In this edition, we have analysed the changes made to the Finance Bill, 2023 at the time of passing it as an act. There are certain interesting changes, which I think will be of interesting read.
The next article is on the GST implications on gift of under-constructed flats to related parties. This is also an interesting read considering the complications and overlap of multiple laws.
We have also collated certain important judgments under direct tax and indirect tax laws, provided our comments wherever necessary.
I hope that you will have good time reading this edition and please do share your feedback.- GST IMPLICATIONS ON GIFT OF FLATS – PRIOR TO COMPLETION CERTIFICATE
DIRECT TAX
- DIRECT TAX AMENDMENTS TO FINANCE BILL
SUMMARY OF JUDGEMENTS
- SUMMARY OF GST DECISIONS
- SUMMARY OF IT DECISIONS
In this 104 edition, we bring you articles on two important aspects. The first one is the analysis of the recent judgments of High Courts surrounding the re‐assessment controversy. Now, the question that is being texted is the fate of assessments for AY 13‐14 and 14‐15. Unless the matter is again solved by the apex court, this particular issue continues to haunt us. We have analysed three important decisions of High Courts on the said issue and provided our comments.
The next article is on the taxability of issuance of vouchers under GST laws. The recent Karnataka High Court decision in Premier Sales Corporation appears to be opening a can of worms under the GST laws for the said issue. We have taken the judgment as a base, travelled back in time and to see, how vouchers are treated under the indirect tax regime, to understand the current taxability of the same.
We all know arbitration is one of the alternate dispute resolution mechanisms widely used. Whenever there is a dispute between the parties to the contract and the contract provides for arbitration, the dispute is to be resolved by opting to arbitration. Both the parties to the contract appoint an arbitrator and thereafter an arbitration tribunal gets constituted. The arbitration tribunal hears both the parties and passes an award. The award is equivalent to a decree of court unless it is stayed. The general trend is that the courts do not involve much in the arbitration matters respecting the party autonomy. Only in rarest occasions, the courts interfere with the awards. In other words, the award of the arbitration tribunal is almost final and binding on the parties.
With the above brief background on arbitration, we shall proceed in this article to deal with various issues that arise from the arbitration award that have implications under the GST laws. Needless to say, that the spectrum of arbitration is very wide, and it is not possible to cover analysis on each aspect. Hence in this article, we restrict ourselves to analysis of those major issues which we have handled.
Read more: GST Implications on Issues arising from Arbitration Awards
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All about Recognized Provident Fund, Approved Superannuation Fund and Gratuity Fund - Part II
In Part I, the concept of recognized provident fund (‘RPF’) has been discussed. In this part, concepts of approved superannuation fund (‘ASF’) and gratuity fund will be discussed.
Approved Superannuation Fund [ASF]:
The term ASF is defined under section 2(6) to mean a superannuation fund which is recognized by the PCCIT/CCIT/PCIT/CIT in accordance with the rules contained in Part B of Fourth Schedule to the ITA[1]. The procedure for obtaining registration has been provided in the rules contained in Part B of Fourth Schedule.
- High Court of Karnataka in the case of M/s. Wipro Limited[1] - Benefit of Circular 183[2] should be extended in case of bonafide error (quoting of wrong GSTIN):
In this case, petitioner has preferred the writ petition to allow him to access the GST portal to rectify the error in Form GSTR-1 that has been uploaded during FY 2017-18, FY 2018-19 and FY 2019-20, so as to enable the recipient to take the credit of the tax paid by the petitioner.
The petitioner has invited attention of the Court to the circular that has been issued to prescribe the procedure for allowing the recipient to take credit, where there were bonafide errors which got crept in while filing the returns for the period FY 2017-18 and FY 2018-19.
