Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Additional input tax credit under GST that increased the ITC-to-purchase ratio was treated as a benefit required to be passed on through commensurate price reduction under anti-profiteering law; the plea that unutilised ITC under an inverted duty structure was not a real benefit, and that prices were fixed by contract, was rejected. The profiteered amount was held to include the GST component because the excess was collected from buyers inclusive of tax. Interest was held mandatory on the amount not passed on, running from collection until refund. Penalty under Section 171(3A) was held attracted for the contravention period, subject to the statutory proviso on timely deposit.
Additional input tax credit under GST that increased the ITC-to-purchase ratio was treated as a benefit required to be passed on through commensurate price reduction under anti-profiteering law; the plea that unutilised ITC under an inverted duty structure was not a real benefit, and that prices were fixed by contract, was rejected. The profiteered amount was held to include the GST component because the excess was collected from buyers inclusive of tax. Interest was held mandatory on the amount not passed on, running from collection until refund. Penalty under Section 171(3A) was held attracted for the contravention period, subject to the statutory proviso on timely deposit.
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