Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
GST demand alleging suppression of taxable value in bank guarantees should follow scrutiny and verification of self-assessment returns. The GST framework permits scrutiny, audit, special audit, inspection and investigation to identify possible revenue leakage; a Form GST DRC-01 notice should not be issued directly without first undertaking the relevant exercise. The demand order discussed was quashed and remitted for inspection or investigation and, if warranted, fresh determination of revenue leakage from guarantees issued to customers. The valuation and taxability issues concerning corporate guarantees were left open. Limitation exclusion was directed for the intervening period, and recovery remained in abeyance pending the statutory exercise.
GST demand alleging suppression of taxable value in bank guarantees should follow scrutiny and verification of self-assessment returns. The GST framework permits scrutiny, audit, special audit, inspection and investigation to identify possible revenue leakage; a Form GST DRC-01 notice should not be issued directly without first undertaking the relevant exercise. The demand order discussed was quashed and remitted for inspection or investigation and, if warranted, fresh determination of revenue leakage from guarantees issued to customers. The valuation and taxability issues concerning corporate guarantees were left open. Limitation exclusion was directed for the intervening period, and recovery remained in abeyance pending the statutory exercise.
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