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 ...
This issue was raised in the matter of Clay Craft India Private Limited[1] (‘Company’), where advance ruling was sought on whether GST would be payable on RCM basis on the salary paid to directors, given that- directors are compensated by way of regular salary and other allowances as ...
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...
Companies engaging in intercompany cross-border transactions whereof the remuneration is not calculated on an independent market pricing basis might be subject to transfer pricing rules that could result in adjustments of their profits. However, in addition to income tax consequences, cross border transac...
The GST Council is expected to hold its 40th GST Council meeting on the 12th of June 2020. This will be the first Council Meet after the outbreak of COVID-19. This pandemic situation has not only impacted the common man but also the Government of India in terms of revenue generation and...
EY Luxembourg Partner, Indirect Tax Leader As the Luxembourg Indirect Tax Leader, Olivier is serving a large range of clients acting in different industries, focusing on the Banking, Insurance, Real Estate and Asset management Sectors. Luxembourg, LUX ...
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 Financial Year. Further ...