Summary of Amendment in TCS Rate for E-Commerce Operator On Jul 10,2024 – Notification No.15/2024-Central Tax has issued for amendment in TCS Rate for E-Commerce Operator. These will effective from 10-07-2024. Section 52(1) of the CGST Act,2017 states that every electronic commerce operator who is not acting as an agent, must collect a tax @ … Read more
Summary of the Notification No 13/2024 The Government has issued Notification No 13/2024 to cancel the Notification No 27/2022-Central Tax issued on 26-12-2022 related to applicability of Biometric Aadhar authentication process based on the data analysis and risk parameters. This cancellation of the Notification No 27/2022 will be effective from 10-07-2024. Sub rule 4A of … Read more
Summary of Fixing Monetary Limits for Filing Appeals and Reduction of Government Litigation The Government has Fixing Monetary Limits for Filing Appeals and Reduction of Government Litigation by issuing Circular No 207/1/2024 dated 26-06-2024. This Policy mandates that, where the amount of money involved is below a certain limit the appeal should not be filed. This … Read more
The Government has issued GST Advisory related to New Enhancements to Address-Related Fields in GST Registration Functionalities on 04-07-2024. The Following enhancements have been made to address-related fields in the registration functionalities: New Registration, Amendment Application (Core & Non-Core), and Geocoding Business Addresses. These enhancements are based on the analysis of tickets and user feedback. … Read more
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 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 ITC on Vehicle repair expense to insurance company in Claim reimbursement The Insurance Company insures the cost of repairs/damages of motor vehicles and settles the claims in two ways. (i) Cashless Mode:- The Insurance company pay the garage directly for the repair work. The Garage issues the invoice in the insurance Company’s name … 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
Summary of ITC on Ducts and Manholes for Optical Fiber Cables Network Clarification has been issued on ITC on Ducts and Manholes for Optical Fiber Cables Network as some of the GST authorities denying ITC on Ducts and Manholes used in Optical Fiber Network based on the arguments that these items are classified as Immovable Property … Read more
Summary of Clarification on How GST rules apply to warranty related transactions. Circular No 216/10/2024 issued to provide Clarification on How GST rules apply to warranty related transactions. The original clarification in Circular No 195/07/2023-GST mainly focused on the case where only part of product were replaced under warranty, not entire product. However, guidance provided … Read more