Raksha Parikh
Summary of Clarification on the taxability of ESOP/ESPP/RSU Comapnies and tax authorities have asked for Clarification on the taxability of ESOP/ESPP/RSU provided to employees are taxable.These are forms of compensation where employee receives company shares or the option to buy the shares, and there is confusion about how they should be taxed under existing rules. … Read more
Summary of Taxability of Loans from Overseas or Related Affiliates Clarification has been issued for whether there is any supply involved in the transaction of granting of loan by a person to a related person or by an overseas affiliate to its Indian entity, where the consideration being paid is only by way of interest … Read more
Summary of the Valuation of Import Services from Related Person with Full ITC Eligibility Circular No 210/04/2024 has been issued for the Valuation of Import Services from Related Person with Full ITC Eligibility. If a business import services from a related person or from one of its own establishments located outside India, it will be … Read more
Summary of Clarification on Issues related to special procedure for the manufacturers of the specified commodities as per Notification No. 04/2024 Circular No 208/2/2024 states the issues related to special procedure for the manufacturers of the specified commodities as per Notification No. 04/2024-Central Tax dated 05-01-2024. The Government issued the Notification No 30/2023-Central Tax to … Read more
Summary of the Mechanism for verification of ITC Reversal on Post sale discounts GST Circular No 212/06/2024 states the Mechanism for verification of ITC Reversal on Post sale discounts. Where the discounts are offered by supplier after delievring goods or services, they issue tax credit notes. Section 15(3)(b)(ii) of the CGST Act,2017 specifies that, this discount … Read more
Summary of Place of Supply in case of goods sold to unregistered person The government has clarified the Place of Supply in case of goods sold to unregistered person by Circular No 209/3/2024 dated 26-06-2024. The new rule clause (ca) has been added to the IGST Act. This rule states that when goods are sold … Read more
Summary of ITC Availment for RCM Supplies from Unregistered Persons GST circular has been issued to provide clarification regarding ITC Availment for RCM Supplies from Unregistered Persons.it is related to the availment of ITC by the recipient on the tax paid by him under RCM in respect of supplies received from unregistered persons. Businesses can … Read more
This article covers all New recommendations of the 53rd GST Council Meeting 2024, held on June 22, 2024, in New Delhi. The GST Council Meeting has met 53 times since its constitution, and many important decisions were taken in this 53rd GST Council meeting. The last GST council meeting was held in New Delhi on … Read more
The goal of this article is to cover all recent GST new case laws June 2024. All latest high court judgement on gst and all latest supreme court judgments on gst issued in June 2024 have been covered in this article. All latest GST case laws of June 2024 in this article have been classified … Read more
Government has issued New GST Advisory on Filing of information by manufacturers of Pan Masala and Tobacco taxpayers dated 07-06-2024. Please refer to the notification Notification No. 04/2024 – Central Tax dated 05-01-2024 to seek information from taxpayers dealing in the goods mentioned therein. Two forms have been notified vide this notification namely GST SRM-I … Read more