Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. It states that if exporters initially imported inputs without paying IGST and cess by availing exemption notifications, but later paid the dues along with interest and got the Bill of Entry reassessed, the IGST paid on exports shall not be considered in contravention of rule 96(10). The Explanation inserted in rule 96(10) retrospectively deems the exemption notification benefits as not availed if IGST and cess were paid on imported inputs. Therefore, refund of IGST on exports in such cases can be regularized.
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. It states that if exporters initially imported inputs without paying IGST and cess by availing exemption notifications, but later paid the dues along with interest and got the Bill of Entry reassessed, the IGST paid on exports shall not be considered in contravention of rule 96(10). The Explanation inserted in rule 96(10) retrospectively deems the exemption notification benefits as not availed if IGST and cess were paid on imported inputs. Therefore, refund of IGST on exports in such cases can be regularized.
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