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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.
GST marks a pivotal transformation in the landscape of taxation, fundamentally altering the way taxes are assessed and collected. Enacted to establish a unified tax regime, GST consolidates a multitude of indirect taxes into a cohesive framework.
The council is likely to take up clarification on about a dozen issues including taxability of loans given by one group company to another, determination of the place of supply applicable for custodial services provided by banks to foreign portfolio investors and applicability of the levy on extra neutral alcohol for human consumption.
The government is working on easing the ‘related party transaction’ clause under the Goods and Services Tax, for foreign companies in India.
The Ministry of Finance is likely to issue clarification regarding the taxability of corporate guarantees under the GST law between related parties, according to sources in the know.
Related Party Transactions u/s 40(A)(2)(b) r.w. Section 37 of the Income Tax Act 1961.
FMCG majors Hindustan Unilever Ltd., and Procter & Gamble have begun part payment of GST dues under the cross charge…
Despite repeated reiterations by the Courts or the CBIC, not only the department executives but also the taxpayers somewhere forms…