Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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Entry No. 10 of Notification No. 10/2017- Integrated Tax (Rate) dated 28.6.2017 was challenged as ultra-vires the IGST Act and Articles 14 and 265 of the Constitution, even for imports on FOB basis. The court held that IGST u/s 5(1) is leviable on the value determined u/s 3 of the Customs Tariff Act, 1975, at the point when customs duties are levied u/s 12 of the Customs Act, 1962. The value includes cost, freight, and insurance at the place of importation. Therefore, whether the transaction is CIF or FOB, IGST is payable on the value, including freight, cost, and insurance. However, following Supreme Court and Bombay High Court judgments, when the notification itself is struck down, IGST cannot be insisted upon for ocean freight in FOB transactions. Consequently, the impugned order was quashed, and the petition was allowed.
Entry No. 10 of Notification No. 10/2017- Integrated Tax (Rate) dated 28.6.2017 was challenged as ultra-vires the IGST Act and Articles 14 and 265 of the Constitution, even for imports on FOB basis. The court held that IGST u/s 5(1) is leviable on the value determined u/s 3 of the Customs Tariff Act, 1975, at the point when customs duties are levied u/s 12 of the Customs Act, 1962. The value includes cost, freight, and insurance at the place of importation. Therefore, whether the transaction is CIF or FOB, IGST is payable on the value, including freight, cost, and insurance. However, following Supreme Court and Bombay High Court judgments, when the notification itself is struck down, IGST cannot be insisted upon for ocean freight in FOB transactions. Consequently, the impugned order was quashed, and the petition was allowed.
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