The Key Circulars in 53rd GST Council Meeting—Part 2 Diaries
The Key Circulars in 53rd GST Council Meeting—Part 2 Diaries
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Supply of goods produced to an unregistered man or woman exactly where the billing handle is different from the handle of shipping of products, particularly in situation of e-commerce income: location of offer is the location as per the handle in the reported person recorded inside the invoice and The placement from the supplier wherever the tackle of your explained particular person isn't recorded within the invoice.
If corporate ensure is supplied for 5 years and a similar is renewed in every year, then GST shall be payable on one% of the amount issued of such company warranty in first year and on each renewal in subsequent 12 months.
8. to increase IGST exemption on imports of study devices/buoys imported beneath the RAMA programme topic to specified ailments.
several clarifications and adjustments designed on GST charges, which includes uniform costs on objects like milk cans, carton packing containers, photo voltaic cookers, and solutions by Indian Railways and hostel accommodations.
In circumstances of supply of extended warranty is OEM or possibly a 3rd party as opposed to the initial supplier getting a supplier, such an extended warranty is taken into account a separate provide of providers and liable to GST.
area one hundred forty(seven) of CGST Act which pertains to distribution of ITC of companies received previous to the appointed working day by an enter assistance Distributor (“ISD”) whose invoices have been obtained on or after the appointed day is proposed to be amended retrospectively w.
What's more, the provider of hostel accommodation outside the house educational establishments has long been built exempt, subject to certain circumstances. These clarifications purpose to deliver obvious recommendations for businesses and taxpayers, making sure uniformity and compliance throughout the GST framework. They deal with distinct field worries and streamline tax implications, thereby supporting smoother operations and boosting clarity in GST administration across many sectors.
it is actually clarified that the worth of offer of services shall be a person p.c of the quantity guaranteed for every annum or precise thing to consider, whichever is bigger.
this can strengthen get more info the registration process in GST and should help in combating fraudulent enter tax credit (ITC) statements built by means of phony invoices.
4. In case of ongoing offer of expert services, the day of provision of services could possibly be considered since the thanks day of payment According to the deal, as the invoice is necessary to be issued on or before the owing day of payment as per the provisions of Section 31(five) of CGST Act.
So, the valuation shall be calculated as per warranty volume (without using into consideration the level of financial loan in fact disbursed).
It is recommended that Expert assistance be taken based upon distinct details and circumstances. this short article would not substitute the need to consult with the original pronouncement
In these instances, the provision of an prolonged guarantee might be treated for a different supply of provider distinct from the original supply of goods.
The tax liability about the concessionaire under the HAM contract, which includes on the construction part, would occur at the time of issuance of Bill, or receipt of payments, whichever is earlier, In the event the invoice is issued on or ahead of the desired day or the date of completion with the event specified in the deal, as applicable.
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