Circular No. 217:- Entitlement of ITC with the insurance policy companies to the costs incurred for maintenance of motor autos in the event of reimbursement manner of coverage assert settlement:
The explained clarification gives a Substantially-required respite to the insurance coverage businesses supplying general coverage providers with regard for the motor cars.
Rule 37A- Reversal of enter tax credit rating in the case of non-payment of tax by the provider and re- availment thereof
appropriately, there does not seem like any provide of salvage by insurance provider and therefore, there does not seem like any legal responsibility less than GST to the Portion of insurance provider in regard of the salvage worth.
These recommendations intention to streamline procedures, explain taxation difficulties, and advertise smoother compliance for corporations and taxpayers throughout India.
With this context, ambiguities were being raised with regard to applicability of area 13(eight)(a) with the IGST Act for determination of PoS which deals with PoS for products and services supplied by banks, economical establishments to its account holders.
The government has extended the deadline for filing GSTR-4, the once-a-year return for composition taxpayers, until finally thirtieth June. This extension supplies added time for eligible taxpayers to adjust to their GST filing obligations with no incurring late expenses or penalties. the choice aims to provide aid to tiny taxpayers, making sure they have ample time to properly total and submit their returns.
it truly is clarified that the worth of source of services shall be 1 % of the amount guaranteed for every annum or genuine consideration, whichever is bigger.
Clarifications on a variety of matters are expected being issued to provide clarity on taxability of re-imbursement of securities/shares as ESOP/ESPP/RSU supplied by a company to its staff members, reversal of input tax credit rating in respect of quantity of top quality in Life insurance plan products read more and services, guarantee/ extended guarantee provided by companies to the end consumers, time of provide in regard of allotment of Spectrum to Telecom companies in instances exactly where payment of licence fee and Spectrum use expenses is always to be created in instalments, area of provide of goods supplied to unregistered persons, where supply tackle differs within the billing handle, system for offering evidence via the suppliers for compliance from the ailments of part 15(3)(b)(ii) of CGST Act, 2017 in regard of submit-sale discount rates, for the effect that enter tax credit rating is reversed because of the recipient on the mentioned sum.
Retrospective Modification is proposed for being created in portion 16(4) in the CGST Act enabling registered human being to claim ITC with the period when registration was cancelled, delivered the returns ranging from the period of time in the day of cancellation till the date of revocation of such cancellation is submitted in 30 times of Order of revocation.
This is a welcome clarification issued because of the Board as it can reduce disputes with respect to availability of credit score qua tax paid less than RCM together with fascination and penalty on products and providers acquired from unregistered supplier.
it really is clarified that To start with no source of assistance seems for being taking place concerning the foreign Keeping company as well as domestic subsidiary organization. additional, shares/securities are outdoors the purview with the definition of goods and expert services and thus cannot be subjected to tax.
Accordingly, tax Bill is going to be required to be issued in respect with the reported supply of expert services, on or just before these kinds of due day of payment According to the option exercised with the telecom operator.
it's got also been clarified the identical therapy with regards to time of supply may use in other scenarios also the place pure assets are increasingly being allocated by GoI on the thriving bidder for the best to make use of the reported natural useful resource.