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Archive: 12 September 2019

Posts in 12 September 2019

RBI reduces risk weight for consumer credit except credit card receivables

September 12, 2019 606 Views 0 comment Print

As per extant instructions, consumer credit, including personal loans and credit card receivables but excluding educational loans, attracts a higher risk weight of 125 per cent or higher, if warranted by the external rating of the counterparty.

ICAI: Applicability of legislative amendments in Indirect Taxes for Practical Training Assessments

September 12, 2019 507 Views 0 comment Print

Applicability of the legislative amendments and notifications and circulars in Indirect Taxes for Practical Training Assessments The cut off date for the applicability of the legislative amendments as well as the amendments made vide notifications and circulars in indirect tax laws for the purpose of practical training assessment is as under: For the assessments to […]

5% GST payable on Food supplied under cash & carry model

September 12, 2019 9030 Views 0 comment Print

The supply of goods being food or any other article for human consumption or any drink provided by the applicant under cash and carry model where in the items are prepared in the same premises from where it is supplied is covered under amended entry No. 7(i) of the Notification No. 11/2017 – Central Tax dated 28.06.2017 as amended by Notification No. 13 /2018 – Central Tax (Rate) dated 26-07-2018.

Classification of Pulpwood supplied to paper mills and rate of GST

September 12, 2019 4389 Views 0 comment Print

In re Shree Rajarajeshwari and Company (GST AAR Karnataka) What is the Classification of Pulpwood supplied to paper mills and the rate of tax (GST) thereon? In this regard a Circular was issued by the Government of India bearing Circular number 80/54/2018-GST dated 31-12-2018 stating that representation had been received seeking clarification on applicability of […]

Warranty services with Distribution of Volvo buses is composite supplies

September 12, 2019 2238 Views 0 comment Print

In re Volvo Eicher Commercial Vehicles Limited (GST AAR Karnataka) Whether the supplies made by the Applicant to Volvo Sweden is a supply of services and Whether the supplies by the Applicant amounts to export of services to Volvo Sweden and hence zero rated under GST law? Applicant-M/s Volvo-Eicher Commercial Vehicles Limited  is not charging […]

Pre-sales marketing services by Indian Subsidiary to foreign parent are intermediary services

September 12, 2019 2382 Views 1 comment Print

In re M/s Infinera India Private Limited (GST AAR Karnataka) Whether the activities carried out in India by the applicant would render the applicant to qualify as an “intermediary” as defined under Section 2(13) of the Integrated Goods and Services Tax Act, 2017 (hereinafter “IGST Act, 2017”) and consequently be subject to the levy of […]

Marketing & Pre-Sales Technical Support Services classifiable as Intermediary services

September 12, 2019 4692 Views 0 comment Print

In re Ansys Software Private Limited (GST AAR Karnataka) a) Whether Marketing & Pre-Sales Technical Support Services provided by the applicant will be classified as Intermediary services in terms of Section 2(13) of the Integrated Goods and Services Tax Act, 2017? The Marketing and Pre-sales Technical Support Services provided by the applicant will be classified […]

GST on Agricultural Tree Climbing apparatus-Unipole Manually operated

September 12, 2019 2952 Views 0 comment Print

In re S.R.K Ladders (GST AAR Karnataka) What is the Classification of the goods manufactured by the dealer ‘Agriculture Tree Climbing Apparatus-Unipole Manually operated’- Principal raw material being Aluminium. In the instant case the goods in question “Agricultural Tree Climbing apparatus-Unipole Manually operated” is an agricultural implement and hence in common parlance it can be […]

ITC not eligible on incentives provided as gifts of goods & services

September 12, 2019 5016 Views 0 comment Print

The applicant is not eligible to avail input tax credit on the inward supplies of goods and services which are attributable to the incentives provided in the form of gifts of goods and services to the painters and dealers and other persons under the CGST / SGST / IGST Act.

TDS under GST not deductible by Co-op society not established by government

September 12, 2019 2778 Views 0 comment Print

In re Karnataka co-Coperative Milk Producers Federation Limited. (GST AAR Karnataka) Whether Karnataka co-Coperative Milk Producers Federation Limited is liable to deduct GST TDS under section 51 of CGST Act on the payments made to suppliers? The issue before us to decide is whether the applicant falls under any of the categories of the persons […]

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