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CA Bimal Jain

@BimalGST

May 31

🚨 Rajasthan High Court landmark ruling:

‘Pizza’, ‘Sandwich’ is ‘Cooked Food’, 'not Bakery product'; Looks at subsequent legislation

Read More Below:

#VAT #food #Pizza #a2ztaxcorpllp #GSTwithBimalJain

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Rajasthan HC holds sale of ‘pizza’ and ‘sandwiches’ to be ‘cooked foods’, eligible to exemption from payment of VAT in excess of 5% vide notification dated March 09, 2010;

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Perusing Notification and Entry providing for rate of tax @ 14% on goods notified therein, as well as ubsequent amendments to Rate Schedule, HC at the outset clarifies that the sale of ‘pizza’ and ‘sandwich’ would qualify as sale of ‘cooked food’;

3/10

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CA Bimal Jain

@BimalGST

May 19

User Development Fee collected by International airport a ‘statutory-levy’, not liable to service tax

SC - Central GST Delhi vs. Delhi International Airport Ltd.

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SC holds that no service tax is applicable on ‘User Development Fee’ (UDF) collected from domestic and international passengers departing from Delhi, Hyderabad and Mumbai international airports; At first blush, clarifies that

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(i)User Development Fee is a statutory levy
(ii)Collection is not premised on rendering of any service
(iii)Amounts collected are deposited in escrow account (which does not make it any less a statutory levy or compulsory exaction), not within the control of the assesses

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Read 5 tweets

CA Bimal Jain

@BimalGST

Mar 24

The Finance Bill 2023 was passed in the Lok Sabha without a discussion on Friday.

Finance Bill 2023 passed in Lok Sabha — check key amendments and highlights ⬇⬇

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1⃣ Mutual Funds (MFs) having less than 35 percent AUM in domestic equity are to be taxed as short-term capital gains.

2⃣ Enhanced tax benefits to offshore banking units operating in GIFT City. Offshore banking units to get 100 percent deduction on income for 10 years.

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3⃣ Tax on Royalty or technical fee earned by foreign (non-resident) Cos hiked from 10 percent to 20 percent.

4⃣ No Change in tax on non-par savings insurance products (Rs 5 lakh cap remains).

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CA Bimal Jain

@BimalGST

Mar 23

GST relief for hotels, and restaurants soon? Govt to change GST structure?

Know Here ⬇⬇

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#GST #GSTITC #GSTcredit #Restaurant #Hotel #GSTwithBimalJain #a2ztaxcorpllp

Sources says:

➡️ Hotel and restaurant industry may soon get relief on GST
➡️ Finance Ministry is considering their demand to change current GST structure
➡️ GST on Hotels/Restaurants may be increased to 12% from 5% with ITC benefit

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Source says:

➡️ Alert: At present Hotels/Restaurants attracts 5% GST without input tax credit
➡️ Finance Ministry has sent the proposal to the fitment committee of the GST council

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CA Bimal Jain

@BimalGST

Mar 22

Bombay HC: Pre-arrest bail application ‘premature’ where only witness-summons were issued

Bombay HC rejects the pre-arrest bail application “premature” where Asst. Commissioner has only issued witness-summon to applicant for recording his statement and verify books of account;

Finding the apprehension of Applicant that he will be arrested without following due process as “unfounded”, Court clarifies that at this stage, the Asst. Commissioner only suspects Applicant’s involvement in the Platinum Trading Company scam.

Only after recording his statement, if Revenue finds “reason to believe that arrest is imperative”, the applicant may justify the apprehension of arrest; Opines that “applicant must first cooperate with the investigation, which is only for the purpose of recording his statement.

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CA Bimal Jain

@BimalGST

Mar 21

Orissa HC held that tax, interest, penalty, fine, and fees due need to be paid for the revocation of cancellation of GST Registration by the assessee.

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#GST #GSTwithBimalJain #a2ztaxcorpllp #GSTregistration

The learned counsel appearing for the Petitioner relied on the judgment of M/s. Durga Raman Patnaik v. Additional Commissioner of GST [W.P.(C) No.7728 of 2022 dated August 4, 2022],

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where the Petitioner opted for applying for revocation of the cancellation by complying with all the other requirements of depositing all the tax, penalty and interest due as payable and other formalities as required by law.

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