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Professional Update for the day:
ITAT Delhi has held that right to receive a property is a valuable and a transferable right and falls within the ambit of “capital asset” and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources.[Satnam Overseas Exports Vs DCIT]
Under GST Law IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST & SGST input tax credit can be adjusted in specified order.
How will GST benefit the exporters?
Answer: The subsuming of major Central and State taxes in GST, complete and comprehensive setoff of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.
Why is Dual GST required?
Answer: India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.
Related blogs are
common mistake is done while filing GSTR-1
Blocking the E-way bill creation system if fails to file GSTR-3B
Corporate Law:
Bogus share capital: Source of source relevant even for period before amendment to section 68 of the Income Tax Act. Pragati Financial Management Pvt. Ltd Vs CIT (Calcutta High Court).
Quotes of the Day:
“Go after your dreams how unattainable others think it is.”
“You have to expect things from yourself before you can do them.”
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