BCD exemption for specified display assembly inputs extended for automotive, medical and industrial applications, with defined exclusions and sunset d...
Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's ...
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AAR held that proportionate refund received by the applicant upon cancellation of a pre-GST lease agreement is not taxable under GST. While property leasing constitutes supply of service, lease cancellation itself does not constitute taxable activity under CGST Act. Relying on CBIC Circular No. 178/10/2022-GST regarding coal block cancellation compensation, AAR determined that refund for unexpired lease period does not involve any supply of service as defined under Section 7 of CGST Act, 2017. The transaction merely constitutes return of consideration for unutilized period rather than agreement to perform, refrain from, or tolerate any act, thus falling outside GST liability.
AAR held that proportionate refund received by the applicant upon cancellation of a pre-GST lease agreement is not taxable under GST. While property leasing constitutes supply of service, lease cancellation itself does not constitute taxable activity under CGST Act. Relying on CBIC Circular No. 178/10/2022-GST regarding coal block cancellation compensation, AAR determined that refund for unexpired lease period does not involve any supply of service as defined under Section 7 of CGST Act, 2017. The transaction merely constitutes return of consideration for unutilized period rather than agreement to perform, refrain from, or tolerate any act, thus falling outside GST liability.
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