Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
AAR held that the applicant's products, namely 90% Quick Lime and 85%-95% Hydrated Lime with 10%-15% impurities, are classifiable under Heading 2522 as Quicklime and Slaked Lime, and not under Heading 2825. On this classification, the applicable GST rate is 5% under the relevant rate notification. The AAR observed that although N/N. 1/2017-Central Tax (Rate) was superseded by a subsequent notification, the concessional 5% GST rate on Quick Lime and Hydrated Lime under Heading 2522 remained unchanged.
AAR held that the applicant's products, namely 90% Quick Lime and 85%-95% Hydrated Lime with 10%-15% impurities, are classifiable under Heading 2522 as Quicklime and Slaked Lime, and not under Heading 2825. On this classification, the applicable GST rate is 5% under the relevant rate notification. The AAR observed that although N/N. 1/2017-Central Tax (Rate) was superseded by a subsequent notification, the concessional 5% GST rate on Quick Lime and Hydrated Lime under Heading 2522 remained unchanged.
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