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Circular No. 164/19/2021-GST dated 6th October 2021 vis-à-vis Notification No. 11/2017- CT Rate- Whether Circular goes beyond the Residual Entry Rule applicable for Classification of Rate for Service for levy of Tax Rate on Royalty at the rate of 18%-Part II

The present Article only discusses that whether Circular goes beyond the Residual Entry Rule for Classification of Rate of Service for the purpose of levy of Tax Rate on Royalty at the rate of 18%. The applicable tax rate for 9973 in Notification No. 11/2017-Central (Rate) uptill 31st December 2018 is as follows   Description of ServiceRate (per cent.)Condition  (i) Temporary or permanent transfer or...

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Circular No. 164/19/2021-GST dated 6th October 2021 vis-à-vis Notification No. 11/2017- CT Rate- Does the Language of the Notification allows to hold that appropriate classification of Service is under HSN 9973 but since the rate is not appropriate, therefore rate is selected from the residual entry based upon the “intention” of the Legislature-Part I

That this article does not analyse the taxation of Royalty from the point of Constitutional Validity but is written solely for the interpretation made in Circular No. 164/19/2021-GST dated 6th October 2021 to the extent it provides that although the service by way of grant of mineral exploration and mining rights would be classifiable under HSN 9973 but since the appropriate rate as per the...

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Amount held as Retention Money by the recipient-Reversal of Input Tax Credit for non-payment of consideration within 180 days from the date of Invoice

Analysis of Reversal of Input Tax Credit on retention money withheld against the Invoice in GST The article throws light on the applicability of provisions of reversal of Input Tax Credit on account of non-payment of consideration to the supplier within 180 days of raising of the invoice in case of retention of money by the Recipient. Second proviso to Section 16(2) of CGST Act,...

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Eligibility of an Exporter for Input Tax Credit or liability to pay Higher Drawback or liability to repay the refund amount in case of Export of Goods against Higher Drawback in the period July to September 2017

This article tries to analyse eligibility of an exporter for Input Tax Credit in case of Export of Goods against Higher Drawback in the period July to September 2017. Whether He is eligible for ITC of CGST/IGST during the entire period of July to September 2017, orHe is not eligible for any ITC of CGST/IGST during the entire period of July to September 2017, orHe...

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Whether exempted supply of MEIS License merits entire Input Tax Credit of Raw Material and Input Services to be treated as common credit for reversal under Rule 42/43

The article intends to cover the subject of reversal of Input Tax Credit on MEIS License Sale wherein in certain cases revenue is treating the entire Input Tax Credit claimed by the taxable person as Common Credit under Rule 42. That as for providing the background, MEIS is a government scheme launched with the objective to provide rewards to exporters to offset infrastructural inefficiencies and...

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