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Demand order in Form GST DRC-07 is not sustainable when order is issued in Form GST ASMT-12
Judgements
CA. Sachin Jindal

Demand order in Form GST DRC-07 is not sustainable when order is issued in Form GST ASMT-12

Since commencement of Assessments under GST, there are many practical issues which are being faced by the Assessee. One of the common issues is issuance of GST ASMT-10 and DRC-01 for the same matter. There are many instances wherein a proper officer issues the GST ASMT-10 and assessee obtains the GST ASMT-12 by filing proper reply. GST authority still issues show cause notice in Form GST DRC-01 and in some cases issues the demand order as well. In this matter, a major relief is granted by Hon’ble High Court of Madra in the matter of Radiant Cash Management Services Ltd., Vs. The Assistant Commissioner (ST) (W.P.No .2981 of 2024 and  W.M.P.Nos.3246 & 3247 of 2024).

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26/03/2024
Registration of entities for CSR Activities| All about Form CSR-1
Company Registration
CA. Kavit Vijay

Registration of entities for CSR Activities| All about Form CSR-1

The provisions of Corporate Social Responsibility (“CSR”) are incorporated under the Company Law to make companies more responsible towards betterment of the society and environment. All the companies which fulfill the specified criteria are required to spend 2% of their average profits, made during preceding 3 Financial Years, on the CSR Activities.

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19/03/2024
Foreign Portfolio Investment (FPI) in India 
Foreign Direct investment
CA. Kapil Mittal

Foreign Portfolio Investment (FPI) in India 

Similar to Foreign Direct Investment, Foreign Portfolio Investment (FPI) is a most explored way of investment in India. Foreign Portfolio Investment allows an investor to invest in multiple securities in foreign country such as shares, bonds, fixed deposits etc. 

Unlike FDI, investment in FPI is done for the purpose of getting return and not for the purpose of control. FPI is controlled in India through Security and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014.

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19/03/2024
ITC is ineligible in relation to construction work of immovable property which is further let out
Input Tax Credit
CA. Sachin Jindal

ITC is ineligible in relation to construction work of immovable property which is further let out

The Company constructed a warehouse and let it out. The Company paid the GST on such outward supply. The Company sought an advance ruling from WBAAR that whether the company is entitled to claim ITC on inward supplies received for construction of such warehouse. The Hon’ble WBAAR held that the restriction given under Section 17(5)(d) of CGST Act in respect of ITC on goods or services used for construction of warehouse is applicable in the instant case, i.e., the Company is not eligible for ITC with respect to inward supplies to the extent such expenditure is capitalised. However, where construction expenses are not capitalized in books, the claim of ITC is admissible.

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19/03/2024
eBRC system is revamped by DGFT
Exports
CA. Kavit Vijay

eBRC system is revamped by DGFT

Electronic Bank Realization Certification (eBRC) is a certificate issued by the bank certifying that payment is received in foreign currency against the export of service and goods. As per FEMA, exporters are required to receive payment against export of goods and services within a specified period of time. Timely receipt of foreign currency is a condition for issuance of GST refund as well.

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12/03/2024
GST Authorities can’t transgress the boundaries of the Show Cause Notice
Judgements
CA. Sachin Jindal

GST Authorities can’t transgress the boundaries of the Show Cause Notice

The Petitioner received an order for imposition of penalty. Show Cause notice was issued on the ground that the vehicle was traveling to a destination not mentioned in the invoice. However, while issuing the order, the appellate authority has imposed a penalty on a different ground.Hon’ble High Court held that “Show Cause Notice” serves as a vital checkpoint which defines the boundaries within which any authority can operate. Show cause notice is an initial document which impose allegations or discrepancies on the taxpayer and provide an opportunity to the taxpayer to present their side of the story. Any action beyond the scope defined in SCN not only undermines the legitimacy of the authority but also compromises the rights of the individuals or entities involved.

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12/03/2024
Foreign Direct Investment (FDI) Policy in Broadcasting & Print Media
Foreign Direct investment
CA. Kapil Mittal

Foreign Direct Investment (FDI) Policy in Broadcasting & Print Media

FDI for TV channel up-linking/down-linking shall be subject to compliance with relevant Ministry’s policies.

The foreign investment (FI) in companies offering aforementioned services subject to Ministry’s specified regulations and conditions specified from time to time.

The foreign investment (FI) limit in companies engaged in the aforestated activities shall include, in addition to FDI, Foreign Portfolio Investors (FPIs), Qualified Foreign Investors(QFIs),  Non-Resident Indians (NRIs), Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and convertible preference shares held by foreign entities. 

Foreign investment in broadcasting carriage services subject to specified security conditions/terms.

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05/03/2024
CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024
Finance Budget
CA. Kavit Vijay

CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024

While processing Income Tax returns of FY 2022-23, most of the taxpayers faced issue of delayed refund, refund put on hold on account of outstanding demand, refund adjusted against outstanding demand etc. During FY 2022-23, due to digitalisation of Income tax records of earlier year, the department uploaded various demands of earlier years (much prior to the years when Income tax return was started filing online).

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05/03/2024
GST registration can’t be cancelled with retrospective effect mechanically| GST Officer must provide reason for such action
Judgements
CA. Sachin Jindal

GST registration can’t be cancelled with retrospective effect mechanically| GST Officer must provide reason for such action

These days, Taxpayers are genuinely facing issues in Input Tax credit due to back date cancellation of GST registrations of the suppliers. For FY 2017-18 and 2018-19, show cause notices were issued to various Assessee to disallow ITC on ground of cancellation of GST registration with retrospective effect. In most of such cases, GSTIN was cancelled due to non-filing of GST return for continuous period of six months. To resolve this issue, Hon’ble High Court of Delhi has passed a judgment to grant relief to taxpayers in the matter of ARYAN TIMBER STORE KUMAR SALES TAX OFFICER CLASS II/ AVATO WARD 62 DEPARTMENT OF TRADE AND TAXES IP ESTATE NEW DELHI (WP 628/2024 dated 18th January, 2024)

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05/03/2024
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