The Definitive Guide to Key Circulars in 53rd GST Council Meeting—Part 2
The Definitive Guide to Key Circulars in 53rd GST Council Meeting—Part 2
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round No. 217:- Entitlement of ITC because of the insurance coverage firms over the bills incurred for repair of motor autos in case of reimbursement method of insurance policy assert settlement:
Wherein the dispute pertains to tax along with desire, and penalty, just the tax volume shall be viewed as for that monetary limit. Wherein tax sum is not really involved with the dispute, the cumulative of interest, penalty or late expenses shall be considered the monetary limit.
on the other hand, in circumstances where the quantity of tax involved in low cost given with the provider as a result of tax CN inside of a FY doesn't exceed INR five,00,000, then instead of CA/CMA certification, an undertaking/ certificate in the claimed receiver might be procured certifying that ITC attributable these types of lower price has long been reversed.
Accordingly, there will not appear to be any source of salvage by insurance provider and as a result, there will not appear to be any liability less than GST over the part of insurance provider in respect of this salvage price.
eight. ISD shall problem a credit history Take note in case distributed credit history gets minimized for almost any motive. Also, in case of further quantity of credit rating on account of issuance of debit Observe being distributed from the manner described therein.
, and also the consideration is represented only By the use of more info interest or price cut, will likely be handled as being a taxable offer of service under GST or not.
it really is clarified that within a manufacturing procedure there may be different equipment being used such as a single for filling of offers, A further for Placing seal on the deals and Yet another for last packing.
it really is clarified that exactly where domestic corporate issues intra-group ensures, GST shall be paid on forward charge mechanism and invoice must be issued from the supplier of service.
20000 for each man or woman each month provided that service is equipped to get a bare minimum continuous period of ninety days. Also, certain solutions furnished by Ministry of Railways are made exempt from GST.
the place these types of an extended guarantee is furnished at any time soon after the first supply of products, this kind of provider is independently liable to GST. browse more
So, the valuation shall be calculated as per guarantee volume (without having having into account the quantity of loan truly disbursed).
Circular No. 222:- Clarification on time of offer of providers of spectrum usage and other related companies below GST:
Team apparent has summarized fifteen Circulars regarding these aspects. Updates incorporate clarifications on constant provide of companies, construction of streets, availability of input tax credit history for insurance plan organizations, and GST implications on numerous situations.
one. According to section 15 sub-area (3) of CGST Act the value of supply shall not involve price cut presented because of the supplier, issue to specified As per clause (b) of reported sub-section, any price cut that's supplied right after the supply is effected (vide a credit rating Notice) shall not be included in the value of provide, if it satisfies the appropriate conditions. one of many issue would be that the receiver of credit rating Observe has reversed the ITC.
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