Sunday, 16 July 2017

FinMin : GST payable on difference amount on supply of second hand goods

FinMin notifies margin scheme under GST clarifying that GST on supply of second hand goods to be payable on difference between the selling price and the purchase price in terms of Rule 32(5) of CGST Rules, 2017, however where the value of such supply is negative, same shall be ignored; Further, states that Central Tax is exempted in case of intra-state buying and selling of second hand goods where the supplier is not registered since ITC is not available on such supplies; Moreover, states that margin scheme is also applicable to supplies of old and used empty bottles : FinMin Press Release  

Govt. clarifies GST applicability on "legal services" provided by Advocates / Sr.Advocates

Legal services, which includes representational services, provided by Advocates, are under reverse charge, clarifies Finance Ministry; Govt. clarifies that legal service has been defined to mean any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority; Further, states that the words "by way of legal services", appearing in Notification No. 13/2017-Central Tax (Rate), apply to an individual advocate, senior advocate and firm of advocates; Hence, legal services provided by either of them are liable for payment of GST under reverse charge by the business entity : Finance Ministry Press Release