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Minutes of the 50th Meeting of GST Council held on 11th July, 2023 The 50th GST Council meeting, chaired by the Union Finance Minister, was held on July 11, 2023, in New Delhi. Key discussions included ratification of notifications and circulars, amendments to GST rules, and recommendations from various committees. Notable decisions involved the implementation of e-way bills for gold movement, clarification on interest charges for IGST credit errors, and tax rates on certain goods and services. The Council also addressed issues related to online gaming, casinos, and horse racing, deciding on a 28% GST on full-face value. Proposals for GST Appellate Tribunal setup and state coordination committees were approved. The meeting concluded with a review of GST revenue and extensions for compliance deadlines in Manipur.
RCM on rent recd from private limited company A landlord has rented an apartment to a private limited company, which is used by the company's director for residential purposes. The discussion revolves around whether the company, as the tenant, is required to pay Goods and Services Tax (GST) under the reverse charge mechanism (RCM). The consensus among the forum participants is that the company must pay GST under RCM, as the exemption applies only when the property is rented to a registered person for personal use, such as a proprietor using it as a residence.
Minutes of the 48th Meeting of GST Council held on 17th December, 2022 The 48th GST Council meeting, chaired by the Union Finance Minister, was held on December 17, 2022, via video conferencing. Key agenda items included confirmation of the 47th meeting minutes, ratification of notifications and circulars, and recommendations by the Fitment Committee on GST rates for goods and services. Discussions also covered the levy of penal interest on delayed GST remittances, performance reports of the National Anti-profiteering Authority, and amendments to the CGST and IGST Acts. The Council addressed issues related to Aadhaar-based authentication, refund processes, decriminalization of GST offenses, and data sharing with government departments. Some items were deferred for future meetings.
2022 (3) TMI 851 - AUTHORITY FOR ADVANCE RULING, RAJASTHAN The AAR ruled that Jaipur Smart City Limited does not qualify as a "Governmental Authority" as it lacks the required 90% government participation. Consequently, services provided to JSCL attract 18% GST (9% CGST + 9% SGST) under Item (xii) of Notification No. 11/2017, rather than the 6% rate claimed by the applicant. The applicant must pay GST under reverse charge mechanism for road cutting charges paid to Jaipur Nagar Nigam, and when recovering these charges from JSCL, they are subject to 18% GST as the applicant does not qualify as a "pure agent."
2021 (3) TMI 1380 - AUTHORITY FOR ADVANCE, UTTARAKHAND Input Tax Credit - goods/services received for construction of hotel building - work contract service received for construction of hotel building - goods/services received for construction of banquet hall which is rented further to customer - work contract service received for construction of banquet hall which is rented further to customer - input credit on work contract service or any goods/service received for construction of such hotel/banquet hall - expression plant machinery would include ... ... ...
2019 (9) TMI 1251 - NATIONAL ANTI-PROFITEERING AUTHORITY Profiteering - project Paramount Emotions situated in GH-05A, Sector 1, Greater Noida - benefit of Input tax credit not passed on - reduction in the price of flat - section 171 of CGST Act, 2017 - Imposition of penalty - HELD THAT:- The Applicant No. 1 had booked a flat with the Respondent in his project Paramount Emotions situated in GH-05A, Sector 1, Greater Noida and was allotted Apartment No. E301 in the Easy Tower of the project by the Respondent. It is also revealed that the Applicant No. ... ... ...
2019 (9) TMI 929 - BOMBAY HIGH COURT Jurisdiction - Levy of GST - services or assistance rendered by the Court Receiver appointed by this Court under Order XL of the CPC - HELD THAT:- The services of the Court Receiver are activities or transactions which shall be treated neither as a supply of goods nor a supply of services. Accordingly, the fees or charges paid to the Court Receiver are not liable to GST. The answer to Issue i.e. Whether GST is liable to be paid on services rendered by the Court Receiver appointed by this Court u... ... ...
