Key Circulars in 53rd GST Council Meeting—Part 2 No Further a Mystery
Key Circulars in 53rd GST Council Meeting—Part 2 No Further a Mystery
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Circular No. 217:- Entitlement of ITC from the insurance plan companies on the costs incurred for repair service of motor autos in case of reimbursement mode of insurance assert settlement:
53rd GST Council Assembly Circulars issued under the CGST Act explain well known problems troubling the trade. These were being issued on twenty sixth June 2024 masking very important areas for example time of supply, input tax credit history availability, spot of provide, and the taxability of specific transactions.
staying extra in the Rule 28(two) of CGST principles, father or mother/Holding organization providing company promise to its subsidiary corporation will have to pay back GST on an annual basis rather than qua
the quantity of quality for taxable life coverage policies, which isn't A part of taxable benefit identified less than Rule 32(4), does not pertain to check here some non-taxable/exempt source and there is no prerequisite of reversal of ITC.
it's been clarified that no GST is payable on these types of replenishment of goods or elements. additional, no reversal of ITC is required being produced by the producer in regard of products or components so replenished to your distributor whereby, the manufacturer offers the replaced goods or components for the distributor via a “shipping and delivery challan”, without charging any individual thing to consider.
Accordingly, the service service provider is definitely the GoI and repair receiver is definitely the bidder/ telecom operator. Therefore, GST is usually to be discharged on the supply of spectrum allocation services through the recipient of services on the worth of licence payment and spectrum use expenses beneath RCM. This round clarifies enough time of provide in respect of such payments designed for the GoI in instalments.
In case the recipient difficulties the Bill after the time of source and pays tax accordingly, They are going to be needed to shell out fascination for that hold off. further more, for delayed issuance of invoice with the receiver, they might also be liable to penal motion underneath Sec. 122 with the CGST Act. read through extra
By letting corrections prior to the final return filing, The federal government seeks to attenuate glitches and Enhance the overall precision of GST returns. This initiative demonstrates a commitment to easing the compliance load on taxpayers and improving the dependability with the GST method.
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where by this sort of an prolonged warranty is presented anytime soon after the initial source of goods, such services is independently liable to GST. go through far more
Mechanism for refund of more built-in Tax (IGST) paid out on account of upward revision in price of the products subsequent to export is proposed for being prescribed by CBIC.
Clarification with regard to taxability in the transaction qua furnishing personal loan by an overseas affiliate to an Indian entity or between similar people in India [Circular No. 218/12/2024-GST dated, June 26, 2024] On the issue no matter if There exists any taxable provide involved in the exercise of giving loans by an abroad affiliate to its Indian affiliate or involving similar persons in India, wherever the consideration is just By the use of fascination or discounted and does not require any processing cost/ administrative expenses/ mortgage granting charges, and so forth, it has been clarified that provide of services of granting loans/ credit history/ advancements, in so far as the thought is represented Through curiosity or price reduction, is absolutely exempt underneath GST.
3. it can be clarified that in the event that where comprehensive upfront payment is made by the telecom operator, GST could be payable in the event the payment of the mentioned upfront amount of money is produced or is thanks, whichever is earlier, whereas in the event that where deferred payment is created by the telecom operator in specified instalments, GST could well be payable as and in the event the payments are owing or created, whichever is previously.
even so, if no attractiveness is filed within the prescribed timelines; the remaining volume of the need would be recovered as per the provisions of legislation.
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