9911796707
TMI Blog2019 (4) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... - each under SGST and CGST Act to be deposited in the manner as provided under Section 49 of the Act. If not, the application would be treated as an incomplete application liable for rejection - Details regarding the payment of fee for the filing an application for advance ruling has been clarified vide Circular No. 25/25/2017-GST by GOI, Ministry of finance, Department of Revenue, Central Board of Excise and Customs, GST Policy Wing, New Delhi dated 21st December, 2017 wherein, at point no. 4 it is clarified that the applicant can make the payment of the fee of ₹ 5000/- each under CGST Act and SGST Act. In the instant case, the applicant has only deposited an amount of ₹ 5000/- towards fees and not the full amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t / MGST Act would be mentioned as being under the GST Act . 2) Statement of relevant facts having a bearing on the questions raised - I am partner in partnership firm carrying business at Nagpur. a working partner, I regularly withdraw my share of profit from the firm in the form of Remuneration, Interest and Share of remaining profit. As per the requirement of my Friends and relatives I provide loans at normal market rate of interest. Apart from this the unoccupied portion of my immovable property is let out to commercial organization against the consideration of Rent. From all the above activities total gross earnings for the year will be say ₹ 30 lacs. The bifurcation of the amount received can be done as under :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty and Remuneration Profit from Firm are not taxable. As per the provisions of CGST Act the rent received for the commercial purpose from commercial organization is taxable @ 18%, hence the same will be taxable receipt. As the rent income is below ₹ 20 lakhs, which is below the threshold limit under GST, kindly provide us the implication of Sec. 22 under various case mentioned above Submissions on 26.02.2019 by applicant. With reference to above application we like to inform your good self that the Interest is earned on my savings, which are given to my relatives and friends as and when required as loans for the certain period. I like to clarify that the loans given to my relatives and friends are without any security. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appointed day, is registered or holds a license under an existing law, shall be liable to be registered under this Act with effect from the appointed day. (3) Where: a business carried on by a taxable person under this Act is transferred, whether on account of succession or otherwise, to another person as a going concern, the transferee or the successor, as the case may be, shall be liable to be registered with effect from the date of such transfer or succession (4) Notwithstanding anything contained in sub-sections (1) and (3), in a case of transfer pursuant to sanction of a scheme or an arrangement for amalgamation or, as the case may be, de-merger of two or more companies pursuant to an order of a High Court, Tribunal or other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if the income from rent for commercial purposes is above ₹ 20 lakhs.. (2) Interest Income from Finance Activity: Services by way of - (a) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card) are exempted from goods and Services Tax (Sr. No. 27 of Notification No.12/2017-CT(Rate ) However, following charges/ interest will be taxable under GST: (i) Any service charges or administrative charges or entry charges are recovered in addition to interest on a loan, advance or a deposit would represent a taxable consideration and hence liable to GST. (ii). In respect of additional interest charged in case of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as held on 09.01.2019, Sh. Vaibhav Mandhana, C.A. appeared for the hearing. The Jurisdictional officer Sh. Manoj Donikar, Supt., Range-IV, Nagpur- I Commissionerate appeared and submitted the response of the jurisdictional office. On 26.02.2019 Sh. Mohan Rathi, C.A. appeared and once again it was brought to his notice that application was not accompanied with requisite fee and letter of authority. To remove this defect he was provided period of eight days. However, applicant has neither submitted the letter of authority nor the proof of payment of unpaid fee. 5) OBSERVATIONS - We have gone through the facts of the case. The issue put before us is in respect of liability of the applicant for obtaining registration u/s 22 of the G ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
