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CBIC CLARIFICATION
Online gaming money tax dispute: GST to be charged on full value of the deposit, rules Supreme Court, know how it impacts the playersThe Supreme Court has settled India's online gaming tax dispute. GST will now be charged on the full value of player deposits, not just the...- Goods moved from SEZs to domestic markets treated as imports; duty drawback applicable on re-exportsNew Delhi has clarified a key point for exporters. Goods moved from SEZ units to the domestic market, after paying duties, will now be cons...
- Finance ministry may review MOOWR benefits for battery storage importsThe Finance Ministry is set to discuss customs warehousing benefits for imported battery storage systems. Industry groups have raised conce...
- Is GST payable on gift card, voucher purchase? Govt clarifiesIn the electronic commerce space, vouchers have become a widely used tool to enhance customer engagement, drive sales, and optimize loyalty...
- No GST on penal charges levied by banks, NBFCs: CBICGST will not be charged on penal charges levied by banks and NBFCs, as clarified by the CBIC. This exemption is due to such charges being d...
- Voucher transactions not liable to GST: CBICIndia's CBIC clarified transactions involving vouchers do not constitute supply of goods or services and are not liable to GST. GST will on...
- ESOPs exempt from GST, barring where foreign companies charge additional amountThe Central Board of Indirect Taxes and Customs (CBIC) clarified that multinational companies offering Employee Stock Purchase Plans (ESPPs...
- Real estate developers, RWAs liable to pay GST for over-charging electricity tariff from flat ownersThe Central Board of Indirect Taxes and Customs (CBIC) has clarified that real estate developers and Resident Welfare Associations (RWAs) w...
- Electricity supply by realty firms, mall owners, airport operators to attract 18% GST"It is clarified that whenever electricity is being supplied bundled with renting of immovable property and/or maintenance of premises, as ...
- WTC Mumbai submits memorandum for GST issue redressalThis memorandum highlights the emerging challenges or concerns of the industry and suggests suitable recommendations to address these chall...
- Services by directors to companies not taxable under GST RCM: CBICCompanies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by di...
- 'Sops for RuPay, BHIM-UPI are subsidy, not taxable'The Central Board of Indirect Taxes and Customs (CBIC) Friday clarified that incentives paid by the Ministry of Electronics and Information...
- CBIC: Issue show cause within 2 yrs and 9 months of erroneous refundIn a clarification issued to its field formations, the CBIC said if the refund demand or show-cause notice is sent beyond the stipulated pe...
- Ice-cream parlours to attract 18% goods and services tax: CBICIt said in a circular that past tax dues of ice-cream parlours that attracted GST at the rate of 5% without input tax credit shall be treat...
- Entire supply chain not to be penalised for fake invoices: CBICIn a detailed clarification, CBIC on Friday said the recipient of goods or services should not be penalised under different provisions of t...
- Papad, irrespective of shape, is exempt from GST, says Central Board of Indirect Taxes & Customs"Papad, by whatever name known, is exempt from GST vide Entry No. 96 of GST notification No.2/2017-CT(R). This entry does not distinguish b...
- Customs commissionerates not to issue reports interpreting law: CBICIn an instruction to all Principal Chief Commissioners of Customs, the Central Board of Indirect Taxes and Customs (CBIC) said in order to ...
- Salaries paid to company directors not to attract GST: CBIC"The part of director's remuneration that are declared as 'salaries' in the books of a company and subjected to TDS under Section 192 of th...
- High value cars, jewellery to become cheaper as TCS to be excluded in computing GSTThe CBIC in a circular said that the TCS amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) ...
- E-commerce companies not to collect TCS from suppliers with less than Rs 20 lakh turnover: CBICAs per GST provisions, beginning October 1, 2018, e-commerce companies deduct 1 per cent TCS before making payments to their suppliers.
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