https://www.taxtmi.com/caselaws?id=761968 GST collected by a non-resident shipping company is not includible in the gross receipts for presumptive computation under section 44B, because that provision covers only amounts paid or payable, or received or deemed received, on account of carriage and similar specified charges; a general valuation rule cannot expand that base. The analysis follows the same principle applied to similar indirect taxes and treats GST as a statutory levy collected for remittance, not business revenue. Foreign shipping income offered under the treaty-based presumptive regime is also outside section 115JB, so book profit computation is not attracted on those facts. en-us Thu, 24 Oct 2024 00:00:00 +0530 Wed, 20 Nov 2024 10:09:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761968 GST collected by a non-resident shipping company is not includible in the gross receipts for presumptive computation under section 44B, because that provision covers only amounts paid or payable, or received or deemed received, on account of carriage and similar specified charges; a general valuation rule cannot expand that base. The analysis follows the same principle applied to similar indirect taxes and treats GST as a statutory levy collected for remittance, not business revenue. Foreign shipping income offered under the treaty-based presumptive regime is also outside section 115JB, so book profit computation is not attracted on those facts. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761968