IBC and GST Laws – Inherent contradictions coming in way of timely resolution of insolvent companies
When a Company becomes insolvent, numerous issues arise. The Government enacted Insolvency and Bankruptcy Code, 2016 (‘the Code’) to address such issues and make the process smoother. Unfortunately, the Government often misses to stich various related laws...
Legal Precedents’ Series_Issue 14 (Writs, NAA and AAR)
NITYA’s Insight-Legal Precedents’ Series’ (Writs, NAA and AAR) covering the period of September, 2019 for your kind perusal.To Read More, Please click on the below mentioned link:NITYA's Insight Legal Precedents' Series_Issue 14 (Writs, NAA and...
Recent Circular | Clarifications on 20% restriction on ITC availment under Rule 36(4) of the CGST Rules, 2017
The Central Board of Indirect Taxes and Customs (‘CBIC’) has recently issued Circular No. 123/42/2019-GST dated November 11, 2019 (‘Circular’) clarifying various issues relating to newly inserted sub-rule 4 to Rule 36 of the Central Goods and Services Tax Rules, 2017...
Judgement Update | Drawback cannot be demanded in the absence of machinery provisions and powers under the Drawback Rules
This update is to apprise you about the recent decision of the Punjab & Haryana High Court in the case of Jairath International and another v. UOI, 2019-TIOL-2459-HC-P&H-CUS. In this case, the Court quashed the demand of duty drawback in the absence of...
A retrospective amendment under GST law – A dead claim of interest, coming alive?
One of the most significant issues surfacing in the GST law is the lack of consensus between the Legislature and the Government in implementing the same. Resultantly, the colossal gap exists between the substantive law vis-à-vis the procedural law. The...
New restrictions to avail Input Tax Credit – Practical challenges to follow!
The Central Government has recently introduced a restriction vide Rule 36(4) of the CGST Rules. This Rule provides that before availing input tax credit (ITC), one needs to ensure that maximum value i.e. 83% (100/120) of total invoices and debit notes are...
Document Identification Number (DIN) on all communications issued by GST and Customs authorities
The Central Board of Indirect Taxes and Customs (‘CBIC’) has recently issued Circular No. 122/41/2019-GST dated November 5, 2019 and Circular No.37/2019-Cus dated November 5, 2019, (‘Circulars’) clarifying that GST and Customs authorities need to generate and quote...
AAR Update | Classification of service of transportation of employees through buses and cabs
This is to apprise you on the recent Karnataka Authority for Advance Ruling (‘AAR’) in the case of Sharma Transports, 2019-VIL-360-AAR. In this case, the Applicant was rendering employee transportation service to its clients by using its own buses. The responsibility...
Judgement Update | Drawback cannot be demanded in the absence of machinery provision under Drawback Rules
This update is to apprise you about the recent decision of the Punjab & Haryana High Court in the case of Famina Knit Fabs v. Union of India, 2019 (9) TMI 970 (P&H). In this case, the Court quashed the demand of duty drawback in the absence of any machinery...
