The order of the AAR has been quashed by the Rajasthan High Court, Jaipur Bench, rejecting the advance ruling as not maintainable because the applicant was not the supplier. The bench of Justice Avneesh Jhingan and Justice Ashutosh Kumar has remarked that the petition against the advance ruling is furnished u/s 100 of the CGST Act. The related officer, the jurisdictional officer, or the applicant can choose an appeal against the ruling given u/s 98(4). No appeal is furnished against rejecting the application u/s 98(2) of the CGST Act. The…
Tag: Advance
GST Liability Arises on Advance Amounts Received Against Supply Portion of a Work Contract
The GST is liable to get paid in advance obtained against the supply concerning the work contract, The Gujarat Authority of Advance Ruling (AAR) ruled. The turnkey contract entered into by the applicant has been ruled to be a work contract, remarked by the bench of Amit Kumar Mishra and Milind Kavatkar. The petitioner is in the engineering, procurement, and construction (EPC) contract business with various distribution companies (DISCOMS). The petitioner mentioned that they pose a turnkey contract with Paschim Gujarat Vij Company Ltd. (PGVCL) for the supply of the…
GST Advance Ruling Only Binds Applicant, No Benefit for Third Parties
The case revolves around appeals by Sarkar Diesel & Anr. against orders by the learned Single Judge in three writ petitions, where interim relief was denied. The Calcutta High Court heard the appeals and writ petitions together. Central Issue In the Case of Sarkar Diesel The problem is whether the Joint Commissioner of State Tax, Berhampore Circle, addressed all the problems that the appellants raised in their appeal. Arguments and Results Earlier the Appellate Authority overturned the Deputy Commissioner of State Tax’s order, ruling that the penalty must be levied…
Advance tax breaks for retirement savings, a bleak gas tax holiday
[ad_1] Senate Finance Committee unanimously approves retirement savings bill, The catch-all bipartisan measure includes nearly three dozen proposals affecting both retirement savings and account withdrawals. The Enhancing American Retirement Now (EARN) Act encourages employers to offer retirement savings plans, expands savers credits, increases “catch-up” contributions for older workers and is withdrawn from retirement accounts at age 75. Delays essential delivery, but not until 2032. It fails to crack down on the “Super-IRA”. Senate Finance Also Goes After Easing Conservation, The committee also agreed to tackle the retirement bill as a…
Advance Tax Installment for FY 2021-22: Taxzone
[ad_1] Last or you can say 4th Advance Tax Installment is due on 15th March 2022 for FY 2021-22 and till this date, Taxpayers have to pay 100% of their Advance Tax Liability. Failure to make premature payments may attract penal interest. In this article, we will cover all the provisions you need to know about advance tax: Who needs to pay advance tax installment? If the tax amount for the particular financial year exceeds Rs.10,000/-, then the provisions of advance tax are applicable to you. For computing advance tax,…