of Indirect Taxes and Customs (CBIC) has notified the changes in Customs Duty Rate Notification with effect from January 1, 2022 to align it with HS 2022.
The new (seventh) edition of the Harmonized System (HS) nomenclature i.e., HS-2022, shall come into force from January 01, 2022. This edition has introduced significant changes to the Harmonized System with a total of 351 amendments at the six-digit level, covering a wide range of goods moving across borders.
As India is a party to the HS convention, necessary changes were brought.
No Customs Duty will be applicable on Components or parts, including engines, of aircraft of heading 8802 or 8806 (except Unmanned Aircraft used as Television camera, digital camera or video camera recorder) for manufacture of aircraft falling under heading 8802; for manufacture of parts of aircraft at (a), imported by Public Sector Units under the Ministry of Defence.
The Customs rate of 2.5% shall be payable on all goods except Unmanned Aircraft used as Television camera, digital camera or video camera recorder.
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The Central Board of Indirect Taxes and Customs (CBIC) has notified that the Input Tax Credit (ITC) cannot be availed on the failure of a supplier to furnish details of invoices or debit notes in FORM GSTR-1 or using Invoice Furnishing Facility (IFF).
The Board has notified Central Goods and Services Tax (Tenth Amendment) Rules, 2021 which seeks to amend Central Goods and Services Tax Rules, 2017.
In the Central Goods and Services Tax Rules, 2017, in rule 36, for sub-rule (4), the sub-rule shall be substituted, with effect from the 1st January 2022, namely, “no input tax credit shall be availed by a registered person in respect of invoices or debit notes the details of which are required to be furnished under sub-section (1) of section 37 unless, the details of such invoices or debit notes have been furnished by the supplier in the statement of outward supplies in FORM GSTR-1 or using the invoice furnishing facility, and the details of such invoices or debit notes have been communicated to the registered person in FORM GSTR-2B under sub-rule (7) of rule 60.
In rule 80, sub-rule (1A), shall be inserted, namely “Notwithstanding anything contained in sub-rule (1), for the financial year 2020-2021 the said annual return shall be furnished on or before the twenty-eighth day of February 2022; sub-rule (3A), shall be inserted, namely Notwithstanding anything contained in sub-rule (3), for the financial year 2020-2021 the said self-certified reconciliation statement shall be furnished along with the said annual return on or before the twenty-eighth day of February 2022.
In rule 95, in sub-rule (3), after clause (c), the proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st April 2021, namely “Provided that where Unique Identity Number of the applicant is not mentioned in a tax invoice, the refund of tax paid by the applicant on such invoice shall be available only if the copy of the invoice, duly attested by the authorized representative of the applicant, is submitted along with the refund application in FORM GST RFD-10.
In rule 142, with effect from the 1st January 2022, in sub-rule (3), for the words and letters, “fourteen days of detention or seizure of the goods and conveyance”, the words, brackets, and figures, “seven days of the notice issued under sub-section (3) of Section 129 but before the issuance of order under the said sub-section (3)” shall be substituted; in sub-rule (5), for the words, “tax, interest, and penalty payable by the person chargeable with tax”, the words, “tax, interest, and penalty, as the case may be, payable by the person concerned” shall be substituted.
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The Central Board of Indirect Taxes and Customs (CBIC) has notified the provisions related to the Recovery of penalty by the sale of goods or conveyance detained or seized in transit.
The Board has notified Central Goods and Services Tax (Tenth Amendment) Rules, 2021 which seeks to amend Central Goods and Services Tax Rules, 2017.
Rule 144A pertaining to the Recovery of penalty by the sale of goods or conveyance detained or seized in transit shall be inserted with effect from the 1st day of January 2022. Where the person transporting any goods or the owner of such goods fails to pay the amount of penalty under sub-section (1) of section 129 within 15 days from the date of receipt of the copy of the order passed under sub-section (3) of the said section 129, the proper officer shall proceed for sale or disposal of the goods or conveyance so detained or seized by preparing an inventory and estimating the market value of such goods or conveyance. Provided that where the detained or seized goods are perishable or hazardous in nature or are likely to depreciate in value with the passage of time, the said period of fifteen days may be reduced by the proper officer.
