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- Second-Hand Goods: Margin Scheme Excludes Repair Costs; No ITC on Improvements May 26, 2025Case Name: Jitendra Equipment (GST AAR Gujarat) Case No. GUJ/GAAR/R/2025/05 Dated- 21.03.2025 Section: Rule 32(5) of the CGST Rules, 2017 Subject matter: Implication of margin scheme for second-hand goods along with standard valuation: treatment of repairs and RCM. Brief- In the case of Jitendra Equipment (Advance Ruling No. GUJ/GAAR/2025/05), the Gujarat Authority for Advance Ruling […](Team) LTG Publication Private Limited
- Leviability of Service Tax on the declared service “Agreeing to theobligation to refrain from an act, or to tolerate an act or a situation, or to do an act”under clause (e) of section 66E of the Finance Act, 1994 March 3, 2025Circular No. 214/1/2023-Service Tax date: 28th February, 2023 An issue has arisen on the levy of service tax on liquidated damages arising out of breach of contract, forfeiture of salary or payment of bond amount in the event of the employee leaving the employment before the minimum agreed period and similar other issues arising out […](Team) LTG Publication Private Limited
- Old and New Consumer Protection Laws: A Detailed Analysis March 1, 2025Introduction Consumer protection is a crucial aspect of a well-functioning market economy, ensuring fairness, transparency, and accountability in trade and commerce. It encompasses a broad range of policies and regulations designed to safeguard consumers from unethical business practices, defective products, and substandard services. The First Consumer Protection Act was enacted in 1986, which provided consumers […](Team) LTG Publication Private Limited
- Clarification on holding of Pre-Show Cause Notice Consultation- March 1, 2025Circular No. 1076/02/2020- Cx Date: 19th Nov 2020 References have been received from the field formations seeking clarification on “who will hold pre show cause notice consultation with the assessee concerned in cases where the show cause notices are to be issued by the Audit Commissionerates” in terms of para 3.0 of the instructions issued […](Team) LTG Publication Private Limited
- Union Budget 2025 Key features on Income Tax \Finance Bill 2025 February 1, 2025Union Budget 2025 Key features\Finance Bill 2025 Direct Tax proposals Introduction of a scheme for determining arm’s length price of international transaction for a block period of three years. Expansion of scope of safe harbour rules to reduce litigation and provide certainty in international taxation. Rationalization of TDS/TCS for easing difficulties Tax deduction limit for […](Team) LTG Publication Private Limited
- GST Clarification on various issues pertaining to GST treatment of vouchers-Circular No. 243/37/2024-GST January 24, 2025Clarification on various issues pertaining to GST treatment of vouchers- . Circular No. 243/37/2024-GST Dated the 31st December, 2024 References have been received from the trade and industry as well as the field formations seeking clarity on various issues with respect to vouchers such as whether transactions in voucher are a supply of goods and/or […](Team) LTG Publication Private Limited
- EXEMPTIONS FROM CAPITAL GAINS UNDER INCOME TAX ACT January 5, 2025EXEMPTIONS FROM CAPITAL GAINS The Income-tax Act permits a capital gains tax exemption if the proceeds from the sale, or capital gains, as applicable, are used to purchase specific new assets. These exemptions are offered according to the following sections : 1. Section 54: Exemption from the capital gains arising from the transfer of residential […](Team) LTG Publication Private Limited
- No GST on Penalties, Late Fees/Panel Interest, fine levied or collected by RBI: GST AAR MAHARASHTRA August 27, 2024Case Name:- Reserve Bank of India (GST AAR Maharashtra) Appeal Number: Advance Ruling No. GST-ARA-117 of 2022-23/2024-25/B-53 Date of Judgement/Order: 31/07/2024 (1) Shri. AJAYKUMAR V. BONDE Joint Commissioner of State Tax, (Member) (2) Ms. PRIYA JADHAV, Joint Commissioner of Central Tax, (Member) BACKGROUND: The present application has been filed under Section 97 of the Central […](Team) LTG Publication Private Limited
- FINANCE BILL 2024: INSERTION OF NEW SECTION 128A IN CGST ACT 2017 August 14, 2024Conditional Waiver to Interest/ Penalty relating to demand raised u/s 73 of CGST Act, 2017- Introduction: Based on the recommendation of the GST Council and in response to the challenges faced by taxpayers during the early years of GST implementation, the Government has introduced Section 128A of the CGST Act, 2017. This section allows for […](Team) LTG Publication Private Limited
- FINANCE BILL 2024: INSERTION OF SECTION 74 A IN CGST ACT, 2017 August 7, 2024The Finance Bill 2024, introduced in Parliament on 23rd July 2024, proposes major changes in Income tax law, Direct and Indirect taxes. Chapter V of the Finance Bill provides several new amendments to provisions of the CGST Act, 2017. Section 74 A has been introduced in the CGST Act, 2017. Section 74 A: Determination of […](Team) LTG Publication Private Limited