Home Highlights May 2012 Year 2012 This

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1. Rate of value added tax (VAT) - samosa - whether the rate of tax on Samosa should be 8% or 5%? - samosas are to be taxed at the rate of 8% for the first six months and,...

2. Rate of tax - the tax on the sale of coal within the said limit was @ 4 %. In view of Section 8 (2) (a) of the CST Act, sale of coal made by the revisionist without...

3. Exemption to Section 8 Companies under section 462 of CA, 2013 - Notification

4. Service tax rate - chargeable @ 5% or @8% - Since the taxable event in the present case took place prior to 14.05.2003, the rate of tax applicable prior to that date...

5. Prior period expenditure - Addition of legal and professional charges - if the Tax Consultant following its general practice raises the invoice upon conclusion of the...

6. Rate of GST - old rates of GST or new rates - ongoing projects construction of which had started before 01.04.2019 - definition of ‘affordable residential apartment’ has...

7. Professional Misconduct - Chartered Accountant (CA) - Significant failures to adhere to Standards on Auditing (SAs), gross negligence, and lack of professional...

8. Important advisory for e-Invoice for Taxpayers having annual turnover exceeding ₹ 20 Crores - SGST

9. Rebate claim - effective rate of Central Excise duty was reduced from 10% to 8% - rebate is admissible of duty paid at effective rate of duty on 24-2-2009 i.e. @ 8% - CGOVT

10. Reforms in Tax Rates - tax rates of the major countries of Asia

11. Intra-state day - Export of services - Intermediary Services - Constitutional validity of provisions for determination of place of supply - Zero rated supply -...

12. Rate of tax - whether service tax was required to be paid @ 8% when services were rendered or @ 10.2% rate of service tax prevailing on the date of rendering of service...

13. Rate of central sales tax (CST) in interstate sale of Iron & Steel - 4% or 2% - So long as a notification under Section 8 (1) is not issued, the proviso to Section 8(1)...

14. Penalty for false invoice - Section 55(2) AP VAT Act states that any VAT dealer, who issues a false tax invoice or receives and uses a tax invoice, knowing it to be...

15. Tax invoice - e-Invoicing - the tax invoice shall have Quick Response (QR) code, from the date to be notified - Rule 46 of the Central Goods and Services Tax Rules, 2017