Minutes of the 33rd GST Council Meeting held on 20th and 24th February 2019 The 33rd GST Council meeting, chaired by the Union Finance Minister, was held on 20th and 24th February 2019. Key discussions included the GST regime's impact on the real estate sector and the interim report on lottery by the Group of Ministers (GoM). The Council decided to reduce the GST rate on affordable housing to 1% and non-affordable housing to 5%, both without Input Tax Credit (ITC), effective from 1st April 2019. The definition of affordable housing was also revised. The GoM's recommendations on lottery were deferred for further discussion. The meeting highlighted the need for consensus and further deliberations on unresolved issues.
Minutes of the 32nd GST Council Meeting held on 10th January 2019 The 32nd GST Council Meeting, chaired by the Union Finance Minister, discussed numerous agenda items, including confirmation of previous meeting minutes, ratification of government notifications, and decisions taken by the GST Implementation Committee. Key discussions involved proposals to boost the real estate sector through a composition scheme, rationalizing GST rates on lotteries, and addressing issues in the private security sector. The Council also reviewed amendments to the CGST Act and related laws, discussed the use of RFID data for e-Way bill enforcement, and considered the National Anti-profiteering Authority's quarterly report. The meeting concluded with the approval of recommendations from the Group of Ministers on revenue mobilization.
2018 (12) TMI 591 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA Government Entity or not - N/N. 31/2017-Central Tax (Rate) dated 13 October 2017 - CIDCO is a Government Entity or not - rate of tax - whether taxable at the rate of 12% or not?. - Power Supply Infrastructure Development work. Held that:- CIDCO is constituted and established by the State Government of Maharashtra with 100% participation by way Of Equity or Control to carry out the function of development of new township of New Bombay and therefore CIDCO is clearly covered under the definition of... ... ...
MAJOR RECOMMENDATIONS OF 55TH GST COUNCIL MEETING The 55th GST Council meeting on December 21, 2024, proposed several key changes, impacting taxpayers and revenue. Recommendations included introducing a track and trace mechanism for tax compliance, granting temporary identification numbers, and amending laws for Invoice Management Systems. The Council approved exemptions for RBI-regulated payment aggregators and certain insurance contributions, and clarified tax treatment on vouchers and gene therapy. Notably, the tax rate on old vehicles increased to 18%. The Council deferred decisions on major rate rationalization and GST on petroleum products. The changes focus on micro-level management rather than major policy amendments.
RECENT DEVELOPMENTS IN GST The International Monetary Fund (IMF) has maintained India's economic growth forecast at 7% for 2024-25, while the Reserve Bank of India (RBI) projects 7.2% for 2025. The Supreme Court has ruled that states can regulate and tax industrial alcohol, expanding their powers beyond alcohol for human consumption. The Central Board of Indirect Taxes and Customs (CBIC) issued clarifications on tax notifications, including the treatment of immovable property under the Reverse Charge Mechanism and restrictions on input tax credit refunds. October 2024 saw a significant GST collection of Rs. 1.87 lakh crore, driven by increased domestic sales and compliance.
2023 (12) TMI 150 - AUTHORITY FOR ADVANCE RULING, RAJASTHAN Exemption from GST - Letting out of residential property for commercial use - Scope of residential dwelling for the purpose of notification No. 05/2022-Central Tax (Rate) dated 13/07/2022 - Establishing the branch/office of the Lessee - factors to be included in the definition of Residential Dwelling - reverse charge (RCM) or forward charge mechanism - HELD THAT:- Point 4 (a) of the Lease Agreement entered between the Applicant (Lessor) and Lessee i.e. M/s Back Office IT Solutions Pvt. Ltd. (a c... ... ...