The goods or conveyance shall be sold through a process of auction, including e-auction, for which a notice shall be issued in FORM GST DRC-10 clearly indicating the goods or conveyance to be sold and the purpose of sale. Provided that where the person transporting said goods or the owner of such goods pays the amount of penalty under sub-section (1) of section 129, including any expenses incurred in safe custody and handling of such goods or conveyance, after the time period mentioned in sub-rule (1) but before the issuance of notice under this sub-rule, the proper officer shall cancel the process of auction and release such goods or conveyance.
The last day for submission of a bid or the date of auction shall not be earlier than fifteen days from the date of issue of the notice. Provided that where the detained or seized goods are perishable or hazardous in nature or are likely to depreciate in value with the passage of time, the said period of fifteen days may be reduced by the proper officer.
The proper officer may specify the amount of pre-bid deposit to be furnished in the manner specified by such officer, to make the bidders eligible to participate in the auction, which may be returned to the unsuccessful bidders, forfeited in case the successful bidder fails to make the payment of the full amount, as the case may be.
The proper officer shall issue a notice to the successful bidder in FORM GST DRC-11 requiring him to make the payment within a period of fifteen days from the date of the auction:
Provided that where the detained or seized goods are perishable or hazardous in nature or are likely to depreciate in value with the passage of time, the said period of fifteen days may be reduced by the proper officer.
On payment of the full bid amount, the proper officer shall transfer the possession and ownership of the said goods or conveyance to the successful bidder and issue a certificate in FORM GST DRC-12.
The proper officer shall cancel the process and proceed for re-auction where no bid is received or the auction is considered to be non-competitive due to lack of adequate participation or due to low bids.
Where an appeal has been filed by the person under the provisions of sub-section (1) read with sub-section (6) of section 107, the proceedings for recovery of penalty by the sale of goods or conveyance detained or seized in transit under this rule shall be deemed to have stayed. Provided that this sub-rule shall not be applicable in respect of goods of perishable or hazardous nature.
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The Government has issued the office memorandum where it has notified that the 46th Meeting of the GST Council is scheduled to Convene on 31st December 2021.
The 46th Meeting of the GST Council will be held on December 31, 2021 in New Delhi at 1100 hours under the provisions contained in the proviso to sub-clause (2) of clause 3 of the Procedure and Conduct of Business Regulations of the GST Council.
“The venue, agenda item and other details for the 46th Meeting of the GST Council will be communicated in due course of time,” the Memorandum read.
Keeping in view the Covid-19 related protocols, it is requested that participation from each State may be limited to 2 officers in addition to the Hon’ble Member of the GST council.
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The Ernst & Young Global Limited has invited applications for the post of Direct Tax – Senior Accountant (UK).
Responsibilities:
Qualifications:
Location: Warszawa
For more details and to apply, click here:
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The Central Board of Indirect Taxes and Customs (CBIC) notified the 18% GST payable on Manganese ores and concentrates.
The Board has notified that 18% GST is payable on Products containing nicotine and intended for inhalation without combustion; Products for oral application or transdermal application or for application otherwise than orally or transdermally, containing nicotine and intended to assist tobacco use cessation; Marble and travertine, other than blocks; Granite, other than blocks; Iron ores and concentrates, including roasted iron pyrites; Manganese ores and concentrates, including ferruginous manganese ores and concentrates with a manganese content of 20% or more, calculated on the dry weight; Copper ores and concentrates; Nickel ores and concentrates; Cobalt ores and concentrates; Aluminium ores and concentrates; Lead ores and concentrates; Zinc ores and concentrates; Tin ores and concentrates; and Chromium ores and concentrates.
The Mixtures containing halogenated derivatives of Methane, Ethane or Propane, not elsewhere specified or included, attract 18% GST.
Further 18% of GST is payable on Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; Gas-tight biological safety cabinets, whether or not fitted with filters [other than bicycle pumps, other hand pumps and parts of air or vacuum pumps and compressors of bicycle pumps].
The Board has brought Closed-circuit television (CCTV), transmission apparatus for radio- broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras, digital cameras and video camera recorders including goods in the form of unmanned aircraft falling under 8806 [other than two- way radio (Walkie talkie) used by defence, police and paramilitary forces, etc, under the 18% of GST.
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The Central Board of Indirect Taxes and Customs (CBIC) has revised the GST Rates wherein 5% GST on Yoghurt; Cream, kephir, other fermented or acidified milk and cream.
