E-Magazine on Tax Update Part-II (Feb-2024) || Online Publication-01.03.2024

E-Magazine on Tax Update Part-II (Feb-2024) || Online Publication-01.03.2024

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Content

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GST LAW

1.      

Important Due Date Calendar

4-6

2.    

Refunds under GST :  A PROCEDURAL GUIDE

  •  Introduction
  •  Situations leading to refund claims:
  •  Treatment for Zero Rated Supplies:
  •  Refund claims in respect of Deemed Exports
  •  Refund of unutilised ITC on account of Export of electricity:
  •  Refund claims in respect of inverted duty structure:
  • Refund to United Nations (UN) bodies and other notified agencies:
  •  Payment of wrong tax:
  •  Refunds to casual/non-resident Taxable Persons:
  •  Excess payment of tax to be refunded in cash and as re-credit of ITC:
  •  Clarification on Refunds issued by Board:
  •  Power with the Commissioner to withhold refund in certain cases:
  •  Documentation:
  •   Procedure for filing refund claims
  •  FAQs >
How Can I Claim refund of excess amount available in Electronic Cash ledger
How Can I Claim refund of ITC on account of exports without payment of Tax
7-17
3.       GST AAR GUJARAT: – Case Name: Suzuki Motor Gujarat Pvt. Limited: GST on Employee Canteen Services 18-21
4.       RAJASTHAN HIGH COURT:Case Name: –   Baba Super Minerals Private Limited Vs Union of India: –  Interest payment Cannot be denied on refunds under Section 56 of the CGST 2017- Rajasthan High Court 22-23

 

Income Tax Law

5.       TDS on payment for the transfer of Virtual Digital Assets (VDAs) 24-33
6.      

TDS on Rent by Certain Individual or HUF

34-37
7.       ITAT BANGALORE: – Case Name: – DCIT Vs Cicon Engineers Private Limited –  TDS credit is available in the income of the reporting year, it cannot be  Deferred to other years 38-40