I preach the phrases, “Learning by no means exhausts the intellect.” An aspiring CA in addition to a passionate content writer obtaining four+ years of hands-on working experience in deciphering jargon in Indian GST, profits Tax, off late also in to the much larger Indian finance ecosystem, I like curating articles in different sorts on the interest of tax pros, and enterprises, both equally massive and smaller. whilst not producing, you could catch me website singing Shāstriya Sangeetha and tuning my violin ;). go through additional
Valuation of provider imported from related human being where domestic entity qualified for whole credit score – price in invoice is going to be considered to generally be open up market value, if invoice issued. If no Bill is issued, NIL price is always to be deemed to get the open up market place benefit.
2. energy consumption score of the packing machine just isn't out there within the technical specs of your mentioned device or from the paperwork/document of the identical.
entire offer chain Option for ultimate Manage, easy collaboration, and assured compliance
4. If this sort of amount of tax isn't going to exceed Rs 5 Lakhs, then rather than CA/CMA certification, the stated provider may well procure an endeavor/ certification through the stated recipient which the said input tax credit attributable to this kind of price reduction has long been reversed by him.
In this regard, it truly is clarified that custodial solutions provided by banking institutions/financial establishments to FPIs will not be handled as expert services provided to the “account holder”.
two. Further merchandise or parts thereof if replaced via distributor, In this kind of circumstance, no GST is payable on these kinds of replenishment of products or maybe the pieces, as the case may very well be.
knowledge these improvements is vital for firms to ensure compliance and enhance their GST administration processes. under, we delve into the numerous notifications and circulars issued due to the 53rd GST Council Assembly tips:-
The tips produced by the Council would seem valuable and will definitely support lower tax disputes and demands. Specially, waiver of interest and penalty and clarification issued qua timeline for availment of ITC will provide Substantially awaited reduction to tax payers.
the place such an extended guarantee is furnished whenever immediately after the original supply of products, these types of service is separately liable to GST. browse a lot more
in the event of assure furnished by international/overseas entity to associated human being located in India, GST shall be payable on reverse charge foundation from the Indian receiver.
It's also clarified that fascination ingredient payable by NHAI towards the concessionaire as well as instalments/annuity shall also be includible in the taxable benefit for the objective of payment of GST on the claimed annuity/instalment as per Section fifteen(2)(d) on the CGST Act.
on the other hand, if any more rate, markup or Fee is billed, GST will likely be leviable underneath RCM dealing with this kind of charge/ markup/commission as thing to consider to source of facilitating/ arranging transaction in securities/ share companies.
The tax legal responsibility around the concessionaire under the HAM deal, which include on the construction part, would arise at time of issuance of invoice, or receipt of payments, whichever is before, if the invoice is issued on or just before the required date or even the day of completion of the function laid out in the agreement, as relevant.