According to tax experts’ assessments of the GST implementation, the old issue of transfer pricing has the potential to shake the system in the future. The goods and services tax (GST) was implemented with the goal of creating “one nation, one tax,” and it is the country’s largest indirect tax reform in history.
A lot of benefits are provided for “Export” of goods or services. However, various conditions are required to be fulfilled to qualify a transaction as “Export”. Similarly, to qualify a supply of service as “Export of service”, five conditions are provided under Section 2(6) of IGST Act, 2017. However, one of the conditions given in clause (v) of Section 2(6) of IGST Act is always covered with lots of ambiguity. Considering the representations received, GST Council in 45th GST Council meeting recommended CBIC to issue necessary clarification around condition (v) of Section 2(6) of IGST Act, 2017. Therefore, CBIC issued
The GST council received various representations to clarify scope of “Intermediary” service and therefore, in the 45th GST Council meeting, the GST council recommended CBIC to issue the necessary clarifications to resolve this matter to the extent possible.
CBDT has decided to extend the due date of filing of various income tax returns and audit reports for FY 2020-21 (A.Y. 2021-22) vide Circular No. 17/2021 dated 9th September, 2021.
No GST is applicable on contribution received upto INR 7,500 and in case of contribution received in excess of INR 7,500, GST would levy only on additional amount.
An opportunity of hearing shall be granted where a request is received in writing from the person chargeable with tax or penalty, or where any adverse decision is contemplated against such person.
In the matter of M/s Honeywell Automation India Ltd. vs. Commissioner of Trade & Taxes, Delhi (Appeal No: 08-11/ATVAT/2019)
The applicant is not required to pay GST on RCM basis under section 5(3) of the IGST Act, 2017 on commission paid to the “Overseas Commission Agent:.
In the given case, M/s F1 Auto Components P ltd (“The Petitioner”) received an order wherein tax liability was paid through balance lying in electronic Credit Ledger and remaining amount was paid through cash remittance. However, the respondent levied interest on both payments under Section 50.
Under Goods and Service Tax (“GST”), refund is admissible on various grounds. Refund application is filed in form GST RFD-01 and different supporting documents are required to be filed along with refund application for different type of refund applications. Any deviation in supporting documents can lead to rejection of a refund application.
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