Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
AAR ruled that businesses can utilize Rule 32(5) valuation (margin scheme) for second-hand goods while maintaining regular valuation for existing operations. Taxpayers may selectively apply this scheme to purchases from unregistered dealers while using standard GST procedures for registered dealer purchases. Under the margin scheme, the taxable value is the difference between selling price and purchase price, excluding repair/improvement costs. When using this scheme, input tax credit cannot be claimed on either purchase price or repair costs. Purchases of second-hand goods from unregistered dealers are exempt from reverse charge mechanism for intra-state supplies under Notification No. 10/2017-CT(R).
AAR ruled that businesses can utilize Rule 32(5) valuation (margin scheme) for second-hand goods while maintaining regular valuation for existing operations. Taxpayers may selectively apply this scheme to purchases from unregistered dealers while using standard GST procedures for registered dealer purchases. Under the margin scheme, the taxable value is the difference between selling price and purchase price, excluding repair/improvement costs. When using this scheme, input tax credit cannot be claimed on either purchase price or repair costs. Purchases of second-hand goods from unregistered dealers are exempt from reverse charge mechanism for intra-state supplies under Notification No. 10/2017-CT(R).
Note: It is a system-generated summary and is for quick reference only.
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