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CBIC issued Notification no. 14/2024- Central Tax on 10.07.2024 to exempt the registered person whose aggregate turnover in the FY 2023-24 is up two crore rupees, from filing annual return for the said financial year.
CBIC issued Notification no. 13/2024- Central Tax on 10.07.2024 to rescind Notification no. 27/2022-Central Tax dated 26.12.2022 which pertains to rule 8(4A) – opting for Aadhaar authentication for GST registration.
CBIC issued Notification No. 12/2024 – Central Tax on 10.07.2024 to give effect to the recommendations of 53rd GST Council meeting by amending the Central Goods and Services Tax Rules, 2017.
CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the decisions taken at the GST Council meeting last month, like amnesty scheme for initial years of rollout and sunset date for profiteering complaints, will be incorporated into the Finance Bill to be tabled in Parliament, along with the Budget later this month.
CBIC on Thursday clarified that if an MNC subsidiary in India as service recipient is eligible to claim full input tax credit (ITC) under the GST, the value declared by the overseas affiliate in the invoice will be treated as the taxable value.
The CBIC, in its recent circular, clarified that when the supplier of goods is a dealer and the supplier of an extended warranty is the OEM or a third party, the supplies made by different suppliers cannot be treated as part of a composite supply.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats.
GST council has clarified the taxability of wreck and salvage values in motor insurance claims, stating that general insurers have to pay GST liability in case of disposal or sale of the salvage after settling the claims.
The GST Council has recommended a mechanism for suppliers to demonstrate compliance with Section 15(3)(b)(ii) of the CGST Act, 2017, related to post-sale discounts.
The latest circular no. 210-GST dated 26.06.2024 provides for acceptance of the value adopted by the recipient in case of services received from foreign affiliates. If no value is adopted, the value is deemed as NIL.