Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The Advance Ruling Authority clarified the rate of tax under the GST Act for a Sleeping Bag Mk4 large. The classification of goods was determined based on Rule 3a of the Customs Tariff Interpretation Rules, preferring the most specific description. Citing a Supreme Court case, it was emphasized that goods should be classified under the heading with the most specific description. Since "sleeping bags" are specifically mentioned under Chapter Heading 9404 30, the product was classified under this heading. The product was deemed to fall under the category of quilted textile material, attracting a 12% GST rate as per Notification No. 01/2017-Central Tax (Rate). It was noted that the product did not fall under Schedule III as there was only one Serial No. 438 excluding products made of quilted textile materials and cotton quilts.
The Advance Ruling Authority clarified the rate of tax under the GST Act for a Sleeping Bag Mk4 large. The classification of goods was determined based on Rule 3a of the Customs Tariff Interpretation Rules, preferring the most specific description. Citing a Supreme Court case, it was emphasized that goods should be classified under the heading with the most specific description. Since "sleeping bags" are specifically mentioned under Chapter Heading 9404 30, the product was classified under this heading. The product was deemed to fall under the category of quilted textile material, attracting a 12% GST rate as per Notification No. 01/2017-Central Tax (Rate). It was noted that the product did not fall under Schedule III as there was only one Serial No. 438 excluding products made of quilted textile materials and cotton quilts.
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