Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Input tax credit under the WBGST Act need not be reversed by a recipient where payment is reduced due to financial/commercial credit notes issued for secondary/post-sale discounts, because such credit notes do not reduce the original transaction value or the supplier's tax liability and therefore do not reduce tax charged. A manufacturer's post-sale discount to a dealer is not "consideration" for the dealer's onward supply to an end customer where there is no manufacturer-end customer agreement and the discount merely reduces the dealer's sale price; consequently, no additional GST consequence arises on that ground. Where the manufacturer has an agreement with an end customer and funds the dealer's discounted sale, the discount forms part of consideration for the dealer's supply to the end customer, affecting valuation accordingly. Post-sale discounts are not consideration for promotional services unless specific services and consideration are contractually defined, in which case GST applies to that service supply.
Input tax credit under the WBGST Act need not be reversed by a recipient where payment is reduced due to financial/commercial credit notes issued for secondary/post-sale discounts, because such credit notes do not reduce the original transaction value or the supplier's tax liability and therefore do not reduce tax charged. A manufacturer's post-sale discount to a dealer is not "consideration" for the dealer's onward supply to an end customer where there is no manufacturer-end customer agreement and the discount merely reduces the dealer's sale price; consequently, no additional GST consequence arises on that ground. Where the manufacturer has an agreement with an end customer and funds the dealer's discounted sale, the discount forms part of consideration for the dealer's supply to the end customer, affecting valuation accordingly. Post-sale discounts are not consideration for promotional services unless specific services and consideration are contractually defined, in which case GST applies to that service supply.
Note: It is a system-generated summary and is for quick reference only.
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