Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
GST liability, including interest on delayed payment, must be determined strictly under the statute, and interest arises by operation of law where the fiscal enactment so provides. In the absence of statutory power, authorities cannot waive or reduce interest, or permit filing or amendment of returns in a manner not contemplated by the GST scheme; blanket directions on penalty and limitation are likewise unsustainable. The note also distinguishes contractual reimbursement of incremental GST from statutory tax liability: any claim for reimbursement is an inter se matter between contracting parties and cannot alter the GST regime or bind tax authorities.
GST liability, including interest on delayed payment, must be determined strictly under the statute, and interest arises by operation of law where the fiscal enactment so provides. In the absence of statutory power, authorities cannot waive or reduce interest, or permit filing or amendment of returns in a manner not contemplated by the GST scheme; blanket directions on penalty and limitation are likewise unsustainable. The note also distinguishes contractual reimbursement of incremental GST from statutory tax liability: any claim for reimbursement is an inter se matter between contracting parties and cannot alter the GST regime or bind tax authorities.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