Hostels and PG accommodation services attract @ 12% GST The Karnataka Authority for Advance Rulings (AAR) ruled that hostel and paying guest (PG) accommodations do not qualify as residential dwellings and are thus subject to a 12% Goods and Services Tax (GST). The applicant, engaged in providing accommodation and additional services, argued for exemption under a specific notification. However, the AAR determined that these services resemble guest houses or lodges, not permanent residences, and are therefore taxable. Additionally, the applicant must pay GST under the reverse charge mechanism for rental payments to landlords. A similar ruling was issued by the AAR in Uttar Pradesh, impacting the hostel industry, particularly in educational hubs.
AGGREGATE TURNOVER The article discusses the concept of "aggregate turnover" under the Central Goods and Services Tax Act, 2017. Aggregate turnover includes the total value of all taxable, exempt, and export supplies, excluding taxes and reverse charge inward supplies, calculated on an all-India basis for entities with the same PAN. It determines eligibility for GST registration and composition levy, with thresholds set at Rs. 20 lakhs (Rs. 10 lakhs for special category states) for registration and Rs. 50 lakhs for composition levy. The article also addresses the inclusion of various income types in aggregate turnover, such as interest and rental income, and outlines the requirements for e-invoicing and HSN code reporting based on turnover.
Renting of Residential Dwelling - Impact of Tweaking the Exemptions on Industry The article discusses changes in the Goods and Services Tax (GST) exemptions related to renting residential dwellings. Initially, renting residential properties for residential use was exempt from GST. However, following recommendations from the GST Council, the exemption was modified. Now, renting residential dwellings to registered entities is taxable under the reverse charge mechanism, while other uses remain exempt or taxable under different conditions. The term "residential dwelling" excludes temporary accommodations like hotels. The article further clarifies scenarios such as rentals to companies for employee housing and the implications of these changes on tax liability.
2021 (12) TMI 3 - CESTAT NEW DELHI Levy of service tax - Renting of Immovable Property Services - support services or not - vacant land solely used for mining purposes - royalty and dead rent collected in terms of mining lease agreements for grant of mining rights - period from 01.07.2012 to 31.03.2016 - extended period of limitation - HELD THAT:- As per the law that existed prior to 01.07.2012, leasing of vacant land / immovable property for mining purposes was not taxable and was expressly excluded from the definition of rentin... ... ...
Goods and GST Bill passed The discussion on the Goods and Services Tax (GST) Bill highlights its passage in the Rajya Sabha on August 3, 2016, and the subsequent debates and updates regarding its implementation. The GST aims to create a unified tax system by subsuming various indirect taxes. Key issues include the determination of tax rates, with a proposed revenue-neutral rate of 15-15.5% and a standard rate of 17-18%. The GST Council, led by the central finance minister and state finance ministers, is tasked with finalizing these rates. The discourse also covers the challenges of increased compliance, the need for IT infrastructure, and the impact on different sectors. The rollout target was initially set for April 1, 2017, but was later adjusted to July 1, 2017, to allow for smoother transition and preparation.
Annexure 11: Input Tax Credit The provisions and rules regarding Input Tax Credit (ITC) under the Indian GST framework, emphasizing the importance of verifying the authenticity of ITC claimed by taxpayers. It defines ITC and related terms, details conditions under Section 16 for claiming ITC, and explains scenarios like goods received in lots, payment conditions, and time limits for claiming ITC. It also covers special circumstances for ITC availability, apportionment rules, and restrictions under Section 17(5) on certain goods and services. The document further discusses ITC distribution by Input Service Distributors (ISD) and recovery mechanisms for excess credit distribution.
Ministry of Finance Year Ender 2024: Department of Revenue In 2024, India's Ministry of Finance, through the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), implemented numerous reforms to enhance taxpayer experience and compliance. The CBDT focused on transparency and efficiency, processing over 3.87 crore Income Tax Returns swiftly and issuing Rs. 3.08 lakh crore in refunds. The CBIC improved GST processes using data analytics and AI, reducing fraud and simplifying compliance. Additionally, the Financial Intelligence Unit (FIU) strengthened financial intelligence, leading to significant asset seizures and arrests. India achieved high compliance with FATF standards, enhancing its global financial standing.
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