Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
Rebate received from a bank for payment of excise duty through a corporate card was treated by the AAR as a post-transaction monetary adjustment, not consideration for an identifiable supply of goods or services. Because taxable supply under the GST law requires consideration and a quid pro quo, and the rebate merely reduced the applicant's monetary liability, it fell within a transaction in money and outside the scope of supply. The Authority also noted the arrangement operated as short-term financial accommodation, with the rebate functioning as a discount linked to that facility. The rebate was therefore not liable to GST.
Rebate received from a bank for payment of excise duty through a corporate card was treated by the AAR as a post-transaction monetary adjustment, not consideration for an identifiable supply of goods or services. Because taxable supply under the GST law requires consideration and a quid pro quo, and the rebate merely reduced the applicant's monetary liability, it fell within a transaction in money and outside the scope of supply. The Authority also noted the arrangement operated as short-term financial accommodation, with the rebate functioning as a discount linked to that facility. The rebate was therefore not liable to GST.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
