Top Key Circulars in 53rd GST Council Meeting—Part 1 Secrets

If company promise is supplied for five a long time and a similar is renewed in every year, then GST shall be payable on one% of the quantity issued of these kinds of company guarantee in to start with yr in addition to on each individual renewal in subsequent calendar year.

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Rule 88C -fashion of managing big difference in liability noted in statement of outward suppliers Which claimed in return

1. Declaration of make and model quantity of the packing machine is optional and the place make of machine will not be out there, its calendar year of invest in could possibly be declared as make equipment range is required and if a similar just isn't available, then company may possibly assign a numeric selection to reported machine and declare.

GST on salvage price deducted from insurance policy assert: GST does not implement on any salvage/wreck value deducted through the insurance policy assert total for a broken motorized vehicle insured by it since it stays the insured individual’s home.

five. where by intra-team company warranty has actually been issued, whether or not GST is payable less than RCM in absence of genuine Bill and payment since the recipient entity would not be able to avail ITC?

IGST Refund resulting from upward price revisions immediately after exports: A system is becoming launched for boasting refund of further IGST compensated as a consequence of any upward revision in price of the products right after their export aiding taxpayers assert refunds for spending more IGST as a consequence of this sort of transfer.

If complete payment is built upfront, GST is payable in the event the payment from the mentioned upfront amount of money is made or owing, whichever is earlier. 

Also, ducts and manholes used in community of Optical Fiber Cables (OFCs) haven't been specially excluded from the definition of “plant and machinery”.

Ambiguity existed irrespective of whether custodial services are protected below specific provision for location of source or residual provision

1. during the instances, the place no thing to consider is charged by the individual through the related particular person, or by an overseas affiliate from its Indian occasion, for extending mortgage or credit history, other than by way of fascination or discount (like assistance charge or processing expenses), it cannot be stated that any source of assistance is getting presented amongst the explained related folks in the form of processing/ facilitating/ administering the bank loan. Accordingly, GST wouldn't levy.

New part 11A: The brand new get more info provision allows regularisation of non-levy or limited levy of GST, wherever tax was being underpaid or unpaid on account of common trade practices. 

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The City of Springfield asks our nearby delegation to introduce and aid a bill which will give an accelerated abatement course of action for Long-term nuisances by:

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