Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
The dispute concerns eligibility to claim input tax credit on GST paid for firefighting systems and public health equipment installed for a new factory. The authority applied the definition of plant and machinery and the concept of immovable property, finding the installations become permanently fastened and assimilated into the building. Because they are not used directly in making outward supplies and form part of immovable property, GST paid under the composite works contract or as construction service is blocked under the provisions governing blocked credits, and the appellant is therefore not entitled to avail ITC. The secondary question on timing of ITC for advance invoices is rendered moot.
The dispute concerns eligibility to claim input tax credit on GST paid for firefighting systems and public health equipment installed for a new factory. The authority applied the definition of plant and machinery and the concept of immovable property, finding the installations become permanently fastened and assimilated into the building. Because they are not used directly in making outward supplies and form part of immovable property, GST paid under the composite works contract or as construction service is blocked under the provisions governing blocked credits, and the appellant is therefore not entitled to avail ITC. The secondary question on timing of ITC for advance invoices is rendered moot.
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