The CBIC has notified the 5% GST on the Yoghurt; Cream, kephir and other fermented or acidified milk and cream, whether or not concentrated or containing added sugar or other sweetening matter or flavored or containing added fruit, nuts or cocoa; Insects and other edible products of animal origin, not elsewhere specified or included; other fixed vegetable or microbial fats and oils (including jojoba oil) and their fractions, whether or not refined, but not chemically modified; Oil-cake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of vegetable or microbial fats or oils, other than those of heading 2304 or 2305 other than cottonseed oil cake; Dolomite, whether or not calcined or sintered, including dolomite roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a rectangular (including square) shape; 2518 10 dolomite, Not calcined or sintered.
The CBIC has inserted Dolomite ramming mix, Bio-diesel supplied to Oil Marketing Companies for blending with High Speed Diesel, and Other aircraft (for example, helicopters, aeroplanes) except the items covered in Sl. No. 383 in Schedule III, other than for personal use on which 5% of GST will be payable.
GST at the rate of 12% shall be payable on other nuts, dried, whether or not shelled or peeled, such as Almonds, Hazelnuts or filberts (Corylus spp.), Chestnuts (Castanea spp.), Pistachios, Macadamia nuts, Kola nuts (Cola spp.), Pine nuts [other than dried areca nuts]; Animal or microbial fats and animal or microbial oils and their fractions, partly or wholly hydrogenated, interesterified, re-esterified orelaidinised, whether or not refined, but not further prepared; Edible mixtures or preparations of animal fats or microbial fats or animal oils or microbial oils or of fractions of different animal fats or microbial fats or animal oils or microbial oils of this Chapter, other than edible fats or oils or their fractions of heading 1516, Sausages and similar products, of meat, meat offal, blood or insects; food preparations based on these products, Other prepared or preserved meat, meat offal, blood or insects, and Paintings, drawings and pastels, executed entirely by hand, other than drawings of heading 4906 and other than hand-painted or hand- decorated manufactured articles; collages, mosaics and similar decorative plaques.
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The Ministry of Corporate Affairs (MCA) has relaxed the additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013.
“In continuation to Ministry’s General Circular No.17/2021 dated 29.10.2021, keeping in view various requests received from stakeholders regarding relaxation of levy of additional fees for annual financial statement/return filings required to be done for the financial year ended on 31.03.2021,” the government notified.
The government has decided that no additional fees shall be levied upto February 15, 2022 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and upto February 28, 2022 for filing of e-forms MGT-7/MGT-7A in respect of the financial year ended on March 31, 2021 respectively.
During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.
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The Maharashtra Authority of Advance Ruling (AAR) held that Input Tax Credit (ITC) available on 12% GST paid on supplying, operating and maintaining air-conditioned electrically operated buses.
The Applicant, MH Ecolife E-Mobility Pvt. Ltd. and Navi Mumbai Transport Undertaking (NMMT) have entered into an Operator Agreement dated 25.02.2020 vide which, Applicant shall be responsible to procure and supply air conditioned electric buses to NMMT on gross contract basis to be plied on the routes identified by NMMT. During the term of the Agreement, ownership of the buses to be vested with the Applicant.
In terms of the Agreement, the Applicant, as an Operator, will be responsible for operating and maintaining the buses by employing drivers and other staff necessary for the operation and maintenance of buses. Further, Applicant shall incur all expenses for operating the buses including expenses on repairs, maintenance, procurement of spare parts, charging of batteries etc. NMMT or a third party appointed by NMMT, shall collect appropriate fare from the passengers.
The applicant has sought the advance ruling on the issues whether services provided by the applicant to NMMT under the Agreement, by way of supplying, operating and maintaining air-conditioned electrically operated buses are taxable and subject to GST and whether Applicant shall be eligible to avail the input tax credit of tax paid on the procurement of input supplies used in supplying services to NMMT under the Agreement.
The coram of Rajiv Magoo and T.R.Ramnani held that services provided by the applicant to NMMT under the Agreement, by way of supplying, operating and maintaining air-conditioned electrically operated buses the appropriate SAC (Services Accounting Code) for classifying the services provided by the applicant is Tariff Heading 9966. The rate of GST is 12% (with availment of ITC) or 5% (without availment of ITC).
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The Allahabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that no Excise Duty payable on the supply of concrete mix.
