The dispute of extra area work was finally setteled throu arbitration award pertaning to pre GST period , now. Some compensation and interest was awarded by Arbitrator. On this GST is payable or VAT/ Service Tax/ excise is payable under old regim. ? It seems that this amount received is not covered by section 142(2)(a) as price of good or services are not revised upward . But dispute of extra area work is now settled. If VAT /service tax/ Excise is payabe, how to pay same as Return of those period cannot be filed now On above Interst income tax…
► Read Answer
GST rate on development charges or infrastructure charges collected by builder from customer. If its part of agreement value can it be at 1% or 5%
► Read Answer
Assessee was carrying business's of readymade garments as proprietor for many years. On 27th March 2022, assessee expired. As on the date of his death and as on 31.03.2022, there was closing stock of goods of Worth Rs. 700000 and unutilised input credit available of Rs. 58000/- . He was survived by his widow and minor child one Son and one daughter. As per the advice of tax consultant, wife has obtained the fresh registration under GST and continued the business. GST number of old proprietor is still not cancelled and no sale of cl stock is made. Issues: 1.…
► Read Answer
Apropos of the Question and Answer @ https://itatonline.org/digest/qa/is-collection-of-gst-by-mc-of-housing-associations-not-highly-objectionable-hence-to-be-stopped/ STATES have the power to levy GST on ‘supply of goods’ ; whereas the CENTRE ‘s power is restricted to levy tax only on ‘supply of services’ . As such, the 2020-21 GST Law Amendment, according to a view, rightly canvassed so, in so far as it imposes GST Levy on Clubs and Associations, by a deeming provision, cannot become effective in any State unless and until there is an independent Notification issued by that State . Premised so, the point of grave doubt is, besides the applicable MUTUALITY PRINCIPLE ,- whether…
► Read Answer
https://itatonline.org/articles_new/law-on-levy-of-gst-on-services-provided-by-housing-societies-resident-welfare-associations-rwa-explained/?fbclid=IwAR0QFsBtxFNXAraIzZAfD5Yn9W6mgugt__hL7xHyOpusAU4943mcCTs4ToI https://gstindiapro.com/2021/05/04/mutuality-principle-bowring-institute-gets-aar-reprieve-on-gst/#:~:text=Mutuality%20principle%3A%20Bowring%20Institute%20gets%20AAR%20reprieve%20on,Authority%20for%20Advance%20Rulings%20giving%20a%20favourable%20order. Attention is invited to the last posted comment wrt the AAR in re Bowring case. The AAR has upheld the claim for exemption on the ground MUTUALITY, pending Notification by the central and state governments. In essence, the 2021Amendment of the GST law , that too with retro effect , is not in force till then. However , some high end housing associations who have already been collecting GST without considering , rather in violation and blatantly ignoring, the host of precedents, have started making additional collections. Is that not highly objectionable and the governing committee should stop…
► Read Answer
Stock broker is dealing in its own Ac in future & option of equity/currency/commodity/index through stock exchanges. Whether stock broker needs to revere the Common ITC on transaction on securities on above transaction of future & option? If yes then, how to calculate sale value of security in case of future transaction of equity & index? As per explanation value of security will be 1% of sale value of security. whether value of security is 1 % of notional sale value of securities or 1 % of net of difference between future buy & sale.? Further how to calculate value…
► Read Answer
SERVICE TAX ORDER PASSED RAISING DEMAND OF A PARTNERSHIP FIRM. SAID PARTNERSHIP FIRM IS ALREADY DISOLVED AND CLOSED IN YEAR 2018 AND NOT HAVING ANY RUNNING BANK ACCOUNT. Q1 - CAN THE SERVICE TAX APPEAL BE FILED WITHOUT MANDATORY PRE-DEPOSIT OF 7.5% OF DISPUTED DEMAND Q2. - IF ONE OF THE PARTNERS PAYS 7.5% OF DEPOSIT UNDER SERVICE TAX REGISTRATION OF APPELLANT PARTNERSHIP FIRM AND IF THE APPEAL SUCCEDS AND THE FIRM IS ELIGIBLE TO CLAIM REFUND - IN WHICH BANK ACCOUNT SUCH REFUND WILL BE ISSUED? Q3. CAN PARTNERSHIP FIRM/APPELLANT INSTRUCT THE DEPARTMENT TO ISSUE REFUND OF PRE-DEPOSIT ON…
► Read Answer
The assessee is engaged in plotting scheme wherein he provide common road, drainage, electricity connection and common clubhouse. The assessee sells plot of land with such above common amenity. Whether GST APPLICABLE ON SALE OF PLOT.
► Read Answer
Assessed is advisor at Max Life Insurance and during the financial year 2021-22 assessee received gross commission from Max on the business carried out by assessee was Rd. 21.25 lakhs? What are requirements under GST Act. Pl. Guide
► Read Answer
compensation -taxation