Notification No 16/2018 Integrated Tax (Rate)
Summary of Notification No 16/2018 Integrated Tax (Rate)
Notification No 16/2018 Integrated Tax (Rate) Dated 26 th July, 2018 Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM).
Read Notification No 16/2018 Integrated Tax (Rate)
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No. 16/2018- Integrated Tax (Rate)
New Delhi, the 26 th July, 2018
GSR……(E).- In exercise of the powers conferred by sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the ollowing further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.10/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 685(E), dated the 28th June, 2017, namely:-
In the said notification,—
| (i) | in the Table, after serial number 12 and the entries relating thereto, the following serial number and entries shall be inserted, namely:— |
| (1) | (2) | (3) | (4) | |
| “13 | Services supplied by individual Direct Selling Agents (DSAs) other than a body corporate, partnership or limited liability partnership firm to bank or non-banking financial company (NBFCs) | Individual Direct Selling Agents (DSAs) other than a body corporate, partnership or limited liability partnership firm. | A banking company or a non-banking financial company, located in the taxable territory.”; |
| (ii) | in the Explanation, after clause (f), the following clause shall be inserted, namely:— | |
| ‘(g) “renting of immovable property” means allowing, permitting or granting access, entry, occupation, use or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing, licensing or other similar arrangements in respect of immovable property.’. |
2. This notification shall come into force with effect from 27th of July, 2018.