Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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AAR ruled that the applicant cannot claim Input Tax Credit (ITC) for IGST on imported warranty parts where the foreign supplier (M/s. MUEGGE GmbH) paid the tax. Despite importing parts in the applicant's name for warranty services, the ITC cannot be availed since the tax was discharged by the foreign supplier, and the invoice for warranty service did not include spare parts cost. The ruling interprets section 16 of CGST Act, 2017, denying ITC eligibility based on the specific transactional arrangement between the parties.
AAR ruled that the applicant cannot claim Input Tax Credit (ITC) for IGST on imported warranty parts where the foreign supplier (M/s. MUEGGE GmbH) paid the tax. Despite importing parts in the applicant's name for warranty services, the ITC cannot be availed since the tax was discharged by the foreign supplier, and the invoice for warranty service did not include spare parts cost. The ruling interprets section 16 of CGST Act, 2017, denying ITC eligibility based on the specific transactional arrangement between the parties.
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