In HAM deal, the payment is manufactured unfold above the deal time period in installments and payment for every installment should be to be manufactured just after specified durations, or on completion of the event, as specified in the deal.
If corporate ensure is furnished for 5 many years and a similar is renewed in yearly, then GST shall be payable on one% of the amount issued of these kinds of corporate promise in initial yr along with on each individual renewal in subsequent calendar year.
staying extra while in the Rule 28(2) of CGST principles, mum or dad/Keeping company supplying company warranty to its subsidiary business will have to pay GST on an yearly foundation instead of qua
No source of company where international Keeping corporation issues ESOP/ESPP/RSU to the employees of domestic subsidiary enterprise, as well as domestic subsidiary corporation reimburses the price of these securities/shares towards the international Keeping corporation on cost-to-Charge basis.
guide filing of attraction is allowed only if the registrar permits precisely the same by issuing a special or typical order to that effect, According to restriction and conditions specified in stated purchase.
2. According to segment 31(five)(a) of CGST Act, in scenarios of steady offer of solutions, exactly where the because of day of payment is ascertainable through the contract, the Bill shall be issued on or just before these thanks date of payment. In the moment case, the date of payment for being created by the telecom operator to DoT is Evidently ascertainable from the discover Inviting apps read through Along with the Frequency Assignment Letter.
The operation has not yet been activated within the GST portal. until eventually then, taxpayers can furnish an intimation with the right officer regarding the payment designed by way of more info DRC-03 in an effort to continue to be the recovery of your remaining amount payable.
wherever consolidated single Bill is issued – inside the celebration, Bill for whole number of maintenance products and services is issued for the insurance company then, ITC are going to be limited only on the extent of reimbursement from the approved claim Price from the insurance company(ies) towards the insured bash and never on the full invoice benefit.
one. ITC obtainable for distribution in a month would be to be distributed in exactly the same thirty day period by filing kind GSTR-six. the level of credit dispersed, can, in no scenario exceed the amount of credit available for distribution.
3. In instances the place the supply of goods built to an unregistered human being and also the billing tackle and handle of shipping and delivery are various (like in E-Commerce), place of offer might be handle of shipping of goods recorded on Bill.
one. Declaration of make and model quantity of the packing machine is optional and where by make of equipment just isn't readily available, its yr of buy could be declared as make Machine quantity is necessary and when the identical is just not accessible, then maker may perhaps assign a numeric variety to mentioned equipment and declare.
3. A registered individual shall issue an invoice in respect of goods or services or both of those been given by him from your supplier who's unregistered about the day of receipt of goods or companies or the two as well as recipient is liable to pay tax in funds less than RCM.
In such scenarios, the supply of the prolonged warranty might be addressed for a individual source of assistance unique from the initial offer of goods.
To print this article, all you would like should be to be registered or login on Mondaq.com. The Central Board of Indirect Taxes and Customs (CBIC) lately issued a couple of circulars, Along with All those issued on 26 June 2024, to provide clarity within the tips manufactured in 53rd GST Council meeting. Please find below a summary with the significant clarifications issued vide these kinds of circulars: