The Maharashtra Authority for Advance Ruling (AAR) has recently ruled that the transfer of monetary proceeds without underlying import of services by M/s. IVL India Environmental R&D Private Limited is liable to be taxed under Integrated Goods and Services Tax (IGST) as per the Reverse Charge Mechanism (RCM). The assessee seeked ruling on the liability to pay tax on mere transfer of monetary proceeds by the applicant, IVL India Environmental R&D Private Limited to IVL Swedish Environmental Research Institute Limited.
Source Taxscan
Latest Posts in "India"
- India to Impose New Health and Security Tax on Tobacco Machinery, Amend GST Compensation Levy
- Punjab Trade, Tax Bodies Threaten Statewide Stir Over Delayed VAT, GST Refunds
- Briefing Document & Podcast: E-Invoicing and E-Reporting in India
- Meghalaya Extends VAT Exemption on Fruit Wine to 10 Years, Boosting Local Wine Industry
- Allahabad HC: Arbitrary GST Registration Cancellations Without Reasons Amount to ‘Economic Death’ for Businesses
