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12 Unicorns, over 125 startups commit to onboarding ONDCBEML secures Rs 250 crore order from Northern Coal FieldsBharat Parv celebration takes centerstage at Cannes Film FestivalSteel industry should work towards reducing emissions: Steel SecretaryI-T - Additions framed on account of unexplained cash credit & unexplained money, are not tenable where cash deposits & withdrawals were of personal funds & were done through banking channels: ITATUS says not too many vibrant democracies in the world than IndiaI-T - Benefit of section 11(2) can not be denied merely on reasoning that form 10 is filed belatedly: ITATSwati Maliwal case takes new turn with Kejriwal’s assistant Bibhav Kumar filing FIR against herI-T- Unexplained money - Additions sustained as assessee unable to provide proper explanation for amount withdrawn & subsequently deposited into same bank account: ITATIndia says Chabahar Port to benefit Central Asia and AfghanistanCX - Though Commissioner mentions that he refrains from imposing penalty under Rule 27 of CER, 2002, same is not invoked in SCN, there is no way that Adjudicating Authority could have imposed penalty under said Rule: CESTATRussia seizes Italy’s UniCredit assets worth USD 463 mnCus - Order re-determining transaction value based on CRCL test report is not correct & hence unsustainable: CESTATPutin says NO to Macron’s call for ceasefire in Ukraine during OlympicsCus - If price is not sole consideration for sale, then transaction value can be rejected under Rule 8 of Export Valuation Rules & then must be redetermined sequentially through Rules 4 to 6: CESTATBrazil to host women’s World Cup 2027Cus - If there is additional consideration for sale, then proper course for the officer is to reject transaction value & re-determine value under Rule 4 or Rule 5 or Rule 6 sequentially: CESTATSC upholds ICAI rules capping number of audits per yearST - Assessee transports coal for M/s WCL; demand raised under Cargo Handling Service on activity of loading/unloading/packing of Coal - Activity of loading/unloading/packing may take even longer time than actual transportation, but main purpose of contract is to transport goods - Demand raised is not tenable, more so where M/s WCL already paid tax under reverse charge on transportation service: CESTAT

MESSAGE BOARD

   

RCM on renting of motor vehicles: Are we forgetting something?


Perhaps one more important thing have been forgotten

Nitum,
Genius
I wish to add one more word to your proposed clarification as mentioned in very good and elaborated article as follows

Thus, one can say that the intent here is to bring under reverse charge only registered suppliers who are otherwise charging GST at the rate of 5% on non-body corporate OR UNREGISTERED BODY CORPORATE recipients and ALSO not if the supplier raises an invoice charging 12% GST.

Keep Smiling

PANKAJ BANSAL 07/01/2020

 

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