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
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 Time of Supply for Spectrum usage services GST Circular No 222/16/2024 has been issued for Time of Supply for Spectrum usage services on 26-06-2024. Government has received query for when telecom operators should pay GST on Spectrum allocation. it is specially for when operators choose to pay for the spectrum in installments over time … 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 Clarification on Place of Supply for Custodial service Clarification on Place of Supply for Custodial service offered by Banks to Foreign Portfolio Investors (FPIs).Custodial service means services where banks manage and safeguard financial assets on behalf of FPIs.As per section 13(8) (a) of IGST Act, certain services like banking, financial and intermediary services, … 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 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 Time of Supply for Construction and Maintainance of NHAI Projects in HAM Model Clarification has been issued for Time of Supply for constuction and Maintainance of NHAI Projects in HAM Model.The Government has received queries for when to apply GST on Road construction and Maintainance Project under HAM model. In this model some … Read more
This articles covers New GST Updates on Recent Circulars issued in June-2024. It contains all the Circulars issued in June-2024 which covers in New GST Updates June-2024. All these amendments have been presented hear topic wise and reference of relevant latest gst circulars have been given at bottom of each topic. As well as, I … 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