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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 Now registration has been revoked, ...
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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 ...
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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)
Goods and Services Tax - GST
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)
Goods and Services Tax - GST
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)
Goods and Services Tax - GST