CBIC clarification on taxability of corporate guarantee is stayed upon allegation that it forecloses discretion or judgment that may be exercised by the quasi-judicial authorities by clarifying provisions in the nature of adjudication.
Even if it is obligatory (under law) for the employer to provide canteen facility to its employees, ITC cannot be availed citing the proviso under Section 17(5)(b)(iii). Provision of canteen facility by the employer to the employee is a “supply” within the meaning of CGST Act.
Property owners collect security deposit from tenants while renting out immovable property. Such deposit is refundable (usually, with no interest) to the tenant at the end of lease term / while vacating the premises, subject to deductions as per the terms of agreement between the tenant and the property owner. Hence, the property owner enjoys […]
Even after crossing three years from the inception of GST law, some of the taxpayers assume that property tax can be deducted while calculating the taxable value. This post is intended to dispel such incorrect assumption. Under the Service Tax law, Notification No.29/2012-S.T. dated June 20, 2012 provided exemption by way of deduction of property […]