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...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of the WBGST Rules, 2017, where exporters had initially imported inputs without paying integrated taxes and compensation cess by availing benefits under certain notifications, but subsequently paid the IGST, compensation cess, and interest on such imported inputs. It states that if the Bill of Entry for import is reassessed by Customs authorities to reflect the payment of IGST and compensation cess, the refund of IGST paid on exports shall not be considered in contravention of rule 96(10). The circular provides a retrospective clarification on the applicability of the Explanation inserted in rule 96(10) through a notification, allowing regularization of such refunds by subsequent payment of taxes and reassessment.
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of the WBGST Rules, 2017, where exporters had initially imported inputs without paying integrated taxes and compensation cess by availing benefits under certain notifications, but subsequently paid the IGST, compensation cess, and interest on such imported inputs. It states that if the Bill of Entry for import is reassessed by Customs authorities to reflect the payment of IGST and compensation cess, the refund of IGST paid on exports shall not be considered in contravention of rule 96(10). The circular provides a retrospective clarification on the applicability of the Explanation inserted in rule 96(10) through a notification, allowing regularization of such refunds by subsequent payment of taxes and reassessment.
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