CBIC Issued various Circular No. 207/01/2024 to 222/16/2024

A synopsis of contents circular-wise is as below crafted by Mr. R.SRIVATSAN, IRS, NACIN, CHENNAI

1. Circular no. 207/1/2024 – GST dated June 26, 2024 :
   
   • Fixing monetary limits for filing appeals or applications before GSTAT, HC and SC.
   • This will reduce frivolous non-repetitive low revenue litigations.
2. Circular no. 208/2/2024 – GST dated June 26, 2024 :
   • Special procedure for the manufacturers of the specified commodities as per Notification No. 04/2024 – Central Tax dated 05.01.2024.
   • This is in relation Form GST SRM-I/II etc., to Pan Masala, Tobacco manufacturing entity
3. Circular no. 209/3/2024 – GST dated June 26, 2024 :
   • Clarification on Section 10(1)(ca) – Place if Supply in case of goods supplied to unregistered persons.
   • PoS particularly particularly through ECOM where the billing address is different from address of delivery
4. Circular no. 210/4/2024 – GST dated June 26, 2024 :
   • Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit.
   • Elaborates Rule 28(1)
5. Circular No.211/5/2024 – GST dated June 26, 2024 :
   
   • Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons.
   • Importance of issuance of Self-invoice within the FY
6. Circular no. 212/6/2024 – GST dated June 26, 2024 :
   • Mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers.
   • Prescription of certificate by CA/CMA for reversal of ITC pertaining to discounts offered through tax credit notes
7. Circular no. 213/7/2024 – GST dated June 26, 2024 :
   
   • Clarification on the taxability of ESOP/ESPP/RSU provided by a company to its employees through its overseas holding company.
   • Import of Services or not has been clarified
8. Circular no. 214/8/2024 – GST dated June 26, 2024 :
   • Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value.
9. Circular no. 215/9/2024 – GST dated June 26, 2024 :
   • Clarification on taxability of salvage/ wreck value earmarked in the claim assessment of the damage caused to the motor vehicle.
10. Circular no. 216/10/2024 – GST dated June 26, 2024 :
    • Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty.
    • This in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023 an amplification of clarification.
11. Circular no. 217/11/2024 – GST dated June 26, 2024:
    • Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement.
12. Circular no. 218/12/2024 – GST dated June 26, 2024:
    • Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person.
13. Circular no. 219/13/2024 – GST dated June 26, 2024:
    • Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017.
14. Circular no. 220/14/2024 – GST dated June 26, 2024:
    • Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors.
15. Circular no. 221/15/2024 – GST dated June 26, 2024 :
    • Clarification on time of supply in respect of supply of services of construction of road and maintenance thereof of National Highway Projects of National Highways Authority of India (NHAI)in Hybrid Annuity Mode (HAM) model.
16. Circular no. 222/16/2024 – GST dated June 26, 2024:
    • Clarification on time of supply of services of spectrum usage and other similar services under GST.