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India: GST forms, inventory converted into capital assets

India: GST forms

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).


Related content

  • GST forms: The Central Board of Indirect Tax and Customs issued notifications (releases) to encourage taxpayers to file GST forms and that provide a one-time waiver of late-payment penalties for late filing of GST returns. Read a September 2018 report [PDF 729 KB]
  • Deduction on interest on fixed deposits: The Bombay High Court held that a deduction under section 80-IA of the Income-tax Act, 1961 cannot be denied with respect to interest on fixed deposits and with respect to compensation received for the non-supply of spare parts. The case is: Tema Exchangers Manufactures Pvt. Ltd. Read a September 2018 report [PDF 730 KB]
  • Credit for corporate social responsibility payments: The Customs, Excise and Service Tax Appellate Tribunal, Mumbai held that corporate social responsibility is an input service in relation to a business, and accordingly, the credit for payments of corporate social responsibility must be made available. The case is: Essel Propack Ltd. Read a September 2018 report [PDF 724 KB]
  • Fair market value of inventory converted into capital assets: The Central Board of Direct Taxes issued draft guidance proposing to introduce rules that would set forth the manner for determining the fair market value of the inventory that was converted into, or treated as, capital assets. Read a September 2018 report [PDF 628 KB]
  • Permanent account number (PAN) applications: The Central Board of Direct Taxes proposed amendments to the rules that certain individuals have the authority to file for a PAN for a business taxpayer, and that such applications are due by 31 May. Read a September 2018 report [PDF 470 KB]

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