“The respondent shall reduce prices to be realised from buyers of the flats, commensurate with the benefit of ITC received by him… the respondent is directed to pass on an amount of Rs 13.35 crore to flat buyers along with 18% interest per annum, within a period of three months,” the authority ruled.
Tax authorities have been issuing deficiency memos for some incomplete refund claims beyond the stipulated time of 15 days, forcing taxpayers to refile applications, people familiar with the development said. However, the refiled applications are treated as new and in many cases.
The relaxation has been issued for B2B companies, “If at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by any mode other than cash,” the Central Board of Direct Taxes clarified on Wednesday.
The directions follow instructions from Central Board of Indirect Taxes and Customs (CBIC) issued in April, allowing field offices to conduct hearings in customs, excise and service tax appeal cases via video conference with the consent of the appellant or respondent.
This comes as only a few companies have started operations following the staggered opening up of the nationwide lockdown to counter the Covid-19 outbreak. The inquiries come on the heels of conflicting orders passed by the Authority of Advance Ruling in two states on the applicability of GST on the remuneration of directors.
The inquiries come on the heels of conflicting orders passed by the Authority of Advance Ruling in two states on the applicability of GST on the remuneration of directors. The AAR Rajasthan said director remuneration is under the ambit of GST, while the AAR Karnataka ruled it was not.
Karnataka Appellate Authority of Advance Ruling (AAAR) allows availing of input tax credit on glass partitions
“Input tax credit can be availed by the Appellant on the detachable sliding and stackable glass partitions which is movable in nature,” the AAAR said in the order dated March 6. The order was uploaded recently.
“The Central Government hereby appoints the 18th day of May, 2020, as the date on which the provisions of Section 128 of the Finance Act, 2020, shall come into force,” the notification issued on Saturday said.
The 25% cut in tax deducted at source on ecommerce participants will make ecommerce more attractive for sellers and the cut in TDS on their commissions will provide them with more working capital immediately, tax experts said.
The reduction will kick into effect from May 14 and will be valid on payment for contract, professional fees, interest, rent, dividend, commission, brokerage, among others, for the remaining part of the ongoing financial year. “This measure will release liquidity of Rs. 50,000 crore,” Sitharaman said.
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