FTA clarifies the scope of blocked credit for entertainment services. Such clarification has relieved business from certain doubts for the recovery of VAT input, yet many are still unclarified vide this clarification.
The public clarification sought to relieve and doubts on VAT applicability on some type of payments such as the claim for loss, fines and penalties. Specific transactions are however subject to different treatment based on the facts of the case.
The intention of government for providing advantages to SEZ and supplier to SEZ by making such supply as zero-rated has been carried away by some provisions one of which is the RCM in case of supply to SEZ.
As per section 7(5) of IGST Act, 2017, supply of goods or services or both, when the supplier is located in India and place of supply is outside India, will be treated as inter-state supply. Therefore, exports being inter-sate supplies, they will be liable to Compensation Cess. This however will not be in line with the principle that no taxes be exported, and exports have to be zero rated.
The CBEC on 30th August 2017 by way of notification CGST 27/2017 notified the E-way Bill and the procedure related to generation and verification. The highlights of the notification are enlisted below:
Services provided by Indian tour operators to foreign tourists during the period 1st July 2012 to 1st July 2017, which has been paid for in convertible foreign exchange would not be amenable to service tax.
The decision taken in the recent council meeting are notified by various notification namely 20/2017, 21/2017, 22/2017 and 23/2017 dated 22nd August,2017. Moreover various exemptions are added or updated. Check GST Common portal for More Information The summary of the above notifications are as follows: Notification 20-2017 – Amendment to rate of certain services S. […]
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