Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Page of 4817
Press 'Enter' after typing page number.
2381 to 2400 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
