RECOMMENDATIONS FOR CHANGES IN GST/IGST RATE AND CLARIFICATIONS IN RESPECT OF GST RATE ON CERTAIN GOODS

RECOMMENDATIONS FOR CHANGES IN GST/IGST RATE AND CLARIFICATIONS IN RESPECT OF GST RATE ON CERTAIN GOODS

[As per discussions in the 23rd GST Council Meeting held on 10th November, 2017]

These decisions of the GST Council are being communicated for general information, and  will be given effect to through Gazette notifications / circulars which only shall have the force of law. Read the rest of this entry »

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Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the following facilitative measures for taxpayers: Read the rest of this entry »

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Decisions taken by the GST Council in the 22 ndmeeting held on 6 th October 2017

The following decisions were taken by the GST Council at its 22nd meeting held in Vigyan
Bhavan on 6th October, 2017. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law. Read the rest of this entry »

Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:
Read the rest of this entry »

Fresenius Kabi India Private Limited vs. DCIT (ITAT Pune)

Transfer Pricing: In the case of an assessee engaged in distribution activity there is no value addition to the product in question even if the selling and marketing expenses are borne by the assessee. Accordingly, the Resale Price Method is the most appropriate method for bench marking the transaction and determining whether it is at arms’ length. The TPO is not entitled to thrust TNMM to evaluate the transaction

It is settled legal position at the various Benches of the Tribunal that, in case of distribution activity, even when there are selling and marketing expenses are borne by the assessee, there cannot be any value addition to the product in question. In such cases, Resale Price Method is the most appropriate one and accordingly we reverse the decision given by the AO/TPO/DRP in thrusting on the assessee the TNM method to the transaction under consideration Read the rest of this entry »

Brothers & Sisters Enterprise vs. JCIT (ITAT Kolkata)

CBDT guidelines for scrutiny of cases: Law explained as to how the CBDT Guidelines for manual selection of cases for scrutiny have to be interpreted and whether CIT in granting approval is required to show application of mind and give reasons for his decision

The Criteria / Guidelines for Income tax Scrutiny dated 10th September 2011 authorize the Assessing Officer to select any return for scrutiny after recording the reasons and obtaining approval of the CCIT/CIT. The case under the category should be selected if, they are compelling the reasons and the case selected through CASS. These cases should be watched by CCIT / CIT in respect of the quality of assessment. In our view, the requirements of the guidelines have been met by the AO in this case. The term compelling reasons is a relative term and has to be viewed from the point of view of the AO Read the rest of this entry »