What Does Key Circulars in 53rd GST Council Meeting—Part 2 Mean?
What Does Key Circulars in 53rd GST Council Meeting—Part 2 Mean?
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The clarification emphasizes that beneath the spectrum allocation design, where by telecom operators bid for spectrum legal rights, the government (by way of DoT) functions since the provider company, and telecom operators as recipients. It aligns the time of GST liability Using the dates laid out in the FALs, dealing with them akin to invoicing dates for the goal of deciding GST payment timelines.
1. desire Exemption on money Ledger: desire under section fifty will not be billed in respect of delayed submitting of GSTR-3B return on the amount available in the hard cash ledger which happens to be debited though submitting the GSTR-3B, lowering fiscal implications for taxpayers. (Amendment in Rule 88B)
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The said constraints can even be applicable, in the event of provide of goods to SEZ developer or SEZ device for authorised functions.
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Should the Bill is issued immediately after the desired day or thanks day of payment According to the agreement- time of provide will be the day of provision from the assistance, or maybe the day of receipt of payment, whichever is earlier.
The dichotomy amongst the taxpayers with regards to timeline for filing an appeal upon appointment with the President of GST Tribunal seems to have been settled.
two. when issuing the stated clarification, the CBIC has relied upon the clarification issued earlier vide the provider tax Education Guide For the reason that provisions under the GST law and Service tax are similar.
where by the distributor replaces the components/ goods beneath guarantee from his have inventory and subsequently receives Individuals replenished from the producer, devoid of charging any independent thing to consider
these companies had been to be valued According to the provisions of Rule 28 of CGST procedures, which existed ahead of the sub-rule was inserted.
Furthermore, the Circular addresses concerns elevated by some industry workplaces relating to desire on delayed payments over and above sixty times from The problem of FALs. It distinguishes the FAL from a conventional invoice, clarifying that GST invoicing specifications align Along with the due dates specified in the FALs.
In addition, the Circular clarifies the taxability of transactions that transpired before the insertion of the Rule.
The much predicted 53rd merchandise and Service Tax Council Assembly was held on June 22, 2024. The Council addressed several of the most pertinent concerns less than GST and has suggested many proposals by having an intention to cut back tax compliance and litigation.
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