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Cus - Export of non-basmati rice - Notification 20/2023 insofar as it denies the benefit of the transitional arrangement as contained in para-1.05 of the FTP 2023, is bad in law: HCCus - Refund of SAD - 102/2007-Cus - Areca Nut and Supari are one and the same - Objections with regard to name, nature and status of importer or buyers or the end use of goods purchased by them etc. are extraneous: HCCX - Interest on Refund - Since wrong order annexed by petitioner in paper book, Bench is unable to proceed further - Petition is dismissed with liberty to file a fresh one: HCGST - No E-way bill - When petitioner imports machinery and after Customs clearance, transports same to his own factory, it cannot be said that such a transportation would fall within the definition of term 'supply' - Penalty imposable under second limb of s.129(1)(a): HCGST - Fix responsibility on officers who allowed BG to lapse - Petitioner not justified in not renewing BG - Cost of Rs.15 lacs imposed, to be paid to PM Cares Fund: HCGST - Since the parties agree that petition can be disposed of on the basis of records available before Appellate Authority, petitioner is directed to enclose all documents filed before Appellate Authority in a compilation, in form of a paper book: HCWrong RoadST - Whether any service is used for personal consumption or not is certainly question of fact and being question of fact, no substantial question of law arises: HCGovt proposes to amend Geographical Indication of Goods Rules; Draft issued for feedbackST - If what has been paid as tax is without authority of law, Revenue should refund the same - Denial of credit would result in the whole exercise being tax neutral: HCWarehousing Authority notifies several agri goods to be stored in only registered warehousesST - Even if the petitioner may have a case on merits, it is best left to be decided by the Appellate Authority under the hierarchy prescribed under the FA, 1994: HCUS FDA okays Eli Lilly Alzheimer’s drugGST - Petitioner challenges jurisdiction of assessing officer - Petitioner is entitled to file an appeal u/s 107 by availing an alternate efficacious remedy: HCFive from Telangana killed in car accident on Pune-Solapur HighwayGST - Existence of an alternative remedy is a material consideration but not a bar to the exercise of jurisdiction: HCHush money case against Donald Trump - Sentencing deferred to Sept 18GST - It is open to a trader to take goods by whichever route he opts, unless the law otherwise requires, destination point being intact: HCDeadly hurricane Beryl smashes properties in JamaicaGST - Conclusion that taxable person is providing a service to supplier while taking the benefit of a discount by facilitating an increase in the volume of sales of such supplier is ex facie erroneous and contrary to the fundamental tenets of GST law: HCIsrael claims 900 militants killed in Rafah since May monthGST - Order expressly records that personal hearing notice was returned with endorsement 'no such person at address' - Since petitioner has shifted to a new premises, it is just and necessary to provide an opportunity to contest demand: HC116 die in stampede at UP ’Satsang’I-T- Application for revision of order dismissed in limine on grounds of delay; case remanded for re-consideration: HCWe are deepening economic ties with India, says US officialI-T- As per Section 119(2)(b), power to condone applications relate to claims for amount exceeding Rs 50 lakhs are to be considered by CBDT; however it is impermissible for CBDT to pass order on merits: HC8 Dutch engineers build world’s longest bicycle - 180 feet, 11 inchesI-T- Additions framed u/s 68 for unexplained income & u/s 69 for unexplained expenditure not tenable where complete transactional details are furnished & not doubted: HCRailways earns Rs 14798 Crore from Freight loading in June monthI-T- Delay in filing ITR is per se insufficient reason to estimate assessee's profit @15% on turnover, more so where audited financial report is filed in timely manner: ITATMoD inks MoU to set up testing facilities in Unmanned Aerial System in TN Defence Industrial CorridorI-T- For invoking section 69A, assessee should be found to be owner of any money, bullion, jewellery or other valuable article & which is not recorded in the books of account: ITATGovt proposes Guidelines for ethical approach to Coal MiningI-T- TDS credit can be allowed based on AIS, where details pertaining to TDS, advance tax & other payments are reflected in Form 26AS: ITATVaishnaw to inaugurate Global IndiaAI Summit 2024I-T- Lending money with the primary intention of earning interest can be considered a business activity, but nature and manner of lending, as well as the frequency, should be taken into account: ITAT
 
GST - Invoice matching - CII backs Nilekani's proposal

By TIOL News Service

NEW DELHI, JAN 31, 2018: THE CII has backed the idea mooted by Mr Nandan Nilekani before the GST Council. Mr Nilekani had proposed that “If the buyer accepts supplier invoices on the GST System, this automatically determines the input tax credit (ITC). In the proposed model, there will be no mismatch or reversal.”

According to CII, simplification of GST compliances would result in higher number of returns filed, increased collection of revenues, and easier working capital management by trade and industry. The GST network (GSTN) functioning and return filing formats could be tweaked to ensure acceptance of invoices.

CII stressed the need for designing a fool-proof and effective return filing system where seamless and speedier input tax credit (ITC) can be availed by the recipient, as against the current requirement of filing three GST returns. In some sectors with thousands of invoices daily, this exercise leads to complexities such as mismatches, ITC reversal with interest, and reclaim of ITC.

Currently, the buyer is responsible for ensuring tax payment by suppliers to avail ITC. Mismatch in invoices due to filing errors leads to funds being held up. A successful model should align with the natural business process, according to Mr Nilekani.

Mr Nilekani further suggested that the proposed process will offer multiple channels for upload and acceptance of invoices and filing of returns. Small taxpayers with no automated accounting systems can view and accept pending invoices directly on the portal, and SME taxpayers with some level of automation can use Excel based offline tool to download, compare and accept pending invoices.

Large tax payers with fully automated accounting will do the reconciliation and acceptance directly in their accounting system and upload results directly through authorised entities. Uploading of invoice data may be done on a continuous basis by the supplier, as feasible, throughout the tax period i.e. till filing of GSTR 1 Return on 10th of the next month, and the time limit set for 10 days shall be eliminated.

CII had earlier recommended similar measures for easier invoice matching at the time of initial release of the Model GST law. The recommendations made by Mr Nilekani seem practical and are expected to be business friendly for the successful transition to GST, stated the CII press release. CII also suggests trials and tests before introduction of such a system.

Further, to keep the system simple, it is also suggested that uploading of invoices with total amount with GSTN of recipient should suffice instead of invoices at line-item level. Acceptance of invoices by buyers and suppliers as per normal business process should be used for ITC payment.

This will pave the way for smoother implementation of GST and simplification of return filing system, which it turn will enhance tax revenues towards a successful Good and Simple Tax, said CII.


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