CBDT Notifies 'Yamuna Expressway Industrial Development Authority’ For Exemption Under Sec. 10(46)

The Central Board of Direct Taxes (CBDT) has recently notified the Yamuna Expressway Industrial Development Authority under section 10(46) of the Income Tax Act, 1961. Section 10(46) of the Income Tax Act exempts the income of a body or development authority, such as a board, trust, or commission (not a company), that provides public utility services. The provision was inserted via Finance Act, 2023. The authority, constituted by the State Government of Uttar Pradesh, will be...

No Notice For GST Recovery Issued Against The Applicant, Was Illegally Arrested: Allahabad High Court Grants Bail

The Allahabad High Court has granted bail on the grounds that no notice for GST recovery was issued against the applicant, who was illegally arrested.The bench of Justice Sanjay Kumar Pachori has observed that the applicant was arrested without assigning any reason to believe or any satisfaction to justify his arrest.The bail application has been filed on behalf of the applicant under Section 439 of the Code of Criminal Procedure with a prayer to release him on bail for an offence punishable...

50th GST Council Recommends Notification Of GST Appellate Tribunal By The Centre With Effect From 01.08.2023

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended the notification of the GST appellate tribunal by the centre with effect from 01.08.2023.The Council recommended the measures for the facilitation of trade in the form of Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023.The Council has recommended...

50th GST Council Recommends GST Exemption on Cancer-Related Drugs, Medicines For Rare Diseases And Food Products For Special Medical Purposes

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended exemption of cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST.It has been decided to exempt IGST from a cancer medicine, Dinutuximab (Quarziba) medicine when imported for personal use.It has been decided to exempt IGST from medicines and Food for Special Medical...

50th GST Council Meet: Casino, Horse Racing And Online Gaming To Be Taxed At The Uniform Rate Of 28% On Full Face Value

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.A Group of Ministers (GoM) was constituted to look into issues related to taxation on casinos, horse racing, and online gaming. The GoM submitted its first report in June 2022, and it was placed before the GST Council in its 47th GST Council meeting. It was decided that the GoM may re-look into all the issues once again. The GoM...

50th GST Council: GST Rate Cut On Uncooked, Unfried & Extruded Snack Palettes, Fish Soluble Paste, LD slag

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended bringing down rates from 18 per cent to 5 per cent on 4 items - Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag to be at par with blast furnace slag, and imitation zari thread.It has been decided to reduce the rate on uncooked/unfried snack pellets, by whatever name called, to 5% and to...

50th GST Council Recommends Measures For Streamlining Compliances In GST

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended measures for streamlining compliance with GST.In accordance with the recommendations of the Group of Ministers (GoM) on the implementation of the E-way bill requirement for the movement of Gold/ Precious stones under chapter 71, the Council has recommended inserting rule 138F in CGST Rules, 2017, as well as in SGST...

Bank Guarantee Rates Cannot Be Considered For Benchmarking Corporate Guarantee Fee: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that bank guarantee rates cannot be considered for benchmarking corporate guarantee fees.The bench of Kavitha Rajagopal (Judicial Magistrate) and Prashant Maharishi (Accountant Member) has remanded the file back to the assessing officer with a direction to the assessee to show the benchmarking of corporate guarantee fees by either adopting an interest-saving approach, comparable corporate guarantee fee rates, the cost of...

Revenue Dept Can't Recover Refunded Cess Amount Because Refund Was Based On A Judgment Which Was Later Overruled : Supreme Court

The Supreme Court has upheld the decision of the Jammu and Kashmir and Ladakh (J&K&L) High Court where the court had held that the assessee was not liable to return the Education Cess and Secondary & Higher Education Cess in view of the law subsequently laid down by the Supreme Court in M/s Unicorn Industries vs. Union of India, (2020) 3 SCC 492.In the present case Commissioner of CGST and Central Excise (J and K) vs M/s Saraswati Agro Chemicals Pvt. Ltd, the bench of Justices B.V....

CBIC Notifies EXIM Exchange Rates Effective From July 7, 2023

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Export-Import (EXIM) exchange rates with effect from July 07, 2023.The CBIC notified that the Rate of exchange of 100 units of foreign currency equivalent to Indian rupees of Japanese Yen and Korean Won for import is Rs. 58.10 and 6.50 respectively.The rate of exchange of 100 units of foreign currency equivalent to Indian rupees of Japanese Yen and Korean Won for export is Rs. 56.25 and 6.15 respectively.In case of import...

Business Model Explains Mismatch Between Form 26AS And Actual Income: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition on the grounds that the business model explains the mismatch between Form 26AS and actual income.The bench of Sandeep Singh Karhail (Judicial Member) and Prashant Maharishi (Accountant Member) has observed that the income of the assessee is not the rental income but the income earned in the business of acquiring and dealing in unguaranteed residuary interest in assets rented to the customers. Thus, the income...

Foreign Assignment Allowance Received For The Services Rendered Outside India Can’t Be Taxed In India: ITAT

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that foreign assignment allowance received by the assessee for services rendered outside India could not be taxed in India.The bench of Rama Kanta Panda (Vice President) and K. Narasimha Chary (Judicial Member) has observed that the income derived by a non-resident for performing services outside India and the accrual thereof happen outside India; such income cannot be taxed in India under Section 5(2) of the Income Tax...