In case of assure provided by international/overseas entity to associated individual located in India, GST shall be payable on reverse cost basis because of the Indian receiver.

Also, the credit rating shall be dispersed to that recipient only to whom has availed this sort of input solutions.

a brand new proviso is inserted immediately after sub-rule one of Rule 88B. It provides that where by any total is credited within the Electronic dollars ledger on or prior to the owing day of stated filling return, but is debited from Digital money ledger once the owing date i.

specific area formations are already taking a perspective that cut-off date for availing ITC underneath Section sixteen(four) is just upto September / November from the FY next the yr by which products and services have been received. The round intends to solve this issue:

possession of salvage continues to be with insured and so no GST liability within the fingers of insurance policies co on sale of salvage

town of Springfield asks the condition legislature to amend condition legislation to enhance the ability of cities to use the voluntary annexation proces

solutions imported from relevant individual or from abroad institutions in training course or furtherance of business without thing to consider is provide [program I]

ITC is blocked on merchandise and operates agreement products and services employed for building of immovable assets (other than plant and equipment)

four. in the event of constant supply of expert services, the date of provision of service might be considered given that the thanks date of payment as per the agreement, as the invoice is required to become issued on or ahead of the because of date of payment as per the provisions of segment 31(five) of CGST Act.

Take note that This is actually the higher monetary Restrict, below which appeals or programs or Unique go away Petitions, as the situation may very well be, shall not be filed by the Central Tax officers. Read more

By lowering read more the pre-deposit necessity, The federal government intends for making the appellate process additional available and stimulate taxpayers to pursue authentic disputes without the deterrent of significant pre-deposit prices. This change demonstrates The federal government’s determination to fostering a fairer plus much more taxpayer-friendly dispute resolution system inside the GST framework.

New area 11A: The brand new provision permits regularisation of non-levy or limited levy of GST, in which tax was currently being underpaid or unpaid as a consequence of prevalent trade techniques. 

even so, if takeover of bank loan is adopted/ accompanied via the issuance of fresh corporate assurance or There is certainly renewal of current company, then, GST shall implement.

Circular No. 214:- Clarification to the need of reversal of input tax credit score in respect on the portion of the top quality for all times insurance coverage procedures which is not A part of taxable worth: