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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.
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.
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.