"12 September 2019" Archive - Page 2

Limit on Bank’s exposure to a single NBFC

RBI/2019-20/60 DBR.No.BP.BC.18/21.01.003/2019-20 12/09/2019

 It has been decided that a bank’s exposure to a single NBFC (excluding gold loan companies) will be restricted to 20 percent of that bank’s eligible capital base. Bank finance to NBFCs predominantly engaged in lending against gold will continue to be governed by limits prescribed in circular DBOD.BP.BC.No. 106/21.04.172/2011-12 date...

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RBI reduces risk weight for consumer credit except credit card receivables

RBI/2019-20/59 DBR.No.BP.BC.17/21.06.001/2019-20 12/09/2019

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....

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

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 un...

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Posted Under: Fema / RBI |

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

In re M/s Elior India Catering LLP (GST AAR Karnataka)

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 Noti...

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Classification of Pulpwood supplied to paper mills and rate of GST

In re Shree Rajarajeshwari and Company (GST AAR Karnataka)

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 clarifica...

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Warranty services with Distribution of Volvo buses is composite supplies

In re Volvo Eicher Commercial Vehicles Limited (GST AAR Karnataka)

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 ch...

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

In re M/s Infinera India Private Limited (GST AAR Karnataka)

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 lev...

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

In re Ansys Software Private Limited (GST AAR Karnataka)

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 ...

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GST on Agricultural Tree Climbing apparatus-Unipole Manually operated

In re S. R. K Ladders (GST AAR Karnataka)

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 operated̶...

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

In re M/s Surfa Coats (India) Pvt. Ltd. (GST AAR Karnataka)

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....

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