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In the midst of India’s prolonged decline in exports, the Goods and Services Tax (GST) Council has implemented several measures aimed at stimulating foreign trade. One of these measures involves granting tax credits to service exporters who receive payments in Indian rupees. This move is particularly significant for trade with nations like Iran and Russia, […]
During its upcoming meeting on October 7, the GST Council is expected to provide clarity regarding the exemption from Goods and Services Tax (GST) for the supply of electricity by real estate companies, malls, and airport operators to their lessees (occupants). Even when billed separately, this supply is considered exempt from GST as it is […]
The Maharashtra Appellate Authority for Advance Rulings (AAAR) recently ruled that the reimbursement amount received by the taxpayer from the National Employability Enhancement Mission (NEEM) Trainer, which covers stipends and other expenses incurred on NEEM Trainees, should be considered as a ‘pure agent’ transaction according to Rule 33 of the Central Goods and Service Tax […]
In a potential ray of hope for the metal industry, which has been looking for a change in the treatment of goods and services tax (GST) on steel scrap, the upcoming 52nd meeting of the GST Council on October 7 is expected to engage in a detailed discussion on the matter. Sources have disclosed that […]
Corporate guarantees provided to related parties will be subject to an 18 percent goods and services tax (GST) on either 1 percent of the guaranteed amount or the actual consideration, whichever is greater. On the other hand, personal guarantees extended by the company’s promoter or director may not be subject to taxation. These clarifications may […]
The expenses excluding the goods and services tax levied via the developers that were utilized for the sake of supply to the apartments beneath the works contract service do not qualify to avail the ITC, Bangalore bench of Karnataka Authority for Advance Ruling (KAAR) ruled. The petitioner Vinod Kumari Goyal was a proprietary reference registered […]
The AAR, Gujarat, towards the case of M/s Bayer Vapi Private Limited [Ruling No. GUJ/GAAR/R/2023/29 dated August 24, 2023] directed that the transferee attaining the rights of the lease for construction of the immovable property is not allowed to take ITC of the Goods and Service Tax (“GST”) filed via them on the services obtained […]
The government’s recent announcement, effective from October 1, exempts payments for goods imported via ocean freight from the 5 percent integrated Goods and Services Tax. The Finance Ministry has officially modified the IGST Act, specifically addressing the payment of integrated GST on ‘ocean freight’ for imported goods, beginning October 1. As it stands, importers are […]
On October 7th, the Goods and Services Tax (GST) Council, the central indirect tax authority, is scheduled to assemble to address issues regarding the establishment of GST appellate tribunals and their distribution nationwide. According to an official statement, millet flour in powdered form, comprising a minimum of 70% millet by weight, will be exempt from […]
