Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Page of 4881
Press 'Enter' after typing page number.
101 to 120 of 97618 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The AAR ruled that no GST is payable on goods (gas) lost during transit as no supply occurred, since the loss happened before delivery to the customer and prior to the place and time of supply being established. However, the applicant must reverse Input Tax Credit (ITC) on inputs used in manufacturing the goods subsequently lost in transit. The authority determined that such inputs fail the "proper end use" condition under Section 16(1) of CGST Act, as they were not ultimately used in furtherance of business through a taxable outward supply. The ITC reversal is required under Section 17(5)(h) read with Section 16, as the goods were lost/destroyed during transit.
The AAR ruled that no GST is payable on goods (gas) lost during transit as no supply occurred, since the loss happened before delivery to the customer and prior to the place and time of supply being established. However, the applicant must reverse Input Tax Credit (ITC) on inputs used in manufacturing the goods subsequently lost in transit. The authority determined that such inputs fail the "proper end use" condition under Section 16(1) of CGST Act, as they were not ultimately used in furtherance of business through a taxable outward supply. The ITC reversal is required under Section 17(5)(h) read with Section 16, as the goods were lost/destroyed during transit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
