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