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Showing 1 to 2 of 2 Results
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Issue Id: 117035
Assesse has failed to filed GST returns for more than 28 months, reason being strong medical issues of proprietor. Now registration has been revoked, ... Read Full Issue
Date 26 Feb 2021
Replies 4 Replies
Views 1943 Views
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Issue Id: 116664
Dear All, A classic case has arrived just wish to get insight on "Taxability of renting of Immovable Property (buildings) given on rent to ... Read Full Issue
Date 27 Aug 2020
Replies 3 Replies
Views 9187 Views
5 Replies on 4 Issues
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Issue Id: 116664
Dear All, A classic case has arrived just wish to get insight on "Taxability of renting of Immovable Property (buildings) given on rent to ... Read Full Issue
Date 27 Aug 2020
Replies 1 Reply
Views 9187 Views
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Issue Id: 116600
I have wrongly claimed ITC of IGST on inputs of rs 5,00,000 in the month of april and i reversed it immediately in the month of june. However till ... Read Full Issue
Date 04 Aug 2020
Replies 1 Reply
Views 30156 Views
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Issue Id: 116212
We are a registered pubic charitable trust. Due to the lockdown for COVID19, we fell short of spending 85% of our income for the FY 2019-20. In this ... Read Full Issue
Date 18 Apr 2020
Replies 1 Reply
Views 2726 Views
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Issue Id: 116210
What can be done now of the client has made export of services stating that he has LUT for Fy 19-20 and while applying for FY 20-21 he got to know ... Read Full Issue
Date 18 Apr 2020
Replies 2 Replies
Views 75539 Views
Showing 1 to 3 of 3 Results
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Inclusion of interest in aggregate turnover under GST may affect registration and audit obligations, hinging on supply and exemption scope.
Whether interest income is included in aggregate turnover is contested. One view treats interest as an exempt supply that must be aggregated because aggregate turnover expressly includes exempt supplies and administrative rulings have so held. The opposing view contends interest receipts are not a supply-money is excluded from goods, services excludes money, and depositing money for interest lacks furtherance of business-so interest should not form part of aggregate turnover absent legislative clarification. (AI Summary)
Author
Date 22 Jul 2020
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Advance Ruling: inconsistent AAR decisions weaken tax certainty and demand more fact-focused, judicious determinations and transparency.
Advance rulings should deliver tax certainty, but some AAR decisions insufficiently scrutinize facts and favor departmental positions, prompting reversals by the AAAR. The Ordnance Factory Bhandara case exemplifies this: AAR treated the entity as industrial, whereas AAAR, on constitutional provisions and documentary evidence showing actions on behalf of the President, found it to be the Central Government. The article calls for more fact-focused, reasoned AAR determinations to reduce inconsistent outcomes and appeals. (AI Summary)
Author
Date 07 Jul 2020
Replies 1 Reply
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Transitional Input Tax Credit: Rule 117 read as directory and technical difficulty given a broad meaning, preserving migration rights.
Rule 117's time-prescription for filing Form TRAN-1 is to be read as directory, not mandatory, so that subordinate rules cannot extinguish vested pre-GST CENVAT credits; "technical difficulty" must be interpreted broadly to include user-side and systemic impediments beyond the GST common portal; and, absent an explicit statutory time-bar, the residuary provisions of the Limitation Act supply a three-year outer boundary for availing transitional credit, with the vested nature of such credits treated as property-like entitlements that cannot be curtailed by delegated legislation. (AI Summary)
Author
Date 08 May 2020
Replies 3 Replies
Kushal Mishra
Organization
Organization

Kushal Shailendra Mishra & Co

Connected
Connected

January 2019