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...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The AAR held that the applicant is entitled to claim input tax credit of IGST paid on import of goods even where payment to the foreign supplier was deferred beyond 180 days from invoice but made within FEMA/RBI timelines. The Authority concluded that such ITC remains admissible under Section 16 of the CGST Act, 2017 and is not liable to reversal under the second proviso to Section 16(2) read with Rule 37, since IGST was discharged at customs thereby protecting revenue and creating a situation analogous to reverse charge supplies (which fall under the proviso's exclusion). The decision rests on legislative intent reflected in GST Council recommendations.
The AAR held that the applicant is entitled to claim input tax credit of IGST paid on import of goods even where payment to the foreign supplier was deferred beyond 180 days from invoice but made within FEMA/RBI timelines. The Authority concluded that such ITC remains admissible under Section 16 of the CGST Act, 2017 and is not liable to reversal under the second proviso to Section 16(2) read with Rule 37, since IGST was discharged at customs thereby protecting revenue and creating a situation analogous to reverse charge supplies (which fall under the proviso's exclusion). The decision rests on legislative intent reflected in GST Council recommendations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
