Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
The petitioner is required to calculate taxable turnover by excluding turnover not subjected to tax, exempt goods, and labor/service charges for works contracts as per Section 14 of the Gujarat Value Added Tax Act, 2003. VAT is payable on the taxable turnover, with an option for lump sum tax u/s 3 read with Section 14. The issue pertains to whether the 'service tax' component collected by the petitioner should be included in the 'sale price' for VAT calculation. Referring to the Ambuja Cement Ltd. case, the Court held that the definition of 'sale price' u/s 2(24) is inclusive, not exhaustive. However, the intention is to include only specified duties/taxes like excise/customs, not service tax. Therefore, the petitioner is not liable to include the 'service tax' component in the 'sale price' for VAT computation. The orders setting aside composition tax permission solely on this ground are quashed, and the petitions are allowed.
The petitioner is required to calculate taxable turnover by excluding turnover not subjected to tax, exempt goods, and labor/service charges for works contracts as per Section 14 of the Gujarat Value Added Tax Act, 2003. VAT is payable on the taxable turnover, with an option for lump sum tax u/s 3 read with Section 14. The issue pertains to whether the 'service tax' component collected by the petitioner should be included in the 'sale price' for VAT calculation. Referring to the Ambuja Cement Ltd. case, the Court held that the definition of 'sale price' u/s 2(24) is inclusive, not exhaustive. However, the intention is to include only specified duties/taxes like excise/customs, not service tax. Therefore, the petitioner is not liable to include the 'service tax' component in the 'sale price' for VAT computation. The orders setting aside composition tax permission solely on this ground are quashed, and the petitions are allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
