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ITC is offered to insurance coverage firms for motorized vehicle mend expenditures they incur in the event of reimbursement method of assert settlement. As per Sec.
However, the banking organization does not present fiscal leasing products and services, merchant banking, securities portfolio management, custodial, and depository solutions to an account holder. So, the custodial products and services banks or economical establishments deliver to FPIs really should not be handled as providers provided to 'account holders'.
location of source of goods (specially equipped by way of e-commerce platform) to unregistered folks, the place billing handle differs within the deal with of shipping and delivery of goods, will be to be the put of delivery of products.
it really is clarified that with respect to supplies gained from unregistered supplier, where tax is to be paid out via the recipient underneath RCM, the economic Year in which this sort of self-invoice is issued by the receiver might be considered as the appropriate fiscal calendar year for calculation of closing date for availment of ITC underneath part sixteen(four) of CGST Act.
one. The stated round only clarifies in regard of the scenarios involving substitute of element/ elements and doesn't exclusively refer to the problem involving substitution of goods as it can be clarified the clarification provided in Para two of your said circular can also be applicable just in case in which the goods therefore are changed under warranty.
In pursuance towards the GST Council 53rd Assembly’s tips, CBIC has issued the 16 GST circular furnishing the clarification for worry elevated just before council. Summary of the same is as underneath,
nevertheless, in cases wherever a further sum in excess of and higher than the expense of securities/shares is charged from the foreign Keeping firm in the domestic subsidiary corporation, by no matter what name known as, GST might be leviable on this sort of further total charged as consideration for the availability of expert services of facilitating/ arranging the transaction in securities/ shares with the overseas Keeping firm on the domestic subsidiary business on RCM Basis.
2. even though issuing the said clarification, the CBIC has relied on the clarification issued before vide the support tax Education Guide since the provisions underneath the GST law and Service tax are comparable.
Retrospective Modification is proposed to become produced in area sixteen(four) in the CGST Act enabling registered particular person to claim ITC to the length when registration was cancelled, offered the returns ranging from the period of time from your date of cancellation until the date of revocation of such cancellation is submitted in just 30 days of Order of revocation.
In case the insurance plan claim is settled via the insurance provider as per the terms in the insurance get more info policies contract by deducting price of salvage/ wreckage through the claim settlement total, the salvage/ wreckage doesn't turn out to be property of insurance company, along with the ownership for this kind of wreckage/ salvage continues to be Using the insured.
These suggestions from your 53rd GST Council Conference, held on June 22, 2024, replicate ongoing initiatives to streamline GST compliance, minimize litigation, and supply aid to taxpayers amidst evolving economic conditions. The decisions are envisioned to foster a far more clear and successful GST regime in India.
Where separate invoices are issued – during the occasion, the garage issues two different invoices i.e., 1st for the insurance provider for accredited claim cost and next to the customer for degree of mend bills in excessive from the accepted assert Value, ITC are going to be available to the insurance company(ies) only on the initial invoice matter to reimbursement in the claimed quantity by insurance company(ies) to the customer.
In this sort of conditions, supply of extended warranty are going to be addressed as a independent provide from the original provide of goods.