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VAT - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Bank liability to pay VAT – sale of goods to recover loan was ...

VAT and Sales Tax

August 31, 2015

Bank liability to pay VAT – sale of goods to recover loan was part of banking business – No reason to exclude bank from definition of “dealer” under OVAT even in absence of express inclusion of bank in said definition - HC

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  1. Value of sale of spare parts should be excluded if sales tax/VAT liability has been discharged on such sales as is evident from the invoices/bills issued in this regard - AT

  2. A company, whose principal business is that of banking or financing, is excluded from the provisions of Section 73 - there is no definition of the word “principal business“ - HC

  3. Levy of Value Added Tax (VAT) - The State Government cannot enrich by wrongly bringing the transportation charges and the installation charges as part of sale price of...

  4. Levy of sales tax – turnover - shame transactions for obtaining loan from bank - no real business transaction and the entire transaction was false and forged - demand...

  5. Notification regarding notify of Kotak Mahindra Bank for deposit of all Value Added Tax dues in relation to a dealer. - Notification

  6. Deduction of interest u/s 94B shall exclude certain class of NBFC as specified which were included in the definition of banking units earlier.

  7. Syndicate Bank added for e-tax payment. - Notification

  8. Sale of hypothecated vehicles - disposal of repossessed cars by the bank - sale of the repossessed cars by the Appellant Bank is incidental or ancillary or in...

  9. Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

  10. Non furnishing of Bank Account details may lead to cancellation of GST Registration (4th condition added) - Rule 21 of the Central Goods and Services Tax Rules, 2017

 

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