Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The recent Trade Notice No. 10/2024 addresses a crucial issue concerning the refund of Integrated Goods and Services Tax (IGST) on the export of certain tobacco products. - The notification acknowledges grievances from exporters who have faced difficulties in filing shipping bills with IGST claims for certain tobacco products. Specifically, it mentions challenges related to distinguishing between goods carrying a brand name and those without, as the latter are eligible for IGST refund while the former are not. - To address this issue, the notification introduces an exception allowing exporters to declare that their goods do not fall within the prohibited category for IGST refund. The system will then process shipping bills for IGST refund payment without validating the declaration.
The recent Trade Notice No. 10/2024 addresses a crucial issue concerning the refund of Integrated Goods and Services Tax (IGST) on the export of certain tobacco products. - The notification acknowledges grievances from exporters who have faced difficulties in filing shipping bills with IGST claims for certain tobacco products. Specifically, it mentions challenges related to distinguishing between goods carrying a brand name and those without, as the latter are eligible for IGST refund while the former are not. - To address this issue, the notification introduces an exception allowing exporters to declare that their goods do not fall within the prohibited category for IGST refund. The system will then process shipping bills for IGST refund payment without validating the declaration.
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