Clarification on the Place of Supply of Goods to Unregistered Persons
Introduction Recent IGST Act amendments clarify clause (ca) of Section 10(1) regarding the place of supply for goods and addresses. Effective October 1, 2023, the amendment clarifies the place of supply for goods to unregistered persons with different addresses. Key Provisions of Clause (ca) The newly inserted clause (ca) in Section 10(1) of the IGST […]
Latest Circular of GST: Reassignment of Officer Roles
Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 223/17/2024-GST on July 10, 2024. This circular amends Circular No. 1/1/2017-CT, reassigning specific functions under the Central Goods and Services Tax (CGST) Act, 2017, and CGST Rules, 2017. The main change is the transfer of duties from the Assistant or Deputy Commissioners […]
Maximizing ITC Benefits in Motor Vehicle Repair Claims
Insurance companies frequently encounter questions about the eligibility of Input Tax Credit (ITC) on expenses related to motor vehicle repairs, particularly in reimbursement claim scenarios. It’s vital to offer clients precise and transparent guidance on these issues. This blog explains the latest clarifications from the Central Board of Indirect Taxes and Customs (CBIC) to promote […]
Clarification on ITC Claim Time Limits for RCM Supplies from Unregistered Persons
Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST to clarify the time limit for availing input tax credit (ITC) under Section 16(4) of the Central Goods and Services Tax (CGST) Act, 2017. This clarification addresses concerns regarding supplies received from unregistered persons under the reverse charge mechanism (RCM). Issue […]
GST Taxability of Salvage Value in Motor Vehicle Insurance Claims
The Ministry of Finance issued Circular No. 215/9/2024-GST on June 26, 2024. This circular provides essential clarifications on the taxability of salvage or wreck value in motor vehicle insurance claims. Understanding these clarifications is crucial for both insurance companies and policyholders regarding their GST obligations. Here’s an overview of the key points: Definitions and Context […]
Simplified Compliance for Manufacturers: Key Clarifications from the Latest Circular
In a recent update, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No.-208/2/2024-GST. This circular provides essential clarifications on the special procedures for manufacturers of specified commodities. These procedures, detailed in Notification No. 04/2024-Central Tax, were revised to streamline compliance and address various industry concerns. Here, we break down the key points […]
Clarification on Taxability and Valuation of Corporate Guarantees.
Date: July 11, 2024 The Ministry of Finance, Department of Revenue, and Central Board of Indirect Taxes and Customs (CBIC) have issued Circular No. 225/19/2024-GST to clarify various issues related to the taxability and valuation of services providing Corporate Guarantees between related persons. Understanding Corporate Guarantees A corporate guarantee is a company’s promise to cover […]
Recent Amendments in GST on Railway, Accommodation’s and Certain Services.
Introduction The Government of India has issued Circular No. 228/22/2024-GST And Notification No. 04/ 2024 – Central Tax (Rate). It’s providing clarifications on Recent Amendments in GST on Railway, Accommodation’s and Certain Services. 1. GST Exemption on the Outward Supplies Made by Ministry of Railways (Indian Railways) Based on the recommendations of the 52nd and […]
Clarification on GST Rates and Classifications: Recent Updates
In the ever-evolving landscape of GST regulations, staying updated on the latest clarifications and amendments is crucial for businesses. Ensuring compliance and optimal tax planning is essential. Recently, the GST Council provided significant updates on GST rates and classifications for various goods. Here, we provide an in-depth look at these updates, helping you navigate through […]
GST Clarification on circular of Life Insurance Premiums
On June 26, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 214/8/2024-GST. This circular explains how to treat life insurance premiums for GST purposes. It also addresses the reversal of input tax credit (ITC) for the part of life insurance premiums not included in the taxable value. Key Highlights of […]