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...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Additional input tax credit under GST had accrued to the respondent and was not passed on to homebuyers by commensurate price reduction, as the Tribunal accepted the DGAP's finding that the input tax credit-to-purchase value ratio increased post-GST and the respondent accepted the computation; this amounted to contravention of Section 171. The Tribunal further held that the obligation to pass on the benefit arose at the time of supply, so the profiteered amount had to be refunded with 18% interest from the date of collection of the last instalment until return to the eligible homebuyers. It also held that penalty was leviable under Section 171(3A), subject to the statutory proviso on deposit within thirty days.
Additional input tax credit under GST had accrued to the respondent and was not passed on to homebuyers by commensurate price reduction, as the Tribunal accepted the DGAP's finding that the input tax credit-to-purchase value ratio increased post-GST and the respondent accepted the computation; this amounted to contravention of Section 171. The Tribunal further held that the obligation to pass on the benefit arose at the time of supply, so the profiteered amount had to be refunded with 18% interest from the date of collection of the last instalment until return to the eligible homebuyers. It also held that penalty was leviable under Section 171(3A), subject to the statutory proviso on deposit within thirty days.
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