Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Retrospective input tax credit under section 16(5) was held to relax only the time bar in section 16(4) for specified returns and not to waive other eligibility conditions. Because the credit had already been denied for excess availment under rule 36(4) and related circulars, the later amendment did not reopen any right to reclaim the reversed credit. Re-availment of reversed input tax credit was also treated as a refund barred by section 150 of the Finance (No. 2) Act, 2024, since the provision expressly covers reversed credit and a narrower reading would produce absurd results.
Retrospective input tax credit under section 16(5) was held to relax only the time bar in section 16(4) for specified returns and not to waive other eligibility conditions. Because the credit had already been denied for excess availment under rule 36(4) and related circulars, the later amendment did not reopen any right to reclaim the reversed credit. Re-availment of reversed input tax credit was also treated as a refund barred by section 150 of the Finance (No. 2) Act, 2024, since the provision expressly covers reversed credit and a narrower reading would produce absurd results.
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