Daily Archives: June 4, 2018

GST Settlement of Funds (Second Amendment) Rules 2018 : Notification

By | June 4, 2018

GST Settlement of Funds (Second Amendment) Rules 2018 Govt. has notified the GST Settlement of Funds (Second Amendment) Rules, 2018 wherein Rule 11(3) has been substituted in which collected IGST (which has not been settled so far) will be adjusted in subsequent months, based on the returns filed by taxpayers. MINISTRY OF FINANCE (Department of… Read More »

TCS under Income Tax : Free Study Material

By | June 4, 2018

Income Tax Collection at Source (TCS) : Free Study Material TCS Rates for FY 2018-19 (AY 2019-20) TCS-Section 206C ; Complete Guide Section 206C(1F) TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016 No TCS on Cash Sale of Goods or Services or Jewellery w.e.f 01.04.2017 Section 206C Seller Need not take… Read More »

TCS Rates for FY 2018-19 (AY 2019-20)

By | June 4, 2018

TCS Rates for FY 2018-19 (AY 2019-20) RATES FOR TAX COLLECTION AT SOURCE Notes on TCS Rates for FY 2018-19 (AY 2019-20) :- During the financial year 2018-19, tax shall be collected under section 206C of Income Tax Act at the rates given in the table (infra). If PAN of collectee is not intimated to the collector, tax will… Read More »

Goods couldn’t be seized if Part-B of e-way bill not filled : HC

By | June 4, 2018

Counsel for the petitioner has submitted that in view of the decision taken by the Government that if the goods are transported within a distance of 50 km in the case of intra-state transaction, there is no requirement to fill up ‘Part B’. Notification no.12 of 2018 dated 07-03-2018 craves out an exception and provides… Read More »

Can Stock brokers take GST registration for separate Business Verticals : CBIC Clarify

By | June 4, 2018

Stock brokers provide many other  services like Depository Participant Services / Portfolio Management Services, etc. Do they require registration as separate Business Verticals? Section 2(18) of the CGST Act, 2017 defines “business vertical” to mean “a  distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods… Read More »

Category: GST

GST on Stock Brokers services to non residents of India : CBIC Clarify

By | June 4, 2018

Stock Brokers deal with clients who  are not residents of India like  Foreign Portfolio Investors, Non Resident Indians, Persons of Indian Origin, etc. Will brokerage earned from such clients who are not resident in India qualify as “export of service” under section 2(6) of the IGST Act, 2017? The stock broker being an intermediary, this situation… Read More »

Category: GST

Place of business for stock broker : CBIC Clarify

By | June 4, 2018

What is the “place of business” for a  stock broker? Section 2(85) of the CGST Act, 2017 defines “place of business” to include: (i) a place from where the business is ordinarily carried on, and includes a   warehouse, a godown or any other place where a taxable person stores his goods, supplies or receives goods… Read More »

Category: GST

Sub-broker needs mandatory GST Registration : CBIC Clarify

By | June 4, 2018

Would sub-brokers/ Authorized  Persons fall in the definition of  “agent” under Section 2(5) of the CGST Act, 2017? What would be the registration requirement for sub-brokers/ Authorized Persons in the context of the Goods and Services  Tax Regime? As per Stock Brokers and Sub Brokers Regulation, 1992 issued by SEBI, a “sub-  broker” means “any person,… Read More »

GST on interest/ delayed  payment charges of brokerage amount/settlement obligations/margin trading facility : CBIC Clarify

By | June 4, 2018

Is GST leviable on interest/ delayed  payment charges charged to clients  for debit for settlement obligations/ margin trading facility? Any interest/ delayed payment charges charged for delay in payment of  brokerage amount/settlement obligations/margin trading facility shall be leviable to GST.   Q 80 of GST FAQs on Financial Services Sector published by CBIC

Category: GST

GST on stock  broking service : CBIC Clarify

By | June 4, 2018

Is brokerage earned in stock  broking service liable to Goods and  Services Tax? Yes. Since the stock brokers are engaged in the business of supplying the stock  broking service, appropriate GST is payable on the same. Q 78 of GST FAQs on Financial Services Sector published by CBIC

Category: GST

How GST will be paid on insurance policies issued to Non-Resident Indians : CBIC Clarify

By | June 4, 2018

Whether insurance policies issued  to Non-Resident Indians, where the premium is paid through the Non-Resident External Bank account, will be ‘export of services’? Would the insurance premiums be taxable in cases where the same is not  received in convertible foreign exchange or from the NRE Accounts? No. The amounts paid from the Non-Resident External Accounts are paid in … Read More »

Category: GST

How GST will be paid on commission to insurance agents : CBIC Clarify

By | June 4, 2018

Whether commission paid to  insurance agents shall be construed  as supplies received under Section 9(3) of CGST Act, 2017? If yes, whether the Life Insurance Company can raise a consolidated invoice for such commission  payments? Sr. No. 7 of notification No. 13/2017-Central Tax (Rate), dated 28th June, 2017 as amended covers supplies received from Insurance Agents and… Read More »

Category: GST

location of supplier for fund management charges in ULIP policies : CBIC clarify

By | June 4, 2018

What is the location of the supplier  of service for fund management charges in ULIP policies? The fund management charges are charges towards managing and  administering the fund. These funds are managed by the Fund Management team. The location of the supplier of service for fund management charges shall be the location / office which manages the… Read More »