The issue involved in these appeals is whether ‘Ready Mix Concrete (RMC in short) or ‘concrete mix’ manufactured by the appellant at the site of M/s Supertech Limited, and supplied to them, whether it is dutiable under the Central Excise Act.
It appeared to Revenue that appellant, M/s Ambit Concrete (P) Ltd. manufactured and supplied RMC to M/s Supertech Limited, by manufacturing in their batching plant installed at the site of M/s Supertech Limited, for its residential project at Eco Village-II. Further, M/s Supertech Limited provided information, being copies of purchase bills, details of copies of ledger accounts in respect of RMC purchased from appellant for the period 2012-13 to 2015-16 (up to February 2016), vide their letter.
The Coram of Judicial Member, Anil Choudhary, and Technical Member, P. Anjani Kumar found that from the show cause notice and the impugned order-in-original that none of such facts were found and /or alleged in the instant show-cause notice. Admittedly, there has been no inspection at the site (Eco Village-II), where the appellant has installed their batching plant for supplying to M/s Supertech Limited. Further, admittedly the appellant has taken registration under Service Tax provisions with the Department and was paying service tax on the job charges. Admittedly, the appellant has raised two bills one for the supply of material and the other for job work – mixing the cement, aggregate water, etc. in its batching plant. Further, the appellant has raised the job work invoice for the concrete mix.
“We hold that Revenue has not brought any facts on record in support of its allegation of manufacture of RMC by the appellant. Thus, in the facts and circumstances, we conclude that what has been manufactured and supplied by the appellant is a ‘concrete mix’, which is not dutiable. Further, in view of our finding that the appellant has taken registration for service tax, paying service tax, and making compliances for the said activity under dispute, the facts were in the knowledge of the Department and as such extended period of limitation is not invokable. We further find that in trade parlance ‘concrete mix’ and ‘RMC’ are used interchangeably, as clarified by the Board Circular and by the Hon’ble Supreme Court. Manufacturing of RMC is a process involving several machines and is a matter of precision,” the court said.
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The GE Healthcare Global has invited applications for the post of Global Finance Lead – Integrated Supply Chain Cash.
Responsibilities:
Qualifications:
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In a major relief to Senior Advocate Harish Salve, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the credit of Taxes paid on Overseas Income.
Mr. Salve, the assessee filed his income tax return declaring his income from Business, Capital Gain and Other Sources amounting to atotal income of Rs. 93,05,67,910/-. Thereafter assessee filed revised return of income on 31.03.2017 revising the total income of Rs.93,40,35,870/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 27.11.2017 and the total income was determined at Rs.94,40,20,730/-. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who dismissed the appeal of the assessee.
During the course of assessment proceedings and on perusal of the ‘Profit & Loss’ account, AO noticed that the assessee had claimed Rs. 99,84,863/- under the head ‘Assistance to Law Students’. The assessee was asked to justify as to how the facts for earlier years were different from the year under consideration and why the aforesaid expenses were not disallowed as in earlier years. Assessee filed detailed submissions and inter alia submitted that assessee was focusing on building an international practice and spent considerable amount of time on international arbitration.
The coram of Judicial Member, Amit Shukla and Accountant Member, Anil Chaturvedi noted that the overseas income earned by the assessee in UK has been offered to tax by the assessee in India and out of the total tax of Rs.11,71,22,901/- paid by assessee in UK, assessee is claiming credit of Rs.8,57,07,736/- u/s 90 of the Act since the corresponding amount of income has already been offered to tax in India and has also been accepted by Revenue.
“We are of the view that the credit of the taxes paid on such income deserves to be allowed. We therefore restore the issue back to the file of AO and direct him to allow the credit of the foreign taxes paid as claimed by the assessee u/s 90 of the Act as per the provision of Act and in accordance with law. Needless to state that AO shall grant adequate opportunity of hearing to the assessee. Assessee is also directed to promptly furnish all the details called for by the AO,” the tribunal while allowing the appeal said.
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The ABB has invited applications for the post of Finance Trainee – Accounts Payable.
This is a Finance Trainee – AP role, reporting to the Finance Team Lead – AP in Global Business Services (GBS) located in Bangalore. In this role, you will be responsible to process accounting transactions for Accounts Payable (AP) in a complete, accurate and timely manner while ensuring compliance with internal guidelines and procedures and external regulatory requirements.
Responsibilities:
Qualifications:
Location: Bangalore, Karnataka
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