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Team RAPG & Co. Chartered Accountants, has prepared a details note on the recent clarifications issued by CBIC pursuant to 53rd GST Council meeting recommendations on 26.06.2024.
Author Mr. Suresh Aggarwal has presented the Summary of the Circular No. 208/2/2024 – GST dated 26.06.2024.
Author Mr. B. Venkateswaran IRS, Assistant Commissioner Central GST (Retired) crafted the PPT on Circulars issued by CBIC consequent to 53rd GST Council meeting held on 22.06.2024.
Finance Minister Nirmala Sitharaman stated that the measures of biometric-based Aadhaar authentication for gst registration endeavour to combat fraudulent input tax credit (ITC) claims made through fake invoices. She highlighted that the measure was formalised based on “good inputs” received from pilot projects run in Gujarat and Puducherry, in addition to a study in Andhra Pradesh.
Suppliers giving post-sale discounts through credit notes under GST will have to ensure that the client gives an undertaking or a CA certificate stating that the ITC availed on the discount value has been reversed, the CBIC has said.
ESOPs given by foreign companies to employees of its Indian subsidiary at prevailing market value will not attract GST, the CBIC has said.
Author CA Saradha Hariharan crafted PPT on 16 GST Circulars issued by CBIC on 26.06.2024 pursuant to 53rd GST Council meeting.
A synopsis of contents circular-wise is as below crafted by Mr. R.SRIVATSAN, IRS, NACIN, CHENNAI
Ahead of the Union Budget, the general insurance sector has received a bumper relief amounting to over Rs 18,000 crore with the GST Council dropping the tax demand that the insurers had been slapped with.
onlinetaxupdate is conducting a webinar on Topic: “53rd GST Council Meet Recommendation & 7 years of GST’ by Faculty Mr. CA. D. Shiva Roopa Ganesh, a Best Speaker Awardee, on 1st July, 2024 at time: 2:30 PM to 3:30 PM.
