PSN Automobiles Private Limited Vs. UOI & CBIC
Date: January 17, 2019
Subject Matter
Collection of GST on TCS amount collected under Income Tax Act, 1961 is stayed
Summary
The petitioner has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the value of the goods and services s…
Section 15 of the Goods and Services Tax Act speaks of the value of goods and services, besides defining how the value of supply shall be reckoned. It says that the value of supply of goods, services, or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply. 2. Section 15(…