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The Supreme Court has clarified that a sales tax assessee is entitled to get the refund of excess tax paid on provisional sale price if the price gets reduced subsequently on price variation. The judgment authored by Justice Deepak Gupta, on sharing bench with Justice Madan.B Lokur, was delivered in an appeal from the Rajasthan High Court. The appellant was a manufacturer and supplier of LPG Cylinders to Government-owned companies like IOCL, BPCL etc. The prices for LPG cylinders are fixed by the Ministry of Petroleum and Natural Gas as per its pricing policy.  The prices are fixed for a period at a later point of time. Pending the finalization of prices for the period 2000-01, the appellant supplied cylinders to IOCL at a provisional rate of Rs.682/- per cylinder. Sales tax on this price was collected by the appellant and remitted to the Department. Later, the Ministry finalized the price for the period as Rs.645/- per cylinder, which is lesser than the provisional price fixed in … [Read more...] about Assessee Entitled To Tax Refund On Subsequent Reduction Of Sale Price On Price Variation, Holds SC [Read Judgment]

The price adjustment clause in the contracts awarded by the National Highway Authority of India has given rise to complex set of litigations involving high stakes, resulting in arbitration awards giving diametrically opposite decisions in different cases. The contract contains a ‘price adjustment clause’ which provides for a formula for adjusting prices for each month’s payment on the basis of positive or negative variation from the base rates on which bids were accepted. The work was divided into several components, being labour, plant & machinery & spares, petroleum-oil-lubricants (POL), bitumen, cement, steel and other materials. The percentage share of each component in the work cost was set out as below. Labour – 20% Plant and machinery and spares – 20% POL – 10% Bitumen – X % Cement – Y % Steel – Z % Other materials – 50-(X+Y+Z)% It was also explained in the clause that x, y, z are the actual percentage of the … [Read more...] about SC Settles Conflicting Arbitration Awards On Price Adjustment Issue In NHAI Contract [Read Judgment]

President Donald Trump said there would be a "big price to pay" for a chemical attack against a besieged rebel-held town in Syria where medical aid groups reported dozens of people were killed by poison gas. The Syrian state denied government forces had launched any chemical attack and Russia, President Bashar al-Assad's most powerful ally, called the reports bogus. A joint statement by the medical relief organisation Syrian American Medical Society (SAMS) and the civil defence service, which operates in rebel-held areas, said 49 people had died in the attack late on Saturday in the town of Douma. Others put the toll even higher. "Many dead, including women and children, in mindless CHEMICAL attack in Syria. Area of atrocity is in lockdown and encircled by Syrian Army, making it completely inaccessible to outside world. President Putin, Russia and Iran are responsible for backing Animal Assad. Big price to pay," Trump wrote on Twitter. The Russian Foreign Ministry warned against any … [Read more...] about Trump Threatens ‘Big Price to Pay’ for Syria Chemical Attack

World Russia Syria eastern Ghouta In a moment of anger over the use of chemical weapons against civilians in Syria, President Donald Trump did something he has repeatedly avoided throughout his time in office: got tough with Russian President Vladimir Putin.During a cabinet meeting held Monday, Trump launched the conversation by condemning what he called a “heinous attack on innocent Syrians with banned chemical weapons.” On Saturday evening, civilians in the Damascus suburb of Eastern Ghouta were killed in what many believe was a chemical weapons attack. The Syrian government and Moscow have both denied that they were involved in Saturday’s attack, blaming Islamist rebels instead. Trump, however, appeared unconvinced and pledged that in the next 24 to 48 hours his administration would decide how to respond to the attack that killed at least 60 people.Recommended Slideshows51In Pictures: The 50 Most Powerful Military Forces in the World44In … [Read more...] about Trump Says Putin Will Pay a Price for Chemical Attack in Syria, Vows to Respond to Atrocities by End of Day

President Donald Trump warned OPEC about its "artificially very high" oil prices Friday, saying they are "no good and will not be accepted!" His warning came in an early morning post to Twitter. Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! — Donald J. Trump (@realDonaldTrump) April 20, 2018 Trump's rebuke of the Organization of Petroleum Exporting Countries came after Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices, after crude hit the highest level in more than three years. "I have not seen any impact on demand with current prices. We have seen prices significantly higher in the past — twice as much as where we are today," Faleh told reporters ahead of an oil producers' meeting in Jeddah, Saudi Arabia. "Energy intensity as you know has declined significantly ... this … [Read more...] about Trump Warns OPEC on ‘Artificially Very High’ Oil Prices