Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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