As per S.No 6 of the said notification, a company or a body corporate located in the taxable territory is liable to pay GST on RCM basis on services received from its directors. Common understanding of GST applicability under RCM on Director's Remuneration: Services supplied by the director ...
At present, the GST laws do not address the implications of GST on co-lending transactions. In response to the investigations carried out Central Board of Indirect Taxes and Customs (‘CBIC’) on various banks and financial institutions, industry participants had requested for clarification on the...
It is common for employers to provide fringe benefits to employees as part of its employees' attraction or retention strategy. Fringe benefits are non-wage benefits provided by employers to their employees. These benefits are given to employees as part of their overall remuneration packages and can...
Is GST payable on sale of units/flats to landowner for free? ITR-4 AY 2020-21: 3 Key additions introduced Levy of GST on Director's Remuneration | Decoding CBIC Clarification Clarification related to GST Refund - ITC populated in GSTR 2A Clarification on levy of GST on Directors' Remunera...
WHICHEVER IS HIGHER Thus, it can be inferred that where the turnover of a registered person opting for composition scheme is up to Rs 50 Lakhs in the preceding Financial Year, he can supply services (other than restaurant services) up to a maximum value of Rs 5 Lakhs in the current Finan...