The smart Trick of Key Circulars in 53rd GST Council Meeting—Part 2 That Nobody is Discussing
The smart Trick of Key Circulars in 53rd GST Council Meeting—Part 2 That Nobody is Discussing
Blog Article
one. exactly where warranty is provided by the maker/ suppliers to The shoppers in regard of any goods, and when any defect is detected within the stated products in the guarantee period, the producer could be necessary to exchange possibly one or more sections click here or the goods therefore, dependent on the extent of damage/ defect recognized within the mentioned products.
three. ITC shall be distributed even to unregistered recipients or recipients engaged in making exempt provide. a similar shall be calculated in lieu on the system presented therewith.
now it is clarified that no reversal of ITC is needed where goods “as a result” are replaced beneath the guarantee period.
exactly where Bill(s) issued by non-community garage includes an total in extra of your authorized claim cost
are charged, about and over the interest or low cost then, a similar will probably be handled as thing to consider for supply of solutions of processing/ facilitating/ administering with the bank loan, which can be liable to GST.
the data contained In this particular document is intended for informational purposes only and won't constitute legal view or tips. This doc is not really meant to address the instances of any specific or company body.
two. The credit rating of tax compensated on enter solutions attributable to more than one receiver or the many recipient shall be distributed among these kinds of recipients and this kind of distribution shall be
4. appropriately, in case of provision of products and services by a overseas affiliate into a connected domestic entity, wherever full input tax credit score is out there, the open sector value shall be value declared on the self Bill.
It is clarified the Place of offer for custodial products and services provided by Indian banking institutions to foreign portfolio traders is going to be determinable According to segment thirteen(2) with the IGST Act i.e. receiver primarily based.
Retrospective amendment is proposed being made in segment sixteen(4) in the CGST Act permitting registered particular person to claim ITC to the period when registration was cancelled, offered the returns starting from the time period through the day of cancellation till the date of revocation of these kinds of cancellation is submitted in just 30 times of Order of revocation.
Mechanism for refund of extra Integrated Tax (IGST) paid out on account of upward revision in cost of the goods subsequent to export is proposed to become prescribed by CBIC.
Circular No. 222:- Clarification in time of supply of solutions of spectrum utilization and other comparable services underneath GST:
expert services of giving CG to any banking organization or fiscal institution by a provider to some relevant receiver were taxable even before the insertion of Rule 28(2) of CGST regulations.
on the basis of receiver’s turnover in a very point out/UT during the relevant period, on the aggregate of turnover of all recipients who will be operational in The present yr, in the explained appropriate period.
Report this page