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New Income tax Code to be developed internally by CBDT, says Revenue SecretaryKejriwal to remain in judicial custody till Aug 8CCI approves combination involving Amazon Asia-Pacific, Frontizo, Appario, Haverl and CRPLUS economy grows by 2.8% in Q227 companies have cumulatively invested Rs 465 crore under PLI Scheme for IT HardwareCus - Adjudication proceedings initiated on the ground of 'illegal export' whereas seizure was on the belief that there is 'illegal import' - Clear lack of jurisdiction: HCIndonesia introduces golden visa programme to attract investmentCus - An assessee cannot be deprived of its justifiable money - Refund to be granted along with interest @8%, although Act provides interest @6% - Difference of 2% to be recovered from officers responsible and mention be made in their service records - Cost of Rs.1 lakh also payable: HCRailways deploys Kavach on 1465 Route km and 144 locomotives on South Central RailwayCus - It is settled law that Tribunal cannot travel beyond the scope of relief and the case made out in the show cause notice: HCHeavy rains batter Pune; 6 dead; Snafu at Mumbai AirportCus - RoSCTL Scheme - Right accrued pursuant to any law and/or Scheme in favour of the person cannot be denied merely due to any technical error and/or glitch: HC18.6 lakh candidates signed-up on 'FutureSkills PRIME' for Re-skilling of IT ManpowerST - Not only is the assessee a PSU but also if the tax had been paid on reverse charge basis, they would have been entitled to take credit - Net effect is the exercise is revenue neutral - Tribunal rightly set aside the penalty: HCSC Constitution Bench upholds rights of States to levy royalty on mineral taxGST - DRC-01 was not accompanied by SCN - Order passed - Violation of principles of natural justice - Orders set aside and matter remanded: HCAustralia notifies sanctions against Israel for West Bank violenceBudget 2024 plays unfair with property owners; redefines HNIs!Delhi HC imposes Rs 1 lakh fine for defaming judges on social mediaBudget 2024: A Comprehensive Perspective on GSTUS cautions tech start-ups on security threats from overseas investorsTaxonomy is not about taxesBudget for Vikasit BharatWill the Old Tax Regime be Consigned to A Margadarshak Role?

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First Mega Decision of GST Council - Service Providers & Manufacturers exited from Composition Scheme


Composition Scheme - Mega Decision but a confusing one-again

The Taxable Event in the GST Law is "Supply" and the Taxable Person is "Supplier". All form of Trade, including manufacture and Sale and all persons, including manufacturer and trader are covered by single blanket of "Supply" and "Supplier" respectively. The Term "Supplier" does not make any distinction between Manufacturer/ Trader. Even the Terms "Manufacture", "Manufacturer", "Sale" does not find any place in the Definitions of the Model GST Law. So how can the Taxable person- "Supplier" be again classified into "Manufacturer" and "Trader"? The provisions of Law has to be read only w.r.t "Supply" irrespective of manufacture or not. Entitlement/ Exclusion for the composition scheme can be only w.r.t Supplier, irrespective of being manufacturer or trader. An attempt to bring the existing provisions of manufacture and sale in the proposed law shall only create chaos, litigation and will defeat the basic spirit of GST i.e Uniformity of taxation across all chains of supply.

Surendra Peety 23/09/2016

 

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