CBEC releases FAQs for
transport & logistics sector, says that while transportation of goods by
road is exempt vide Notification No. 12/2017-Central Tax (Rate), person
receiving commission from truck owners towards fixing of hire with GTA shall be
liable to registration if the aggregate amount thereof exceeds Rs. 20 lakhs in
an FY; A transporter is required to maintain records of consigner, consignee,
goods transported, delivered and those stored in transit in terms of Section
35(2) of CGST Act r/w Rule 56 of CGST Rules; Further clarifies that any
intermediary and ancillary service provided in relation to transportation of
goods by road where charges thereof are included in invoice issued by GTA,
would form part of composite GTA service and hence be taxable, however,
incidental services provided as separate services and charged separately,
whether in same invoice or not, would be treated as separate supplies; GTA
providing service in relation to transportation of goods by road under reverse
charge mechanism can avail the benefit of exemption from registration under
Notification No. 5/2017-Central Tax, but sale or disposal of old vehicles, old
tyres and scrap material by truck owner for a consideration would attract GST
regardless of whether ITC has been availed or not; In relation to passenger
transportation services by air, CBEC clarifies that a multi-leg international
journey shall be treated as ‘continuous supply’ even if there is a stopover,
however, in case of return journey, its place of supply being outside India,
would be liable to tax if the location of supplier is in India
Subscribe to:
Post Comments (Atom)
Mere execution of JDA with developer does not trigger capital gains tax in real estate transactions
Recently Bangalore ITAT recently delivered an important ruling clarifying that merely executing a Joint Development Agreement (JDA) does n...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Recent judicial pronouncements across different forums have clarified several important aspects of Indian income tax law, particularly relat...
-
The transition to the Income-tax Act, 2025 (ITA 2025) and the accompanying Income-tax Rules, 2026 introduces a significantly overhauled co...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
The overall effective tax rate of a U.S. multinational corporation may have significant impact on the value of its stock. Therefore, it ...
-
A significant change under Section 395(1) of the Income-tax Act, 2025 is reshaping how Lower Deduction Certificates (LDCs) operate via TRACE...
-
Introduction: India's Green Economy and the Tax Conundrum India stands as a global powerhouse in the fight against climate change, c...
-
In a landmark ruling, the ITAT, Hyderabad Bench, in the case of Amith Vishnaw Gudimela, held that a delay in filing Form-67 cannot be the so...
No comments:
Post a Comment