Insights
The Customs Act, 1962 (‘the Customs Act’) governs the levy and collection of Basic Customs Duty (BCD), including provisions related to interest, penalties, assessment, refunds, etc. The levy of other Customs Duties like Counter vailing Duty (CVD), Special Additional Duty (SAD), Integrated Goods and Services Tax (IGST), and GST Compensation Cessis governed by Section 3 of the Customs Tariff Act, 1965 (‘the Tariff Act’) read with provisions under the relevant Acts.
During FY2013-14,Sonia Pathak Khanna (‘assessee’) sold an office premises, for Rs.57 lakhs, on which depreciation had been claimed since FY 2009-10 and treated the gains arising thereon as long term capital gain. Further, the written down value of such asset as on 01 April 2013 was Rs.16.70 lakhs
The constitution of the GSTAT is a crucial milestone for alleviating the burden on writ courts and ensuring an effective operation of the dispute resolution mechanism under GST. The appointment of Justice [Retd.] Sanjay Kumar Mishra as President of GSTAT
Scheme for waiver of interest and penalty –Section 128A of the Central Goods and Service Tax Act, 2017
Personal taxation
• A relaxation in tax rates is proposed under the new tax regime under section 115BAC. The proposed slab rates as applicable under the new tax regime as against the current slab applicable rates is as under is tabulated below: