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The Finance Ministry’s recent notification stated that the GST mechanism for corporate guarantees will apply prospectively. Following the GST Council’s suggestions dated October 7, a corporate guarantee provided by a parent company to its subsidiary for a bank loan will be subject to an 18% GST. This recommendation was made during the GST Council meeting […]
In a recent ruling, the Madras High Court has determined that the Aluminum Foil Container is subject to a 12% Goods and Services Tax (GST). The petitioner, M/s. Veeram Natural Products is a partnership firm involved in the production and distribution of Aluminum Foil Containers and Aluminum Foil in Roll Form, as well as Plastic […]
The GST Council is expected to provide clarity regarding the refund of accumulated Input Tax Credit (ITC), from the date of issuing the notification, for the construction of civil structures such as bridges and roads that are not intended for sale to buyers, as per a senior government official. The official mentioned that the clarification […]
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 […]
For hardworking individuals who prioritize financial prudence, the inclusion of health insurance in their financial portfolio is crucial. If you happen to be a Non-Resident Indian (NRI), obtaining health insurance in India becomes even more vital, as it offers protection to your family back home and yourself when seeking medical care during visits to your […]
The Tax Practitioners Association (TPA), a leading organization representing tax consultants in the city, has raised concerns by filing a petition with the city bench of the MP High Court. Their petition challenges the establishment of the State Bench of the GST Appellate Tribunal (GSTAT) in Bhopal, citing a Public Interest Litigation (PIL) that questions […]
A senior government official has revealed that pilot initiatives aimed at testing biometric and geotagging authentication for GST registration have been postponed due to disagreements concerning access to the Aadhaar identity database. Nevertheless, the finance ministry remains optimistic about implementing both biometric and geotagging authentication methods in Fiscal Year 2025. These measures are designed to […]
Banks are currently dealing with uncertainty regarding the relevancy of the Goods and Services Tax (GST) to the use of a common brand name across all their branches and subsidiaries, according to sources familiar with the matter. Some lenders have started receiving GST notices related to using their branch and subsidiary brand name, said the […]
