Clarification and Illustrations on Intermediary Services Under GST

GST has received reports highlighting the confusion surrounding the interpretation of the term “Intermediary services” in the GST Law. After careful examination of the matter, and considering the challenges faced by the trade and industry, as well as the need for consistent implementation of the law across different field formations, the Board, exercising its powers …

Karnataka High Court Sets Precedent: Capital Gains Income Determines Threshold Rs.50 Lakhs, Not Sale Consideration

The Karnataka High Court recently rendered a significant decision regarding the reassessment proceedings for the Assessment year 2016-17. The case involved the invocation of the extended limitation period under Section 149(1)(b), where the sale consideration exceeded Rs. 50,00,000. However, it was determined that the taxable capital gains income was well below the threshold. After carefully …

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