Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
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The six-month application period for rectifying orders denying input tax credit was questioned as an impermissible restriction on statutory entitlement. Although the Government may prescribe a special procedure for input tax credit, that power must include conditions and safeguards protecting taxpayers. The amended provision made credit available for returns filed by the stipulated date but did not impose an application deadline. A procedure that bars relief after six months without allowing extension where sufficient cause prevented timely application curtails the accrued right to credit. The notification was considered deficient for lacking such a safeguard, with further consideration directed after impleadment of relevant governmental bodies.
The six-month application period for rectifying orders denying input tax credit was questioned as an impermissible restriction on statutory entitlement. Although the Government may prescribe a special procedure for input tax credit, that power must include conditions and safeguards protecting taxpayers. The amended provision made credit available for returns filed by the stipulated date but did not impose an application deadline. A procedure that bars relief after six months without allowing extension where sufficient cause prevented timely application curtails the accrued right to credit. The notification was considered deficient for lacking such a safeguard, with further consideration directed after impleadment of relevant governmental bodies.
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